Fijian Holdings Limited (FHL) Group has reported a net profit before tax of FJ$70.14 million for the financial year ending 30 June 2024, up 11% from FJ$63.22 million for the same period last year.
In a statement, the FHL stated that the growth was broadly based, with key contributors being South Sea Cruises, RB Patel, and Merchant Finance. South Sea Cruises, in particular, posted another strong result, benefiting from continued growth in the tourism sector and record-breaking visitor arrivals.
The finance and retail sectors also performed well, despite challenges such as dampened consumer spending, inflationary pressures, and labor disruptions.
Despite these strong results, the Group’s consolidated net profit after tax increased by only FJ$2.42 million due to the impact of the increased corporate income tax rate.
FHL Group Chairman Rokoseru Nabalarua commented on the results, stating, “We are pleased to share our performance for this financial year, that reaffirms our strategic focus and priorities. Our continued success is a testament to our steadfast commitment to our purpose and the dedication of our teams. As we set our sights on new growth opportunities, we must navigate the evolving economic landscape with caution and foresight. We are focused on leveraging our strengths and adapting to emerging trends to drive future success. Thank you to our stakeholders for their ongoing trust and support, as we chart our path forward.”
The Group’s holding company also recorded a net profit before tax of FJ$16.94 million, compared to FJ$13.02 million last year. This growth in performance was driven by higher dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.
As of 30 June 2024, FHL’s net assets stood at FJ$362.79 million, compared to FJ$323.30 million the previous year.
Despite the results, the Board is taking a cautious approach to future challenges, monitoring factors such as global growth, inflation rates, geopolitical tensions, and cyber security concerns. The Board is also mindful of the potential impact of high interest rates if inflation remains uncontrolled.
