The Unit Trust of Fiji (UTOF) has declared a dividend payout of $7 million for the second half of 2024, concluding on December 31. Investors in the Income and Growth Fund (IGF) will benefit from a dividend rate of 3.75 cents per unit, translating to an approximate total of $6.4 million in tax-free dividends. This dividend rate marks an increase from last year’s 3.50 cents per unit, leading to a total dividend rate of 7.50 cents per unit for 2024, compared to 7.00 cents in 2023.

Chairperson Lavinia Kaumaitotoya highlighted the key features of the IGF, noting that it offers both biannual tax-free dividends and potential for capital growth, making it particularly suitable for long-term investors. She mentioned that the full details regarding the capital growth component would be announced after the completion of their annual audit.

For Income Fund investors, UTOF has declared an annualized dividend rate of 3 percent, resulting in a payout exceeding $560,000, an increase from 2.75 percent for the same period in the prior year. This fund is designed for those focused on capital preservation and is tailored for risk-averse investors.

The recent dividend payout directly benefits approximately 60,000 account holders, which includes a significant number of young investors under 18, employees involved in Employee Investment Schemes, families, women groups, associations, landowning units, and corporate sector members. This effort signifies UTOF’s commitment to promoting financial literacy and encouraging younger generations to engage in investment opportunities.

In a previous announcement, Kaumaitotoya indicated that they were nearing the milestone of half a billion dollars in total funds under management, a target that has now been exceeded with an unaudited total of $521 million, surpassing their goal by an impressive 114.46%.

This positive development not only reflects UTOF’s growth trajectory but also reinforces their role in fostering a financially stable future for families and young investors in Fiji. The ongoing commitment of UTOF to provide substantial returns illustrates a promising outlook for the investment landscape in the region.