Fiji Holdings Limited Group has announced a net profit before tax of $70.1 million for the year ending June 30, 2024, representing an 11 percent increase from last year’s figure of $63.2 million.
Group Chair Rokoseru Nabalarua emphasized that this strong performance reassures stakeholders and demonstrates FHL’s dedication to ongoing growth aligned with their strategic goals. He indicated that while the growth was widespread, significant contributions came from the Group’s main subsidiaries, including South Sea Cruises, RB Patel, and Merchant Finance.
However, the rise in corporate income tax rates affected the returns from FHL’s investee companies, resulting in a modest increase of only $2.42 million in the Group’s consolidated net profit after tax compared to the previous year.
Nabalarua noted that despite another successful year, the Board remains cautious, keeping an eye on various indicators such as global economic growth, inflation rates, geopolitical tensions, and cyber security concerns.
The Holding company itself reported a net profit before tax of $16.94 million, up from $13.02 million for the same period last year. Nabalarua attributed this positive growth to increased dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.