SUNBIZ

Fiji Ports Group Pays Over $16m To Shareholders

Fiji Ports Group of company recorded a profit of $26,254,454 in 2016 compared to $13,577,091 net profit after tax in 2015. This was announced yesterday by Fiji Ports Corporation Limited
24 Oct 2017 12:35
Fiji Ports Group Pays Over $16m To Shareholders
From left; Fiji Ports Corporation Limited chairman Shaheen Ali, Ministry of Public Enterprise permanent secretary, David Kolitagane, Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum and Deputy Chairman and managing director of Aitken Spence , J M S Brito (right). Photo: Office of the Attorney-General.

Fiji Ports Group of company recorded a profit of $26,254,454 in 2016 compared to $13,577,091 net profit after tax in 2015.

This was announced yesterday by Fiji Ports Corporation Limited chairman Shaheen Ali.

Based on the performance, a total dividend of $16,082,198 was paid out to the shareholders. These include the Government with 41 per cent share, Fiji National Provident Fund with 39 per cent share and Aitken Spence with 20 per cent share. The total dividend last year was $5,070,605, so this an increase of 217 per cent.

Mr Ali said over the past five years, FPCL has shown exceptional performance with the profits increasing year on year, therefore dividends paid out each year have also been increasing.

“The increase in dividends and the increase in profits has been a direct result of the conducive business environment that has been created by the Fijian government.

“The unprecedented level of consistent positive economic growth in the past seven years has enabled increased economic activity to take place which has resulted directly in increased cross product trade contributing to increase revenue for our maritime ports.

“We need to ensure that profitability and efficiency, the two cornerstones of ports business, increases in the long term.”

The Government’s payment was handed to the Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum.

Mr  Sayed-Khaiyum said  the significant level of profit that has now been attained by FPCL has happened because of the input of Aitken Spence, a world renown port operator, and the fact that the Fijian government took the decision to divest the shares not to just FPCL but other state enterprises.

He said that this was done to bring in strategic partners to be able to very quickly enhance our productivity and also to be able to position Fiji internationally.

He encouraged the FPCL staff to be innovative and think ahead on how to position them to ensure that they continue the job to increase the productivity level and create more jobs opportunity as well.

Mr  Sayed-Khaiyum acknowledged the hard work and dedication of the Board members and staff.



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