7 October, 2014, 12:00 am
GLOBAL wheat prices could marginally decline because of a bigger harvest in Europe, US and Black Sea regions.
However, Australian grain, which is the only grain Fiji Foods Ltd (Formerly Flour Mills of Fiji Ltd) use owing to its preference in the Oceania markets, is expected to remain firmly priced because its estimated production is lower than last year and stock availability is limited.
Company chairman Hari Punja says the company will continue to focus on aggressively growing its export markets while ensuring a modest but sustained growth in the domestic market.
“Considerable effort is being put into building the human capital of your company,” Mr Punja said.
“As I look back at the year passed, I am encouraged to see that we have truly started moving towards our vision of making FMF the most admired company in the region.”
He said he looked to the future with great optimism.
“The financial results of our forty-first year of operations vindicate my feelings.
“Despite experiencing a very slow first quarter of 2014 in comparison to 2013 when taxation and other financial reforms had released extra cash into the economy, your company managed to not only hold but marginally grow its consolidated revenue, finishing the year at $211.82m against $207.36m in 2012-13.”
He said this evidences the strong consumer loyalty that the company had been able to build across Fiji and its export markets over these years.
Net profit for the year was $16m against $11.5m recorded last financial year.
He said the company’s strong brands, its people and the processes they deployed enabled it to develop a resilience that had stood the test of time and would once again be brought to the fore as Fiji embarked on its renewed political journey.