The Unit Trust of Fiji (UTOF) has announced a significant dividend payout of $7 million, marking its final distribution for the 2024 financial year, which concluded on December 31. This payout is aimed at over 60,000 unit holders and reflects the returns on investments from its two primary funds: the Income and Growth Fund (IGF) and the Income Fund (IF).

Investors in the IGF will receive a dividend rate of 3.75 cents per unit, totaling around $6.4 million in tax-free dividends. Notably, this rate surpasses the previous year’s rate of 3.50 cents per unit, bringing the total dividends for 2024 to 7.50 cents per unit compared to 7.00 cents in 2023. UTOF Chairperson Lavinia Kaumaitotoya acknowledged the contributions of both the sales team and management’s diligent oversight of potential investments as drivers behind this growth.

For the Income Fund, an annualized dividend rate of 3 percent has been declared, resulting in payouts exceeding $560,000, an increase from the prior year’s 2.75 percent.

Kaumaitotoya noted that the recipients of these dividends include a diverse mix of account holders, such as young investors under 18, employees participating in investment schemes, families, women’s groups, landowning units, and corporate entities. This initiative emphasizes UTOF’s commitment to promoting financial literacy and encouraging investment among younger generations.

Chief Executive Officer Vilash Chand highlighted the positive performance of the fund’s investees, stating that many companies have delivered returns in line with expectations, enabling UTOF to provide these dividends.

Looking ahead, the complete financial performance for 2024 will be audited, with results to be announced later. This forward-thinking approach signals a promising outlook for both UTOF and its investors, fostering a stronger financial environment in Fiji.

Summarizing the recent developments, UTOF’s impressive growth and commitment to providing substantial returns reflect a robust investment strategy, likely paving the way for future successes within the financial landscape of Fiji. This dedication to delivering value not only reinforces confidence in the fund but also enhances community engagement and opportunity among its diverse investor base.