Fijian Holdings Limited | Annual Report 2026
Realisation Beyond
Our Comfort Zones
For the first time, Group assets passed $1 billion. Step through the year the FHL Group turned bold investment into realised value.
Financial highlights | Usutu ni rawa ka
A billion-dollar milestone
Group assets, revenue and profit all grew in FY2026, despite higher fuel prices, softer demand and rising costs.
Group Total Assets
$0.00B
+19%
Shareholders' Funds
$0M
+18%
Group Operating Revenue
$0.0M
+14%
Group Profit Before Tax
$0.0M
+11%
Group NPAT
$0.0M
+15%
FY23-FY26 Assets, Shareholder's Fund & Revenue
In the last five financial years, FY2022 to FY2026
Group Total Assets
+74.1%
grew from $626M to $1.09 billion
Shareholders' Funds
+71.8%
grew from $280M to $481 million
Group Operating Revenue
+67.2%
grew from $253M to $423 million
Financial highlights table | Tukutuku vakailavo
FY2026 at a glance
Holding Company and FHL Group results for the year ended 30 June 2026.
| Measure | Holding Company | FHL Group | ||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | Change | 2026 | 2025 | Change | |
| Operating results | ||||||
| Total Revenue ($000) | 26,815 | 26,656 | 1% | 423,397 | 371,500 | 14% |
| EBITDA ($000) | 23,488 | 21,354 | 10% | 103,635 | 82,666 | 25% |
| EBIT ($000) | 22,770 | 21,110 | 8% | 74,224 | 65,547 | 13% |
| NPBT ($000) | 19,952 | 18,685 | 7% | 67,030 | 60,261 | 11% |
| NPAT ($000) | 19,351 | 18,622 | 4% | 50,708 | 44,241 | 15% |
| Operating ratios | ||||||
| EBIT / Total Revenue | 85% | 79% | 6% | 18% | 18% | 0% |
| EBITDA / Total Revenue | 88% | 80% | 8% | 24% | 22% | 2% |
| NPAT / Total Revenue | 72% | 70% | 2% | 12% | 12% | 0% |
| Financial position | ||||||
| Total Assets ($000) | 795,148 | 794,620 | 0% | 1,087,580 | 917,285 | 19% |
| Total Liabilities ($000) | 99,436 | 87,224 | 14% | 606,624 | 509,553 | 19% |
| Gearing (liabilities / assets) | 13% | 11% | 2% | 56% | 56% | 0% |
| Liabilities to Equity | 14% | 12% | 2% | 126% | 125% | 1% |
| EBIT interest cover (times) | 8.1 | 8.7 | -7% | 10.3 | 12.4 | -17% |
| Cash flows | ||||||
| Net cash from operating activities ($000) | 21,297 | 16,756 | 27% | 73,924 | 68,955 | 7% |
| Purchases of investments, net ($000) | 27,949 | 21,116 | 32% | 28,177 | 7,555 | 273% |
| Shares and key measures | ||||||
| Earnings per share (cents) | N/A | N/A | N/A | 12 | 11 | 9% |
| Dividends per share (cents) | 2.70 | 2.70 | 0% | 2.70 | 2.70 | 0% |
| Net Tangible Asset per share | 2.28 | 2.32 | -2% | 1.34 | 1.15 | 16% |
| Return on Net Assets | 3% | 3% | 0% | 11% | 11% | 0% |
Read the full Annual Report 2026
Download the complete report, including the glossary and the full Fijian-language letters.
Investment portfolio | Vakatubu ilavo
A $743.2M portfolio across seven sectors
Tourism and retail together make up 65.2% of portfolio value ($484.7M). Hover or tap a sector to explore.
Tourism
33.7%
$250.4M
Tabana ni Sara Vanua
Leadership letters
In their words
Dear Shareholders
Ni sa bula vinaka. It is my privilege to present the Chairman's Address for the 2026 financial year. This was a significant year for Fijian Holdings Limited (FHL), marked by growth in the Group's assets, stronger profitability and continued returns to shareholders.
