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Thursday, 19 January 2017

Poh Kong targeting better results , expects faster revenue growth for this financial year宝光销售料平稳.推创新产品攫年轻市场

Poh Kong targeting better results , expects faster revenue growth for this financial year

Jewellery maker Poh Kong Holdings Bhd is targeting faster revenue growth this year on stronger demand for gold bullion.

Poh Kong Holdings Bhd expects a better performance in the financial year ending July 31, 2017 (FY17) on the back of an increase in profit for the first quarter ended Oct 31, 2016 (Q1 FY17)

The company is also seeing brisk sales online.

It recorded a higher pre-tax profit of RM2.43mil in the first quarter compared to RM487,000, while revenue was at RM185.47mil compared to RM172.3mil previously.

“We are anticipating a higher growth in revenue for financial year 2017 (FY17) based on our extrapolation of Poh Kong’s sales which grew by 7.6% to RM185mil in the first quarter of financial year 2017 (Q1’17),” said its corporate affairs, administration and human resources head Margaret Hon, after the company’s annual general meeting.

Executive director Ermin Siow Der Ming said the jewellery retail chain would continue to look for opportunities to expand further and grow market share, despite challenges faced by the industry.

Margaret said that several financial measures have been undertaken to streamline Poh Kong’s business operations such as by consolidating non-performing stores and establishing more outlets in high growth potential areas.

“Among the initiatives are cost-control, product innovation, promotion of our online business and store expansion.

“We plan to open three to five stores with an estimated total capital expenditure, including inventories of between RM3mil and RM5mil for each store this year,” Siow told reporters after the group’s AGM in Kuala Lumpur .

Siow said Poh Kong would open two new stores in Johor, namely at Aeon Kempas and Paradigm Mall, adding the company had targeted a minimum 100 stores by year-end from 97 currently.

This year, Poh Kong is planning to open up to a total of five jewellery stores, in addition to its existing 102 outlets nationwide under various brands.

Meanwhile, marketing manager Elizabeth Choon said the company would consistently showcase products suitable for the current economic situation, to boost sales.

The company is also seeking to increase its online sales due to increasing popularity from customers. Currently, jewelleries from Poh Kong can be bought online through websites such as Lazada and 11Street and

“We will also be expanding to more online channels in this regard,” Elizabeth  said.

“Online sales for Poh Kong have been picking up. However, it could not be compared to outlet sales as the contribution is still small,” said Poh Kong marketing manager Elizabeth Choon.

At the AGM held on Monday, Poh Kong announced sales revenue of RM776.53mil for the financial year ended July 31, 2016 (FY16), lower when compared to the RM805.71mil recorded previously.

Based on calculations by analysts, Poh Kong controlled a market share of approximately 16-20%, in the domestic jewellery market estimated to be worth RM5bil.

The group registered a lower pre-tax profit of RM17.48mil in the financial year under review from the RM8.65mil recorded in FY15.

Poh Kong posted a net profit of RM11mil in FY16 which ended July 31, albeit being 24% lower than FY15 net profit of RM14.5mil. As for Q1’17, its net profit rose by more than five-fold to RM1.8mil, compared to RM336,000 in the corresponding preceding period. The weakening ringgit, which has resulted in retail gold prices in Malaysia being relatively higher in contrast to international prices, appeared to be beneficial for the jeweller as more customers were purchasing gold for investment, to hedge the risk of ringgit depreciation.

The group said the decrease was mainly due to the decline in consumer demand for jewellery and gold related investment products.

To note, about 15% of Poh Kong’s revenue were contributed by bullion sales for investment purposes.

As at FY16, the group’s net assets stood at RM466.01mil, higher than the RM459.1mil registered in FY15. 







网络销售畅旺 今年业绩增长快速







该公司也希望网络销售会增加;目前,客户可通过Lazada及11 streetwedding.com的网站购买宝光的珠宝首饰。



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