ValueMax announced that its earnings for FY2022 ended Dec 31, 2022, grew by 7.0% y-o-y to $44.4 million from $41.5 million in FY2021.

This comes on the back of revenue increasing by 4.2% y-o-y to $287.1 million from $275.5 million a year ago, thanks to higher contribution from the group’s moneylending and pawnbroking business, but was partially offset by lower revenue from retail and jewellery trading.

Revenue from the moneylending and pawnbroking businesses increased by $9.4 million and $5.3 million respectively while revenue from retail and trading of jewellery and gold business decreased by $3.1 million.

For the 2HFY2022 period, earnings were 16.8% lower y-o-y at $19.2 million from $23.1 million, while revenue was 7.1% lower y-o-y at $133.6 million.

The lower revenue for the 2HFY2022 period was due to revenue from retail and trading of jewellery and gold business declining by $17.3 million. This is partially offset by the increases in revenue from moneylending business and interest income from pawnbroking business by $4.0 million and $3.0 million respectively.

As at end-December, the group’s cash and cash equivalents stood at $14.5 million.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/vicplas-reports-521-lower-profit-after-tax-42-mil-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Vicplas reports 52.1% lower profit after tax of $4.2 mil for FY2023</a></b></span>

ValueMax’s board has declared a final dividend of 2.0 cents per share, higher than the previous year’s 1.88 cents per share.

Moving forward, the group is keeping an eye on the volatile gold prices amid rising interest rates, Ukraine war and geopolitical tensions. “The group continues to face a challenging business environment and increased competition,” it says in its results report.

The group will continue to explore acquisition opportunities and suitable locations to grow its network of pawnshops and retail outlets, and grow its moneylending business. In addition, the group will consider and assess potential value propositions in relation to its associated companies, including fund raising, capital market, joint venture and/or merger and acquisition opportunities, subject to macroeconomic and market conditions.

Shares in ValueMax closed at 35 cents on Mar 1.

ValueMax posts 7.0% increase in FY2022 earnings to $44.4 mil

VTAC proposes business combination with live streaming platform 17LIVE

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Trade Stocks, ETFs, Forex and Futures with Phillip Nova:

ValueMax posts 7.0% increase in FY2022 earnings to $44.4 mil

Related News

Highlights

VTAC proposes business combination with live streaming platform 17LIVE

Related News

ValueMax seeks to raise additional $50 mil through digital commercial paper

ValueMax to raise up to $50 mil via digital commercial paper

Sim Leisure Group posts record earnings of RM25.9 mil for FY2022