Fiji Holdings Limited Group has announced a net profit before tax of $70.1 million for the fiscal year ending June 30, 2024, marking an 11 percent increase from $63.2 million in the previous year. Group Chair Rokoseru Nabalarua noted that this robust performance reassures stakeholders and underscores FHL’s dedication to sustained growth in line with its strategic objectives.
Nabalarua highlighted that while the overall growth was broad, significant contributions came from core subsidiaries including South Sea Cruises, RB Patel, and Merchant Finance. He also mentioned that the increase in corporate income tax rate affected the returns from FHL’s investee companies, resulting in a modest increase of $2.42 million in the Group’s consolidated net profit after tax compared to the previous year.
Despite a commendable year, Nabalarua stated that the Board remains cautious, keeping a close eye on various indicators such as global growth, inflation rates, geopolitical tensions, and cyber security issues. Additionally, the holding company reported a net profit before tax of $16.94 million, up from $13.02 million during the same timeframe last year, driven by increased dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.