Shareholders Happy With Returns
The 46th FMF Foods Limited Annual General Meeting (AGM) past Tuesday saw majority of the shareholders happy with the the returns for the June, 2017 to June, 2018 financial year.
The AGM was held at the Fiji Commerce & Employers Federation’s boardroom, Suva
Dividend payout from the company increased to $2.60 million, 23.8 per cent higher than last year of $2.1m, representing a total shareholder return of 62 per cent during the year.
According to FMF Foods Limited managing director Ram Bajekal said though the dividend payout increased the profits was not considerably high as compared to last year.
“The results of FMF Foods profits were lower than last year because of the competitive market arena together with this we had also opened a new factory in Lami and this had an adverse impact on the volume and price of your company’s products,” Mr Bajekal said.
“The new biscuit factory at Veisari is expected to increase its output during the current financial year.”
The Rice Company of Fiji
He concluded that Rice Company was slow because during 2016 and 2017 there was a sharp consumption of rice because of shortage of rootcrops due to Tropical Cyclone Winstons.
He added together with this, supermarkets started to bring in their own rice.
“We are expecting the turnover to normalise this year,” he added.
The sales during financial year 2017-18 reduced by six per cent to $27.83 m from $29.56 m a year ago.
The net profit for the financial year under review was $2.54 m in comparison to $3.19 m in the previous financial year.
The company declared an increased dividend of $0.35 per share compared to last year’s 30 cents per share, resulting in an outflow of $2.1 m as compared to $1.80 last year.
Mr Bajekal said they are also looking at tapping into the brown rice market, but it will all be dependent on the demand from the market.
“The brown rice market is extremely small and is of a small scale which is not in line with our business.
“We are waiting for the market to reach an additional level at which we can participate strongly.”
Atlantic Pacific Packaging
Company (AtPack)
The revenue for AtPack increasedby 18.7 per cent year-on-year at $14.6 million. (FY 2016-17: $12.3m) and Net Profit at $1.0m versus $1.0m last year.
During the year, the company made good inroads into export markets by bagging some new orders resulting in increased sales.
Along with sales, operational costs also increased significantly during the year, mainly from a sharp increase in international paper prices and resin prices, further impacted by a stronger US dollar.
The company declared an increased dividend of 4 cents per share compared to last year’s 2.5 cents per share, resulting in an outflow of $0.32m as compared to $0.20m last year.”
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