Electrical products and accessories retailer and distributor Choo Chiang Holdings 42E announced that its FY2022 ended December 2022 earnings have grown by 5.3% to $9.0 million from $8.6 million last year.
This came on the back of a 10.3% y-o-y growth in revenue to $87.6 million from $79.4 million a year ago, mainly due to an increase in the revenue from the distribution business segment.
Revenue from the distribution business segment increased by 10.4% y-o-y to $87.1 million, mainly due to the strong demand from the group’s customers and upward adjustment of selling prices for certain electrical products and accessories in FY2022.
Rental income from the group’s property investment segment increased by 4.2% y-o-y to $520,000, as all properties were fully leased out in FY2022 and FY2021.
With cost of sales increasing 11.6% y-o-y to $62.3 million, gross profit came in at $25.3 million, some 7.4% higher than $23.6 million in the same period last year.
As at end-December 2022, cash and cash equivalents stood at $23.3 million.
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The group has declared a final dividend of 1.2 cents per share. This may be lower than the 1.3 cents declared in the same period a year ago. But including the interim dividend of 1.0 cent in 1HFY2022 (1HFY2021: 0.7 cent), total dividends for FY2022 came in at 2.2 cents per share, higher than FY2021’s 2.0 cents.
Shares in Choo Chiang closed flat at 33 cents on Feb 22.
Photo: The Edge Singapore
