WITH its principal activity being the manufacture and sale of furniture and architectural products made from coconut palmwood, Pacific Green Industries (Fiji) Ltd recorded a sales revenue of more than $4.2 million and net profit of $686,520 last year compared with $387,928 for the same period in 2017.
Company chairman Samuel Ram said globalisation and an ever evolving industry, furniture manufacturing continuously evolved making the running of the business quite challenging. “We had a progressive year where Pacific Green this year again recorded growth both in profit and sales,” he said.
Mr Ram said the company had shown remarkable improvement in performance in the past five years with the steady growth resulting in dividends for all shareholders.
“As at 31st December 2018 your company had a strong balance sheet with solid asset base, manageable debts and positive cash flows,” said Mr Ram.
He said the inventory level for the company was at a sustainable level of $1.4m with the management being confident that future inventory requirements could be funded by the company’s cash flows.
“With the attitude of keeping our eyes on the future and seeking out opportunities, we have achieved positive, immediate and long-term outcomes.
“We are improving our efficiency and driving costs down through creative designs and economies of scale, while competing with the ever-increasing cost of doing business.”
Meanwhile company director Ravin Chandra, in his director’s report in the company’s 2018 annual report, said there was a fire at the factory on February 10, 2019 causing damage to one of the buildings and certain equipment and stock items.
Mr Chandra said the company continued to operate and will finalise its claim for insurance once the due process was completed by the relevant parties.
Dividends of $304,769 (4 cents) per share from the current year profits was approved by the directors and paid on December 31, 2018.
Mr Ram said while the company would not be issuing a further dividend for the 2018 financial year, they remained committed to returning to an attractive dividend policy in the near future.
