YXPM records 14.1% growth in profit after tax

KUALA LUMPUR: YX Precious Metals Bhd (YXPM or the Group), a wholesaler and manufacturer specialising in gold jewellery, today announced its third quarter results for the financial year ending Dec 31, 2023 (Q3FYE2023).

The Group delivered a profit after tax (PAT) of RM1.9 million on the back of a revenue of RM53.6 million. The wholesale segment itself recorded a revenue of RM42.0 million. The design and manufacture segment generated RM11.6 million for the quarter under review, leaping by over 100% from RM5.3 million in the corresponding quarter last year.

For the nine-month period ended Sept 30, 2023, YXPM recorded a 14.1% growth, year on year, in PAT to RM7.4 million on the back of a revenue of RM178.0 million. The PAT growth was supported through lower administrative expenses, as well as higher sales generated from the design and manufacture segment of RM32.8 million, representing an increase of over 100%, year on year. The spike in the segment’s revenue in turn was attributed to higher demand of gold jewelleries from Peninsular Malaysia.

Commenting on the results, YXPM managing director Ng Sheau Chyn said, “The operating environment remains challenging as recent geopolitical tensions and the impending high value goods tax remain a concern. Nonetheless we remain committed on our strategies to widen our range of gold jewellery offerings to our customers, through the utilisation of our IPO proceeds by obtaining new machineries and equipment whilst we carry out the expansion and upgrading of our facilities. Overall, we remain optimistic of the Group’s ability to deliver a satisfactory financial performance for 2023.”