Manufacturer of a wide range of packaging materials including corrugated cartons, assorted containers and bags recorded a net profit of $1.03 million for the 2022 financial year compared with $2.2m for the same period last year.
Atlantic & Pacific Packaging Company Ltd operates predominantly in Fiji and is listed on the South Pacific Stock Exchange (SPX).
The company released its 2022 Annual Report through the SPX in which it said during the year, it declared an interim dividend of 5.50 cents per equity share (2021:5.50 cents) entailing outflow of $0.44m (2021:$0.44m).
According to the company the COVID-19 pandemic continues to result in heightened uncertainty globally across industry segments and the Geo-Political tension between Russia and Ukraine is further contributing to the global adversities.
This, it said, had caused significant adverse financial and social impact in Fiji and globally.
It also shared that the changes in consumer behaviour, buying patterns, worsening supply chain disruptions, inflationary pressures especially on commodity prices and maintaining safe working environment continued to pose challenges for the business.
“Continued volatility in the price and availability of raw materials on account of economic conditions, market demand, production levels and logistic challenges could affect the operational and financial performance of the company,” it said.
However the company said it had mitigation controls put in place to overcome these challenges by ensuring the safety of its employees and other stakeholders as well as ensuring the availability of its products, across the country.
“The board continues to review the long-term impact of the pandemic and the ongoing Russia-Ukraine conflict and has been taking all steps necessary for the Company to adapt itself to emerging changes.”
In accordance with Income Tax (Rates of Tax and Levies) (Amendment) (No.2) Regulations 2022, commencing from financial year ending June 30, 2024 (tax year 2023), the company will be subject to corporate income tax at the rate of 20 per cent.
Accordingly, the current corporate income tax rate of 10 per cent will increase to 20 per cent from financial year ending June 30, 2024.
