Fijian Holdings Limited Group has had a very good financial year better than last year.

FHL Group chairman Adrian Sofield made this comment in an interview.

The FHL group released its financial results which recorded a six per cent growth in its pre-tax profits for the year ended June 30, 2019.

The Group recorded a pre-tax profit of $45.44 million for the current year compared to $42.99m recorded in 2018.

The holding company recorded a pre-tax profit of $25.46m for the current year compared to $23.38m in the prior year.

Mr Sofield said: “Merchant Finance was one company that performed well for the group even with the troubles it faced a couple of years ago.

“They have brought it back together. This is through a lot of hard work by its board and staff.

“FHL Group was able to meet its target despite the challenges faced during the financial year.

“This has been possible through the hard-work of our management and staff.

“Contributions from the major sectors of tourism, finance and retailing divisions continued to support the overall group performance.”

The Holding company continues to look for investment options to diversify its portfolio.

During the year FHL acquired Serendib Investment Limited as one of its subsidiaries.

“Fiji TV has an improved its performance, our FHL Properties group is performing well.

“Basic Industries is not performing well, we had a serious problem with Pacific Cement.

“South Seas Cruises is doing well, but again the tourism is down a bit but it’s holding its position.”

Group Chief Executive, Nouzab Fareed commented that the group has performed well and will continue to work to achieve better results in the coming financial year.

He further added that associate companies gave the group added advantage closing the year on a high note. As at June 30, 2019, Group assets stood at $640.96m while the shareholders funds have reached $309.98m.

Merchant Finance Limited

Meanwhile, Merchant Finance Limited recorded an improved pre-tax profit of $9.78m for  the year ended June 30. It is an increase of 15 per cent from 2018. 

According to the Merchant Finance 2019 annual report, company chief executive officer Rowena Fong said: “This was  primarily attributed to the increase in both interest and non interest income which was partially offset by the increase in interest costs and slightly higher operating expenses.

Dividend

“During the year, a total dividend of $5.675m was declared versus a payout of $5m, a positive increase of 14 per cent.

“The dividends were made in two declarations: an interim of $1.875m, which has been paid to all shareholders and a final dividend of $3.8m which will be paid to shareholders in the new financial year.”

The company is planning to open more branches in Viti Levu and Vanua Levu to improve accessibility to its customers.

Company board chairman Sanjit Patel said the company would  continue to develop new products and new strategies to not only grow its loan portfolio but to also grow strong good relationships with its customers.

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