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Vision Investments Limited Performing Extremely Well

Vision Investments Limited performed extremely well in a very good finan­cial year. This was announced during the company’s annual general meeting at Courts Samabula Mega Store, yesterday. The financial status
26 Sep 2018 11:47
Vision Investments Limited Performing Extremely Well
From left: Kawtil Jogia, Ritnesh Narayan, Courts director of Retail Operations Hamendra Prasad, Vision Investments Limited chairman Dilip Khatri, Nikunj Vagela, Sanjesh Prasad and Vinod Kumar after the Vision Investments Limited’s annual general meeting at Courts Samabula Mega Store, Suva on September 25, 2018. Photo: Ronald Kumar

Vision Investments Limited performed extremely well in a very good finan­cial year.

This was announced during the company’s annual general meeting at Courts Samabula Mega Store, yesterday.

The financial status of the company ending March 31, 2018 was discussed at the meeting.

Company chairman Dilip Khatri said: “We had a turnover of $180 million, profit of $22.5 m of which $10.5 m was distributed as dividends.

“Our share value went up from $1.70 which was the original share value in 2016 to $3.57 which shows we have done well.

“Hopefully all the shareholders will be happy with the returns they are getting.

“Overall the company is doing very well.”

Company chief executive officer P.L Munasin­ghe said comparing the results from the previ­ous year the company benefitted from the boost in consumer spending relating to Cyclone Win­ston relief- provided by the Fiji National Provi­dent Fund.

He said the financial statements were pre­pared on group basis and included the full 12 months trading of the company’s subsidiary in Papua New Guinea – Homecentres Limited – now trading as Home and More.

“The group performed strongly in the last fi­nancial year ending March 31, 2018, with rev­enue turnover – $180.4 million, a six per cent increase over the previous year, earnings be­fore interest and tax was $29.4 m a 10 per cent increase.

“Profit Before Tax was $22.8m an increase by 11 per cent.”

Mr Munasinghe said these are positive finan­cial outcomes despite incurring a loss of $2.4 million from its PNG operation Homecentres Limited.

“We are exceedingly pleased with our finan­cial results for the year ended 31st March 2018.

“The company comprises various divisions the main ones are Courts, Best Buys for Busi­ness, Vision Motors, all three did extremely well.

“We are quite excited about Best Buys for Business division that deals with our corpo­rate/business customers.

“We now become the preferred product sup­plier for certain products to the hotel/hospital­ity sector and we are very pleased with that.

“Courts and Sportsworld expanded with new stores in Nakasi at the Rups Mall

“A new store this year in Savusavu.

“Vsion Motors, we were awarded the prestig­ious “Grand Master Award” by General Motors for running a premium service dealership.”

“We are also getting into the wines and spir­its division where we are just introducing the products. We are very hopeful that we will be able to grow that business.

“We are a company that has to grow, we are in a small country like Fiji where the opportuni­ties are limited.

“To grow we need to create new areas of en­terprise and that’s what we are focusing on and we will cease every opportunity that comes to us and aligns with our business.”

One area he said they were looking at was re­newable energy, he noted that he cannot make a substantive announcement until they make a market announcement because the company is listed company in the South Pacific Stock Ex­change.

Mr Munasinghe reiterated that all their sub­sidiaries were doing well.

Future plans:

“We will not stand still; we believe in giving value back to our shareholders so to give back to them we have to achieve growth in the com­pany.”

To achieve growth, Mr Munasinghe said they cannot stand alone as a business because it is a saturated market where competition is very high.

“We need to get into new areas of business.

“Expanding our Best Buys for Business where there are certain product categories, we will grow those categories into more categories.

“We will be opening a new Courts store at the new Nadi FNPF complex early next year.”

PNG:

The subsidiary in PNG – Vision Homecentres Limited completed 12 months of trading.

“The operation was a loss of $2.4 m, trading is slow due to the subdued economy.

“We went into PNG anyway to establish our­selves, we believe we had to undergo some short term pain to benefit in the long run.

“PNG economy operates in cycles, now they are going through a bit of a downturn.

“We believe as the turnaround happens which it is bound to happen which can be within a year or the next two years, we will be well placed when that rebound happens.”

Message to customers:

He said the company is focused on customer service which is one of their business corner stone.

“The purpose of our company in a very short statement is delighting our customers, that’s our purpose.

“So everyone in our team has to focus on de­lighting our customers because for us our cus­tomers are key and provide them with excel­lent customer experience.

“We are a very successful company, we have a management team that is very competent and focused so each of the business to do well and operatively grow because we can’t stand still.

“Even our dividend policy is designed to en­sure that happens because we distribute cer­tain percentage of our profits to our sharehold­ers as dividends but 50 per cent of it is returned back to the business.

“We constantly vigilant on growing the busi­ness and to reinvest in opportunities.”

Feedback: maraia.vula@fijisun.com.fj

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