Energy Fiji Ltd (EFL) recorded a loss of after tax of $24.8million in 2023 compared with a profit after tax of $58.11million in 2022, states its 2023 annual report that was tabled in Parliament last week.
Former EFL chairman Daksesh Patel said this was because of “a very challenging macroeconomic backdrop”.
“An increasingly volatile and uncertain global operating environment meant business leaders across the world and Fiji have faced tough decisions to ensure the best outcomes for their shareholders, employees and the communities they serve,” he states in the report.
“A multitude of factors contributed to the sharp rise in commodity price inflation, particularly the on-going Russia and Ukraine war and subsequent sanctions and trade blockages imposed by the different actors in this geopolitical fallout.
“Recent experience has demonstrated that managing complex supply chains in stressed environments require many skills and attributes.
“EFL is one of the very few government-controlled entities that require cash inputs from the government to maintain its operations.
“EFL maintained its business diligently during the year though it experienced many challenges such as receiving below average rainfall at its hydro dams in Viti Levu, the rising fuel prices and the exodus of skilled personnel to our neighbouring countries.
“As a result EFL had to implement a contingency plan by hiring 65MW of diesel generating sets to ensure that the lights were on for all Fijians and that the economy of Fiji was not impacted adversely as a result of shortage of electricity.
“Though EFL lost many of its skilled personnel, the remaining work force managed to maintain the operations successfully without any major hurdles which was a great achievement.”
