Latest news with #NgYihPyng
The Star
22-05-2025
- Business
- The Star
Tomei's 1Q net profit jumps 33% on strong gold demand
KUALA LUMPUR: Tomei Consolidated Bhd remains focused on strengthening its brand, expanding outreach through promotions, and adapting swiftly to market conditions, while acknowledging that global trade tensions and tariff risks may dampen broader economic sentiments. '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.
Barnama
05-05-2025
- Business
- Barnama
ACCIM SEES CORDIAL TALKS AS KEY TO FAIR, BALANCED MALAYSIA-US TRADE DEAL
BUSINESS KUALA LUMPUR, May 5 (Bernama) -- The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) believes that continued cordial negotiations between the Malaysian and United States (US) governments can lead to a fair and balanced trade deal. ACCCIM president Datuk Ng Yih Pyng said in a statement today that such a deal would deepen Malaysia-US bilateral trade and investment through enhanced market access and reduced tariffs. 'There is no reason to inflict severe economic damage on businesses from both countries, particularly those sectors and industries that have significant market presence in the US and vice versa,' he said. Ng also said the association suggested that the government increase the amount of Market Development Grant (MDG), which currently stands at RM5,000 for international fairs or exhibitions held in Malaysia and RM25,000 for those held overseas. He added that ACCCIM supports efforts to engage in more free trade agreements (FTAs), including resuming the FTA negotiations with South Korea and the European Union (EU). Ng said that with many countries now facing an extraordinary wall of tariffs, many micro, small and medium enterprises (MSMEs) have expressed concern that more products from Malaysia's trading partners may be dumped into the local market, weakening domestic industries. 'The flooding of foreign goods would nonetheless increase competitive pressure on domestic MSMEs, particularly in sectors such as trading, retailing, furniture, iron and steel, consumer durables, and e-commerce, where margins are already tight,' he said. Ng added that the association has proposed a multifaceted approach to curbing 'rebadged' products. Among the suggestions are enhanced customs inspections and enforcement using risk-based profiling and targeted checks, focusing on sectors or products with high tariff differentials. The approach includes mandating stricter verification and compliance of the Certificate of Origin and Rules of Origin to prevent 'renegade product' activities at ports.
The Star
26-04-2025
- Business
- The Star
Gold rush among investors
Soaring prices and global uncertainties can't stop buying frenzy PETALING JAYA: All that glitters is gold these days, with investors in a buying frenzy for the prized commodity. Soaring gold prices and global uncertainties are fuelling the appetite for the traditional safe-haven asset. 'There is still a lot of interest in investment for (gold) bars,' said local jeweller Tomei Consolidated Bhd managing director Datuk Ng Yih Pyng. Ng, who is also the adviser of the Federation of Goldsmiths and Jewellers Association of Malaysia, said the uptake for jewellery usually slows down after the festive season. On whether he expects prices to rise, he said the outlook for gold remains bullish and central banks too are increasing their gold reserves. 'As long as central banks are buying, the chances for gold (prices) to come down is difficult,' he said. Rakuten Trade Sdn Bhd head of research Kenny Yee Shen Pin said the interest in gold as an asset class may be fuelled by the forecast that the price of gold will hit US$5,000 (RM21,880) per troy ounce by year end. 'I think gold is seeing unprecedented buying support over the last year,' he said. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the demand for gold from global central banks has increased by 20.2% per annum, based on a compound annual growth rate (CAGR) from 2010 to 2024. 'At the same time, we also see that the share of US dollar global forex reserve share has gone down from more than 70% in the 1990s to 58% in 2024. 'On that note, the de-dolarisation has occurred and it seems that gold has become prominent, especially among the central banks,' he said. (De-dollarisation refers to nations reducing reliance on the US dollar as a reserve currency.) 'It also appears that the current uncertainties over US tariffs have compromised confidence in the United States as the safe haven status. So, the tariff war would actually accelerate the de-dolarisation,' he added. Sunway University economics professor Dr Yeah Kim Leng said the uncertainties, especially with US President Donald Trump's tariffs, have fuelled the demand for safe-haven assets. 'Gold is a safe-haven asset that experiences strong demand and price increases during uncertain times such as that being experienced now with Trump's unprecedented unilateral tariff hikes,' he said. 'Besides uncertainty, another major factor causing the rise in gold prices is de-dollarisation as central banks, particularly China, shift reserve holdings from US Treasuries to gold in light of worsening US economic fundamentals such as rising fiscal deficits and debts,' he added. Spot gold briefly hit a record high of US$3,500 per troy ounce (RM15,444) on Tuesday before easing and trading at the US$3,299.69 (RM14,420) mark yesterday. JP Morgan has predicted that gold prices could breach US$4,000 per troy ounce by 2Q26 although some analysts are already looking at US$5,000 per troy ounce by the year-end.
