CFL delivers double of last year’s profit and announces dividend

Communications Fiji Limited, the South Pacific’s largest broadcast organisation and parent company of FM96, LegendFM, VitiFM, Navtarang, Radio Sargam and fijivillage has announced an after-tax profit of $1.041 million for the year end December 31st, 2024.

This is double the previous year’s profit of $514,604.

Following this announcement, CFL has also declared a final dividend of nine cents per share.

This takes total dividends for the year to fifteen cents per share.

The shares will go ex benefit on April 14th, closure of registry April 17th, and the dividend will be paid out April 29th.

CFL Chair, William Parkinson says the result is a very satisfying one delivered in a challenging market.

Parkinson says the results in Fiji were particularly strong, and the company is starting to see an increase in revenue from its various online products.

In Papua New Guinea, the company’s 100 percent subsidiary PNGFM delivered a tax profit of K691,999 (2023 K685,747).

Parkinson says the result was delivered in a year when we had a major construction project, the new studio complex in PNG.

He says to deliver a stable result, which included some provisioning for capital write offs, was very encouraging.

Parkinson says they are already seeing the impact of this investment in the opening months of 2025. He adds that 2025 looks promising for Communications Fiji Ltd.

The CFL Chair says they have seen good growth in the first quarter and are receiving a very positive response to ongoing celebrations of CFL’s 40th anniversary.

CFL also announced the retirement of independent Director Josephine Yee Joy.

Josephine has served as a director for seven years and retires as required by the Companies Charter.

Abigail Chang replaces her as an independent Director and Chair of CFL’s Audit Risk Committee.

Parkinson says Josephine’s extensive experience has been a great asset to Communications Fiji Ltd helping us navigate through an important time of change.

He adds we are fortunate to be able to replace her with Abigail Chang who brings to the board considerable knowledge of the finance industry and board governance not only in Fiji but Papua New Guinea as well.

In addition, the board announced the appointment of Farah Parkinson as an alternate Director to the representatives of Parkinson Holdings, William Parkinson and Sufi Dean.