FHL Group has recorded a net profit before tax of$70.14 million for the year ended 30 June 2024, an increase of 11 % from $63.22 million for the same period last year. This consecutive solid performance is reassuring to our stakeholders and highlights FHL’s commitment to sustained growth in line with the Group’s growth strategies. Whilst the growth was broadly-based, key contributors to this profit were from the core subsidiaries – South Sea Cruises, RB Patel, and Merchant Finance.
South Sea Cruises posted another strong result, attributable to the continued growth in the tourism sector and record-breaking visitor arrivals. The Finance and Retail sectors also contributed strongly to the Group, generating positive results despite challenges such as dampened consumer spending, inflationary pressures, and labor disruptions. For the Group, the increased corporate income tax rate impacted returns from the FHL’s investee companies, with an increase of only $2.42 million recorded in the Group’s consolidated net profit after tax, compared to last year.
While the Group experienced another commendable year, the Board remains vigilant and cautious, closely monitoring indicators such as global growth and inflation rates, geopolitical tensions as well as the concerns about cyber security in the current environment. The Board is also cautious of high interest rates if inflation is not controlled.
The Holding company also recorded a net profit before tax of $16.94 million compared to $13.02 million for the same period last year. This growth in performance was driven by higher dividends from FHL Retailing, South Sea Cruises and Merchant Finance.
FHL Group Chairman Mr. Rokoseru Nabalarua said, “We are pleased to share our performance for this financial year, that reaffirms our strategic focus and priorities. Our continued success is a testament to our steadfast commitment to our purpose and the dedication of our teams. As we set our sights on new growth opportunities, we must navigate the evolving economic landscape with caution and foresight. We are focused on leveraging our strengths and adapting to emerging trends to drive future success. Thank you to our stakeholders for their ongoing trust and support,
as we chart our path forward.”
As of June 30, 2024, FHL’s net assets stood at $362.79 million, compared to $323.30 million the previous year, reflecting the growth performance in the Group’s portfolio.
FHL’s strong achievements underscore its strategic direction of “Growing into new Frontiers in Pursuit of our Purpose”.