F J Benjamin Holdings has reported earnings of $4.3 million for 2HFY2022 against an attributable net loss of $7.2 million in 2HFY21.
During the FY2022, the group saw earnings of $3 million, from its loss of $10.9 million in the FY2021.
Earnings per share (EPS) stood at 0.37 cents for 2HFY2022 compared to loss per share of 72 cents for 2HFY2021.
EPS for FY2022 stood at 0.27 cents, compared to a loss per share of 1.14 cents for FY2021.
In the second half of FY2022, the company saw writebacks totalling $1.5 million for impairments and reversed allowances for expected credit losses on receivables from an Indonesian associate and related party.
Revenue for 2HFY2022 grew 55% y-o-y to $44.7 million, while FY2022’s revenue rose 21% to $80.9 million with sales in Singapore (excluding exports to Indonesia) and Malaysia gaining 6% and 28% respectively.
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The company said the revenue growth came in the second half of FY2022, when sales momentum picked up strongly following a sluggish first quarter when many of its stores were closed and business was interrupted due to intermittent COVID-19 disruptions.
Gross profit grew 53% y-o-y to $23 million for 2HFY2022, while FY2022’s gross profit at $39.9 million is an 18% increase y-o-y from FY2021’s $33.7 million.
Gross profit margin eased from 50.5% in FY2021 to 49.4% in FY2022 as Malaysia took the opportunity to clear stocks to satisfy pent-up demand, the company adds.
Net borrowings totalled $4 million as at 30 June 2022, as compared to $10.6 million as at 30 June 2021. Gearing stood at 10% as at 30 June 2022, against 32% as at 30 June 2021.
Although its revenue is not fully back to pre-Covid-19 levels, the company is cautiously optimistic that the strong momentum seen in the second half of FY2022 can be maintained barring any unforeseen circumstances, says F J Benjamin group CEO Nash Benjamin.
“We are of course aware that there are rising inflationary and geopolitical risks but these are risks that management will need to manage and mitigate.”
Shares in F J Benjamin closed 0.02 cents higher or 8.33% up on Aug 25 at 0.26 cents.
