Best World Q4 net profit more than doubles to S$62.3m

BEST World's net profit for the fourth quarter ended Dec 31, 2020 more than doubled to S$62.3 million from S$27.7 million a year ago.

Revenue was up 70.1 per cent to S$201.2 million from S$118.3 million in Q4 2019, which the skincare-products firm attributed to growth in both its direct-selling and franchise segments.

Growth was slower in China because of Covid-19 disruptions, but this was offset by a revenue surge in key direct-selling markets such as Singapore and Malaysia, as people turned to online shopping amid the pandemic.

Earnings per share stood at 11.45 cents, up from 5.09 cents in Q4 2019.

Full-year net profit was S$132.6 million, rising 47.9 per cent from S$89.6 million. Revenue rose 42 per cent to S$545.6 million, also on the back of growth in the direct-selling and franchise segments.

Earnings per share was 24.3 cents, up from 16.42 cents in FY2019. No dividend was declared.

Trading in Best World shares has been suspended since May 2019.