SUNBIZ

RB Patel Ltd records $8.5 million profit

  It has been a strong year of growth for RB Patel Group Limited as there have been some positive reflections in their annual report. Yesterday, an annual general meeting
26 Sep 2017 14:16
RB Patel Ltd records $8.5 million profit
Standing Left: Iowane Naiveli Chairman RB Patel Group Limited with Deepak Rathod, chief operating officer RB Patel Group Limited. Photo: Payal Sharma

 

It has been a strong year of growth for RB Patel Group Limited as there have been some positive reflections in their annual report.

Yesterday, an annual general meeting was held at the Fiji Teachers Union with the collective board members whereby, annual reports were discussed and presented.

As discussed, the operating profit has increased by 15 per cent which was due to the increase in revenue of 4.4 per cent over last year.

Also, the gross profit increased by 7.3 per cent and the net profit had an impressive 15.4 per cent increase: $8.5 million after tax.

RB Patel Group Limited chairman Iowane Naiveli said that they have other plans in place for the company.

“The car park building under construction within our JetPoint Complex in Martintar, Nadi is expected to finish early next year.

“During the year the board approved an extra level of car park space and the project will now cost around $6 million,” he said.

The JetPoint will now have 9 retail shops on the ground floor with 3 upper floors being exclusively for car parking.

By next year, they also expect to finish the construction of the residential apartment complex in Clarke Street, Suva.

“This complex consists of 8 apartments with a cost of $4 million will is also expected to be completed early next year,” he said.

With the closing of the annual general meeting, Mr Naiveli said that plans are being drawn up for future projects at the JetPoint Complex in Nadi and the HabourPoint Complex in Lami.

The company in overall is striving to achieve greater heights in the market with its new investment plans put forth.

Feedback: payal.sharma@fijisun.com.fj

 

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