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FNPF records $538.7million net profit

November 25, 2018 6:26 pm

The Fiji National Provident Fund has recorded an 8.9 percent increase in net profit.

In his presentation at the annual member forum in Labasa, FNPF Chief Executive Jaoji Koroi says they recorded a net profit of $538.7million for the year ending 30th June, 2018.

In 2017, the FNPF recorded $395.5million in net profit while they recorded $331.6million in 2016.

Koroi attributes the increase to the changes made in their accounting policy – the move to record their investments in subsidiaries at fair value.

He adds, their performance also shows that the Fund is in a strong position to continue to invest and grow member’s hard earned retirement savings.

FNPF also recorded an increase in contributions they collected.

In its financial year ending June 30th, 2018, FNPF contributions collected $599.9 million.

Last year, contributions collected amounted to $546.2 million.

Koroi says this is an outstanding achievement as they were averaging collection of $49.9million per month.

Of the total contributions collected, $5.4 million was from voluntary members.

The Fund’s total membership currently stands at 429, 936.