First Sponsor Group’s net profit drops in FY23

The group reported a net profit of $12.5m.

SGX-listed First Sponsor Group Limited recorded a lower net profit of $12.5m in FY23.

In 2H23, the group also reported a lower net profit of $1.9m, primarily due to lower contributions from property development in China and reduced foreign exchange gains.

Meanwhile, the group's European property portfolio recorded a total operating income of €25.9m ($37.62) in 2H23, up 2.3% from €25.3m ($36.7m) in 2H22. This brought FY23's total operating income to €46.7m ($67.8m), marking a 9.5% increase from FY22.

The board recommended a final tax-exempt (one-tier) cash dividend of $0.031 per share for FY23, representing a total dividend growth of 10.5% from FY22.