Fijian Holdings Ltd (FHL), an 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 11 percent increase from $63.22 million in the same period last year.
The company’s growth is credited to positive performance across its key subsidiaries, which include both listed and unlisted blue-chip companies. Notably, South Sea Cruises demonstrated significant results due to the robust growth in the tourism sector and record visitor arrivals. Other contributors to the group’s performance included RB Patel and Merchant Finance, which achieved favorable results despite economic challenges like reduced consumer spending, inflation, and labor disruptions.
Management expressed cautious optimism regarding global political developments, stating that while the year was successful, the board remains attentive to various indicators such as global economic growth, inflation rates, geopolitical tensions, and cybersecurity issues.
Additionally, FHL itself reported a net profit before tax of $16.94 million, up from $13.02 million the prior year, driven by increased dividends from its subsidiaries. Chairman Rokoseru Nabalarua emphasized that the financial results reflect FHL’s strategic focus and commitment to success while also stressing the need for careful navigation of the economic landscape moving forward.
The higher corporate income tax rate for companies listed on the South Pacific Stock Exchange impacted returns from investee companies, with only a $2.42 million increase recorded in the group’s consolidated net profit after tax compared to the prior year.
As of June 30, 2024, FHL’s net assets rose to $362.79 million from $323.30 million previously, highlighting the group’s growth in its portfolio. FHL shares are traded on the South Pacific Stock Exchange restricted board and are available exclusively to itaukei individuals listed in the Vola-Ni-Kawa-Bula ethnic registry. The shares were priced at 98 cents when this report was published.