Fiji Holdings Limited Group has recorded a net profit before tax of $70.14m for the year ended 30th June 2024, an increase of 11 percent from the $63.22m for the same period last year.

Group chair Rokoseru Nabalarua says this solid performance is reassuring to their stakeholders and highlights FHL’s commitment to sustained growth in line with their strategies.

He says while the growth was broad-based, key contributors to this profit were from core subsidiaries – South Sea Cruises, RB Patel, and Merchant Finance.

For the Group, the increased corporate income tax rate impacted returns from the FHL’s investee companies, with an increase of only $2.42m recorded in the Group’s consolidated net profit after tax, compared to last year.

Nabalarua says while the Group experiences another commendable year, the Board remain vigilant, closely monitoring indicators such as global growth and inflation rates, geopolitical tensions as well as the concerns about cyber security in the current environment.

The Holding company also recorded a net profit before tax of $16.94m compared to $13.02m for the same period last year.

Nabalarua says this growth performance was driven by higher dividends from FHL Retailing, South Sea Cruises and Merchant Finance.