Poh Kong Gains From Rising Gold Price Albeit Lower Revenue

Poh Kong’s revenue for the first quarter2024 was lower at RM355.980 million as compared to the revenue in the corresponding quarter last year of RM370.363 million, a decrease of RM14.383 million. The group attributed the decrease in
revenue to mainly from a weak market sentiment, decrease in demand of gold jewellery products.

The higher revenue and the increase in gold prices had improved profit margin as compared with the preceding quarter. The Group’s profit before tax in the current quarter was RM24.597 million while PAT rose to RM19 million compared to RM15 million registered in the previous years quarter period. Poh Kong says the overall uptrend in gold prices had improved the operating profits in the current quarter under review.

On the outlook, the jeweller expects stronger and more dynamic trade activities next year will translate into a greater demand for gold and gold products and is optimistic but at the same time cognisant of market corrections and global

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