FHL Group posts $50m net profit after tax

Fijian Holdings Ltd’s new office complex under construction ... FHL recently issued Fiji’s first wholesale corporate bond under new regulations. Picture: JONA KONATACI

Fijian Holdings Limited (FHL) Group posted a net profit after tax of $50.45million for the year ending June 2023.

This represents a substantial increase from $14.90million recorded for the same period last year.

The group also recorded an operating profit before tax of $63.22million for the same period, compared to $18.62million recorded in the corresponding period in 2022.

The holding company recorded a profit after tax of $14.49million compared to a profit of $8.25million posted for the same period in 2022.

While the company stated that much of the record-breaking achievement was in line with economic recovery, added the results also underscored the group’s consolidation and restructuring efforts post-pandemic era.

According to the company’s statement released on the South Pacific Stock Exchange (SPX), major contributors to the profit are South Sea Cruises, RB Patel, Merchant Finance, Pacific Cement and Basic Industries.

Group chairman Sakiusa Raivoce said achieving significant results in today’s highly competitive business environment was an accomplishment they were proud of.

“Our performance reflects the effectiveness of our strategy and our commitment to creating value for our shareholders and contributing to economic growth in Fiji,” Mr Raivoce said.

As of June 30 this year, FHL Group net assets stood at $323.30million, compared to $280.28million recorded the previous year.

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