Straco rebounds with $25.68m net profit in 2023

The company recorded a $10.8m loss in the previous financial year.

Straco Corporation reported a net profit of $25.68m in 2023, rebounding from its loss of $10.8m in 2022.

The group’s revenue amounted to $82.1m, reflecting a significant year-on-year (YoY) growth of 191.3%.

The company attributed its growth to the recovery of China’s and Singapore’s tourism activities following the easing of COVID-19 measures in China in December 2022. 

Straco recorded 3.36 million visitor arrivals to its attractions in 2023, reaching approximately 73% of the pre-pandemic level.

Amidst its growth, the group recorded an exchange loss of $1.71m million due to the weakening of the RMB currency against the Singapore dollar.