Hafary posts strong interim profit of $24 million, thanks to one-off gain

Catalist-listed Hafary Holdings today announced that its half year net profit soared to $23.9 million from $2.5 million.

This was due mainly to recognition of a one-time gain on the disposal of development property at 79 Aljunied Road amounting to $23.8 million.

The supplier of premium tiles, wood flooring and sanitary ware reported a 34 per cent jump in revenue to $42.5 million for the six months to Dec 31.

This was driven by an across-the-board increase in sales contributed by its two business segments.

The group supplied tiles and building materials for several notable development projects during the period, including NUH Medical Centre, Fullerton Hotel and IMM Building.

It also commenced delivery of surfacing materials for use in a number of Housing Board residential estate developments under the Build-To-Order Scheme and Home Improvement Programme.

Earnings per share swelled to 12.29 cents from 1.49 cents while net asset value per share climbed to 26.89 cents compared to 16.09 cents as of June 30.

The company declared an interim dividend of 2.5 cents a share, up from one cent in the same period last year.

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