Growth for Fijian Holdings

Oct. 3, 2017, 5:55 a.m.

Growth for Fijian Holdings

Fijian Holdings Limited’s group assets have grown by 6.67 per cent to $525.06 million, whereas group liabilities have grown by 5.35 per cent to $274.69 million.

According to its 2017 Annual Report, which was released this week, the growths have been largely attributed to the acquisition of property, plant and equipment within the group.

“In terms of revenue, RB Patel Group Ltd (RBG) contributed 34 per cent of group revenue followed by Basic Industries Ltd (BIL) with 20 per cent, South Sea Cruises Ltd (SSC) with 12 per cent and Pacific Cement Ltd (PCL) with 9 per cent. When it comes to post-tax profits, RBG accounted for 14 per cent of the group’s consolidated post-tax profits followed by BIL with 13 per cent. The holding company itself accounts for 38 per cent of group profits,” the report noted.

The holding company (Fijian Holdings) made a post-tax profit of $22.98 million on a revenue of $27.07 million for the financial year ending 30 June 2017, compared to a post-tax profit of $20.85 million made on a revenue of $26.27 million reported the previous year, with the Group noting that overall, the investment portfolio of the company has grown by 9 per cent to reach $281.90 million.

Supermarket chain, RB Patel Group Limited was cited as the Group’s star contributor, with over a third of the group’s consolidated revenue coming from RBG for the past 5 years, and investment properties at RBG moving from $18.61 million to $25.93 million.

South Sea Cruises Limited was noted as its largest portfolio investment, with brands including South Sea Cruises, Blue Lagoon Cruises, Awesome Adventures, Yasawa Islands Holidays, Vinaka Fiji Volunteering and the new Malamala Beach Club, which the Group said has been a $5 million investment.

The Group’s property-owning subsidiary, FHL Properties (FHLP) experienced a 9 per cent decline in net earnings due to increased expenses oin building maintenance.

“FHLP reported a profit of $2.98 million on a revenue of $6.13 million for the FY 2017 compared to a profit of $3.27 million earned from a revenue of $6.76 million in 2016. FHLP also manages third party properties and earns property management fees as income. FHLP owns more than 15,000 square meters of lettable space and have enjoyed 99 per cent occupancy for last 3 years. The property portfolio of Vanua House and Ratu Sukuna house has the advantage of 13-year old Ra Marama building.”

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