Pappajack Publishes Financial Reports For FY2021 As It Heads For IPO

PappajackBhd achieved a pre-tax profit of RM2.412 million on the back of a turnover of RM28.925 million for the fourth quarter ending December 2021. For the cumulative quarter, it achieved a pre-tax profit of RM10.416 million on the back of a turnover of RM54.332 million

In a Bursa filing, it said that the Group derived revenue of RM28.92 million and RM54.33 million for individual quarter (“4Q2021”) and a cumulative quarter (“FYE2021”) respectively.

It said that the Revenue from pawnbroking was RM4.85 million for 4Q2021 and RM19.17 million for the FYE2021, representing 16.77% and 35.29% of total revenue respectively. Whereas revenue from sale of unredeemed or bid pledges was RM24.07 million for 4Q2021 and RM35.16 million for the FYE2021, accounting for 83.23% and 64.71% of total revenue of individual quarter and FYE2021 respectively.

On its prospects, it said that the Group, with its planned proceeds from its IPO on the ACE Market of Bursa Securities, plans to continue expanding its network of pawnbroking outlets and at the same time penetrate new geographical markets within Peninsular Malaysia.

It said that by expanding the Group’s network of pawnbroking outlets, the Group would be able to increase its market presence and serve a wider customer base. The expansion will support and contribute positively to the Group’s financial performance.

As the country moves into an endemic phase, the Group is experiencing growing traffic at its pawnbroking outlets and increase in deployment of pawn loans.

It said that due to various Covid-19 movement restrictions imposed by the Government, the past two years have been a challenging operating environment for the Group as there were less customer traffics and there were limited public auctions for the Group to sell its unredeemed pledges

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