MoneyMax Financial Services has posted a 138.7% surge in earnings for the FY2020 ended December to $20.3 million from $8.5 million the year before.

Revenue for the year registered 8.2% y-o-y growth to $197.1 million due to the higher revenue from retail and trading of pre-owned and new luxury items segment combined with the effect of higher gold prices.


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Other income stood at $2.8 million from $979,000 due to the receipt of government grants during the year.

Finance costs increased 1.7% y-o-y to $8.2 million due to the increased utilisation of borrowings, offset by lower interest rates.

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Other losses dipped 46.5% y-o-y to $3.6 million due to decrease in losses on disposal of fixed assets during the year.

Earnings per share (EPS) stood nearly double at 5.76 cents for the FY2020.

Cash and cash equivalents as at end-December stood at $14.4 million.

A final dividend of 1.18 cent per share has been declared for the FY2020, compared to the 0.5 cent per share in FY2019.


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The group says it remains cautiously optimistic for the FY ahead due to the ongoing pandemic, geo-political tensions and the volatility in gold prices, but it expects to be profitable for FY2021.

As at 10.21am, shares in MoneyMax are trading 2.1 cents higher or 10.6% up at 22 cents, representing a 52-week high.