Pacific Green Industries Fiji (PGI), a manufacturer and retailer of furniture made from coconut palm, has urged the Government and stakeholders to prioritize the purchase of local products. Chairman Ravin Chandra highlighted that such a decision would enhance national pride and leave a significant impression on international visitors, emphasizing what makes Fiji unique on the global stage.
Chandra noted, “By showcasing the uniqueness of our local products and talents, we can positively impact job creation, especially in the rural areas of Sigatoka.” He expressed that supporting Pacific Green represents not just an economic investment but also a commitment to sustainability and excellence.
This appeal follows the release of PGI’s financial performance report for the first half of the year, which ended on June 30, 2024. The company reported a net profit of $145,548, a decrease from $217,526 during the same period last year. Total income for the period was $1,812,875, down from $2,189,861 in the prior year.
Chandra attributed the revenue decline to several factors, including a decrease in the customer base due to mass migration, ongoing legal challenges related to their online marketplace, reduced discretionary spending in the nation, and the availability of cheaper, lower-quality imported alternatives.
In response to these challenges, PGI has implemented proactive cost management strategies, including obtaining competitive pricing for raw materials amid global supply chain disruptions and negotiating better freight terms to offset rising transportation costs.
Additionally, PGI’s net assets rose to $6.9 million from $6.7 million as of December last year, while total assets increased to $8.4 million from $7.8 million in 2023, highlighting the company’s commitment to long-term financial growth.