Good news for FNPF members as the board has declared an interest of 6.25 percent for the year resulting in the distribution of $239.5 million to members’ accounts.
The Fiji National Provident today announced a net operating profit of $331.6 million for the financial year ended 30th June, 2016, an increase of $67 million, compared to last year’s restated figure of $265.1 million.
The Fund’s investment income grew by 6.8 percent to $331.2 million compared to $310.7 million in 2015.
The consolidated return on investment measured in accordance with internationally accepted practice and net of all operating expenses, was 6.9 percent compared to 5.9 percent in 2015.
FNPF Chief Operating Officer Jaoji Koroi says the continued demonstration of the Fund’s improved performance reinforced FNPF’s role as the social and economic anchor for Fiji.
Koroi says that whilst the operating performance may be overshadowed by the activities and payout of $275.5 million for the Tropical Winston assistance, it also demonstrated the financial strength of the organization and the operational capabilities of FNPF’s employees.
Koroi says the processing and injection of around 3 percent of the Gross Domestic Product provided the much needed stimulus for economic activity and helped rebuild confidence in the Fijian economy, by allowing FNPF members to help themselves and their families recover from the damage sustained from Cyclone Winston.
Koroi says FNPF’s total assets increased to $5.1 billion from $4.9 billion in 2015, members’ balance grew by 3.1 per cent to $4.4 billion from $4.2 billion last year despite a payout of $275.5 million for Cyclone Winston withdrawal assistance, the Fund’s investment portfolio increased from $4.8 billion to $5.0 billion, contributions grew by 11.2 percent to record $480.6 million reflecting improved enforcement and compliance, active FNPF members grew by 5.6 percent to 406,065 and employers totaled 10,646 compared with 9,770 for 2015.
