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RB Patel Group Reappoints Tavola And Patel As Directors

RB Patel Group Reappoints Tavola And Patel As Directors
RB Patel board members after their Annual General Meeting at the Reserve Bank of Fiji yesterday. PHOTO: Jona Konataci
October 07
11:00 2015

RB Patel Group Limited had a positive increase in profits at the end of the 2014 – 2015 financial year.

This was revealed during their group’s Annual General Meeting which was held at the Reserve Bank of Fiji yesterday.

The Company Secretary Deepak Rathod said from the results, the board members were happy with their financial position.

“Our sales increased and generally speaking it was a very good performance,” he said

 

 Appointment of directors

The meeting re-appointed Surendra Patel and Kaliopate Tavola as directors of the company.

This was based on considerations that each nominee possesses attributes necessary for the development of the company.

Mr Patel is an accountant by profession and is a member of the RB Patel family managing the business before the company listed in 2001. He has extensive experience in the finance and the supermarket business and is part of the family memebers who currently manage the company under a consultancy agreement for the managers FHL Retailing Limited.

Mr Tavola is a consultant and holds directorships in several companies and is believed by the board members to be an independent director.

 

Challenges

Mr Rathod said like any other supermarket, the main challenge is to make the profit as there is tough competition with new supermarkets who are selling at cheap prices.

“It’s difficult to maintain profits at such a high competitive level therefore we have to make sure that our strategies are right.”

He added in terms of the company’s performance they always strive to get it right.

“We always try to make sure that our pricing is reasonable and obviously our prices can’t always be the cheapest or we would never make any money but we try to please our customers,” he said.

He continued the board members aim to improve for their next financial year as competition is stiff.

 

Projects

Mr Rathod mentioned: “We have a few projects coming up but real-estate development in terms of supermarkets has always been a problem because we have to get the correct locations.”

Currently RB Patel Group Limited owns a residential property and is looking at developing that into an apartment complex.

“We’ve got a car park retail complex plan for our Nadi complex next to the cinemas.

“We have been running short of parking space and there’s also another block of offices and retail shops that we are going to do in the next 12 months.”

BDO Chartered Accountants (formerly known as G Lal + Co) were re-appointed auditors.

Feedback: stella.moresio@fijisun.com.fj

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