The price of rice could increase after India’s decision to impose export duty on the commodity.

The Rice Company of Fiji Limited, a listed entity on the South Pacific Stock Exchange, said the global trading price of rice could expect some disruptions.

In its 2022 annual report, The Rice Company chairman, Sanjay Punja, said other global factors, such as elevated inflation levels and supply chain related disruptions continued to put pressure on cost of doing business.

“Adequate mitigation controls have been put in place to deal with these pressures, to ensure sustainable business continuity,” he said.

“Ensuring quality and timely supply to the market at reasonable prices will be the key to achieving our company goals for the financial year 2023.”

The Rice Company recorded a respectable performance for the financial year 2022, with higher revenue of $38.7 million against $31.4 million the previous financial year.

A net profit after tax of $0.6 million compared to $2.1 million in the previous year was also recorded.

“Revenue growth was largely contributed by volume growths in Jas- mine rice and Sungrown long grain rice,” Mr Punja said.

“Marginal growth was also noted in Sunwhite Calrose rice.”

“The adverse impact to profitability resulted from lower margins owing to rise in market competition, increased costs relating to raw materials and escalating supply chain costs.”

The company maintained the same dividend as the previous year at 35 cents per share, resulting in an outflow of $2.1 million.

The company grades, packs and sells rice.

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