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FHL Expects Record Year, Cement Sales Recorded Best In History

  As its financial year ended on June 30, Fijian Holdings Group is expected to have noted a record year as far as its financials are concerned. Fijian Holdings Group
05 Jul 2016 09:56
FHL Expects Record Year, Cement Sales Recorded Best In History
FHL

 

As its financial year ended on June 30, Fijian Holdings Group is expected to have noted a record year as far as its financials are concerned.

Fijian Holdings Group chief executive, Nouzab Fareed, has confirmed the whole group has done extremely well although he could not reveal the exact numbers yet.

He said the financial numbers will be published once the accounts have been audited.

While the whole group has done well, one company which has stood out is Pacific Cement Limited.

It did record sales of close to 150,000 tonnes of cement achieving its best sales in history.

The company managed to meet both local sales demand as well as the export demand and managed to export highest amount of cement as well.

“Fiji is a country that has not exported cement in this amount. But this time it was wonderful year thanks to Pacific Island countries,” Mr Fareed said.

“We exported a lot of cement into Vanuatu, Tonga, Samoa and Solomon Islands. So they have made us proud.

“All cement exports have grown by around 10 to 12 per cent. The local demand has increased by 15 per cent. So it’s a good sign for the company and for the group.

“It is also a good sign for the growth as well for the country in general.”

Mr Fareed said next year will be a challenging one as they are looking for new investments.

“We need to have growth again for 2017 so we are still at the planning stage,” he said.

 

Confidence

Fijian Holdings Group is highly exposed to building and construction industries with its two subsidiaries.

While Pacific Cement Limited does only cement production, Basic Industries Limited does ready mix concrete, crushing of the materials for the road or for the construction sector and also makes blocks.

Mr Fareed noted there’s a lot of confidence in Fiji among the business people as well as the consumers.

“The construction sector is growing very fast and that’s why we have sold a lot of cement blocks. The road development too is a major player in the construction sector,” he said.

EDITED BY: RACHNA LAL

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