Fijian Holdings Ltd (FHL), a prominent investment conglomerate, has reported a group net profit before tax of $79.14 million for the financial year ending June 30, 2024. This marks an increase of 11 percent from the previous year’s profit of $63.22 million.
The growth in performance is credited to robust expansion across the core subsidiaries within the company’s extensive portfolio, consisting of both listed and unlisted blue chip firms. Notable contributors to this success include South Sea Cruises, RB Patel, and Merchant Finance. FHL emphasized that South Sea Cruises achieved significant results, benefiting from the ongoing growth in the tourism sector and record visitor numbers.
Additionally, the finance and retail sectors supported the group’s growth, yielding positive outcomes despite facing obstacles like reduced consumer spending, inflation, and workforce disruptions. However, the management acknowledged the necessity for caution amid global political fluctuations.
The board noted, “While the group experienced another commendable year, we remain vigilant and are closely monitoring indicators such as global growth and inflation rates, geopolitical tensions, and concerns regarding cybersecurity.”
FHL reported a net profit before tax of $16.94 million for the holding company, an increase from $13.02 million in the prior year. This rise is attributed to higher dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.
Chairman Rokoseru Nabalarua remarked that the financial results underscore FHL’s strategic priorities and commitment. He stated, “Our continued success is a testament to our steadfast commitment to our purpose and the dedication of our teams. As we seek new growth opportunities, we must navigate the evolving economic landscape with caution and foresight.”
The group’s financial performance was slightly tempered by an increased corporate income tax rate for SPX-listed companies, which resulted in a modest increase of $2.42 million in the consolidated net profit after tax compared to the previous year.
As of June 30, 2024, FHL’s net assets rose to $362.79 million, up from $323.30 million the year before, reflecting strong growth in the group’s portfolio. FHL shares are listed on the SPX restricted board and are available exclusively to itaukei individuals registered in the Vola-Ni-Kawa-Bula or ethnic registry.
At the time of reporting, FHL shares were valued at 98 cents each.