SINGAPORE: Singapore-based company Haw Par, renowned for producing the iconic Tiger Balm, has announced a remarkable 46% year-on-year profit increase, reaching a staggering $216.6 million for the fiscal year 2023.
This notable financial success was attributed to a substantial improvement in healthcare revenue, witnessing an impressive 30.1% YoY surge, totalling $213.5 million.
In a bourse filing, the company highlighted that the surge in healthcare revenue was fueled by a robust sales recovery in Asian markets, coupled with increased operating profits.
The positive momentum in healthcare revenue was pivotal in boosting Haw Par’s overall revenue by 27.4% YoY, reaching a commendable $232.1 million.
With the surge in profits, Haw Par declared higher basic earnings per share of $0.978, surpassing the $0.670 recorded in the previous fiscal year (FY22).
This announcement reflects the company’s commitment to delivering value to its shareholders and capitalizing on its strong financial performance.
Haw Par’s success story in FY23 not only showcases its ability to thrive in the competitive market but also underscores the positive impact of its strategic decisions and market positioning.
As the maker of Tiger Balm continues to expand its footprint, investors and industry observers eagerly await further insights into the company’s future growth trajectory.