The Fiji Sugar Corporation Limited has recorded significant improvements in revenue and profitability despite facing numerous challenges in the financial year ending May 31st, 2024.

Board Chair, Nitya Reddy says despite a 15% decline in cane production, mainly due to adverse weather conditions, FSC achieved a 12% increase in sales revenue and a 10% increase in its share of proceeds.

Reddy says this positive performance was bolstered by enhanced operational efficiencies, rigorous cost-control measures, and innovative solutions.

FSC’s revenue increased by 12% to $235.2 million, reflecting a substantial improvement in financial performance.

Reddy says increased sales and higher prices drove this growth.

Additionally, he adds FSC recorded the highest revenue returns in the past 18 years, highlighting the importance of the sugar industry to Fiji’s national economy.

Reddy adds that some of the key financial highlights include FSC’s share of proceeds which stood at $71.15 million compared to $64.25 million in the previous year.

Its trading profit was $13.13 million, compared to a profit of $7.45 million in the previous year.

Profit from operations was $2.51 million, compared to a loss of $4.98 million in the previous year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were positive $24.97 million compared to positive $17.87 million in the previous year.

The operating loss for the year was $4.24 million, compared to a loss of $23.0 million in the previous year.

A total of $10.05 million was invested in Property Plant and Equipment, compared to $6.94 million in the previous year.

Reddy says that they’re are confident that with the continued support of their stakeholders, they can build a more robust and sustainable future for the sugar industry in Fiji.

He highlights that FSC remains committed to its strategic pillars of restructuring, revitalising crop production, improving mill performance, and optimising revenue.