Fiji Business Briefs: NRL trophy, Vatuvara Foundation, VIL director resigns, FMF results

Fiji Airways CEO Andre Viljoen with the NRL Provan-Summons Trophy

The NRL trophy visits Fiji

Fiji Airways Premium Lounge at Nadi International Airport hosted the prestigious NRL Provan-Summons Trophy last week, the first time it had travelled outside Australia. Fiji Airways CEO Andre Viljoen expressed pride in the historic moment, emphasising the airline’s commitment to bringing NRL closer to Fijians. The trophy will be displayed for two weeks, before heading to the NRL’s Vegas Round in the United States, with Fiji Airways as the official partner for the 2024 event.

Innovative insurance for the Vatuvara Foundation

The Pacific Catastrophe Risk Insurance Company (PCRIC), in collaboration with Willis Towers Watson and Insurance Holdings (Pacific), has launched a pioneering parametric insurance product for Vatuvara Foundation Fiji. The coral reef insurance policy, designed for Fiji’s Lau Group, offers rapid pay-outs for post-tropical cyclone damage. The initiative addresses the threats posed by climate change to coral reefs, emphasising community aid and reef restoration. PCRIC CEO Aholotu Palu says the partnership marks PCRIC’s first non-sovereign policy focused on nature and sets a global precedent for coral reef conservation. 

Photo: PCRIC

Parshotam resigns from Vision Investments board

Satish Parshotam has resigned as Director of Vision Investments Limited (VIL), effective March 31, 2024, citing medical reasons. Parshotam, formerly principal of Parshotam Lawyers and founder of Candle Investments Pte Limited, holds a 5.9% shareholding in VIL.

ATH reports half-year results

Amalgamated Telecom Holdings Limited has announced robust half-year results for the year ending December 31, 2023. The  group revenue has grown by 15%, led by Vodafone’s  performance and a 245% increase in PNG market revenue. Despite increased start-up costs and infrastructure investments, the group has closed with a net profit after tax of FJ$5.298 million. ATH says it now aims to focus on portfolio growth, efficiency, and affordable services, continuously reviewing its structure for regional opportunities.

Atlantic and Pacific Packaging declares dividend

Atlantic and Pacific Packaging Company Limited has declared an interim dividend for the  6 months ending December 31, 2023. The dividend amounts to $440,000, with payment scheduled for March 18, 2024. The Chairman notes turnover reached FJ$10.8 million, a gross profit of $5.5 million, and a net profit after tax of $1.3 million,  based on H1 FY24 results.

FMF half-year financial report

FMF Foods Limited reported an increase in sales revenue for the half-year financial report for the period ending December 31, 2023. The report reveals a 16% surge in sales revenue, reaching F$172.5 million, contributing to a net profit before tax of F$10.6 million – a substantial 41% increase. The company has displayed improved asset management, increasing net assets to F$164.3 million. With positive cash flows from operating activities at F$7.9 million, the company remains resilient and poised for further growth.

Fiji Airways’ Tuvalu flight restrictions

Fiji Airways says fuel shortages in Tuvalu is affecting its passenger and baggage capacity. The airline says it needs to carry return fuel from Fiji for all flights to and from Funafuti, and will do so until March 12th, by which time a fuel delivery is expected. This means significant reductions in passenger and baggage capacity to the island, and Fiji Airways says some guests may not be able to travel as booked.