FHL Group records notable increase in profits post-pandemic
4 October, 2023, 6:30 am
Publicly-listed investment company Fijian Holdings Ltd (FHL) Group recorded a consolidated profit before tax of $63.2million for the financial year ending June 30, 2023.
That represents a notable increase from $18.6m recorded in the 2022 financial year.
The company’s annual report also highlighted the holding company’s $13.0m net profit before tax, surpassing the previous year’s figure of $8.4m.
FHJL Group CEO Jaoji Koroi said the group’s net assets expanded to $323.3m, compared to $280.3m in 2022, while the holding company’s net assets recorded improvement, reaching $572.7m , an increase from $515.9m in the last year.
“Movements in the balance sheet mainly reflected our efforts to consolidate and reduce debt in preparation for growth. The considerable 37 per cent growth in revenue for the group and the substantial 239 per cent surge in net profit before tax can be attributed to the first full year of operation following the COVID-19 pandemic,” Mr Koroi said.
He said while year-on-year comparison was distorted, the group had also exceeded the pre-COVID-19 levels.
He noted subsidiary South Sea Cruises played a pivotal role as a major contributor to the profit, “experiencing a significant turnaround as Fiji witnessed an unprecedented influx of visitors”.