KUALA LUMPUR (Dec 19): Poh Kong Holdings Bhd’s net profit for the first quarter ended Oct 31, 2023 (1QFY2024) rose 21.29% to RM19 million from RM15.67 million in the previous year's corresponding quarter despite lower revenue, largely driven by an uptrend in gold prices.

Quarterly revenue dipped 3.88% to RM355.98 million from RM370.36 million on lower demand for gold jewelry products amid weaker market sentiment.

Compared with the immediate preceding quarter, the group’s net profit is about four times the RM4.98 million it made in 4QFY2023 while revenue climbed 12.77% from RM315.66 million.

Moving forward, the group noted that the Malaysian economy is expected to strengthen in 2024, and stronger and more dynamic trade activities will translate into greater demand for gold and gold products.

“An optimistic outlook must at the same time take cognisance of market corrections and global uncertainties. The group will continuously monitor the impact of the current uncertainties on our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis,” it said.

"Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for FY2024 ending July 31, 2024," it added.

Shares in Poh Kong closed 0.5 sen or 0.59% lower at 84.5 sen, valuing the group at RM347 million.