The Rice Company of Fiji Ltd registered a total revenue of $50.99 million in the fiscal year 2024, an increase from $42.51 million in 2023. Chairman Sanjay Punja noted that this growth can be attributed to the heightened demand for rice and related products.
“This increase results from improved market penetration and enhanced sales performance as we concentrate on fulfilling customer needs in a progressively competitive landscape,” said Mr. Punja. The company’s profit before tax rose to $3.81 million, up from $3.16 million the previous year. However, profit after tax decreased slightly to $2.86 million compared to $2.91 million in 2023, largely due to a tax rate hike from 10 percent to 25 percent.
“Despite the growth in rice sales across all categories, we encountered rising costs for raw materials throughout the year. The global rice price surged by 38 percent from December 2022 to December 2023,” he added. Furthermore, India, the largest rice exporter globally, imposed a ban on non-basmati white rice exports in July 2023 to regulate its domestic food prices.
“Although this measure was essential for India’s internal market, it significantly impacted global rice trade due to India’s pivotal role in the market.”