Pacific Green Industries (PGI), a supplier known for its high-end coconut palmwood furniture, has announced a net profit after income tax of $331,758 for the year ending December 31, 2024. This marks a decline from the previous year’s net profit of $400,556, largely due to ongoing challenges such as legal disputes over intellectual property rights and fluctuating sales.
Despite these difficulties, PGI reported a consistent overall sales level compared to the previous year, although export sales experienced a $0.2 million decline. Chairman Ravin Chandra attributed the results to ongoing efforts to resolve disputes related to their online marketing platform and broader global trade disruptions.
Chandra expressed optimism about the company’s financial stability, highlighting a strong cash flow position at year-end and recommending a dividend of 3 cents per share. He pointed out an 8.1 percent increase in total assets, largely fueled by cash reserves, with net assets also rising by 4.95 percent indicating strong retained earnings.
In his remarks, Chandra urged the government to provide more support for local furniture manufacturers, suggesting that such policies could enhance the economy, create more jobs, and promote sustainability. He recognized that the industry faces several challenges, including intensified competition from imported furniture, a declining customer base linked to migration trends, and the necessity for local manufacturers to establish a stronger presence with institutional shareholders.
Additionally, he noted the changing global trade landscape due to new tariffs implemented by the United States, which could bring both challenges and opportunities. Other issues such as rising input costs and reduced construction activity add to PGI’s uncertainties heading into the upcoming fiscal year.
Despite these hurdles, Chandra remains committed to overcoming challenges through strategic planning and efficiency, focusing on quality and sustainability while advocating for supportive local industry policies. The financial growth displayed by PGI and its emphasis on local support reflect a hopeful outlook, positioning the company well to adapt in a changing marketplace and contribute positively to economic growth and job creation in the area.
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