Tomei's 1Q net profit jumps 33% on strong gold demand
'We are cautiously optimistic that our proactive approach will help sustain profitability for the remainder of the financial year,' group managing director Datuk Ng Yih Pyng said in a statement.
In the first quarter ended March 31, the integrated gold jewellery manufacturer and retailer posted a 33% jump in net profit to RM27.8mil compared with RM20.9mil a year ago.
Revenue for the quarter rose 7.8% to RM348mil, up from RM322.8mil, supported by festive-driven retail demand and sustained consumer interest in gold, as prices hovered near the all-time high level
Tomei said the retail segment remained the key contributor, posting RM286.7mil in revenue—up 3.3% year-on-year—while profit before tax (PBT) rose 33.9% to RM34.6mil, driven by higher gold prices and improved gross margins.
The manufacturing and wholesale segment recorded a 12.4% increase in revenue to RM61.3mil, with PBT at RM3.5mil.
'We are pleased to begin FY25 on strong footing, supported by festive-driven retail momentum, higher gold prices and consumers' growing appreciation of gold as both adornment and investment,' Ng said.
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