Focus Point plans two-for-five bonus issue; achieves record earnings in FY2022

KUALA LUMPUR (Feb 21): Having gained 61.73% in share price over the past year, Focus Point Holdings Bhd has proposed to undertake a bonus issue of up to 132 million shares on the basis of two bonus shares for every five existing shares held on the entitlement date to be fixed later.

Based on the five-day volume weighted average price up to and including the latest practicable date (Feb 20) of RM1.27, the theoretical ex-bonus price will be 90.74 sen, according to the optical retail chain store operator’s filing.

The proposed bonus issue of shares is expected to be completed by the second quarter of 2023.

FY2022 net profit surges 155%

Separately on its financial performance, Focus Point’s net profit rose 12.5% to RM10.45 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM9.29 million a year ago, driven by higher revenue from its optical and related products segment.

Revenue for 4QFY2022 increased 7.46% to RM68.45 million from RM63.7 million in 4QFY2021.

Net profit for FY2022 soared 155.23% to RM35.85 million from RM14.05 million in FY2021 amid higher contribution from the optical and related products, franchise management and food and beverage divisions.

Full-year revenue jumped 46% to RM248.82 million from RM170.43 million driven by higher sales.

This is Focus Point’s best full-year net profit and revenue since its listing in 2010, boosted by the full reopening of economic sectors, as well as the recovery of the retail segments and continued rising footfalls at malls.

“Moving forward and with the economic uncertainty from the current geopolitical tensions and cautious consumer spending from inflationary pressure, the board anticipates the group’s prospects to be challenging.

“Notwithstanding the above, the group is confident of sustaining growth momentum from the various measures and strategies that the group had implemented which includes expansion of outlets in strategic locations and prioritise on operational and cost efficiencies,” it added.

Shares of Focus Point rose three sen or 2.34% to close at RM1.31 on Tuesday with a market capitalisation of RM432.3 million, bringing a year-to-date gain of 47.19%.