KUALA LUMPUR (Sept 24): Poh Kong Holdings Bhd (KL:POHKONG) closed its financial year 2024 with record annual earnings of RM116.9 million, up over 49% from RM78.4 million in FY2023, thanks to rising gold prices.

Gold prices hit another record high of over US$2,636.85 (RM11,003.58) per ounce on Tuesday, on the back of broadly dovish comments from US Federal Reserve officials and escalating tensions in the Middle East.

Poh Kong’s cumulative revenue for FY2024, which ended on July 31, 2024, rose 11.7% to RM1.64 billion from RM1.47 billion in the previous year, according to the jewellery maker's bourse filing. Earnings per share increased to 28.49 sen from 19.12 sen.

Net profit for the fourth quarter surged more than four times year on year to RM22.03 million from RM4.98 million, while revenue grew 8.5% to RM342.5 million from RM315.7 million.

The company attributed the revenue growth mainly to higher demand for gold jewellery and gold investment products during the quarter.

Poh Kong has proposed a final single-tier dividend of three sen per share, higher than the two sen per share declared in the same quarter last year. The payment date will be announced later.

"We will continuously monitor the impact of current uncertainties on our operations, uphold our financial obligations, and evaluate our performance on an ongoing basis," the company stated regarding its outlook.

Poh Kong also expressed confidence that it has adequate measures in place to meet challenges in FY2025, barring unforeseen circumstances.

Shares in Poh Kong closed unchanged at RM1.19 on Tuesday, with a year-to-date increase of 40.7%. The stock hit a high of RM1.29 in May this year, as investor demand surged across the broader metals market amid optimism that the US may cut interest rates this year.

At RM1.19, Poh Kong is valued at RM488.3 million.