Haw Par Corporation reports $228m net profit in 2024

The group attributed the 5.4% revenue growth to demand for healthcare products.

Haw Par Corporation reported a net profit of $228.2m for the financial year in 2024, up 5.4% from $216.5m in 2023.

This is despite a dip of 5.5% in net profit in the second half of 2024.

The group attributed the higher net profit to higher demand for healthcare products. However, higher operating costs resulted in the cost of sales increasing by 14% compared to 2023. Consequently, gross margin dropped from 58.1% to 54.8%.

Healthcare revenue grew 5.9% to $226m on the back of rising consumer optimism in ASEAN markets and countries outside the continent. Despite higher revenue, operating profit from healthcare decreased by 3.5% to $62.6m due mainly to lower gross margin and higher marketing expenses.

Haw Par Corporation said revenue from other segments which comprise the Leisure and Property divisions improved slightly by 1.3% to $18.8m mainly from improved occupancy at certain investment properties in Singapore, partially offset by lower visitor numbers and revenue at Underwater World Pattaya. Notwithstanding, the flow-on effect of higher revenue led to a 2% increase in operating profits to $10.2m for the segments.

The group’s other income grew 10.2% to $180.2m due mainly to higher dividend rates from strategic investments and higher interest income earned. Distribution and marketing expenses increased 11.8% to $52.7m due mainly to higher marketing activities during the second half of the year.

General and administrative expenses decreased 26.1% to $17.5m due mainly to lower staff costs and the absence of one-off donations made in 2023. Finance expenses increased 34.1% to $2.1m due mainly to additional bank borrowings during the year.

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