FMF Foods profit declines
October 20, 2021 4:09 pm
FMF Foods Limited has recorded a net profit of $9.2m for the financial year ending June 30th, 26 percent lower compared to $12.4m of the preceding year.
Group Chair, Ram Bajekal says the pandemic unleashed incalculable loss to human life and unprecedented disruption to economic activity across the globe without exception.
Bajekal says additionally, Fiji witnessed two tropical cyclones that wreaked havoc and destruction during the year under review, followed by a second wave of COVID-19 and consequent lockdowns.
However, he says despite this challenging business environment, the Group managed to grow its revenue during the year by six percent to over $217m.
The increase in volumes were achieved mainly in the staple foods category whereas the biscuit category saw a decline in volumes.
He says growth has also come from their trading operations, primarily from sale of feed wheat.
The Company declared an increased dividend payout for financial year 2021 at $4.5m
Bajekal says even as uncertainties exist around COVID-19, the increase in vaccination coverage and the Fijian Government’s plan to reopen international borders next month will certainly help the country’s economic revival.