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Wing Tai full-year profit soars 222% to $140.2m amid Uniqlo boost

SINGAPORE (THE BUSINESS TIMES) – Property and retail company Wing Tai Holdings on Thursday (Aug 25) reported full-year net profit of $140.2 million for financial year 2022, a jump of 222 per cent from $43.6 million profit the previous year.

Revenue for the full year ended June 30 came in at $514.6 million, a 12 per cent increase from $461.4 million a year ago, Wing Tai announced in a bourse filing on Thursday (Aug 25).

Earnings per share for FY2022 was 16.6 cents, compared to 3.99 cents in FY2021.

Wing Tai declared a final dividend of 3 cents per share and a special dividend of 3 cents per share, subject to shareholders’ approval in the upcoming annual general meeting.

The company said the jump in net profit was largely due to higher contributions from its associated and joint-venture companies. Their profit contribution surged 209 per cent to $112.2 million in FY2022, compared to $36.3 million in the previous financial year.

This increase primarily came from higher contributions from Wing Tai Properties Limited in Hong Kong, as well as Uniqlo in Singapore and Malaysia.

Turning to revenue growth, Wing Tai said this was mainly due to its development properties. The revenue from development properties largely came from progressive sales recognised from residential developments The M at Middle Road and the additional units sold in Le Nouvel Ardmore.

As for its outlook, the group expects property cooling measures announced in December 2021, the rising interest rate environment, heightened inflation as well as geopolitical tensions to have an impact on the buying sentiment for private residential property in Singapore.

Wing Tai shares were trading up six cents, or 3.7 per cent, st $1.67 as at 11.14am on Friday, after its results announcement.