The Rice Company of Fiji Ltd reported total revenue of $50.99 million for the 2024 financial year, an increase from $42.51 million in 2023. Chairman Sanjay Punja credited this growth to heightened demand for rice and related products.
“This growth is a result of both improved market penetration and stronger sales performance as we continue to focus on meeting customer needs in an increasingly competitive environment,” Mr. Punja stated.
The company achieved a profit before tax of $3.81 million, up from $3.16 million the previous year. However, the profit after tax dipped slightly to $2.86 million, down from $2.91 million in 2023, primarily due to an increase in tax rates from 10 percent to 25 percent.
“While we observed growth in rice sales across all categories, we also faced rising raw material costs this year. The global rice price surged by 38 percent from December 2022 to December 2023,” Mr. Punja noted.
He also highlighted that India, the largest rice exporter globally, imposed a ban on non-basmati white rice exports in July 2023 to stabilize its domestic food prices. This decision, while essential for India’s internal market, significantly impacted global rice trade due to India’s pivotal role in the market.