$14.9m profit

FHL management has started marketing for tenancy for the FHL Tower and CEO Jaoji Koroi says they have seen positive interest. Picture: MONIKA SINGH

The Fijian Holdings Ltd (FHL) Tower remains the single largest investment for the FHL Group.

In its 2022 Annual Report, FHL Group chief executive officer Jaoji Koroi said work on the $65 million project was expected to be complete in May 2023.

Mr Koroi said management had started marketing for tenancy and had seen positive interest in the market.

“We are targeting 50 per cent pre-leasing by December 2022. Similar to all projects, FHL Tower was also impacted by COVID-19 and the Russia-Ukraine conflict in areas of supply chain, logistics and skilled labour,” he said.

Mr Koroi said the FHL Group recorded a consolidated net profit of $14.9m compared with a loss of $17.6m for the same period last year.

The Holdings company reported net profit of $8.3m compared with $7.9m in FY21. In his Group CEO’s report Mr Koroi said net assets for the Group was $280.3m against $266.1m in previous year while the Holding company closed the net assets at $515.9m compared with $521.8m in FY21.

The 2022 Annual Report of the group showed that total group revenue improved by 13 per cent to $253.2m during the year, while NPAT posted a 218 per cent jump; largely a result of economic recovery as a result of the opening of the borders as well as the major one-off expenses posted in FY21.

“We expect the effectiveness of leadership changes across the Group, full impact to be reflected from FY23 and beyond.”

Mr Koroi said economic activities remained sluggish in the first six months of operations coming out of COVID-19 restrictions, while good performance was posted in the second half of the financial year across the Group.

“Investment in Associate companies continue to support our consolidated performance with another year of increased contribution, closing the year with our share of profits totalling $9.3m compared with $7.1m in FY21.”

He said the retail sector had been a strong pillar of the Group and it had continued to perform favourably in FY22, adding that retail revenue contributed 52 per cent of total Group revenue and makes up 72 per cent of Group profits.

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