- Fiji Kava (FIJ) ended the 2021 financial year with a reductions in its net loss, after increasing its revenue by 52 per cent
- The noble kava producer recorded a net loss after tax of $3.39 million, an improvement on FY20’s loss of $3.76 million
- FIJ netted $1.15 million in revenue after it launched its suites of Noble Kava Capsules in Chemist Warehouses and Coles stores (COL)
- The healthcare business ended June with $1.18 million in the bank and entered FY22 focused on international expansion
- Shares in Fiji Kava are steady at 9.1 cents each
Fiji Kava (FIJ) ended the 2021 financial year with a reduction in its net loss, after its revenue grew by 52 per cent.
The noble kava producer tabled its FY21 Annual Report on Thursday, revealing it recorded a net loss after tax of $3.39 million.
That’s an improvement on the previous financial year’s loss of $3.76 million, with record sales helping FIJ reduce its loss.
The company said it topped $1 million in sales for the first time in FY21, with revenue peaking at $1.15 million.
Fiji Kava’a Noble Kava suite of capsules launched in Australian supermarket chain Coles (COL) during the year, as well as pharmacy chain Chemist Warehouse.
The healthcare business ended June 30 with $1.18 million in the bank after spending $4.14 million on operating activities during the year.
Looking ahead, the Chief Executive Officer Anthony Noble said the company would continue to expand its international presence in both the US and China.
“Our largest opportunity will always be the US market,” Dr Noble said in his letter to shareholders.
“The size of this market, the prevalence of the health conditions that our products address, and the regulatory environment all point to enormous potential for Fiji Kava in the US.”
Shares in Fiji Kava ended Thursday’s trading session at 9.1 cents per share.