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Haw Par Corp FY2019 net profit edges up 1.8% to S$182.2m

HAW Par Corporation on Thursday posted a net profit of S$182.2 million for the year ended Dec 31, up 1.8 per cent from S$179.1 million a year ago.

The Tiger Balm maker's revenue rose 2.6 per cent to S$244 million from S$237.8 million previously, mainly on higher sales from its healthcare business in the first half of 2019.

However, sales decreased in the second half of the year and cost of sales increased, causing gross profit margin to fall to 57.2 per cent from 61.3 per cent.

Earnings per share were 82.4 Singapore cents, up from 81.2 cents in FY2018.

The board has proposed a second and final dividend of 15 cents per share. Combined with the dividend of 15 cents per share paid out earlier in the year, the aggregate dividend for FY2019 will be 30 cents per share.

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In FY2018, Haw Par paid out an aggregate dividend of S$1.15 per share.

Separately, Haw Par announced that executive director Han Ah Kuan will be retiring and will not seek re-election at the group's upcoming annual general meeting. Mr Han will retain his executive role at Haw Par Healthcare Limited until his actual retirement date on or around June 30, 2020.

Haw Par shares closed at S$12.29 on Thursday before the announcements, up 10 cents or 0.81 per cent.

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