KUALA LUMPUR: Well Chip Group Bhd
plans to expand its pawnshop network in Melaka and Johor as it looks to strengthen its market presence and grow its pawnbroking business.
The pawnbroking group, which currently operates 27 pawnshops and five jewellery and gold retail outlets, said the expansion would focus on selected strategic locations to improve customer accessibility.
In the second quarter ended June 30, Well Chip’s net profit rose 17.9% to RM23.9mil, or an earnings per share of four sen, lifting its first-half net profit by 35.7% to RM51.8mil, or 8.60 sen per share.
Quarterly revenue climbed 8.7% to RM71.6mil, bringing first-half revenue 17.3% higher to RM147.6mil. The first-half performance reflected continued customer demand for bridging financing.
