MINISTRY OF INDUSTRY
TRADE & TOURISM

MINISTRY OF INDUSTRY
TRADE & TOURISM

Fiji Ports Corporation Limited Bonus

20 Nov, 2019

 

Staff, CEO and the Board of Directors of FPCL,

CEO of Fiji Ports Terminal Limited,

Officials from the Ministry of Economy,

Invited Guests,

 

Bula Vinaka and Good Afternoon to you all.

A very warm welcome and a big vinaka vakalevu to all of you for taking time out to be here this afternoon. I would also like to extend a very warm welcome on behalf of the Minister for Economy who could not be with us today, but sends his warm wishes and congratulations to all the staff of FPCL.

Today, we are announcing the bonus payment for 226 staff of Fiji Ports Corporation Limited (FPCL) and its subsidiary, Fiji Shipbuilding and Heavy Industries Limited (FSHIL).

This bonus payment is a recognition and acknowledgment of the collective achievement of the FPCL and FSHIL staff, who have contributed to the financial achievements of the Company. The fact that this is a yearly event in our calendar shows that the Fiji Ports Group continues to perform better, thus giving back to all of you. Now I may not distinctly know each of you personally, but I am aware that each of your contribution has been significant.

FPCL’s performance measurement is based on vigorous assessment of individual indicators provided to staff at the beginning of the year.  This methodology is comparable to international best practices in performance measurement.

The 226 staff of FPCL and FSHIL combined will receive a total bonus of $347,983.87.

 

Ladies and Gentlemen,

The dedication and hard work, coupled with the strategic leadership, has enabled FPCL to achieve unprecedented levels of success.

As many of you will remember, FPCL in March 2019, declared dividends of $16,239,287 for the year ending 31 December 2018. 41 percent dividend was paid to the Fijian Government, whilst 39 percent was paid to Fiji National Provident Fund and the remainder to Aitken Spence PLC.

All this was made possible, due to the increased profits of the Fiji Ports Group, for the financial year 2018, despite challenges of two cyclones. A net profit after tax (NPAT) of $28,041,359 was recorded for 2018, compared to $26,345,307 in 2017 or an increase of 6 percent.

The success of 2018, can be attributed to the revenue earned from vessels that berth at the Fijian ports, increase cargo throughput, enhanced earning capacity in services such as tug and pilotage, and a significant increase in interest income, due to prudent cash management strategy.

As part of our core business, a total of 64 cruise liners, 898 fishing vessels, 487 cargo ships and 332 dry/liquid bulk vessels.  We are confident that these figures will increase year on year.

 

Ladies and Gentlemen,

In order to continue the successful growth of FPCL, the Board and Management worked on a 5-Year Strategic Plan (2019-2023).  The Plan will assist FPCL to leverage opportunities to achieve its goals.  It will also provide medium term goals for the organisation to achieve, with set vision for effective resource utilisation and efficient service delivery.

This is not the vision of just the Board or Management. It is equally yours as much as it is ours. So I request you take ownership and adopt the vision as our vision and the six Strategic Goals.

I believe each of you will receive your very own copy of the Strategic Plan. Please go through it and know that each one of you have an important role to play in achieving all the targets of the Strategic Plan and our vision of being a Smart, Green Gateway for trade in the Pacific region.

The 5-Year Strategic Plan is the foundation upon which FPCL will lay the overall objective of making the ports an increasingly dynamic and competitive business. Our efforts will focus towards confirming Fiji’s position as the hub of the Region in terms of transportation, trade and logistics in the next 5 years.

 

Ladies and Gentlemen,

We should not forget; we are key custodians of our borders. It is your responsibility to ensure our borders function efficiently. Our trade and economy are dependent on how we work, how efficient we are and how responsive we are to businesses.

Therefore, your efforts are directly linked to the Fijian Government’s vision of improving doing business in Fiji.

Your dedication and hard work, together with the strategic leadership, has enabled FPCL to achieve continued success – and I am confident this will continue in the future.

On behalf of the Board of Directors of FPCL and the Hon. Minister for Economy, I wish to thank the staff of FPCL and FSHIL for your continued support to the company. I encourage you to continue breaking new grounds and reaching new heights.

 

Thank you and Vinaka vakalevu.