The Unit Trust of Fiji (UTOF) has declared a significant final dividend payout of $7 million for the 2024 financial year, benefiting over 60,000 unit holders, including young investors, employee investment scheme participants, and various community groups. This distribution reflects returns from UTOF’s two main funds: the Income and Growth Fund (IGF) and the Income Fund (IF).

For IGF investors, a dividend rate of 3.75 cents per unit was announced, resulting in approximately $6.4 million in tax-free dividends. This marks an increase from the previous year’s rate of 3.50 cents per unit, with the total IGF dividends for 2024 standing at 7.50 cents per unit compared to 7 cents in 2023. UTOF Chairperson Lavinia Kaumaitotoya emphasized that the fund not only offers biannual tax-free dividends but also opportunities for capital growth, making it an ideal investment for those with longer-term goals.

In a notable development for the Income Fund, an annualized dividend rate of 3 percent was declared, resulting in payouts exceeding $560,000, up from 2.75 percent in 2023. This fund caters particularly to risk-averse investors, focusing on capital preservation.

The growth of UTOF’s portfolio and funds under management has been impressive. As of the end of 2024, UTOF reported an unaudited figure of $521 million in total funds under management, exceeding their target by an impressive 114.46% within eight months. This growth reflects both new contributions from investors and appreciation of the existing portfolio, supported by strong performance from investee companies.

Further underscoring its strategic investments, UTOF has recently acquired a 9.5 percent stake in Kontiki Finance Ltd worth $10.5 million, further solidifying its position in the market. UTOF Chairperson Kaumaitotoya expressed a commitment to enhancing investor confidence and transparency, which will remain a priority moving forward.

The shift towards a more invested public, particularly among young Fijians, has also been observed, with an increasing number reportedly saving for long-term goals. This trend is seen as a positive indication for both individual financial futures and the overall economic landscape in Fiji.

In summary, UTOF’s successful dividend distribution and significant fund growth reflect its effective investment strategy and commitment to delivering value, which is encouraging for existing and potential investors alike. As UTOF continues to foster financial literacy and opportunity among its diverse investor base, there is hope for a financially secure future in Fiji.