Haw Par H1 2024 profit up 17.1%, but cost pressures weigh on margins

Its gross margin dipped to 54.6%

Tiger balm maker Haw Par reported a 17.1% YoY higher net profit of $122m in H1 2024, aligned with the increase in its revenue.

In H1, the company’s revenue rose 6.3% YoY to $118.1m, driven by robust demand for its healthcare products.

The company, however, said the 11/4% YoY increase in the cost of sales amid higher overheads and labour costs affected revenue growth, also affecting its gross margin, which dipped to 54.6%.

With improved profit, the company reported higher basic earnings per share attributable to its equity holders of $0.551.

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