For the first time in FHL's history, Group assets exceeded $1 billion, reaching $1.09 billion following major investments across the Group. Group profit before tax rose by 11%, from $60.3 million in FY2025 to $67.0 million. The consolidation of Port Denarau Marina Limited contributed to this result, although it was partly offset by an impairment associated with Fletcher Higgins (Fiji) Limited.
These achievements came amid challenging conditions. Higher oil prices arising from the conflict involving Iran increased fuel prices, freight and operating costs, while softer demand contributed to a downward revision of Fiji's GDP growth forecast to 1.4%. Against this backdrop, the Group's performance reflects the strength of its portfolio and the commitment of its people.
Delivering Returns, Managing Responsibility
During FY2026, FHL declared two interim dividends of $4.113 million each, returning a total of $8.225 million to shareholders. These distributions matter deeply to our Provincial Councils, Tikina and village groups, institutions, families and individual shareholders. Since their original investment, our founding shareholders have received more than five times their invested capital in returns.
Growth brings greater responsibility. Group borrowings increased by 19% to $470.7 million. While leverage remains relatively low at about 31%, the Board continues to monitor debt structure, liquidity, refinancing risk and the ability of each investment to meet its obligations. During the year, FHL also repaid $15.2 million of wholesale corporate bonds at maturity.
The measure of our progress is how effectively our assets generate cash, support sustainable dividends and create lasting shareholder value.
Realising Value Across the Portfolio
Our increased ownership in Port Denarau Marina Limited strengthens FHL's position in tourism and establishes a strategic presence within the Denarau precinct. FHL Tower achieved full occupancy and is now generating income. At Nawaibuta in Korovou, our Impact Investment strategy is taking practical form through resource-owners' participation.
We must also address investments that are not yet performing to expectations. Fletcher Higgins (Fiji) Limited has required significant intervention following the exit of its former strategic partner. Fiji Television and Life Cinema remain areas of close Board attention. We will support recovery where there is a credible path to improved performance and consider restructuring or redeploying capital where it better protects long-term shareholder value.
Strengthening Governance and Leadership
As FHL grows, our governance and capabilities must grow with it. During the year, we continued to strengthen Board and subsidiary oversight, risk management, capital discipline and succession planning. Technology resilience and cyber protection also remained priorities for the Board.
Our future depends on the people who will lead and serve the Group in the years ahead. The Graduate Associate programme, the appointment of subsidiary leaders and our wider succession efforts are investments in that future.
Looking Ahead
The milestone of $1 billion in Group assets is a source of pride, but it also calls for renewed discipline. Having invested, built and entered new areas, we must now realise the full value of those decisions through stronger earnings, cash generation, dividends and balance sheet resilience.
In FY2027, the Board's priorities are to improve the quality of earnings and dividends, manage debt and capital prudently, lift returns from existing investments, address weaker businesses and continue strengthening governance, technology and leadership.
On behalf of the Board, I thank our shareholders for their trust; our management and employees for their dedication; and our customers, financiers, regulators, partners and communities for their continued support. Above all, we thank God for His faithfulness and guidance. We move forward with gratitude and humility, determined to steward well what has been entrusted to us and to leave a stronger FHL for those who follow.
Vinaka vakalevu.
Rokoseru Nabalarua, Chairman, Fijian Holdings Limited
Corporate governance | Tukutuku ni kena cicivaki ni kabani
Accountability, built in
Fijian Holdings Limited is committed to maintaining high standards of corporate governance, accountability and transparency in its reporting practices, in accordance with the Listing Rules of the South Pacific Stock Exchange, the Reserve Bank of Fiji's Corporate Governance Code for Capital Markets, and the requirements of the Companies Act 2015.
0
Directors
0
Independent Directors
0
Women on the Board
0
Board Sub-Committees
Annual compliance report | 10 principles