The Rice Company of Fiji Ltd achieved a total revenue of $50.99 million in the 2024 financial year, a significant increase from $42.51 million in 2023. Chairman Sanjay Punja attributed this growth to heightened demand for rice and related products.
“This increase results from improved market penetration and enhanced sales performance as we strive to meet customer needs in a more competitive market,” Mr. Punja stated.
The company reported a profit before tax of $3.81 million, up from $3.16 million the previous year. However, profit after tax decreased slightly to $2.86 million from $2.91 million in the prior year, impacted by a rise in tax rates from 10 percent to 25 percent.
“Although we experienced growth in rice sales across all categories, we also encountered higher raw material costs throughout the year. There was a 38 percent surge in global rice prices from December 2022 to December 2023.”
He noted that India’s decision to impose a ban on non-basmati white rice exports in July 2023, aimed at stabilizing its domestic food prices, had far-reaching effects on the global rice trade due to India’s significant market share.