KUALA LUMPUR: Poh Kong Holdings Bhd posted a net profit of RM29.84 million in the fourth quarter ended July 31, 2022 compared with a net loss of RM13.26 million in the corresponding quarter last year.
The turnaround was in tandem with increased revenue due to high demand for gold jewellery and investment products following the reopening of the economy.
The group’s revenue, which is largely derived from the retail segment, more than tripled to RM414.66 million from RM85.62 million in the same period last year, driven by rising demand for gold jewellery and gold investment products.
Last year, its revenue was affected by a nationwide lockdown effective from June 1, 2021 and its retail business was only allowed to reopen on Aug 16, 2021.
For the full year, Poh Kong more than doubled its net profit to RM92.20 million from RM36.76 million last year, underpinned by the increased revenue reported. Revenue rose 50.88% to RM1.36 billion from RM903.10 million.
The group has declared an interim dividend of 1 sen per share, payable on Nov 30, 2022. Additionally, it has proposed a final single tier dividend of 1.3 sen per share, subject to the approval of shareholders at its upcoming AGM.
On prospects, the group said the reopening of the economy will undoubtedly be reflected by a gradual recovery, with higher global growth which provides a further lift to the overall economy. It will continuously monitor the impact of the current uncertainties of our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis.
Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for financial year ending July 31, 2023.