Kontiki Finance nets $5.4m profit

Kontiki Finance Ltd chairperson Daryl Tarte Picture: JONACANI LALAKOBAU/FILE

KONTIKI Finance Limited has announced a group net profit of $5.4million for the financial year ending June 30, 2018.

The 72 per cent increase enabled the company to pay its maiden dividend of one cent per share in July 2018 and a final dividend per share next month.

The total dividend yield of the company is therefore 3 per cent for the year.

The result was released by the South Pacific Stock Exchange today.

The company also noted a 37 per cent return on shareholder’s equity (ROE), the second consecutive year it has achieved this result.

Since its listing on the SPSE on July 4 this year, the company automatically qualified for the Government tax incentive of 10 per cent company tax (instead of 20 per cent) for listed companies.

Supporting its lending growth, the company’s term deposits also grew by 67 per cent to over $135m.
“With strong foundations in place across key areas of funding, management, marketing and customer service- we expect our profit and consequently our returns to shareholders, to build strongly in the coming year,” the statement from the company said.

“It is important to note that our share of the consumer and small to medium enterprise lending market (excluding home loans) is approximately just 10 per cent, leaving a long runway of potential growth ahead of us as we continue to build our presence across Fiji.”

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