FNPF Achieves $331.6M Net Profit for 2016
The Fiji National Provident Fund yesterday announced a net operating profit of $331.6 million for the financial year ended 30 June, 2016.
This is an increase of $67 million compared to last year’s restated figure of $265.1 million.
The Fund’s investment income grew by 6.8 per cent to $331.2 million compared to $310.7 million in 2015.
Consolidated return on investment measured in accordance with internationally accepted practice and net of all operating expenses, was 6.9 per cent compared to 5.9 per cent in 2015. The board declared an interest of 6.25 per cent for the year resulting in the distribution of $239.5 million to members’ accounts.
Announcing the audited results, chief operating officer, Jaoji Koroi, said the continued demonstration of the Fund’s improved performance reinforced FNPF’s role as the social and economic anchor for Fiji.
“Our performance illustrates that the Fund is in a strong position to continue to invest and grow our members’ hard-earned retirement savings, especially as we celebrate our 50th anniversary this year,” Mr Koroi said.
“Whilst the operating performance may be overshadowed by the activities and payout of $275.5 million for the Tropical Cyclone Winston assistance, it also demonstrated the financial strength of the organisation and the operational capabilities of our employees.”
Mr Koroi said the processing and injection of around 3 per cent of the Gross Domestic Product provided the much needed stimulus for economic activity and helped rebuild confidence in the Fijian economy, by allowing FNPF members to help themselves and their families recover from the damage sustained from TC Winston.
gainst the backdrop, Mr koroi was pleased to report the following:
Total assets increased to $5.1 billion from $4.9 billion in 2015
Members’ balance grew by 3.1 per cent to $4.4 billion from $4.2 billion last year despite a payout of $275.5 million for TC Winston withdrawal assistance
Investment portfolio increased from $4.8 billion to $5.0 billion.
Contributions grew by 11.2 per cent to record $480.6 million reflecting improved enforcement and compliance v
An interest of 6.25 per cent was credited to members on 30 June 2016 resulting in the distribution of $239.5 million.
Total withdrawals exceeded 240,000 applications, where 182,561 applications were for TC Winston withdrawals
Offshore investments for 2016 was $83.1 million, aimed at diversifying the investment portfolio;
Active members grew by 5.6 per cent to 406,065
Employers totaled 10,646 compared to 9770 for 2015.