Fiji Holdings Limited Group has reported a net profit before tax of $70.1 million for the fiscal year ending June 30, 2024, which marks an 11 percent increase from the previous year’s profit of $63.2 million.
Group Chair Rokoseru Nabalarua expressed that this strong performance provides reassurance to stakeholders and reflects FHL’s commitment to ongoing growth consistent with its strategic objectives. He noted that while growth was widespread, substantial contributions to profits were primarily generated by core subsidiaries, including South Sea Cruises, RB Patel, and Merchant Finance.
However, the Group faced challenges from an increased corporate income tax rate, which limited the growth of returns from its investee companies. The overall consolidated net profit after tax saw a modest increase of only $2.42 million compared to the prior year.
Nabalarua emphasized that despite achieving another successful year, the Board remains cautious and is monitoring various factors such as global economic growth, inflation trends, geopolitical issues, and cybersecurity concerns.
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.