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 the previous year’s profit of $63.2 million.
Group Chair Rokoseru Nabalarua expressed that this strong performance reassures stakeholders and underscores FHL’s commitment to ongoing growth in alignment with their strategic objectives. He noted that while the growth was widespread, significant contributions came from main subsidiaries, including South Sea Cruises, RB Patel, and Merchant Finance.
However, the group faced challenges due to an increase in the corporate income tax rate, which influenced returns from FHL’s investee companies. Consequently, the consolidated net profit after tax rose by only $2.42 million compared to the prior year.
Nabalarua emphasized that, despite experiencing a solid year, the Board remains cautious and is closely monitoring global growth indicators, inflation rates, geopolitical tensions, and issues related to cybersecurity in 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. Nabalarua attributed this growth to higher dividends received from FHL Retailing, South Sea Cruises, and Merchant Finance.