Pacific Green Industries Fiji (PGI), a leading manufacturer and retailer of coconut palm furniture, is urging the Government and various stakeholders to prioritize the purchase of local products. Chairman Ravin Chandra emphasized that this initiative would not only nurture national pride but also make a significant impression on international visitors, highlighting the unique attributes that set Fiji apart globally.
Chandra stated, “By promoting the distinctiveness of our local products and talents, we can have a direct and positive impact on job creation, particularly in the Sigatoka rural area.” He added that supporting Pacific Green represents an investment in the economy and reflects a commitment to sustainability and excellence.
These remarks come as PGI announced its financial performance for the six months ending June 30, 2024. The company reported a net profit of $145,548, a slight decrease from $217,526 during the same period last year. Total income for PGI reached $1,812,875, marking a modest decline from $2,189,861 in the previous year.
The decline in revenue has been attributed to several factors, including a reduction in the customer base due to mass migration, ongoing legal challenges related to their online marketplace, decreased discretionary spending in the country, and the availability of cheaper, lower-quality imported alternatives. Chandra noted that the company has adopted proactive cost management strategies to address these challenges, such as obtaining competitive pricing for raw materials and negotiating better freight terms to mitigate rising transportation costs.
Additionally, PGI’s net assets have increased to $6.9 million from $6.7 million as of December last year, with total assets rising to $8.4 million from $7.8 million in 2023, reflecting its ongoing commitment to financial growth.