Pacific Green Industries (PGI), a supplier of high-end coconut palmwood furniture, has reported a net profit after income tax of $331,758 for the year ending December 31, 2024, despite facing challenges from ongoing legal disputes over intellectual property rights and fluctuating sales dynamics. This figure reflects a decrease from a net profit of $400,556 recorded during the previous year, 2023.
In their annual report, PGI maintained that their overall sales level remained consistent with the prior year, even as export sales took a hit, declining by $0.2 million. Chairman Ravin Chandra highlighted that these results stemmed from the company’s attention to resolving their online marketing platform dispute, the impact of global trade disruptions, and changing market conditions.
Mr. Chandra expressed optimism over the company’s financial health, citing a strong cash flow position at the year-end and proposing a dividend of 3 cents per share. He noted an 8.1 percent increase in total assets driven by a growth in cash reserves, while net assets rose by 4.95 percent, showcasing robust retained earnings.
Furthermore, Mr. Chandra encouraged the government to boost support for local furniture manufacturers by favoring them in procurement policies. He argued that such initiatives would not only bolster the economy but also create jobs and promote sustainable development.
Despite the positive outlook, he acknowledged several challenges. These include heightened competition from imported furniture, a declining customer base attributed to migration trends, and the need for local manufacturers to gain recognition from institutional shareholders.
The chairman pointed out the shifting global trade landscape, particularly with the introduction of new tariffs by the United States, which could pose both hurdles and opportunities for the industry. Rising input costs, a shrinking customer base, and reduced construction activity added to the uncertainties facing PGI for the upcoming fiscal year.
Even amidst these obstacles, Mr. Chandra reaffirmed their dedication to overcoming challenges through strategic planning and efficiency, with a continued focus on quality, sustainability, and advocating for supportive policies for local industry.
The financial growth displayed by PGI, along with its emphasis on supporting local business, underscores a hopeful trajectory, suggesting that PGI is well-positioned to navigate an evolving marketplace while also contributing positively to the local economy and job creation.
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