ASX-listed Fiji Kava recorded a net loss after tax of A$3.39 million (US$2.4 million) the company’s FJ21 Annual Report reveals.
It’s an improvement on Fiji Kava’s FY20 result and follows growth in revenue of 52%.
Fiji Kava topped $1 million(US$728,000) in sales for the first time in FY21, with revenue peaking at $1.15 million(US$838,000).
During the year, Fiji Kava began supplying capsules to Australian supermarket chain Coles and pharmacy chain Chemist Warehouse. In New Zealand it began supplying Oborne Health and Green Cross.
Chief Executive Officer Dr Anthony Noble said the company would continue to expand its international presence in both the US and China.
“Our largest opportunity will always be the US market,” Dr Noble said in his letter to shareholders.
“The size of this market, the prevalence of the health conditions that our products address, and the regulatory environment all point to enormous potential for Fiji Kava in the U.S,” he said.
Dr Noble has also paid tribute to the company’s Fijian workforce, noting COVID’s “tragic toll on the people of Fiji, in particular. We have remained truly thankful that the island of Ovalau, on which our Nucleus Estate and Extract Processing Facility are located, has mostly been spared the impact of the pandemic up to now.”
“I must specifically commend the dedication and hard work of our General Manager of Fijian Operations, Dharmendar Chand, who has remained on Ovalau separated from his family since April, so as to personally ensure continuity of Fiji Kava’s operations. Under Dharmendar’s guidance, the team has also continuously improved health and safety standards, including delivering two doses of Covid-19 vaccine to our entire workforce.”
Dr Noble says Fiji Kava has sufficient inventory of green kava to meet its demand forecasts.
