Led by revaluation gains of its investment properties, Hong Fok Corp has reported earnings of $220.1 million for FY2022, a surge of 466% over FY2021.
Revenue in the same period was up by 70% to $153.9 million, with better contributions from its hospitality business as well.
Specifically, the company booked revaluation gains of $197.3 million, versus a gain of $35.7 million booked in FY2021.
Hong Fok plans to pay a dividend of one cent - same as that paid for FY2021.
The company sees a positive outlook, with the tourism industry recovering, thereby potentially improving its hospitality business.
The occupancy rate of its other investment properties is expected to remain stable.
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In addition, Hong Fok expects to continue to recognise revenue from the sales of the residential units of Concourse Skyline, although it warns of an "adverse" effect on higher-value residential property sales in Singapore because of cooling measures.
Hong Fok shares gained 1.58% on March 1 to close at 97 cents, versus its NAV of $3.45 as at Dec 31 2022.
