The financial year ending June 2025 was another challenging year for the FHL Group. Whilst we gained some momentum in our strategic direction, the slowdown in the economy challenged our resolve for growth. Lower activity in the building and construction sector and higher costs of doing business in particular, led to a reduction in our profit for the financial year.
Notwithstanding the lower profitability result, the year ending June 2025 marked some key achievement for the Group as we drive deeper into our strategic theme: “Growing into New Frontiers – In Pursuit of Our Purpose.” The completion of the FHL Tower, the successful acquisition of new vessels by South Sea Cruises, the commencement of our first impact investment and the launching of new loans products by Merchant Finance are some milestone achievements for the year. These achievements are in line with our strategic direction and rooted into our founding mandate – to accelerate the participation of iTaukei in the commercial sector and, in doing so, uplift their socio-economic standing. Every decision, every investment, and every milestone we achieve is measured against this purpose.
Mr. Jaoji Koroi
This is a significant achievement, but it has also required more funding. Group borrowings including term deposits increased by $111 million to $396 million. Although gearing ratio remains low at 25% and high interest coverage greater than 12 times, we are conscious of our continuing reliance on our balance sheet to fund our investments. These figures remind us that, as we strive for growth, the road is not without its challenges and we also need to navigate future shocks with care.
Group revenue grew to $371.5 million from $364.9 million in the previous year. Net profit before tax totalled $60.3 million compared to $70.1 million in FY24. Rising staff costs, weaker associate earnings, and tighter profitability weighed on results. At the same time, our balance sheet expanded strongly, with total assets increasing by 20% to $917.3 million, reflecting the continued growth of Merchant Finance’s loan book, new investments in associates, higher property values, and the completion of the FHL Tower.
The defining moment of FY2025 was the completion of the FHL Tower.
This was not just a construction project. It was a seven-year journey through COVID disruptions, technical challenges, and even tragedy on-site. Today, the Tower stands over Suva City as a beacon of perseverance and vision, symbolising the 40-year journey of FHL and the determination of iTaukei to succeed in business.
This was not just a construction project. It was a seven-year journey through COVID disruptions, technical challenges, and even tragedy on-site. Today, the Tower stands over Suva City as a beacon of perseverance and vision, symbolising the 40-year journey of FHL and the determination of iTaukei to succeed in business.
While it has been a significant investment during its construction years, the focus must now shift to tenancy and yield generation. With strong leasing interest already shown, the Tower has the potential to become a major source of income and a landmark asset for the Group for decades to come.
FY2025 also marked another defining milestone with the groundbreaking of the Nawaibuta Holdings Complex in Korovou – the first project under FHL’s Impact Investment Strategy, and one that has been two years in the making.
Like the Tower, this is more than just a construction project. It is a symbol of FHL’s founding mandate in action – to empower iTaukei participation in the commercial sector. As I shared at the ceremony, this is not only about laying foundations in Korovou, but about building a future where iTaukei communities create lasting wealth for generations to come.
The project is the pioneer of our $50 million Impact Investment portfolio, and it sets the tone for future projects that will deliver both sustainable returns for shareholders and transformational opportunities for Fijian communities.
Our subsidiary companies remain the lifeblood of FHL Group and the channels through which our purpose finds expression. This year, key milestones included:
This mix of achievement and challenge is the reality of our Group. Tourism, Finance, and Retail remain our anchors, while Industrials and Media call for difficult but necessary decisions.
As we look forward to FY2026, we do so with confidence but also with caution. We are mindful of:
But our path is clear:
FY2025 has reminded us that true growth is measured not just in numbers, but in impact – the families supported, the entrepreneurs financed, the communities empowered.
I am deeply grateful to our Board for their wise counsel, our shareholders for their trust, and our employees for their sacrifice and service. Above all, I give glory to God for His faithfulness and favour.
As we step into FY2026, we do so with humility, courage, and faith. We will celebrate our victories, confront our challenges, and continue to grow into new frontiers – always in pursuit of our purpose.