AFL Staff with the Attorney General Aiyaz Sayed-Khaiyum. PhotoL AFL.
Airports Fiji Ltd (AFL) today announced a record and unprecedented dividend of $45 million to the Government. This surpassed the earlier record dividend of $30 million declared last year.
In 2016 AFL made a net profit before tax of $65.86 million. AFL’s Executive Chairman Faiz Khan said “the $45 million dividend is declared based on the strength of AFL’s cash position and balance sheet. Our balance sheet is strong with a forecasted EBITDA of around $100 million in 2017. The dividends declared are sustainable.”
Mr Khan further stated that “One of the key factors contributing to our strong balance sheet is the revenue restructure undertaken in the last 4 years. We have also successfully built infrastructure that provides us good value and enhances our abilities to service excellence for our customers. We believe that a good spend on infrastructure is an asset whilst poor spending results in liabilities.”
“Only 5 years ago AFL was declaring token dividends of only $1 million a year. The achievement of declaring $45 million this year is commendable. It is attributable to team work and equitable relationships that we have built with our various stakeholders.”
“Our hard working staff are one of our key stakeholders. We build capacity, learn and grow with a view to excellence in service and delivery. We recognize the performance of our people by rewarding them on a continual basis. The relationship is two ways. We are an employer of choice. We thank our staff who have contributed to our meteoric rise and success,” said Khan.
Khan further elaborated that “the Government of Fiji is AFL’s key stakeholder. Whilst the Board and management drive and strive for results, none of this is possible without the support and vision of Government. Our Minister the Honourable Attorney General has been personally involved in the design and theming of the Nadi Airport Terminal. He challenges all of us to strive and improve every time he visits us. Our service standards, the cleanliness of the terminal, the success of infrastructure delivery are driven by such vision that we help implement. I thank the AG on behalf of our Board and staff. Please keep challenging us.”
Khan also “thanked his hard working Board saying that this is not a Board that sits once a month but is actively involved in improving the infrastructure, building capacity of staff through training, rewarding performances, practicing good governance, delivering financial and operational results.”