KUALA LUMPUR (April 16): Gold jewellery manufacturer Tomei Consolidated Bhd, whose share price hit a record high last week amid rising gold prices, has declared a first and final dividend of four sen per share for the financial year ended Dec 31, 2023 (FY2023).

The dividend, amounting to RM5.54 million, will be paid on June 6, according to the group’s filing with Bursa Malaysia on Tuesday. The group had paid a similar rate of dividend  in FY2022.

Tomei had posted a net profit of RM46.43 million for FY2023, down 29.55% from RM65.91 million for FY2022. Revenue slipped 6.63% to RM909.71 million, from RM974.34 million.

“It should be noted that the year 2022 was an exceptional year. It marked the re-opening of our economy post Covid-19, which then triggered revenge spending among consumers,” the group said in its annual report released on Tuesday.

Moving into FY2024, the group expects to achieve a “reasonable level of profitability” amid the uncertain business outlook due to global conflicts.

“The business risks that would impact the most on the group’s operation are gold price and the US dollar. The group monitors the movement of gold price and the US dollar closely, to ensure that such fluctuation do not negatively affect the group’s performance,” added Tomei.

Tomei shares closed four sen or 2.5% lower at RM1.56 on Tuesday, giving the group a market capitalisation of RM216.22 million. The stock has gained 23.81% since the beginning of this year.