Pacific Green Industries Fiji (PGI), known for its coconut palm furniture, has urged the Government and stakeholders to focus on purchasing local products. Chairman Ravin Chandra emphasized that such a move would not only promote national pride but also enhance the impression made on international visitors, highlighting Fiji’s unique offerings on the global stage.
Chandra stated, “By highlighting the uniqueness of our local products and talents, we can have a direct and positive effect on job creation, especially in the rural areas of Sigatoka.” He further noted that supporting Pacific Green represents an investment in the country’s economy and a commitment to sustainability and quality.
These remarks were made as PGI announced its financial performance for the six months ending June 30, 2024. The company reported a net profit of $145,548, a decrease from $217,526 during the same period last year. Total income also declined to $1,812,875 from $2,189,861 the previous year.
Chandra attributed the drop in revenue to several factors, including a shrinking customer base due to mass migration, ongoing legal issues regarding the online marketplace, reduced discretionary spending in the country, and competition from cheaper imported products. In response to these challenges, PGI has adopted proactive cost management strategies, such as securing competitive raw material pricing and negotiating more favorable shipping terms to address increasing transportation costs.
Furthermore, PGI’s net assets grew to $6.9 million from $6.7 million at the end of last year, and total assets increased to $8.4 million from $7.8 million in 2023, reflecting the company’s long-term commitment to financial growth.