Tomei's Net Profit For FY2024 Higher At RM59.5 Mln As More People View Gold As Secure Investment Asset
KUALA LUMPUR, Feb 26 (Bernama) -- Integrated gold jewellery manufacturer and retailer Tomei Consolidated Bhd registered a higher net profit of RM59.50 million for the financial year 2024 (FY2024) versus RM46.43 million in the previous year, primarily driven by higher retail gold prices, which contributed to improved margins.
It also achieved a historic milestone by surpassing the RM1 billion annual revenue mark for the first time with RM1.05 billion in revenue for FY2024, higher by 15.4 per cent from RM909.71 million before.
“We are incredibly proud to surpass the RM1.0 billion annual revenue mark for the first time in our history, demonstrating a significant milestone since our listing in 2006,” Tomei’s group managing director Datuk Ng Yih Pyng said in a statement released today.
He said the achievement is a testament to the company’s strategic growth, strong brand presence, and ability to adapt to evolving market trends.
In terms of the segmental performance in FY2024, the retail segment remained the key growth driver, with revenue rising 14.1 per cent to RM853.2 million from RM747.7 million.
For the fourth quarter ended Dec 31, 2024, net profit stood at RM11.70 million versus RM7.36 million for the same quarter previously, while revenue was RM242.78 million versus RM245.12 million before.
Ng said there is change in consumer mindset, with more individuals viewing gold as both ornaments and a secure investment asset.
“Gold is increasingly seen as a hedge against inflation and a reliable store of value, especially amid ongoing geopolitical uncertainties,” he added.
The group is cautiously optimistic that it will be able to sustain its profitability for the next financial year.
Currently, Tomei operates 60 retail outlets in Malaysia, ensuring high accessibility for customers nationwide.
“Looking ahead, we will focus on enhancing our services and product offerings to deliver greater value and elevate our customers’ shopping experience,” he said.
-- BERNAMA