KUALA LUMPUR (Aug 22): Tomei Consolidated Bhd’s (KL:TOMEI) net profit increased by 16.8% to RM19.9 million in the second quarter ended June 30, 2024 (2QFY2024), up from RM17 million a year earlier, on the back of higher revenue.

Earnings per share rose to 14.34 sen from 12.28 sen in the previous year, according to the gold and jewellery retailer's bourse filing. No dividend was declared for the quarter under review.

Revenue for the quarter climbed 19.5% year-on-year (y-o-y) to RM266.9 million from RM223.4 million, thanks to higher contributions from its retail segment.

Retail segment revenue grew 14% y-o-y to RM214.7 million from RM188.1 million, driven by higher gold selling prices, while manufacturing and wholesale segment revenue was flat at RM61.8 million compared to the same quarter last year.

For the six months ended June 30, 2024 (6MFY2024), Tomei’s net profit surged 41.3% y-o-y to RM40.8 million from RM28.9 million, and revenue increased 28% y-o-y to RM586.7 million from RM461.1 million.

Looking ahead, Tomei noted that geopolitical conflicts and the government's subsidy rationalisation programme have impacted consumer spending.

Despite this, the group remains cautious and will continue focusing on cost efficiency and productivity to sustain profitability for the rest of the financial year.

Shares in Tomei fell four sen or 1.93% to RM2.03 at Thursday's close, giving it a market capitalisation of RM281.36 million. Year to date, the stock has risen over 66%.