Good news for FHL Group shareholders as the Group has recorded a net profit before tax of $70.14 million for the year ended 30th June 2024, an increase of 11 percent from $63.22 million for the same period last year.
FHL says this consecutive solid performance is a reassurance to their stakeholders and highlights their commitment to sustained growth in line with the Group's growth strategies.
They say while the growth was broadly based, key contributors to this profit were from the core subsidiaries where South Sea Cruises, RB Patel, and Merchant Finance South Sea Cruises posted another strong result, attributable to the continued growth in the tourism sector and record-breaking visitor arrivals.
They say the finance and retail sectors also contributed strongly to the Group, generating positive results despite challenges such as dampened consumer spending, inflationary pressures, and labour disruptions.
FHL further says the increased corporate income tax rate impacted returns from the FHL's investee companies, with an increase of only $2.42 million recorded in the Group's consolidated net profit after tax, compared to last year.
They say while they experienced another commendable year, the board is cautious and is closely monitoring indicators such as global growth and inflation rates, geopolitical tension as well as concerns about cyber security in the current environment.
They say they are also cautious of high interest rates if inflation is not controlled.
The Fijian Holding company also recorded a net profit before tax of $16.94 million compared to $13.02 million for the same period last year.
They say this growth in performance was driven by higher dividends from FHL Retailing South Sea Cruises and Merchant Finance.
FHL Group Chairman Rokoseru Nabalarua says they are pleased to share their performance for this financial year, which reaffirms their strategic focus and priorities.
Nabalarua says their continued success is a testament to their steadfast commitment to their purpose and the dedication of their teams.
He says as they set their sights on new growth opportunities, they must navigate the evolving economic landscape with caution and foresight.
Nabalarua says they are focused on leveraging their strengths and adapting to emerging trends to drive future success.
As of June 30th this year, FHL’s net assets stood at $362.79 million, compared to $323.30 million the previous year, reflecting the growth performance in the Group's portfolio.
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