Thanks to record profits in 2012, Fiji Ports Group will pay performance bonuses to all employees for the 2012 financial year.
Fiji Ports Group recorded a net profit after tax of $7.3m in 2012, a 30 per cent increase over 2011 results, and made a record dividend payout to the Government of $3.65 million.
Bonuses will be paid to 490 employees for the three companies, including both the established salaried staff and the registered relief workers (casuals). The total amount of the bonus is $446,264.
The Group’s financial performance was a result of strong growth in operating revenues plus prudent cost management and efficient utilization of strong cash flows, which reduced financing costs.
The Bainimarama government has made reform of the ports a priority after years of inefficient operations and financial losses. Attorney General, Aiyaz Sayed-Khaiyum said that operating the state-owned enterprise with efficiency and effective management, in collaboration with the private sector, has been a winning formula.
“Allowing employees to be invested in the success of the enterprise through performance-based bonuses is a big part of that,” he said. “These employees have produced results, and they deserve to be rewarded.”
FPCL Chairman Tevita Kuruvakadua thanked the directors, management and employees for their tireless efforts in achieving this performance.
“This was a team effort and a team victory,” he said. “Fiji Ports Group owes its success in 2012 to the hard work and skilful performance of management and employees at all levels. Our employees have delivered record dividends to the government, and they deserve to be recognized with a bonus.”