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 the $63.2 million recorded in the previous year.
Group Chair Rokoseru Nabalarua expressed that this robust performance is reassuring for stakeholders and reflects FHL’s commitment to sustained growth in alignment with their strategic goals. He noted that the growth was widespread, with significant contributions from core subsidiaries, including South Sea Cruises, RB Patel, and Merchant Finance.
However, the rise in corporate income tax rates has affected returns from FHL’s investee companies, resulting in a modest increase of just $2.42 million in the Group’s consolidated net profit after tax compared to the prior year.
Nabalarua stated that while the Group has had another commendable year, the Board remains cautious and is closely monitoring factors such as global economic growth, inflation rates, geopolitical tensions, and cyber security threats in the current climate.
Additionally, the holding company reported a net profit before tax of $16.94 million, up from $13.02 million in the same period last year. Nabalarua mentioned that this growth was largely driven by increased dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.