KUALA LUMPUR (Aug 12): Recently-listed Well Chip Group Bhd (KL:WELLCHIP) reported a second quarter (2Q) net profit of RM14.28 million, up 20% compared with RM11.9 million in the first quarter.
Revenue for the quarter ended June 30, 2024 (2QFY2024) rose 16.6% to RM63.92 million, from RM54.82 million in 1QFY2024, according to the Johor-based pawnbroker's exchange filing on Monday.
There are no comparative figures for the same quarter last year as this is the company’s second interim financial report to Bursa Malaysia.
No dividend was declared for the quarter.
Well Chip said RM22.48 million or 35.2% of its revenue came from pawnbroking services, while RM41.44 million or 64.8% was from retail sale and trading of jewellery and gold.
For the first six month of FY20224, the company posted a net profit of RM26.2 million on revenue of RM118.7 million.
Looking ahead, Well Chip said it plans to expand its pawnshop network in Johor and enter new markets in Peninsular Malaysia.
It aims to open five new pawnshops in Johor and two in Melaka within 24 months, pending pawnbroking licence approvals.
Well Chip shares closed two sen or 1.16% lower at RM1.70, giving the company a market capitalisation of RM1.02 billion. The stock has risen over 47% from its IPO price of RM1.15.