Fiji Holdings Limited Group has reported a net profit before tax of $70.1 million for the fiscal year ending on June 30, 2024, reflecting an 11 percent increase from the previous year’s $63.2 million.
Group Chair Rokoseru Nabalarua expressed that this strong performance is a positive sign for stakeholders and underscores FHL’s dedication to ongoing growth in alignment with their strategic goals. He noted that while growth was widespread, significant contributions to this profit came from core subsidiaries, namely South Sea Cruises, RB Patel, and Merchant Finance.
However, the group faced challenges from an increased corporate income tax rate, which led to a modest rise of only $2.42 million in the Group’s consolidated net profit after tax compared to the prior year.
Nabalarua emphasized that despite the commendable performance, the Board is maintaining a vigilant approach, closely tracking global growth trends, inflation rates, geopolitical tensions, and cyber security concerns in the current landscape.
Additionally, the holding company achieved a net profit before tax of $16.94 million, up from $13.02 million during the same period last year. Nabalarua stated that this growth was fueled by higher dividends received from FHL Retailing, South Sea Cruises, and Merchant Finance.