Tomei Consolidated Bhd chairman Raja Tan Sri Aman (centre), managing director Datuk Ng Yih Pyng (front row, second from left) with others members of the board of directors at 19th AGM on Thursday. (Photo by Zahid Izzan/The Edge)

KUALA LUMPUR (May 16): Tomei Consolidated Bhd’s net profit jumped 76.38% to RM20.94 million in the first quarter ended March 31, 2024 (1QFY2024), from 11.87 million a year before, led by higher sales during the festive seasons — Chinese New Year and Hari Raya.

It was the highest quarterly net profit recorded by the group since 2QFY2022.

Earnings per share came in higher at 15.11 sen, from 8.56 sen a year before, the gold and jewellery retailer’s bourse filing showed on Thursday (May 16).

Its revenue for the quarter rose 35.77% to RM322.76 million from RM237.73 million a year earlier, led by stronger performance of its retail and manufacturing and wholesale segments.

Tomei’s retail segment reported a revenue of RM277.59 million in 1QFY2024, an increase of 43% compared with the RM197.71 million posted in the previous year’s corresponding quarter. The segment profit before tax (PBT) jumped 97% to RM25.84 million, from RM13.1 million previously.

Meanwhile, the group’s manufacturing and wholesale segment’s revenue was up 10% to RM68.57 million in 1QFY2024 from RM62.57 million a year ago, mainly due to higher gold jewellery selling price.

Its PBT, however, was flat at RM3.61 million in 1QFY2024 from RM3.56 million a year before.

On its outlook, Tomei said it will continue to monitor the changing landscape of the country’s economy and business outlook and take necessary steps to sustain the group’s profitability for the next three quarters.

Earlier on Thursday, the group anticipated that the newly introduced Employees Provident Fund's (EPF) Account 3 would enhance consumers' spending power, potentially boosting its sales.

This coupled with the higher gold prices and increased tourist numbers, Ng anticipates a positive outlook for Tomei’s financial performance this year ending Dec 31, 2024 (FY2024).

"We hope to perform better than last year and continue to grow moderately," said Tomei group managing director Datuk Ng Yih Pyng at a press conference following its annual general meeting.

On Thursday, Tomei’s share price closed up 29 sen or 16.7% to RM2.03, bringing the group a market capitalisation of RM281 million. Year to date, the stock has jumped 61%.