‘FHL records $658m in total assets despite COVID-19’
Fijian Holdings Limited (FHL) Group continues to hold a strong financial position recording total assets of $658 million compared to $640m in 2019.
The comment was made by Fijian Holdings acting chairman, Yogesh Karan during the 35th Annual General meeting, held at the FMF Gymnasium, Laucala Bay yesterday. He said the global COVID -19 pandemic had caused major disruption to businesses in the later part of the financial year.
Mr Karan said: “The Group’s operating profit was reduced by 74 per cent to $11.78m compared to $44.91m for the same period last year. The major contraction in profitability resulted from the reduced operations in the construction and the tourism sectors.
“Total revenue for the Group was reduced by 12 per cent compared to last year’s revenue of $331m.
“Traditional revenue base from the retail sector was intact whilst shortfalls, notably, were a result in weak performances of the construction and tourism sectors.
“Associate companies’ contribution increased to $5.34m in the financial year 2020 compared to $5.13m for the same period last year.
“This was largely driven by good performance by Golden Manufacturers and New World while the other associated performed relatively well in the current environment.
“FHL Group continues to hold a strong financial position recording total assets of $658m compared to $640m in 2019.”
Mr Karan said FHL was a chain of businesses and if a chain was broken all would be affected.
Mr Karan highlighted:
paid a total
dividend
of $7.525 million in the 2020 financial year compared to $7.464 in 2019 financial year.
The group realised the constant variations of the FHL share price during the financial year mainly due to the impacts of COVID-19.
■2019/ 2020 Financial Year has been an extraordinary year with COVID-19 shutting down the entire world and putting immense pressure on business performance.
Despite the challenges the group has reported a profit.
“This is not something the Board achieves alone, and I would like to acknowledge the excellent efforts of all FHL employees across the Group in achieving what they do each day.
Additionally, I would also like to commend staff in the tourism sector for their hard work and understanding the Board and management’s decision on accepting leave without pay and also to the group staff working on reduced hours or reduced pay.
We also acknowledge the employees and contractors working across the group during these challenging times.
Their contribution has helped make the Group what it is today and together we shall face the new challenges the future brings.”