At the opening bell, the company saw 17.07 million of its shares changing hands.
Business development manager Ervin Quek Yan Song said the company is optimistic about its prospects due to its competitive strength and the resilient home furnishing market as home furniture continues to be sought after globally in line with the growing demand for housing.
He said currently, the company exports to more than 45 countries, and most of its revenue is contributed by clients from North America, Asia, Europe, South America, North Africa and Malaysia.
"Mobilia will continue to engage with international and domestic clients to further enhance our customer base,” he told a virtual press conference in conjunction with the company’s listing today.
Quek said that the global furniture consumption is expected to grow at a compound annual growth rate (CAGR) of 2.8 per cent, while Malaysia’s furniture export is likely to grow at a CAGR of 5.0 per cent.
Despite the COVID-19 pandemic, he said the company had continued its marketing efforts by engaging with potential clients online while conducting research to identify new customers at the same time.
For the pandemic-impacted financial year 2020 (FY2020), Mobilia’s revenue was lower at RM44.7 million from RM75.6 million recorded in FY2019.
Commenting on this, Quek said the group expects the industry to recover quickly post-pandemic, adding that with the rising number of people working from home, demand for home furniture could increase and thus cushion the pandemic’s economic impact on the industry. - Bernama