PETALING JAYA: Poh Kong Holdings Bhd
will continue to expand its business by increasing the efficacy of its marketing strategies.
Executive chairman and group managing director Datuk Choon Yee Seiong said the group already had early success with social media.
“We are now looking at influencer marketing to garner attention for the Poh Kong brand and gain new followers, younger customers and a high online visibility,” he said in the company’s annual report.
“We have already seen our online presence grow and make significant contributions to Poh Kong’s sales and bottom line.
“We are creating an even bigger online presence on social media and expanding our reach exponentially,” Choon added.
He said continued networking and collaborations within the industry will help Poh Kong to grow both in strength and profitability. For its first quarter ended Oct 31, 2023, Poh Kong’s net profit rose to RM19mil from RM15.67mil in the previous corresponding period, while revenue was lower at RM355.98mil from RM370.36mil a year earlier.Poh Kong, in filing with Bursa Malaysia on its latest financial results, said the decrease in revenue was due mainly to a weak market sentiment, decrease in demand of gold jewellery products during the quarter under review.
Basic earnings per share during the quarter stood at 4.63 sen versus 3.82 sen previously. Going forward, Choon said the group remains optimistic in the long term, as gold prices are set to rebound.
“According to the latest long-term forecast, gold prices will hit US$1,900 by the end of 2023 and then US$2,000 by the middle of 2024.
“Gold will rise to US$2,200 within the year of 2025, US$2,700 in 2026, US$3,000 in 2028, US$3,500 in 2031 and US$4,000 in 2033.” He said the higher gold price will enhance Poh Kong’s profit margin.
