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COMPANY RESULTS: Fijian Holdings Limited Goes Bigger

Last year was a very successful year for Fijian Holdings Limited and they intend to produce bigger and better results this year. The group made a consolidated profit after tax
29 Sep 2017 11:03
COMPANY RESULTS: Fijian Holdings Limited Goes Bigger

Last year was a very successful year for Fijian Holdings Limited and they intend to produce bigger and better results this year.

The group made a consolidated profit after tax of $31.07 million which is a 33 per cent growth compared to the previous year.

According to FHL chief executive officer Nouzab Fareed, the group has drafted a strategic plan for the remaining months of the year.

A brief outline of their plans to move forward are as follows:

Tourism investment

With the astonishing success of South Sea Cruises and the group’s newly opened beach club, Malamala Beach Club Resort, Mr Fareed said the group is looking at more investment opportunities in the tourism sector.

South Sea Cruises Ltd made a $.6million profit after tax last year while the Malamala Beach Club, worth $7.5million opened last month.

The group is looking at investing in tourist accommodations that are in operation.

Energy sector

Aside from the tourism sector, FHL is looking at investment opportunities in the energy sector.

Given that electricity plays a major role in our country, Mr Fareed said the group believes there is a big room for improvement in the energy sector.

They are also looking at investing in renewable energy projects.

The group had already expressed their interest in Fiji Electricity Authority’s privatization programme.

Construction

Basic Industries Limited made a $7.8million profit after tax last year.

According to Mr Fareed, the group is also looking at the development of properties and houses.

Basic Industries currently produces concrete and concrete blocks but will soon venture into the housing market.

The company had previously constructed houses for those that were damaged during Tropical Cyclone Winston.

He said the company will produce a list of prices for the different types of houses that customers want.

According to Mr Fareed, the company will use precast concrete to build the houses.

So instead of placing blocks of cement to build the house, the concrete will be casted in a reusable form then lifted into place.

Entertainment

“We are very happy with our entertainment businesses, Fiji TV and Life Cinema.

“We hope to expand those businesses because we see a lot of potential in that,” said Mr Fareed.

Life Cinema currently has 10 screens: four in Nakasi, four in Nadi and two in Lautoka.

The company will expand to more sites in the near future.

“People like the cinema experience. In this business, it is not about the movie, it is about the experience,” he added.

More investment diversification plans

According to Mr Fareed, the group has not tapped into the agriculture, dairy, mining, forestry, fishing and transport sectors but wishes to invest in such areas.

“If we get the opportunity to invest in more businesses then we will take it.

“We have access to money, resources, capital and a fantastic team of more than 1000 staff,” said Mr Fareed.

Despite the difficulties faced along the year, Mr Fareed said the group is grateful that it had achieved an operating revenue of $304 million and $31 million of net profit after tax.

He added that such achievements are what shareholders look forward to and knowing how the management team will take the company forward.

“There are a lot of resources in this country but you need to know how to use it and how to maximize it,” he said.

There are currently 6 projects that the group is working on.

In the last five years, the group had spent $60 million on projects.

Last year, the group spent $8 million on their projects.

Aside from expressing their interest to FEA, the group had also expressed their interest to the Fiji Government Printing.

FHL annual staff awards

The Annual Staff Awards will take place tomorrow night at the Vodafone Arena.

It is a closed event that is organised for about 1100 staff.

“It is a night for the employees and directors to network and be recognised,” said Mr Fareed.

FHL tower project

The group had received 10 construction proposals for this project and looks forward to seeing more.

Mr Fareed said the mega project is worth over $50 million for about 15-17 stories of the building.

He said it is a ‘Build and Design’ project whereby all bidders will come with their entire team or architects, engineers, materials and so on.

The closing date is on the 16th of October.

“The designs should have a ‘WOW’ factor, must represent Fiji and has a modern style as we are a very diverse group of companies,” said he said.

Feedback:  monica.aguilar@fijisun.com.fj

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