YX Precious Metals Bhd reported its third-quarter results for the financial year ending 31 December 2023 delivering a profit after tax of RM1.9 million on the back of a revenue of RM53.6 million. The wholesale segment itself recorded a revenue of RM42 million. The design and manufacture segment generated RM11.6 million for the quarter under review, leaping by over 100% from RM5.3 million in the corresponding quarter last year.
For the nine-month period ended 30 September 2023, YXPM recorded a 14.1% growth, year on year, in PAT to RM7.4 million on the back of a revenue of RM178 million. The PAT growth was supported by lower administrative expenses, as well as higher sales generated from the design and manufacture segment of RM32.8 million, representing an increase of over 100%, year on year. The spike in the segment’s revenue in turn was attributed to higher demand for gold jewelleries from Peninsular Malaysia.
Commenting on the results, YXPM managing director Ng Sheau Chyn said, “The operating environment remains challenging as recent geopolitical tensions and the impending high-value goods tax remain a concern. Nonetheless, we remain committed to our strategies to widen our range of gold jewelry offerings to our customers, through the utilisation of our IPO proceeds by obtaining new machinery and equipment whilst we carry out the expansion and upgrading of our facilities. Overall, we remain optimistic about the Group’s ability to deliver a satisfactory financial performance for 2023.
