$5 million dividend

THE Fiji Public Trustees Corporation Ltd (FPTCL) has paid government a total dividend of $5 million since the company’s incorporation.

This was highlighted by FPTCL chief executive officer Atonio Takala while presenting submissions to the Standing Committee on Public Accounts on the 2016 to 2017 Audit Report on Government Commercial Companies and Statutory Authorities in Suva yesterday.

Mr Takala said this dividend was an average of 34 per cent of the total of the shareholders fund.

“From 2008 to 2017, in the last 10 years over this period, the annual average increase in revenue was about 9 per cent and the average increase in expenses was 12 per cent and average increase in net profit before tax was around 11 per cent,” Mr Takala said.

“The corporation continues the trend of achieving profitability for the 12th consecutive year despite facing numerous business challenges.”

He said they were working on identifying new services from customer demands and this had generated much needed income to supplement corporation’s trust business. He added FPTCL declared a dividend of $500,000 for the 2017 financial year with the last two years no dividends being paid.

“The total assets for FPTCL as of December 31 2017 was $15.3m comprising of financial assets at 81 per cent, properties, plant and equipment at 12 per cent, receivables at 3 per cent, cash and equivalents was 3 per cent and other assets.”