THE Rice Company of Fiji Limited recorded an increase in sales revenue by 53 per cent for the period 2011-2012 thanks to the successful adaptation of the trading business model over the past two and a half years.
This, according to company chairman Hari Punja, represented an increase of over $6.529m from over $12.29m to over $18.82m.
In the company's annual report, Mr Punja noted an increase in profit after tax from $985,318 to over $1.566m, adding the importation of white rice was still a competitive business with relatively low margins.
"Based on recent market reports, we do not expect much volatility in the international price of rice during the ensuing year," he said.
Meanwhile, $600,000 was declared in dividends and paid out to shareholders during the financial year. This was an increase of $150,000 compared to dividends of $450,000 for 2011.
The company is expected to hold their 16th annual general meeting on October 23 at Atlantic & Pacific Packaging Company Limited in Suva.