RB Patel Group, a prominent supermarket chain, has announced its final dividend payout for the financial year, declaring a distribution of 3.5 cents per share, which amounts to $5.25 million. This announcement will bring the total dividends for the year to 5.5 cents per share or $8.25 million. The financial year ending on June 30 saw the company report a net profit after tax of $12 million, with revenues climbing to $190 million, a 4.5% increase from the previous year’s $184 million. However, the profit from operating activities recorded a slight decline, falling by 1.4% to $17.9 million compared to $18.2 million the previous year.
In discussing the financial outcomes, Kamal Haer, the chairperson of RB Patel Group, acknowledged the company’s solid performance despite challenging economic conditions. Haer highlighted issues such as global market uncertainties, increased emigration of Fijians, stiff competition in the supermarket sector, and sluggish economic growth in Fiji as significant hurdles. Despite these challenges, the company’s performance is commendable.
Haer also addressed the rising competition in the supermarket industry, with new market entrants increasing each year. She noted that business costs in Fiji have risen by 9% compared to last year, without a matching rise in productivity. Despite these pressures, Haer recognized the positive impact of the tourism sector on Fiji’s economic recovery.
Furthermore, Haer mentioned global challenges, including the effects of climate change and ongoing conflicts like the Ukraine and Israeli wars, which have contributed to economic disruptions and influenced inflation rates.
RB Patel Group’s focus on strategic property acquisitions reveals a forward-thinking approach to adapt and grow in a competitive and evolving market. The company’s ability to maintain profitability and deliver returns to shareholders highlights its resilience and strategic acumen. The future outlook for RB Patel Group appears optimistic, as the company continues to emphasize long-term growth and adaptation to market dynamics.