Hanwell Holdings has more than tripled its earnings to $22.2 million for the FY2020 ended December, compared to earnings of $6.1 million a year ago.

While the higher earnings were mainly attributable to the higher other income of $6.1 million during the period, 107.7% higher y-o-y due to the grants received from the government, the group saw a 2.2% y-o-y increase in FY2020 revenue of $471.4 million.

The higher revenue was mainly due to higher revenue achieved by the Singapore Consumer Business, which observed higher demand for its products such as rice and tofu during the year.

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