Fiji Holdings Limited Group has announced 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 in the previous year.
Group Chair Rokoseru Nabalarua expressed that this strong performance is a positive signal for stakeholders and underscores FHL’s dedication to ongoing growth in alignment with their strategic objectives.
He noted that while growth was widespread, significant contributions to the profit came from key subsidiaries, including South Sea Cruises, RB Patel, and Merchant Finance.
Despite the solid overall performance, the Group faced challenges due to the increased corporate income tax rate, which limited returns from FHL’s investee companies. Consequently, the Group’s consolidated net profit after tax rose by only $2.42 million compared to the last year.
Nabalarua emphasized the importance of staying attentive to various economic indicators, including global growth, inflation rates, geopolitical tensions, and ongoing cyber security concerns in the current climate.
Additionally, the Holding company reported a net profit before tax of $16.94 million, an increase from $13.02 million in the same period last year. Nabalarua attributed this growth to higher dividends received from FHL Retailing, South Sea Cruises, and Merchant Finance.