Thakral Corporation’s founder and executive director Kartar Singh Thakral will be retiring at the company’s annual general meeting (AGM) on April 30.
Thakral has been a director of the company since October 1993 and served as the company’s executive chairman since the company’s listing in December 1995 until December 2011.
Thakral was the joint chairman and a non-executive director of Australia-listed Thakral Holdings. He also served as a director of the Singapore Trade Development Board appointed by the Minister for Trade and Industry.
Upon Thakral’s retirement as a director of the company at the conclusion of the AGM, he will cease to be a member of the investment committee of the company.
Ashmit Singh Thakral has been nominated as an executive director and member of the investment committee by Kartar Singh Thakral and Inderbethal Singh Thakral, CEO and executive director and controlling shareholder of the company.
Thakral Corporation reported earnings of $28.8 million for FY2024 ended Dec 31, 2024, 3.5 times higher than its FY2023 earnings of $8.2 million. This was a 252% y-o-y surge which also marked the company’s highest set of earnings in seven years.
The group recorded a revenue in its lifestyle segment as its beauty and fragrance business in Greater China continued to see strong demand for the group’s portfolio of brands.
Thakral’s investment segment also saw higher revenue of $15.8 million, 16.3% higher y-o-y, mainly due to GemLife.
Shares in Thakral closed flat at 82 cents on Apr 14.
