MAKER of Singapore’s famous Tiger Balm ointment Haw Par Corporation : H02 0% posted a net profit of S$112.4 million for the six months ended Dec 31, 2023, a 58.1 per cent increase from S$71.1 million over the same period a year earlier.

Revenue for H2 2023 was up 39.7 per cent to S$120.9 million from S$86.6 million in the corresponding year-ago period, announced the group in a bourse filing on Monday (Feb 26).

Earnings per share also improved to S$0.508 from the S$0.321 reported in H2 2022.

The notable rise in revenue was buoyed by the increase in sale of healthcare products “as healthcare sales continue to recover in certain key Asian markets”, said the group.

Revenue from the healthcare segment for the half year stood at S$111.7 million, more than 90 per cent of the total revenue. Beyond healthcare products, the group also engages in investments and provides leisure-related goods and services.

In line with the sales recovery, cost of sales also increased 22.8 per cent to S$49 million from S$39.9 million in H2 2022. However, the group noted that the improved utilisation of production capacity from higher sales volume has led to an increase in gross margin to 59.5 per cent in H2 2023 from 53.9 per cent a year earlier.

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This pushes the group’s net profit for the full financial year to S$216.6 million, up 46 per cent from S$148.3 million in FY2022.

A second and final dividend of S$0.20 per share was proposed by the board, which will be paid on May 21, subject to shareholder approval. This brings its dividend for the full financial year to S$0.40 per share.

Shares of Haw Par closed at S$9.76 on Monday, down 0.1 per cent or S$0.01, before the announcement.