August 19, 2016 4:44 pm

FHL records $20.44m pre-tax profit, grows by 66%

Fijian Holdings Limited (FHL) has recorded 66% growth for 12 months ending June 30th, 2016. The holding company recorded a pre-tax profit of $20.44 million for the 12 months compared to $12.32 million the previous year. Group after-tax profits for the 12 months stood at $25.88 million compared to $18.48 million achieved in the same […]

Fijian Holdings Limited (FHL) has recorded 66% growth for 12 months ending June 30th, 2016.

FHL Group Chairman Mr Iowane Naiveli and CEO Mr Nouzab Fareed at a press conference this afternoon. (Peni Shute/Newswire)
FHL Group Chairman Mr Iowane Naiveli and CEO Mr Nouzab Fareed at a press conference. (Peni Shute/Newswire)

The holding company recorded a pre-tax profit of $20.44 million for the 12 months compared to $12.32 million the previous year.

Group after-tax profits for the 12 months stood at $25.88 million compared to $18.48 million achieved in the same period in the previous year.

The Group revenue reached $294 million for the 12 months compared to the previous period where revenue recorded was $256 million.

In a statement, FHL Group Chairman Iowane Naiveli said that the Group companies have achieved a new benchmark based on the positive economic outlook.

NAIVELI: “Despite TC Winston, group’s performance is commendable.”

He added that the trend would continue for the next 12-24 months.

Group CEO Nouzab Fareed said the group has now exceeded its existing target.

He added that the group revenue increase is largely attributed to the performance of:

  • Basic Industries Ltd
  • Pacific Cement Ltd
  • RB Patel Group

Mr Fareed said the new company on the group, Life Cinema Ltd also exceeded expectations.

The Group assets stood at $475 million as at 30th June 2016 while the shareholders’ fund has reached $218 million.