Heng Hup Holdings Limited provided group earnings guidance for the year ended 31 December 2023. For the year, the group is expected to record an increase in the profit by approximately 400% to 450% as compared to the profit for the corresponding financial year ended 31 December 2022 (?FYE 2022?). The substantial increase in profit of the Group for FYE 2023 was mainly due to the higher scrap ferrous metal sales volume achieved during the second half of the year coupled with continuous enhancements in the procurement and operational efficiency resulted in securing higher profit margin in FYE 2023 as compared to FYE 2022.

Additionally, the Group commenced the trading of iron-ore which substantially operated in the last quarter of FYE 2023 which partially contributed to the higher profit margin for FYE 2023.