The Rice Company of Fiji Ltd achieved a total revenue of $50.99 million in the 2024 fiscal year, an increase from $42.51 million in 2023. Sanjay Punja, the company chairman, attributed this growth to a rise in demand for rice and related products.
“This increase is a result of enhanced market penetration and stronger sales performance as we emphasize meeting customer needs in a more competitive landscape,” Mr. Punja stated.
For the year, the company reported a profit before tax of $3.81 million, up from $3.16 million in 2023. The profit after tax stood at $2.86 million, a slight decline from $2.91 million the previous year, primarily due to an increase in tax rates from 10 percent to 25 percent.
“While we experienced growth in rice sales across all categories, we also contended with rising raw material costs throughout the year, particularly due to a global rice price surge, which rose by 38 percent from December 2022 to December 2023.
In July 2023, India, the largest rice exporter globally, instituted a ban on non-basmati white rice exports to stabilize domestic food prices. While this measure was necessary for India’s internal market, it significantly impacted global rice trade, given India’s key role in the sector.