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- Fiji Kava (FIJ) is reporting record revenue of $420,000 during the first quarter of the 2022 financial year
- The producer of noble kava says Q1 FY22’s revenue represents a 250 per cent increase on Q1 FY21’s results and a 33 per cent rise on last quarter’s revenue
- The company’s cash receipts also totaled $440,000 at the end of September, an 800 per cent increase year on year
- FIJ is crediting the jump in revenue to the rollout of its products in more Chemist Warehouse store as well as Coles (COL) supermarkets
- Shares in Fiji Kava are up 3.3 per cent at 9.4 cents per share at 12:28 pm AEDT
Fiji Kava (FIJ) reports record revenue of $420,000 was notched up during the first quarter of the 2022 financial year.
The producer of the kava variety known as noble kava says Q1 FY22’s revenue represents a 250 per cent increase on Q1 FY21’s results and a 33 per cent rise on last quarter’s revenue.
The company’s cash receipts also totaled $440,000 at the end of September, an 800 per cent increase year on year and a 40 per cent increase on Q4 FY21.
FIJ is crediting the jump in revenue to record sales through Coles (COL) supermarkets, as well as the first full quarter of sales in Chemist Warehouse.
Additionally, the business recorded its first commercial Specialty Ingredients order to the US during the quarter.
Fiji Kava CEO Anthony Noble said it was an encouraging result given the impact the COVID-19 pandemic continued to have on the economy.
“It is extremely pleasing to see Fiji Kava achieve these record quarterly results. The Australian retail environment has been particularly challenging due to Covid-19 lockdowns,” Mr Noble said. “Even so, we have seen strong growth in sales via both Coles and Chemist Warehouse.
“Fiji has begun to reopen, and we have begun to make modest sales into our key retailers there after many months of lockdown. We were also very pleased with the feedback received via our Specialty Ingredient partner in the USA on the performance of our certified organic kava extract in manufacturing trials.
“This led to a first commercial order for that market in this quarter. We will continue to work with our partners and our US Directors and Advisory Board to establish our business in the USA in the coming months.”
Shares in Fiji Kava were up 3.3 per cent at 9.4 cents per share at 12:28 pm AEDT.
