Supermarket chain posts $7million profit

THE RB Patel Group (RBG) recorded $7.6million in its operating profits for the half year ending December 31, 2023 — an 11 per cent increase over last year’s $6.8m.

The company generated $90m in turnover for the current period — a seven per cent increase compared to $84m in the previous year.

Operating cash flow this year also increased by 25 per cent to just over $10m compared to $8m last year.

On Tuesday this week, RBG also declared an interim dividend of two cents per share, totalling $3m to be paid on March 26.

Outgoing board chairman Yogesh Karan said income from other sources, mainly property rentals, increased rapidly by 39 per cent after tenants resumed payments in full; together with additional tenants that had signed up for the Stage 5 buildings at JetPoint in Nadi and vacant premises at other properties.

He said during the six months, RBG had acquired properties in Suva, Pacific Harbour and Nasinu.

“We have started a major upgrade to our old supermarket on main street Nadi and have also committed to a new supermarket premises in Savusavu.

This should be operational in the first quarter of this year,” Mr Karan said.

He said with the increase in operating profits, the company performance was “indeed very favourable”.

“Your company is expected to meet its plans for this year failing any further major unexpected economic shocks.

“We also remain well placed to take advantage of the opportunities arising from the opening of the borders and the resulting economic recovery.”

RBG shares were trading at $3.11 on SPX yesterday.