RB Patel Group, a well-known supermarket chain, has announced a final dividend of 3.5 cents per share, translating to $5.25 million, to be distributed by the end of the month. This final payout will elevate the total dividends for the financial year to 5.5 cents per share, amounting to $8.25 million.
For the year concluding on June 30, RB Patel Group reported a net profit after tax of $12 million. The company experienced a revenue increase to $190 million, marking a rise of more than 4.5% from the previous year’s $184 million. Despite this growth in revenue, profit from operating activities saw a slight dip of 1.4%, falling to $17.9 million from last year’s $18.2 million.
Kamal Haer, the chairperson of the company, recognized the favorable figures despite challenging economic conditions. Factors such as global market uncertainties, a significant number of Fijians migrating overseas, the competitive supermarket sector, and Fiji’s sluggish economic growth were highlighted as hurdles faced. However, Haer stressed that the company’s performance remains commendable under these circumstances.
Haer also pointed out the intense competition within the supermarket industry, with new market entrants adding pressure each year. She noted the increasing business costs in the country, which rose by 9% over last year without a corresponding rise in productivity. Nevertheless, Haer acknowledged the uplifting impact of the tourism sector on Fiji’s recovering economy.
Additionally, she highlighted ongoing global issues like climate change-induced natural disasters and conflicts such as the ongoing Ukraine and Israeli wars that contribute to economic disruptions and influence inflation rates.
These results and strategic announcements reflect RB Patel Group’s resilience and adaptability in a rapidly evolving market. The continued focus on strategic property acquisitions suggests a forward-looking approach to growth and development.
The overall sentiment appears positive, given the challenging economic landscape and the company’s ability to maintain profitability and shareholder returns. This aligns with the company’s strategic focus on long-term growth and adapting to market dynamics.