Thakral Corporation has reported earnings of $18.6 million for FY2022, down 3%, as the company incurred higher costs despite better revenue.
For the financial year ended Dec 2022, revenue increased by 26% to $160.4 million.
For its 2HFY2022, earnings increased by 40% to $21.9 million, on the back of a near corresponding 45% jump in revenue to $96 million.
Thakral reported gains from its property business, such as GemLife, its retirement village business in Australia.
In addition, its lifestyle products distribution business enjoyed a profit of $6.5 million for FY2022, up from $2 million recorded for FY2021.
Thakral plans to pay a second interim dividend of 2 cents and a special interim dividend of 0.5 cent per share, bringing the total dividend to 4.5 cents for FY2022, giving a yield of 8%.
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Thakral's NAV, as at Dec 31 2022, was 118.43 cents, up slightly from 117.91 cents as at Dec 31 2021.
Thakral's chairman Natarajan Subramaniam says the company has remained resilient and done well in an extremely difficult global landscape.
"Despite inflationary pressures, intensifying geopolitical tensions and rising interest rates, we have delivered another profitable performance as we continue to improve sales in all our core business segments," he adds.
Not only have both our key businesses stayed profitable, we have also strengthened our financial position as our cash balances more than doubled to S$20.1 million in
FY2022.”
Thakral shares closed Feb 28 at 56 cents, down 2.59%.
