Wing Tai FY2022 full-year net profit soars 222%
Janice Lim
PROPERTY and retail company Wing Tai Holdings on Thursday (Aug 25) reported full-year net profit of S$140.2 million for FY2022, a jump of 222 per cent from S$43.6 million full-year net profit in the previous financial year.
Revenue for the full year ended Jun 30 came in at S$514.6 million, a 12 per cent increase from S$461.4 million a year ago, Wing Tai announced in a bourse filing.
Earnings per share for FY2022 was 16.6 cents, compared to 3.99 cents in FY2021.
Wing Tai declared a final dividend of 3 cents per share and a special dividend of 3 cents per share, subject to shareholders’ approval in the upcoming annual general meeting.
The company said the jump in net profit is largely attributable to higher contributions from its associated and joint-venture companies. Their share of profits rose to S$112.2 million in FY2022, compared to S$36.3 million in the previous financial year.
This increase primarily came from higher contributions from Wing Tai Properties Limited in Hong Kong, as well as Uniqlo in Singapore and Malaysia.
Turning to revenue growth, Wing Tai said this is mainly due to its development properties. The revenue from development properties largely came from progressive sales recognised from residential developments The M at Middle Road and the additional units sold in Le Nouvel Ardmore.
As for its outlook, the group expects property cooling measures announced in December 2021, the rising interest rate environment, heightened inflation as well as geopolitical tensions to have an impact on the buying sentiment for private residential property in Singapore.
Wing Tai shares closed flat at S$1.61 on Thursday.
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