Is Haw Par Corporation profitable in 2025?

Yes. FY2025 net profit rose 16.3% year on year to S$265.5 million even as group revenue fell 6% to S$230.0 million, with the gain driven by higher investment and dividend income from its UOB and UOL stakes, per its FY2025 annual report dated 2025-12-31.

Who owns Haw Par Corporation?

Haw Par is controlled by the Wee Cho Yaw banking family through vehicles like Wee Investments and C.Y. Wee & Company, with a deemed stake reported at 33.27% in a June 2026 filing. UOB Asset Management separately holds about 9.8% of Haw Par shares.

Could AI replace Haw Par's Tiger Balm business?

Unlikely. Tiger Balm is manufactured in three compliant plants and sold through pharmacy distribution across 100+ countries; AI has no evidence of touching manufacturing or regulatory approval, only marketing edges, per company AGM disclosures as of April 2026.

Is Haleon or Hisamitsu beating Tiger Balm in sales?

No public evidence shows Haleon (Bengay), Hisamitsu (Salonpas), or P&G (Vicks) have displaced Tiger Balm despite decades of overlapping distribution; Haw Par's 2025 revenue decline is attributed to macro Asian consumer caution, not competitive loss, per its FY2025 annual report.

Is Haw Par Corporation a safe company to join?

It appears financially stable, with about 595 employees as of mid-2026, a S$3.73 billion market cap as of 2026-07-15, and net profit growth of 16.3% in FY2025 despite a revenue dip, reflecting a low-headcount, capital-light holding structure.

Why did Haw Par's revenue drop in the second half of 2025?

Second half 2025 revenue fell 18.2% year on year to S$103.6 million, reversing a strong first half, due to cautious Asian consumer sentiment weighing on Healthcare sales and continued property vacancy pressure in Malaysia, per company filings covering 2025-12-31.

Pharma and healthcare groups · Singapore

Haw Par Corporation

hawpar.com ↗

Maker of Tiger Balm ointments plus a holding company sitting on big UOB and UOL stakes.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from 11 August 2026 · Every call on the record Checkpoint: H1 2026 earnings release, showing whether the 2H2025 healthcare revenue drop was one-off or a trend

The call

A slow-moving balm business propped up by decades-old brand trust and a fat portfolio of bank shares, not by any technology edge.

Haw Par makes Tiger Balm, a pain-relief ointment sold in pharmacies worldwide for over 150 years, plus it owns big stakes in banks that pay dividends. Competitors like Bengay and Vicks have tried to take share for decades but have not succeeded because Tiger Balm's long history and global approvals are hard to copy, and no AI can replace a physical ointment that people rub on skin. The key question is whether the recent drop in ointment sales is just customers being cautious during economic slowdowns or a sign that people are losing interest in the brand itself; this answer by the end of 2026 will tell you if the company is truly durable or in quiet decline.

Why

AI pressure: None apparent. Tiger Balm is a physical ointment made in three plants and sold through pharmacies; no AI product replaces that. Could AI do the core job? Unlikely.

Bigger players: Haleon (Bengay), P&G (Vicks), Hisamitsu (Salonpas). Bigger rivals sell competing balms and patches worldwide but have not pulled share from Tiger Balm's pharmacy shelf space in decades. Could a giant copy it? Probably.

What protects it. 150+ years of brand trust, deep regulatory approvals in 100+ countries, and pharmacy distribution that new entrants can't quickly copy.

What would change this call

Haw Par's H1 2026 earnings release around 11 August 2026 shows healthcare revenue trend. Reveals whether the 2H2025 -18.2% healthcare revenue drop was cyclical or a structural brand-fatigue signal.
Any announcement of a family take-private offer or general offer by the Wee family for Haw Par. Would show controlling shareholders moving to capture value away from minority holders.
FY2026 India and US market revenue figures reported in annual or interim results. Tests whether management's promised geographic expansion is actually delivering growth.

