Energy Fiji Limited has recorded a $58.1 million profit after tax, despite 2022 been a challenging year for the Company.
This was highlighted by the Chief Executive Officer Hasmukh Patel in the 2022 EFL Annual Report – EFL has shown in the past that despite the challenges it faces, the Company is very resilient and stays strong with its recovery.
Patel said that prudent management of EFL’s operations throughout the year paved the way to this success.
He said EFL placed aside a hedge gain of $27.9 million in order to reduce the impact of high fuel price.
“EFL’s net fuel cost was $138.3 million but if EFL was not hedged for 82 per cent of its actual fuel usage then we would have incurred a fuel cost of $166.2 per cent, an additional fuel cost of $27.9 million.”
“Cost control measures that had to be implemented by Management during the year,” he added.
Patel also revealed that Energy Fiji Limited is now governed by the Companies Act and no longer the Public Enterprises Act.
He said EFL needs to maintain the present profitability levels or even do better.
“Ultimately, the Company has had its returns regulated by Fijian Competition & Consumer Commission, and it should strive to manage costs where possible in order to achieve these returns.”
“The ultimate plan is to list the company on the South Pacific Stock Exchange,” the CEO added.