$5m investment to meet growing demand
AFTER surpassing the $200million mark in earnings for the first time last year, FMF Group of Companies is looking to spend some.
Chairman Hari Punja yesterday announced that the group will spend about $5million on their production facilities to meet the growing local and overseas demand.
Mr Punja said the investment would be spent on expanding and upgrading production facilities.
He added that FMF products were gaining ground not only in Pacific Island Countries, but also in Australia, New Zealand, US and Canada.
FMF Group's exports account for over 35 per cent of its turnover, led by its Biscuit Company of (Fiji) Ltd, which also won the TFL Prime Minister's Exporter of the Year Award in 2011.
Mr Punja said the FMF Group was 100 per cent locally owned and its profits were retained and reinvested in Fiji, thereby helping the Fijian economy grow and create jobs.
"Over the past five years the FMF Group has invested $32 million into its businesses and created 469 additional jobs, nearly doubling its workers strength from 563 in 2007 to 1032 presently.
"The proposed investments are likely to see this number grow," he said.
In the last financial year, the group recorded a net profit of $11.63m.
Source: Fiji Times Online