Fiji Holdings Limited Group reported a net profit before tax of $70.1 million for the year ending June 30, 2024, reflecting an 11 percent increase from $63.2 million during the same period last year. Group Chair Rokoseru Nabalarua expressed that this strong performance is encouraging for stakeholders and demonstrates the company’s commitment to ongoing growth aligned with their strategic plans.
Nabalarua noted that while growth was widespread, significant contributors to the profit included core subsidiaries such as South Sea Cruises, RB Patel, and Merchant Finance. However, the increased corporate income tax rate negatively affected returns from the company’s investee firms, leading to a modest increase of only $2.42 million in the Group’s consolidated net profit after tax compared to the previous year.
Despite a successful year, Nabalarua emphasized that the Board remains alert and continues to monitor various indicators, including global economic growth, inflation rates, geopolitical tensions, and concerns regarding cybersecurity.
Additionally, the holding company posted a net profit before tax of $16.94 million, up from $13.02 million during the same timeframe last year. This growth was attributed to higher dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.