SUNBIZ

Fiji Ports Records Net Profit Despite 2020 Challenges

“The recorded profit of the Company is encouraging, despite the global economic downturn and slowdown of international trade,” said Mr Ali.
16 Aug 2021 10:13
Fiji Ports Records Net Profit Despite 2020 Challenges
Aerial shot of the Port of Suva. Photo: Leon Lord.

Fiji Ports Corporation Limited (FPCL) has paid its shareholders a dividend of $13.63 million, following a Net Profit After Tax (NPAT) of $22.73 million for the year ended 31 December 2020.

Mr. Shaheen Ali, Fiji Ports Corporation Limited Chair and Permanent Secretary of Ministry of Commerce, Trade Tourism and Transport stated that the year 2020 has been a challenging one, not only for Fiji but the entire globe, as the COVID-19 pandemic rapidly gripped the World. As a company, FPCL faced its share of difficulties in containing COVID-19, whilst effectively managing its day-to-day operations.

“The recorded profit of the Company is encouraging, despite the global economic downturn and slowdown of international trade,” said Mr Ali.

The dividend has been shared amongst the shareholders:

· Fijian Government (Ministry of Economy) – $5.59 million;
· Fiji National Provident Fund $5.31 million; and
· Aitken Spence, $2.72 million.

“As far as the Fijian Government’s interest is concerned, the dividends has increased in absolute terms, by $4,344,092, since divestment of FPCL in 2015. In addition, FNPF is also getting almost an equal share of dividend, doubling the benefits to Fiji as a whole,” added the Chair.

The Chair also announced bonus of $217,893 for 155 employees of FPCL and Fiji Ships and Heavy Industries Limited (FSHIL) for their performance in 2020.

“Each employee of FPCL has contributed significantly to achieving the goals set by the Company, which has attributed towards this bonus payment. The bonus payment was 7% more than 2019” stated the Chair.

“It was also encouraging that 100 percent of all FPCL and FSHIL staff have received the first dose of the COVID-19 vaccination,” added the Chair.

The FPCL’s financial position remains strong for the year ended 31 December 2020. Total assets increased by 2 percent due to better cash management and stringent debt-collection policies. There has been continued investment in capital projects especially, to upgrade Ports infrastructure. Approximately $11.1 million was invested in capital projects.

“The Board and Management of FPCL, has a very optimistic outlook for the year ahead. As Fiji is still dealing with the second wave of the COVID-19 pandemic, FPCL has improved port security protocols and put in measures for staff, public and other stakeholders to comply,” added Mr Ali.

The FPCL will continue to focus on the implementation of its 5-Year Strategic Plan. Some of the goals include:

✔ Continuing rehabilitation at various wharves based on the risk matrix.
✔ Developing computerised Asset Management and/or Maintenance Management System.
✔ Implementing the Vessel Traffic Management System and Automated Revenue System.
✔ Installation of solar system at local wharf in line with the Green Port Master Plan.
✔ Completing Lautoka Port Yard 3 to increase port capacity.
✔ Continuing to comply with the International Ship Port Facility Security (ISPS).
✔ Implementation of the 5-Year Green Port Master Plan.
✔ Supporting the Suva Port relocation project.

Feedback: rosi.doviverata@fijisun.com.fj



Fijisun Ad Space


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.


Fiji Sun Instagram
Subscribe-to-Newspaper