KUALA LUMPUR (June 18): Poh Kong Holdings Bhd's (KL:POHKONG) net profit jumped 51.6% to RM47.6 million in the third quarter ended April 30, 2024 (3QFY2024), from RM31.4 million a year ago, driven by higher revenue and an overall uptrend in gold prices.

Earnings per share grew to 11.61 sen from 7.66 sen, according to the jeweller's bourse filing. No dividend was declared during the quarter under review.

Revenue rose 36.5% to RM519.6 million in 3QFY2024 from RM380.7 million in the previous corresponding quarter, mainly due to increased demand for gold jewellery and gold investment products.

For the nine-month period (9MFY2024), Poh Kong's net profit rose 30.4% year-on-year (y-o-y) to RM94.9 million from RM72.7 million, as revenue increased 12.5% y-o-y to RM1.3 billion from RM1.15 billion.

Poh Kong's inventories expanded to RM863.07 million as of the end of April compared with RM755.15 million a year ago.

Going forward, Poh Kong is expected to benefit from stronger and more dynamic trade activities, which are anticipated to 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,” it added.

Shares in Poh Kong gained one sen or 0.86% to RM1.17 at market close on Tuesday, valuing the company at RM480.11 million.