Pacific Green Records Increase in Sales Revenue, Net Profit
The company has a strong solid asset base, manageable debts and positive cash flows and management is confident that future inventory requirements can be funded by the company’s cash flows.
Tuesday 26 March 2019 | 16:57
Pacific Green Industries (Fiji) Limited reported an increase in sales revenue of $4,200,214 and a net profit of $686, 520 for the financial year ending December 31, 2018.
This was highlighted in their annual report for 2018 released by the South Pacific Stock Exchange yesterday.
The increase in sales revenue, compared to the same period in 2017 with sales revenue of $3,730,602 and a net profit of $387,928, shows a strong performance by the company.
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Company chairman Samuel Ram said looking at the past five years, Pacific Green has progressively shown a marked improvement.
“This steady growth has resulted in dividends for shareholders,” he said.
“In 2018, the company has significantly outperformed its forecast and the team continues to build a platform for future growth.
“The goal has always been to increase market share with new and exciting products and by continuing to focus on strengthening existing relationships and building new ones.”
Despite being challenged last month when the factory complex caught fire, Mr Ram said the structural re-alignment and risk mitigation plans implemented had resulted in damages being minimised.
“We are improving our efficiency and driving costs down through creative designs and economies of scales, whilst competing with the ever-increasing cost of doing business,” he said.
Strong Balance Sheet
Mr Ram stated the company had a strong balance sheet recording a sustainable inventory level of $1.4 million.
“The company has a strong solid asset base, manageable debts and positive cash flows and management is confident that future inventory requirements can be funded by the company’s cash flows,” Mr Ram added.
The reported also showed an increase in earnings per share from 0.05 in 2017 to 0.09 per share.
Mr Ram said the company will not be issuing further dividend for the 2018 financial year.
“We remain committed to returning to an attractive dividend policy in the very near future.”
About Pacific Green:
Pacific Green has designed and manufactured exotic furniture and home accessories for 40 years.
Their unique collection includes tropical furniture, island furniture and resort furniture, with influences from traditional indigenous arts.
Pieces are carefully handcrafted and made from superior natural materials, including Palmwood, a sustainable product made from plantation coconut.
Feedback: karalaini.tavi@fijisun.com.fj
