Tomei Consolidated Bhd is optimistic that the demand for gold would remain steady despite the current higher prices, thus, ensuring that the manufacturer and retailer of jewellery stays profitable in the financial year 2023 (FY2023).
Managing director Datuk Ng Yih Pyng said spending on gold for cultural and investment purposes would continue to remain despite various rising concerns.
On domestic retail side, he said gold prices have increased three times this year and there is still room to increase further.
“Generally, I think the Malaysian economy will continue to grow but of course, there’s a bit of pressure on inflation and the (availability of) disposable income generally might be affected a bit.
“Having said that, we should be able to continue to be profitable and we hope to achieve our sales (target),” he told reporters after Tomei’s annual general meeting here today.
Ng, however, did not disclose Tomei’s targets for the year.
On the global market, he said the gold prices, which currently traded between US$1,900 and above US$2,000 per ounce, would remain positive backed by demand from central banks.
Chairman Raja Tan Sri Aman Raja Ahmad said many central banks are converting their US-denominated bonds to gold.
“The BRICS (Brazil, Russia, India, China and South Africa), theirs all backed by gold,” he added.
In FY 2022, Tomei’s net profit doubled to RM65. 89 million from RM32.77 million a year before amid higher sales volume.
Revenue jumped to RM974.31 million from RM736.07 million previously.
