The Fiji Hardwood Corporation Limited (FHCL) has declared its first-ever dividend payout of $500,000 to the Government of Fiji, marking a historic milestone for the state-owned enterprise and its first return since its establishment.
The dividend reflects a strong turnaround in FHCL’s financial performance and governance. Minister for Public Enterprises Charan Jeath Singh described it as a significant achievement, noting that it demonstrates effective leadership, sound management, and tangible economic progress.
Singh emphasized the importance of maintaining momentum and upholding good governance at all levels, including engagement with landowners and stakeholders, to support continued growth in production, value-added processing, market expansion, and future dividends.
FHCL recorded a profit before tax of $3.302 million in 2021 and has since cleared approximately $8 million in legacy debt, significantly strengthening its balance sheet.
Chief Executive Officer Semi Dranibaka said the dividend reflects the company’s full turnaround—from debt burden to consistent profitability—now delivering tangible value to the government and the people of Fiji.
The company has also invested in modernization, including advanced data-capture technology training in partnership with a United States-based firm, improving efficiency across more than 75,000 hectares of mahogany plantations.
The government reaffirmed its support for continued reforms and strategic growth in public enterprises to ensure they remain commercially viable, well-governed, and able to deliver sustainable returns for all Fijians.
