Haw Par Corporation has reported earnings of $216.6 million for the FY2023 ended Dec 31, 2023, 46% higher y-o-y. The group, which is in healthcare, leisure, property and investments, reported earnings of $112.4 million for the 2HFY2023, 58.1% higher y-o-y.
Earnings per share (EPS) for the FY2023 and 2HFY2023 stood at 97.8 cents and 50.8 cents respectively.
Group revenue for the FY2023 rose by 27.4% y-o-y to $232.1 million mainly due to higher consumer spend on products in the group’s healthcare segment.
Gross margin improved to 58.1% as production overheads were allocated to higher production volume.
During the year, healthcare revenue improved by 30.1% y-o-y to $213.5 million thanks to the recovery in sales in its Asian markets. Revenue from the group’s leisure and property segments grew by 3.1% y-o-y to $18.6 million driven mainly by Underwater World Pattaya as the Thai tourism industry gradually recovered in 2023. The revenue growth at Underwater World Pattaya was partly offset by the property segment due to lower occupancies.
Group revenue for the 2HFY2023 increased by 39.7% y-o-y to $120.9 million thanks to the recovery in the Asian markets for the healthcare segment. Other income also rose from higher dividend yield from the group’s “strategic and long-term” investments and higher interest income from the continued elevated interest rate environment.
Gross profit for the FY2023 rose by 36.9% y-o-y to $134.9 million while gross profit for the 2HFY2023 rose by 54.2% y-o-y to $71.9 million.
For the year-end, a second and final dividend of 20 cents per share was declared, bringing the full year’s dividend to 40 cents, up from the total of 30 cents per share in the FY2022.
The second and final dividend will be paid on May 21.
See also: IHH Healthcare’s 3QFY2024 patmi remains flat at RM534 mil
As at Dec 31, 2023, cash and cash equivalents stood at $573.6 million.
Shares in Haw Par Corp closed 1 cent lower or 0.1% down at $9.76 on Feb 26.
