THE Fiji Pine Group recorded $38.35 million in operating profits before forest valuation, depreciation and lease security bonuses in 2018, says executive chairman Faiz Khan.
While speaking at the lease security bonus payment yesterday, he said the company was grateful to those who contributed to
the company’s success over the past six years.
He said as a result, Fiji Pine was able to pay millions of dollars to landowners.
“These payments help our landowner communities set up businesses and improve their livelihoods,” he said.
“In addition to forest levies, stumpage and ground rent, we have given returns in the form of lease security bonuses payment
(LSBP) every year since 2013.
“This year marks the seventh year of these bonus payments.”
He said $7 million payment to landowners yesterday was part of the $19million LSBP handed to landowners since 2013.
“These bonuses do not come from any external financial loans or government subsidies.
“As a Government owned company we started off 8 years ago with a philosophy of being self-sufficient and standing on our own
feet.
“You as the landowner shareholders receive these bonuses simply from the prudent running of the business of Fiji Pine.”
He urged the landowners to put their money to good use.
“While we try to streamline processes to drive the utilisation of these bonuses into long-term capital spending, the ultimate
decision on what to invest in is yours. Make wise decisions and choose properly.
“Our landowner shareholders — I hope that today marks a shift in mindset on how we can improve our standards of living through long-term capital investments as opposed to short term consumptions.”
He added over the past eight years, 16 million pine trees had been planted by the company.
