Haw Par Corporation H02 -2.46% , the company behind the Tiger Balm branded liniment, announced that its FY2022 ended Dec 31, 2022, has increased by 34.7% y-o-y to $148.3 million from $110.1 million a year ago.

 

This came on the back of a 29.0% growth in revenue to $182.1 million from $141.2 million last year, this was boosted by higher contribution from the group&rsquo s sales of goods and rendering of services segments, but partially offset by weaker rental income.

 

The higher sales of goods were boosted from the recovering global economies following the pandemic, which saw an improvement in consumer spending in the group&rsquo s healthcare products,

 

Gross margin improved by 1.9 percentage points (ppt) to 54.1% as utilisation of production capacity further improved from 2021.

 

Other income also increased by 28.0% y-o-y to $113.0 million, thanks to higher dividend income from the group&rsquo s strategic and long-term investments and higher interest income from surge in interest rates. The group has strategic investments in United Overseas Bank (UOB) U11 -4.23%   and UOL Group U14 0.75% .

 

As at end December, the group&rsquo s cash and cash equivalents stood at $333.8 million.

 

Haw Par&rsquo s board has declared a final dividend of 15 cents per share, along with the interim dividend of 15 cents per share, the total dividend for the period comes up to 30 cents per share.

 

With the tightening of monetary policies to contain high inflation and prolonged geopolitical tensions, the group is aware that concerns are growing that a broad-based slowdown of the global economy may dampen consumer spending. Nonetheless, with pandemic-related restrictions largely lifted around the world, the group is hopeful that the return to normalcy will help support the recovery of its operating businesses.