The Fiji Sugar Corporation (FSC) recorded $209.7million in total sales of sugar for the 2023 financial year.
And according to the FSC, this is the highest total sales recorded in the last nine years.
It also noted that its share of proceeds reached $64.3m, which it described as the most favourable in the last 16 years.
The Corporation stated that this factor had contributed to the reduction in the Government’s support for the guaranteed cane price of $85 per tonne of cane.
It stated on average, the Government had allocated approximately $41.5m annually for the guaranteed price since the 2018 season, with specific amounts allocated as follows:
- $52.5m in 2018
- $50.9m in 2019
- $42.9m in 2020
- $18.9m in 2021, and
- zero funding in 2022 season.
It also projected that no contribution would be required from the Government for the 2023 season.
“FSC’s commitment to expanding its market presence is exemplified by the focus on tapping into new markets, including several emerging ones. Despite the largest United Kingdom market, the U.S. market has been a resounding success,” the FSC stated.
“Additionally, FSC has successfully established its presence in regional and Pacific markets, offering proximity and convenience to the customers.
“FSC has diligently worked towards optimising its operations to attain a sustainable financial equilibrium.
“Today, through a concerted commitment to efficiency and cost-effectiveness, the operating cost has been prudently reduced to an average of about $59m from over $90m in 2016, highlighting a substantial 34 per cent reduction in operating costs.
“Together with these cost-effective measures, the Corporation has substantially lowered the breakeven point to a crop of 1.6 million metric tonnes, an improvement from the previous benchmark of 2.4 million metric tonnes.”
