The Rice Company of Fiji Ltd achieved revenues of $50.99 million for the financial year 2024, up from $42.51 million in 2023. Chairman Sanjay Punja credited this increase to the growing demand for rice and related products.
“This growth stems from improved market penetration and stronger sales performance as we strive to satisfy customer needs in a more competitive landscape,” Mr. Punja stated.
The company reported a profit before tax amounting to $3.81 million, compared to $3.16 million the previous year. After taxes, the profit stood at $2.86 million, a slight decline from $2.91 million in the previous year, largely due to a rise in tax rates from 10 percent to 25 percent.
“Although we experienced growth in rice sales across all categories, we also contended with rising raw material costs throughout the year. The global surge in rice prices reflected a 38 percent increase from December 2022 to December 2023,” Mr. Punja continued.
He pointed out that India, the largest rice exporter globally, imposed a ban on non-basmati white rice exports in July 2023 to manage its domestic food prices. While this decision was essential for India’s local market, it significantly impacted the global rice trade given India’s critical role in the industry.