YXPM posts 21.4% gross profit growth for Q1FYE2024

KUALA LUMPUR: YX Precious Metals Bhd (YXPM), a wholesaler and manufacturer specialising in gold jewellery, today announced its first quarter results for the financial year ending Dec 31,2024 (Q1FYE2024).

For the quarter under review, the Group recorded 9.6% growth in revenue to RM68.6 million from RM62.6 million in the corresponding quarter last year. The increase was predominantly due to higher selling price of gold jewellery from both wholesale as well as design and manufacture segments. On the back of the improved revenue, gross profit expanded by 21.4% to RM6.5 million in contrast to RM5.3 million. Profit before tax (PBT) and profit after tax (PAT) were RM3.6 million and RM2.7 million respectively.

The wholesale segment recorded an increase of 3.4% in revenue to RM59.4 million, making it the largest revenue contributor to the Group, while the design and manufacture segment’s revenue rose significantly by 79.4% to RM9.2 million.

On a quarter-on-quarter basis, YXPM’s revenue jumped 10.9% from RM61.8 million to RM68.6 million, attributed to the higher jewellery selling price and sales volume. The PBT and PAT increased by 69.5% and 63.9% respectively compared to last quarter’s PBT of RM2.1 million and PAT of RM1.6 million.

Commenting on the results, YXPM managing director Ng Sheau Chyn said, “As we start the financial year 2024 with a positive results performance, we hope to sustain this momentum till the end of the year. Despite the challenging environment due to geopolitical risks, fluctuations of global gold prices, foreign exchange rate and uncertainties of local jewellery demands, we remain vigilant and taking necessary measures to meet the challenges ahead.”

She further added, “On 29 April 2024, the Group submitted an application to Securities Commission Malaysia for the proposed transfer of listing and quotation for the entire issued share capital of YXPM from the ACE Market to the Main Market of Bursa Securities. This transfer reflects our commitment to advancing growth opportunities and enhancing shareholder value. We hope this underscores shareholders’ confidence in YXPM’s potential and aligns with the vision for sustainable expansion in the market.”