Successful Fiji Ports Corporation pays out, delights
The Fiji Ports Corporation Limited (FPCL) recorded strong and profitable trading results for 2017 with a net profit after tax (NPAT) of $26.35million compared to the previous year of $26.25million.
The Fiji Ports Group’s strong financial performance is attributed to the stable, consistent and smart business policies of the Fijian Government, under the visionary leadership of the Prime Minister Voreqe Bainimarama.
Officiating at the dividend presentation to shareholders and the bonus announcement for FPCL and Fiji Ship and Heavy Industries Limited (FSHIL) employees at Muaiwalu House, Walu Bay, Suva, yesterday was company board chairman Shaheen Ali.
“I wish to convey the best wishes of the honorable Attorney-General and the Minister for Public Enterprises, who wanted to be present for the bonus and dividend announcement of FPCL, however, decided that this event should go ahead anyway,” Mr Ali said. “By law, our Minister has every right to be present today. But given that he is a consummate professional, he requested the Permanent Secretary for Public Enterprises and I to do the honors to ensure that the bonus announcement proceeds as planned. “FPCL, as a company, performed immensely well in 2017.
“And we would like to thank the staff and the management for the excellent performance that has led us to where we are today. “It goes without saying that our company’s strong performance would not be possible without the stable, consistent and smart business policies of the Fijian Government, under the visionary leadership of the Fijian Prime Minister.
“This performance is even more impressive if you consider that in 2016 financial year, a one-off sale of FPCL owned property (extraordinary item), amounting to $2.7 million, contributed to the high NPAT in 2016.
“Thus, the real growth in profitability in 2017 (after excluding the extraordinary sale) has been 12 per cent, compared to 2016 financial year.”
With FPCL profits increasing year on year, Mr Ali highlighted the dividends paid each year have also been increasing, over the past five years.
The dividend declared for 2017 is a 440 per cent increase from the dividend declared in 2012.
“This year, 2018, FPCL is poised to deliver another exceptional performance in terms of profits, despite the adverse impact of cyclones Keni and Gita earlier in 2018. “Today, we are applauding the excellent performance of FPCL, and the successful inte- national partnership in ports operations. “This is all thanks to the conducive environment and the vision provided by the Fijian Government to promote business and engage in partnership with firms that have expertise in operating and managing ports.
“In 2015, when the Fijian Government divested its shares in FPCL, the objective of the divestiture was to secure partnerships of with long-term investors in FPCL. “Investors who would contribute to the development and growth of the FPCL’s asset base and continue to improve the infrastructure of Fiji’s seaports, including expanding, modernising and developing specialised facilities.”
FPCL’s partnership with Aitken Spence and FNPF
He said the company’s new partners Aitken Spence and FNPF have certainly met this objective.
“The partnership with Aitken Spence and FNPF has made FPCL more profitable and efficient, and has inculcated international best practices, processes and systems into FPCL operations.
“FPCL today is a highly professional and focused organisation and we owe this to the determination of the Fijian Government to position Fijian ports as the regional and international hub.
“The increased efficiency and productivity of FPCL and FSHIL has led to increased revenue, which has not only resulted in increased dividends for shareholders but also bonuses for employees.”
Bonus payout for FPCL and FSHIL staff
For 2017, the FPCL and FSHIL staff will receive a total bonus payout of $249,827 this year.
“This includes a total of 138 FPCL staff who will receive $201,524 and 80 staff of Fiji Ships and Heavy Industries will receive $48,303. “The bonus payout for the 2017 financial year, is based on assessment of individual KPIs, in line with a robust PMS framework, as opposed to the across the board payout in the past. In addition to the bonus payment today, FPCL has undertaken a job evaluation exercise for staff at the lower salary bands. “A salary increment for the lower band has been backdated to 1 January 2017, has been paid off, in two phases. Phase 1 being $419,063 and Phase 2 - $228,429.
“The company remains committed to yielding stronger financial returns and looking after its employees, while continuing to provide essential services that benefit the people of Fiji, and serve the wider regional maritime community. I want to thank the FPCL Board of directors, management and employees for the achievement for 2016.
“On behalf of all of us at Fiji Ports, we would like to convey our special thanks personally to the honorable Attorney-General and Minister for Public Enterprises and the Permanent Secretary for their ongoing support.”