The Fiji Ports Corporation Limited (FPCL) marked yet another milestone today after it announced a $17.05 million dividend payout to three of its shareholders for the 2024 financial year.
Prime Minister and Minister for Public Enterprises Honourable Sitiveni Rabuka officiated the event, noting FPCL’s continued dedication in progressing the port sector, which is a vital conduit of our maritime sector and national economy.
“As a result of FPCL’s resilience, commitment to growth, and forward-thinking strategies, the company marks another significant milestone today. Congratulations on yet another successful financial year,” said the Prime Minister.
“This result not only reflects the resolve and hard work by the Board, management and staff of FPCL, but also reflects the company’s ongoing commitment to value creation and prudent financial management.”
The dividend payout of $17.05 million to the three shareholders is a testament to the company’s strengthened balance sheet as FPCL continues to implement effective strategies and impactful initiatives.
Of particular note, Government, which now holds 41% of FPCL shares, receives $6.9 million in dividends—an 85% increase from the pre-divestment dividend of $3.7 million received in 2014.
These returns demonstrate the strategic value of the 2015 shareholding partnership, involving the Fiji National Provident Fund and Aitken Spence, which brought in a combined investment of $99.1 million.
Prime Minister Rabuka acknowledged FPCL’s efforts to address aging infrastructure and operational congestion, highlighting critical rehabilitation works underway at Suva and Lautoka Ports.
“FPCL’s commitment to modernising port facilities and enhancing digital capabilities will strengthen Fiji’s competitiveness and thus attractive for international trade,” he added.
“FPCL’s focus on innovation, digital systems, and the development of a Green Port Master Plan aligns with our vision for a Smart Green Gateway.
For this, the Prime Minister reaffirmed the Government’s support for the Mega Port Project proposed for Rokobili, which is set to transform Suva into a major transhipment hub in the Asia-Pacific region.
“With the capacity to handle up to 250,000 TEUs, the Mega Port will help meet projected growth targets beyond 2035 and reposition Fiji as a logistics and shipping powerhouse in the region,” he said.
A revised Cabinet Paper on the initiative will be submitted, following a comprehensive multistakeholder consultation process.
The project will play a central role in the Government’s 10-Year Development Plan.
In closing, Prime Minister Rabuka expressed his gratitude to all stakeholders, including FPCL’s shareholders, staff, and strategic partners, for their unwavering commitment to the growth of Fiji’s maritime sector.
In his presentation of the cheque, the Chairman of the FPCL, Mr Isikeli Tuituku thanked the Prime Minister for his leadership and determination to upgrading Fiji’s aging infrastructure as a whole and the port in particular.
“Your unwavering support continues to inspire us to reach higher and serve Fiji with excellence,” Mr Tuituku said.
“Together, we must transform our ports to meet the demands of tomorrow — smarter, greener, more resilient, and competitive.”
