Poh Kong 3Q profit up 52%

Poh Kong’s revenue increased by 36% to RM519.6mil.

PETALING JAYA: Poh Kong Holdings Bhd, Malaysia’s largest jewellery retail chain owner, has painted an optimistic operating outlook ahead, although it says it will continue to take cognisance of “market corrections and global uncertainties”.

For the third quarter ended April 30, 2024 (3Q24), the jeweller’s net profit rose by 52% year-on-year (y-o-y) to RM47.6mil, underpinned by the increase in revenue and overall uptrend in gold prices.

Poh Kong’s revenue also increased by 36% to RM519.6mil, mainly due to the increase in demand for gold jewellery and gold investment products.

The improved bottomline translated to a higher earnings per share of 11.61 sen. It did not declare a dividend for the third quarter under review.

For the nine months ended April 30, 2024, Poh Kong posted a 30% y-o-y increase in net profit to RM94.9mil while its revenue grew by 13% y-o-y to RM1.3bil. In a filing with Bursa Malaysia, the group said the economy is expected to strengthen in 2024, growing amid expansion in all sectors.

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