SUNBIZ

VB Holdings Achieves $1.58 Million Profits

VB Holdings Limited, a pioneer asset management company, has announced that for the second time since its inception, it achieved an operating profit above a $1 million. The company recorded
30 Jun 2016 11:45
VB Holdings Achieves $1.58 Million Profits
Profits

VB Holdings Limited, a pioneer asset management company, has announced that for the second time since its inception, it achieved an operating profit above a $1 million.

The company recorded a turnover of $7.2million in 2015, compared to $5.54 million in 2014, a 34.82 per cent increase.

The company also delivered total profit (PBIT) of $1.58 million, compared to $1.53 million in 2014.

This was announced during the company’s 68th annual general meeting held on Tuesday.

VB Holdings Ltd was formed as a public company in 1945 and celebrated nearly 70 years of operations in 2015. However, it was restructured and listed on the South Pacific Stock Exchange in 2001.

The company’s Property Management income rose 11.78 per cent with positive occupancy rates due to improved market conditions.

Its fleet management business continued to grow, achieving 54.55 per cent increase during the year.

VB Holdings chairman, S. M Sukhu, said: “The business performance of the company is pleasing with the financial results that have been achieved, given that it was a challenging year.

“Finally, VB Holdings has provided stable dividends and consistently over 15 years, with this year again providing its highest level of $0.14 cents dividends per share for 2015.”

Shareholders’ equity increased and as at the balance date, stood at $11.50 million from $10.50 million.

During the year, the company’s share price also increased to a new record of $3.60 as at the end of the financial year, however last traded price is now $3.70.

 

Appointments

The company renewed its board with the appointment of Devanesh Sharma in 2014, to bring new skill sets to the company as it embarks on the next phase of growth and expansion of its operations.

That renewal continued this year with the appointment of Ratnesh Singh at the AGM, who brings a wealth of automotive and Fleet related experience, with over 20 years in the industry.  He will replace Kuar Singh, who retires after having served eight years.

 

Feedback:  rachnal@fijisun.com.fj

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: