Maxi-Cash Financial Services has posted earnings of $29.3 million for the FY2020 ended December, 97% higher than earnings of $14.8 million.

The higher earnings was mainly attributable to higher revenue, and rental income, which more than doubled during the year.

Revenue for the FY2020 grew 20% y-o-y to $262.8 million due to higher contribution from the retail and trading of jewellery and branded merchandise. This was partly offset by a decrease in revenue from the pawnbroking business and secured lending business.

The increase in rental income was mainly due to income from the group’s newly-acquired properties.

Higher income during the year was mostly due to the rental rebates from landlords, as well as the cash grant during the jobs support scheme (JSS).

Get the latest Singapore corporate news stories for FREE

In its outlook statement, the group says its pawnbroking and retail operations have been impacted by the volatile gold prices, as well as the disruption to supply chain and the restrictions on cross-border travel.

For the FY2020, the group has proposed a dividend of 1.45 cents per share, bringing the total payout for the year at 2.6 cents per share.

Earnings per share (EPS) for the FY2020 stood at 2.83 cents.

Cash and cash equivalents as at Dec 31, 2020 stood at $23.8 million.

Shares in Maxi-Cash closed 0.1 cent higher or 0.6% up at 17 cents on Feb 23.