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Hong Fok FY2022 earnings up 466% on revaluation gains

By The Edge Singapore

/ The Edge Singapore |

March 2, 2023 6:31 PM SGT

The Concourse (centre) and Concourse Skyline (right) (Picture: Samuel Isaac Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) - Led by revaluation gains of its investment properties, Hong Fok Corp has reported earnings of $220.1 million for FY2022, a surge of 466% over FY2021.

Revenue in the same period was up by 70% to $153.9 million, with better contributions from its hospitality business as well.

Specifically, the company booked revaluation gains of $197.3 million, versus a gain of $35.7 million booked in FY2021. The bulk of the gain came from the revaluation of The Concourse and retail units of Concourse Skyline. According to a notice of valuation of real assets filed by Hong Fok Corp with the Singapore Exchange (SGX) on Mar 1, the property had a valuation of $1.613 billion as of Dec 31, 2022. This represents a $204 million increase from its valuation as of Dec 31, 2021 which stood at $1.408 billion.

Hong Fok plans to pay a dividend of one cent - same as that paid for FY2021.

The company sees a positive outlook, with the tourism industry recovering, thereby potentially improving its hospitality business.

The occupancy rate of its other investment properties is expected to remain stable.

In addition, Hong Fok expects to continue to recognise revenue from the sales of the residential units of Concourse Skyline, although it warns of an "adverse" effect on higher-value residential property sales in Singapore because of cooling measures.

Check out the latest listings near Concourse Skyline

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Hong Fok FY2022 financial results

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