Fiji Holdings Limited Group has announced a net profit before tax of $70.1 million for the fiscal year ending June 30, 2024, reflecting an 11 percent increase from last year’s $63.2 million.
Group Chair Rokoseru Nabalarua expressed that this strong performance instills confidence among stakeholders and underscores FHL’s dedication to sustained growth according to their strategic goals. He noted that while the growth is widespread, the primary contributors to the profit were the core subsidiaries: South Sea Cruises, RB Patel, and Merchant Finance.
However, the group faced challenges due to an increased corporate income tax rate, resulting in only a $2.42 million rise in the consolidated net profit after tax compared to the previous year.
Nabalarua indicated that although the Group achieved another impressive year, the Board remains attentive to critical indicators such as global economic growth, inflation rates, geopolitical risks, and concerns about cybersecurity within the current landscape.
Additionally, the holding company reported a net profit before tax of $16.94 million, up from $13.02 million during the same period last year, driven by higher dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.