KUALA LUMPUR (Aug 25): Tomei Consolidated Bhd posted a 19-fold jump in net profit to RM25.76 million in the second quarter ended June 30, 2022 (2QFY22) from RM1.36 million a year earlier boosted by sharply higher revenue.

This is the gold and jewellery group's highest quarterly earnings since its listing in 2006.

Earnings per share grew to 18.59 sen from 0.98 sen a year earlier, according to Tomei's bourse filing.

Quarterly revenue surged 103% to RM297.91 million from RM146.64 million, driven by both its retail segment as well as its manufacturing and wholesale segment.

The retail segment saw its revenue jump 141% to RM224.68 million from RM93.28 million as retail sales improved following the reopening of the country’s economy. The segment's profit before tax (PBT) increased to RM32.14 million compared with RM1.45 million previously.

The manufacturing and wholesale division’s revenue jumped 64% to RM90.37 million from RM55.02 million as many retailers replenished their stocks in anticipation of good demand for Hari Raya Aidilfitri. Its PBT rose to RM2.39 million from RM675,000.

For the six months ended June 30, Tomei’s cumulative net profit was RM41.535 million, 174% higher than the RM15.12 million achieved a year ago. Cumulative six-month revenue climbed 36.15% to RM532.055 million from RM390.8 million.

In a separate statement, Tomei group managing director Datuk Ng Yih Pyng said the group is looking to maintain its growth momentum by launching new stores to expand market reach.

As of July, Tomei had 58 stores across Malaysia. The group is targeting to reach at least 60 stores by the end of the year.

“Nevertheless, we remain cautiously optimistic of our prospects ahead as Malaysia’s retail spending indicators affirm the nation’s positive growth momentum, supported by the transition to endemicity and the opening of international borders,” Ng added.

Tomei shares closed up one sen or 1.04% at 97.5 sen on Thursday, valuing the group at RM134.4 million.