KUALA LUMPUR (Dec 20): Poh Kong Holdings Bhd’s net profit jumped almost three times year-on-year (y-o-y) for the first quarter ended Oct 31, 2022 (1QFY2023), driven by rising demand for gold jewellery and investment products amid a rebound of the economy.

Net profit soared to RM15.67 million for 1QFY2023 from RM5.42 million a year ago, while revenue more than doubled to RM370.36 million from RM175.29 million, its bourse filing showed. Earnings per share rose to 3.82 sen from 1.32 sen. No dividend was declared.

“Last year, revenue was affected by a nationwide lockdown effective 1 June 2021, and our retail business was only allowed to reopen on Aug 16, 2021. The group leveraged on the rising demand for gold jewellery and gold investment products, which came with the rebound of the economy, resulting in a higher revenue during the quarter under review,” said Poh Kong.

Compared with the immediate preceding quarter of 4QFY2022, however, the group’s net profit has dropped 47% from RM29.84 million, as revenue eased 11% from RM414.66 million.

Going forward, Poh Kong said it has put in place adequate measures to meet the challenges of FY2023.

Poh Kong shares closed unchanged at 79 sen per share on Tuesday (Dec 20), giving it a market capitalisation of RM324.18 million.