Haw Par Corporation has reported earnings of $228.3 million for the FY2024 ended Dec 31, 2024, 5.4% higher y-o-y. However, for the 2HFY2024, the group has reported a 5.5% y-o-y lower earnings of $106.3 million, down from the $112.4 million reported in the same period a year ago.
The group, which is in healthcare, leisure, property and investments, reported earnings per share of 103.1 cents for the FY2024.
Revenue for the FY2024 came in 5.5% y-o-y higher at $244.8 million, up from the $232.1 million declared in the same period a year ago. Revenue for the 2HFY2024 came in at $126.7 million, up 4.8% y-o-y from the $120.9 million in the FY2023.
Haw Par Corporation says that its revenue for the year increased mainly due to higher sales from healthcare. This is on the back of rising consumer optimism in Asean markets and countries outside the content, the group says.
However, higher operating costs resulted in the cost of sales increasing 14% y-o-y. Consequently, gross profit margin dropped 58.1% to 54.8%.
Revenue from other segments which comprise Leisure and Property divisions improved slightly by 1.3% to $18.8 million mainly from improved occupancy at certain investment properties in Singapore, partially offset by lower visitor numbers and revenue at Underwater World Pattaya.
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Other income grew 10.2% to $180.2 million due mainly to higher dividend rates from strategic investments and higher interest income earned.
Distribution and marketing expenses increased 11.8% to $52.7 million due mainly to higher
marketing activities during the second half of the year.
General and administrative expenses decreased 26.1% to $17.5 million due mainly to lower staff costs and the absence of one-off donations made in 2023.
Finance expenses increased 34.1% to $2.1 million due mainly to additional bank borrowings during the year.
Cash and bank balances increased 29.9% y-o-y to $745.8 million mainly due to dividend and interest income received, and cash generated from operations.
For the period of FY2024, the group has declared a special proposed cash dividend of $1 per ordinary share, and a second & final proposed cash dividend of 20 cents per ordinary share.
Shares in Haw Par Corporation closed 13 cents higher or 1.097% up at $11.98 on Feb 21.
