SINGAPORE (EDGEPROP) - Koh Brothers Group announced 13% y-o-y decline in net profit to $6 million for the 12 months to Dec 31, 2022, the company’s FY2022. This is despite a 72% rise in revenue to 39% to $350.7 million and a 21% increase in gross profit to $26.0 million for the same period.

Gross margins improved for Koh Brothers’ Construction and Building Materials division.

The company posted a 74% increase in other gains to $15.0 million in FY 2022, mainly due to higher gain recognised from the disposal of property, plant and equipment. Share of profit from associated companies and joint ventures declined 46% to $1.6 million in FY 2022due to lower contribution from an investment property resulting from higher borrowing costs.

Net asset value per share was 70.04 cents as at Dec 31 2022, up from 69.61 cents a year ago.

A first and final dividend of 0.2 cents was declared. Koh Brothers closed at $0.147, up $0.004 from Jan 19.

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