Fijian Holdings Limited (FHL) Group, an indigenous-owned investment firm, has announced a decline in its profit before tax for the six months period ending December 31, 2024, despite achieving 5.8% revenue growth, which totaled $210.6 million. The Group reported a profit before tax of $37.3 million, a decrease from $39.3 million during the same timeframe in the previous year. This profit drop has been attributed to rising operational costs and a slowdown in demand across various sectors.
By the end of December 2024, the Group’s net assets stood at $383 million, reflecting an increase of $20.5 million since June 30, 2024. The performance across FHL’s key subsidiaries has shown mixed results; while sectors such as tourism, cement manufacturing, and fund management witnessed positive growth, the retail and financial services segments underperformed. Additionally, investments in the construction and media industries also contributed to the less-than-expected overall performance.
Looking ahead, FHL Management has indicated plans to enhance efficiency and implement cost-cutting measures while pursuing digital initiatives. However, they are wary of potential challenges posed by uncertainties in global trade, commodity price fluctuations, and rising inflation, which are expected to impact performance in the second half of the financial year.
While concerns exist about a potential slowdown in the tourism sector and the impact of rising costs on consumer spending, FHL remains optimistic. They have stated a commitment to adapt strategically to the current economic landscape, reaffirming their goal to “Grow into new Frontiers – in Pursuit of our Purpose.”
FHL’s proactive measures and focus on innovation offer a hopeful outlook for the company as it navigates through these challenges, demonstrating resilience in the face of adversity.
Leave a comment