The FHL Group has delivered a strong performance in the half year ended 31st December 2023, recording an unaudited profit before tax of $39.28m from total revenue of $199.13m, compared to profit before tax of $30.94m from total revenue of $190.11m, for the same period last year. As at 31 December 2023, the net assets of the Group closed at $347.64m, an increase of $24.35m compared to the 30th June 2023 results.

The half year results were underpinned by solid performances from FHL’s core subsidiary companies. The strong recovery in the tourism industry continued to benefit our tourism investments, while the subsidiaries in the retail and finance sectors continue to anchor the Group’s portfolio with stable performances. Of concern, however, were the modest performance from the subsidiaries in the building and construction industry, reflecting the slow pace of investment activity.

The Group’s performance for the remaining six months of this financial year is expected to be impacted by the continuing loss of skilled labour, inflation and rising commodity prices. We also expect the growth in the tourism sector to abate, as competitor market fully opens and the expected reduction in the discretionary spending of visitors from our traditional tourist markets.

Going forward, the key drivers of the FHL Group’s strategic focus will be greater Group alignment with a stronger sense of purpose; correct our under-performing assets; improved governance and the right talent, along with investment in automation and digital initiatives.

The FHL Board would like to thank the shareholders, management, staff, financiers, and other stakeholders who have contributed to the solid half year results and looks forward to their continued support, as the Group moves into the second half of the financial year with the focus of “Growing into new Frontiers – in Pursuit of our Purpose”.