FHL success ‘based on being innovative’

FIJIAN Holdings Ltd’s (FHL) chief executive officer Nouzab Fareed says FHL’s success this year is represented in the theme, “Broadening the horizons for growth”.

“The vision of FHL Group is to be the most innovative investment company in the South Pacific. Why are we innovative? We are innovative in our transactions, we are innovative in the way we promote people and we are innovative in the way we make progress,” Mr Fareed said.

The FHL Group CEO was making a presentation to shareholders and stakeholders on the performance of the company during its annual general meeting at the Grand Pacific Hotel in Suva yesterday. He said sometimes they learned to bite the bullet, but they had been successful to date.

“But our mission is very clear, we want to have sustainable growth and we want to lead where it matters,” Mr Fareed said.

He said FHL had some of the most innovative and marketable brands in Fiji and was involved in most sectors of the economy like finance, cement, tourism and so on.

“Today we are going to look at summarising what we are, what we do and where we’re going,” he said.

Mr Fareed outlined the successes of some group companies where he specifically highlighted the performance of Pacific Cement Ltd (PCL), RB Patel Group (RBG) and Basic Industries Ltd (BIL).

“Pacific Cement achieved the highest sales in its history, which was not entirely due to Cyclone Winston but was based on surging demands locally and abroad,” he said

In his report in the 2016 annual report Mr Fareed had said, “Pacific Cement Ltd, the pioneering cement company in Fiji, was instrumental in achieving historical record sales of 150,543 tonnes. Revenue grew by more than 20 per cent to reach $38.09 million for June 2016 while pre-tax profits reached $2.63m, representing a 97 per cent growth”.

BIL was reported to be the star performer of the group, with its revenue growing by 32 per cent to reach $67.35m, the second highest in the group.

And RBG, one of two listed companies in the group, was reported to have achieved its highest ever revenue of $118m during the financial year 2016.

On dividend payout to its shareholders the group CEO said they had been paying out dividends to members since inception and the dividend rate had been increasing.

“The dividend payout is ever increasing and for 2016 the dividend rate was almost 24 cents. Since inception FHL has paid out around $98m in dividends to its members,” Mr Fareed said.

This vindicates what chairman Iowane Naiveli said in his opening address, that the board and management of FHL always ensured the interest of shareholders were paramount in making their decisions.

About 400 shareholders and stakeholders and other representatives attended the meeting yesterday.

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