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FHL nets record profits for 2023

The Fijian Holdings Limited Group has recorded an operating profit of $63.2 million, before tax, for the year ended June 2023, compared to $18.6 million in 2022.

In a statement, FHL Chair Sakiusa Raivoce said the results underscore FHL Group’s consolidation and restructuring efforts post-pandemic era.

Raivoce said the Group noted the remarkable turnaround of South Seas Cruises, which recorded the best operating profit to date – befitting from the resurgence in tourism, and record-breaking visitor arrivals.

He said Finance and Retail remain the core performing sectors of the Group.

“The FHL Board remains vigilant and cautious about the future. Global threats including weaker-than-expected global growth rates continuing high inflation prompting central banks to tighten monetary policy and financial market volatility warrant continued attention.”

“In addition to this, the corporate tax rate will affect the returns from all FHL’s investee companies.”

However, the Holding company recorded a profit after tax of $14.5 million compared to $8.3 million for the same period last year – Growth in performance resulted from higher dividend declared by FHL Retailing and Merchant Finance.

Raivoce said: “In today’s highly competitive business environment, achieving significant results while staying true to our strategic vision and mission is an accomplishment, we are proud of FHL.

As of June 2023, FHL Group’s net assets stood at $323.3 million.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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