Energy Fiji Ltd (EFL) has staged a remarkable financial recovery, posting a profit of approximately $22million in 2025 after suffering a $34.8million loss just two years earlier.
Appearing before the Parliamentary Standing Committee on Economic Affairs this week, EFL chief financial officer Semisi Tawake said the company had overcome a series of major challenges, including rising fuel prices, low hydro generation, inflation and loss of skilled workers.
“The period from 2023 to 2025 has been one of significant transformation for Energy Fiji Ltd,” Mr Tawake said.
“Over these three years, EFL has had to navigate a complex operating environment characterised by low hydrology, global fuel price volatility, inflationary presence, supply chain disruptions, increasing infrastructure requirements and the migration of skilled technical personnel.”
Mr Tawake said EFL recorded a loss after tax of approximately $34.8million in 2023, largely due to high fuel costs and lower hydro generation.
However, the company returned to profitability in 2024 with a profit of about $7.2million before further improving its performance in 2025.
“In 2025, EFL further strengthened its financial performance, delivering a profit after tax of approximately $22million, demonstrating the resilience of the business and the effectiveness of companies’ operational and financial strategies.”
Mr Tawake also addressed concerns over dividend payments, stating that dividends paid in 2023 were based on 2022 results.
“For 2023, there was a loss and there was no dividend declared in 2024.”
He said despite recording a profit in 2024, shareholders did not declare a dividend in 2025.
