Fiji Hardwood pays first dividend to Government

The Fiji Hardwood Corpora­tion Limited (FHCL) has de­livered its first-ever dividend of $500,000 to the Government, marking a significant milestone for the state-owned enterprise and its shareholders.

The payout follows a sustained pe­riod of profitability and improved financial management.

The Minister for Public Enterpris­es, Charan Jeath Singh, described the dividend as a landmark achieve­ment, highlighting strong lead­ership, sound management, and measurable economic progress.

He stressed the need to maintain momentum, uphold good govern­ance, and engage landowners and stakeholders to support growth in production, value-added process­ing, market expansion, and future dividends.

FHCL reported a profit before tax of $3.302 million in 2021 and has cleared roughly $8 million in legacy debt, significantly strengthening its balance sheet.

Chief executive officer Semi Dranibaka said the dividend reflected the company's full turnaround, from debt burden to consistent profitabil­ity, now delivering tangible value to the Government and the people of Fiji.

The company has also invested in modernisation, including ad­vanced data-capture technology in partnership with a United States­based firm, improving operational efficiency across more than 75,000 hectares of mahogany plantations.

The Government reaffirmed its support for ongoing reforms and strategic growth in public enter­prises to ensure they remain com­mercially viable, well-governed, and able to deliver sustainable re­turns for all Fijians.