Key numbers

FY2025 net profit up 16.3% to S$265.5m despite revenue fall (2025-12-31)
2H2025 revenue fell 18.2% y/y to S$103.6m (2025-12-31)
Gross margin rose to 56.5% in 1H2025 (2025-06-30)

Named risks

Second consecutive double-digit healthcare revenue decline in FY26 could signal brand fatigue not macro softness. Severity: high
Family take-private or continued Wee stake-building at a discount could cloud minority equity value. Severity: medium
Malaysia Klang Valley property segment vacancy (~38% occupancy) pressures non-core earnings. Severity: medium
Potential Strait of Hormuz disruption could raise raw material and shipping costs, per company AGM acknowledgment. Severity: low
Regulatory action in top-3 export markets (US, Hong Kong, Thailand) following 2019 FDA warning letter precedent. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Haleon (Bengay)	contesting	No displacement of Tiger Balm despite decades of overlapping distribution as of 2026-07
Hisamitsu (Salonpas)	contesting	Distribution muscle exists but Tiger Balm remains top-3 in Hong Kong, Thailand, US markets, 2026-07-14
Procter & Gamble (Vicks)	contesting	Overlaps in cooling-balm use cases; no evidence of share loss by Haw Par as of FY2025
Kenvue	contesting	Large multinational OTC brand adjacent to Healthcare segment; no direct displacement reported through 2026

Questions people ask

Is Haw Par Corporation profitable in 2025?: Yes. FY2025 net profit rose 16.3% year on year to S$265.5 million even as group revenue fell 6% to S$230.0 million, with the gain driven by higher investment and dividend income from its UOB and UOL stakes, per its FY2025 annual report dated 2025-12-31.
Who owns Haw Par Corporation?: Haw Par is controlled by the Wee Cho Yaw banking family through vehicles like Wee Investments and C.Y. Wee & Company, with a deemed stake reported at 33.27% in a June 2026 filing. UOB Asset Management separately holds about 9.8% of Haw Par shares.
Could AI replace Haw Par's Tiger Balm business?: Unlikely. Tiger Balm is manufactured in three compliant plants and sold through pharmacy distribution across 100+ countries; AI has no evidence of touching manufacturing or regulatory approval, only marketing edges, per company AGM disclosures as of April 2026.
Is Haleon or Hisamitsu beating Tiger Balm in sales?: No public evidence shows Haleon (Bengay), Hisamitsu (Salonpas), or P&G (Vicks) have displaced Tiger Balm despite decades of overlapping distribution; Haw Par's 2025 revenue decline is attributed to macro Asian consumer caution, not competitive loss, per its FY2025 annual report.
Is Haw Par Corporation a safe company to join?: It appears financially stable, with about 595 employees as of mid-2026, a S$3.73 billion market cap as of 2026-07-15, and net profit growth of 16.3% in FY2025 despite a revenue dip, reflecting a low-headcount, capital-light holding structure.
Why did Haw Par's revenue drop in the second half of 2025?: Second half 2025 revenue fell 18.2% year on year to S$103.6 million, reversing a strong first half, due to cautious Asian consumer sentiment weighing on Healthcare sales and continued property vacancy pressure in Malaysia, per company filings covering 2025-12-31.

Timeline

2026-08-11H1 2026 results expected to be released
2026-07-15Market capitalization reported at approximately S$3.73 billion
2026-06-23Wee family vehicles reported raising deemed stake in Haw Par to 33.27%
2026-04AGM: board confirms no plans to close Tiger Balm plants, noncommittal on spinoff calls
2025-12-31FY2025 results: revenue down 6% to S$230.0m, net profit up 16.3% to S$265.5m
2025-06-301H2025 results: revenue up 7.0% to S$126.3m, net profit up 18.2% to S$144.1m
2024-02-03Chairman Dr Wee Cho Yaw passes away
2024Tiger Balm Oil launched in Tamil Nadu, India
2019-08-19FDA warning letter issued over misbranding of Tiger Balm Liniment
1969-07-18Haw Par incorporated in Singapore and listed on SGX

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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