Tomei to deliver best financial results ever in FY22


Tomei group managing director Datuk Ng Yih Pyng

KUALA LUMPUR: Tomei Consolidated Bhd is on track to deliver its best-ever annual financial results since its listing with its consistent performance in the financial year ended Dec 31, 2022 (FY22).

Tomei group managing director Datuk Ng Yih Pyng said Tomei had already surpassed its previous year’s financial performance.

“Nevertheless, we remain vigilant as the business outlook of the global economy is plagued with the tightening of monetary policies, escalating interest rates, and worsening supply chain disruptions.

“Moreover, the rising cost of living, increasing risk of recession, and weakening ringgit may further deteriorate the purchasing power among Malaysians,” he said in a statement.

Ng said Tomei will continue to adopt prudent measures to ensure that its financial position remains resilient despite the challenging market conditions and craft strategies to ensure long-term sustainability of its business.

The integrated gold jewellery manufacturer and retailer reported over fourteen-fold increase, year-on-year (YoY), in its profit after tax and minority interest (Patami) to RM14.32mil on the back of a 93.94% growth in revenue to RM217.4mil for the third quarter ended Sept 30.

Tomei said the higher sales were on the back of the reopening of the economy backed by strong demand for gold jewelleries due to increased wedding activities as a result of backlogs during the pandemic season.

For the nine months ended Sept 30, its Patami increased by over three-fold to RM55.85mil from RM16.12mil while revenue soared by 49.03% to RM749.46mil from RM502.89mil.

As at Oct 31, Tomei has 58 stores across Malaysia with a target to hit at least 59 stores by end 2022.

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Tomei , gold , jewellery , Ng Yih Pyng

   

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