Energy Fiji Ltd posted a profit after income tax of $66.7 million for the 2020 financial year, an increase of $3m when compared with 2019.
The company has announced in its 2020 annual report, EFL will soon be listed on the South Pacific Stock Exchange because it’s now governed by the Companies Act and no longer the Public Enterprises Act.
“In this regard, EFL needs to maintain the present profitability levels or even do better.
“Ultimately, the company has had its returns regulated by (Fiji Competition and Consumer Commission) FCCC and it should strive to manage costs where possible in order to achieve these returns.
“Work is in progress on the sale of the remaining 24 per cent equity in EFL as phase two of the divestment process.
“The ultimate plan is to list the company on the South Pacific Stock Exchange which is anticipated in 2021/2022.”
EFL said it was a “vertically integrated” electricity company in Fiji with strategically located operations and strong network coverage including a market leading renewable energy portfolio in the Pacific.
The company states it has strong governance standards including comprehensive risk management framework.
“EFL’s balance sheet remains in a strong position as at end of December 2020, owing to our consistent profitable performance over the past six years. At EFL, we look to shareholder value, asset value and the total amount of our loans and bonds as the key benchmarks to assess our performance.”
EFL’s shareholder value stood at $898m at the end of 2020, up from $851m at the end of 2019.
