Investment conglomerate Fijian Holdings Ltd (FHL) has announced a group net profit before tax of $70.14million for its financial year ended June 30, 2024, an increase of 11 per cent from $63.22 million for the same period last year.
The performance was attributed to broad-based growth across core subsidiaries in the group’s extensive portfolio of both listed and unlisted blue chip companies.
“South Sea Cruises, RB Patel, and Merchant Finance. South Sea Cruises posted another strong result, attributable to the continued growth in the tourism sector and record-breaking visitor arrivals,” FHL stated in its announcement at the South Pacific Stock Exchange (SPX) on Friday.
“The finance and retail sectors also contributed strongly to the group, generating positive results despite challenges such as dampened consumer spending, inflationary pressures, and labor disruptions.”
Management however issued a caveat, mindful of global political developments.
“While the group experienced another commendable year, the board remains vigilant and cautious, closely monitoring indicators such as global growth and inflation rates, geopolitical tensions as well as the concerns about cyber security in the current environment,” it stated.
“The board is also cautious of high interest rates if inflation is not controlled.”
The holding company FHL recorded a net profit before tax of $16.94 million compared to $13.02 million for the same period last year.
This growth in performance was driven by higher dividends from FHL Retailing, South Sea Cruises and Merchant Finance.
FHL Group chairman Rokoseru Nabalarua said this year’s financial results reaffirmed FHL’s strategic focus and priorities.
“Our continued success is a testament to our steadfast commitment to our purpose and the dedication of our teams,” he said.
“As we set our sights on new growth opportunities, we must navigate the evolving economic landscape with caution and foresight.
“We are focused on leveraging our strengths and adapting to emerging trends to drive future success.”
For the Group, the increased corporate income tax rate for SPX-listed companies impacted returns from the FHL’s investee companies, with an increase of only $2.42 million recorded in the group’s consolidated net profit after tax, compared to last year.
As of June 30, 2024, FHL’s net assets stood at $362.79 million, compared to $323.30 million the previous year, reflecting the growth performance in the Group’s portfolio.
FHL shares is listed on the SPX restricted board and is only available to itaukei whose names appear in the Vola-Ni-Kawa-Bula or ethnic registry.
FHL shares closed at 98cents a share when this edition went to press. || Page 13 LEAD || Page 13 LEAD
