- Health and wellness company Fiji Kava (FIJ) has recorded a record revenue for the first six months of the 2021 financial year
- The company reported revenue of just over $496,000, which us up 11 per cent from the first half of the 2020 financial year
- Fiji had a net loss of $1.5 million, which is a 28 per cent improvement from the prior corresponding period
- Over the period, the company signed a licence agreement with Blackmores and entered the Chinese market after signing an exclusive distributor agreement with PuMate
- On the market this afternoon, Fiji is in the grey and trading at 10 cents per share
Fiji Kava (FIJ) has a record revenue for the first six months of the 2021 financial year, despite impacts from the COVID-19 pandemic and Cyclone Yasa.
The health and wellness company recorded revenue of $496,379, which us up 11 per cent from the first half of the 2020 financial year.
Fiji had a net loss of $1.5 million, which is a 28 per cent improvement from the prior corresponding period.
Over the period, the company signed a licence agreement with Blackmores and entered the Chinese market after signing an exclusive distributor agreement with PuMate.
In October, Fiji signed a memorandum of understanding with Shanghai-listed Yuan Long Yato, who provides digital marketing services to well-known clients such as Nestle and the 2022 Winter Olympic Games.
More recently, in its December quarterly report, the company saw strong results in its revenue.
“We made positive progress in the availability of Fiji Kava and the company is well positioned to capture its share of the growing international opportunity for Noble Kava Extract and Powders, including growth in both our existing markets and exploration into new markets for the future,” CEO Nicholas Simms said.
“We have achieved this despite a challenging external environment. Pleasingly, some supply chain operations appear to be normalising and we have undertaken repairs for minor damage sustained at the company’s facilities in Levuka, on the island of Ovalau, caused by Cyclone Yasa,” he added.
Total assets for Fiji was $5.5 million, which is a 89 per cent improvement to the previous corresponding period of $2.9 million.
On the market this afternoon, Fiji is in the grey and trading at 10 cents per share at 1:31 pm AEDT.