Pleass Global Limited chairman, Warwick Pleass
Company posts strong financial performance despite operating in competitive business climate in 2013
RACHNA LAL
SUVA
Pleass Global Limited has commenced earthworks for construction of new facilities at its Nabukavesi Estate at a value of approximately $7 million.
The new facilities for the company – well-known for its Aqua Safe product – include construction of a new water bottling plant/factory, head office and distribution centre.
This has been highlighted by Pleass Global Limited chairman, Warwick Pleass, in the company’s 2013 Annual Report.
Mr Pleass said the project is expected to be completed by the end of the year.
“Earthworks are still in progress and completion of the new facilities is expected in the last quarter 2014,” he said.
“This is a major event in the company’s development and will allow us to produce new products as well as open new markets.”
Performance
Mr Pleass noted that the company delivered a strong financial performance in a very competitive business climate the past year.
Revenue grew by 10 per cent and gross profit grew by 15 per cent.
Pleass Global recorded significant growth in net profit after tax from $365,348 in 2012 to $916,514 in 2013.
Mr Pleass said the major influence on this result was the revaluation of real estate, their land in Namosi (Kila Estates, Kila Organics, Kila Eco adventure Park and land set aside for our new factory, distribution centre and head office).
“This land was revalued to fair value in accordance with IFRS after independent valuations by two valuers,” he said.
Revenue increased by 10 per cent and of particular note was export revenue which increased 61 per cent.
rachnal@fijisun.com.fj
