- Fiji Kava (FIJ) achieves record revenue and cash receipts for the March 2022 quarter
- Cash receipts soared 551 per cent from the preceding three-month period to $844,000
- The company’s revenue rose 30 per cent to $620,000, attributed to growth in the US market from Amazon and Fiji’s acquisition of Danodan
- It comes as the company shifts its sales balance to drinking formats in all regions
- FIJ shares steady at six cents
Health and wellness company Fiji Kava (FIJ) has posted record revenue and cash receipts for the March 2022 quarter.
Cash receipts soared 551 per cent from the preceding three-month period to $844,000, largely driven by customers and GST refunds from the Australian Taxation Office.
Revenue rose 30 per cent to $620,000 versus the preceding quarter, which the company attributed to growth in the US market from Amazon and Fiji’s acquisition of Danodan.
The US market accounted for 51 per cent of the company’s revenue, with Australia its second largest market.
The largest expense for the quarter was advertising and marketing, coming in at $795,000.
Fiji said it was “rapidly shifting” its sales balance to drinking formats in all regions.
Sales in China are on the rise, after several products launched on Alibaba’s Tmall marketplace.
Fiji CEO Dr Anthony Noble said the company managed to reduce operational costs relative to sales.
“We embark on our fourth quarter of FY22, with a robust inventory position, a new strong international team and a diverse mix of products and functional ingredients including exciting new products under development that will further enhance our focus on drinking formats globally,” he said.
Fiji finished the March quarter with $1.47 million in cash and cash equivalents.
FIJ shares were steady at six cents at 4:02 pm AEST.