Profit of Tiger Balm maker Haw Par soars 46% YoY to $216.6m in FY23

With higher profit, the company declared a higher basic earnings per share of $0.978.

Haw Par, the maker of Tiger Balm, saw its profit soar by 46% YoY to $216.6m in FY23.

In a bourse filing, the company attributed its higher profit to improved healthcare revenue, which saw a 30.1% YoY jump to $213.5m.

The company’s healthcare revenue was “fueled by sales recovery in Asian markets and increased operating profits.

The higher healthcare revenue helped boost the group’s revenue by 27.4% YoY to $232.1m.

With higher profit, the company declared basic earnings per share of $0.978, higher than the $0.670 recorded in FY22.

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