FSC records revenue increase of 12% despite several challenges

The Fiji Sugar Corporation Limited has recorded significant improvements in revenue and profitability despite facing numerous challenges in the financial year ending May 31st, 2024.

FSC’s revenue increased by 12 percent to $235.2 million, reflecting a substantial improvement in financial performance and increased sales and higher prices drove this growth.

In a statement FSC highlighted the proceeds stood at $71.15 million compared to $64.25 million in the previous year, trading profit was $13.13 million compared to a profit of $7.45 million in the previous year, profit from operations was $2.51 million compared to a loss of $4.98 million in the previous year.

They recorded earnings before interest, tax, depreciation and amortisation (EBITDA) were positive $24.97 million compared to positive $17.87 million in the previous year.

The operating loss for the year was $4.24 million, compared to a loss of $23.0 million in the previous year.

A total of $10.05 million was invested in Property Plant and Equipment, compared to $6.94 million in the previous year.

Board Chair, Nitya Reddy says despite a 15 percent decline in cane production, mainly due to adverse weather conditions they have achieved a 10 percent increase in its share of proceeds.

Reddy says this positive performance was bolstered by enhanced operational efficiencies, rigorous cost-control measures, and innovative solutions.

He says they are confident that with the continued support of the stakeholders, they can build a more robust and sustainable future for the sugar industry in Fiji.

Reddy adds FSC remains committed to its strategic pillars of restructuring, revitalising crop production, improving mill performance and optimising revenue.