KUALA LUMPUR (Feb 22): Tomei Consolidated Bhd’s net profit for the fourth quarter ended Dec 31, 2021 (4QFY21) surged 43% to RM16.65 million from RM11.67 million a year prior, as demand improved amid the gradual reopening of the economy.

Earnings per share bumped up to 12.01 sen from 8.42 sen, the jeweller’s filing on Tuesday (Feb 22) showed.

Revenue in the quarter under review rose 39% to RM233.18 million as compared to RM167.84 million a year earlier, contributed by its operating segments' stronger showing.

Tomei’s retail segment reported a revenue of RM161.42 million in 4QFY21, an increase of 46% when compared with the RM110.35 million posted in the previous year’s corresponding quarter.

“Following our aggressive marketing effort and upon the gradual reopening of the economy since August 2021, the retail segment has been enjoying good demand from customers,” it said.

Meanwhile, the group’s manufacturing and wholesale segment posted an 9% increase in revenue to RM71.74 million, as compared to RM66.08 million in 4QFY20, mainly due to an increase in demand from retailers replenishing their stocks after a long period of lockdown.

For the full year (FY21), Tomei’s net profit rose 5% to RM32.77 million from RM31.17 million in FY20, while revenue increased 33% to RM736.07 million in FY21, from RM552.4 million a year ago.

In terms of prospects, the group said the gradual reopening of the economy since August 2021 has facilitated the recovery of its business.

“Coupled with the year-end festivities, the group has done well for the just-concluded financial year,” it added.

Tomei, however, noted that the recent wave of Omicron variant of Covid-19 infections has caused a spike in positive Covid-19 cases in Malaysia and created much anxiety among the people.

“This does not bode well with the retail business, as consumers might shun high-traffic areas such as shopping malls as a precaution to avoid potential infection.

“Due to these uncertainties, the board will stay vigilant and continuously monitor the current situation and will take necessary measures to sustain the group’s operation in the year 2022,” it said. 

Tomei’s share price closed six sen or 6% higher at RM1.06 on Tuesday, giving it a market capitalisation of RM146.92 million.