KUALA LUMPUR (March 19): Poh Kong Holdings Bhd posted a 10% growth in net profit for its second quarter ended Jan 31, 2024 (2QFY2024) amid an overall uptrend in gold prices, coupled with an increase in demand for gold jewellery and gold investment products.

Net profit grew to RM28.25 million or 6.88 sen per share for 2QFY2024, from RM25.68 million or 6.26 sen per share a year ago, the group said in a stock exchange filing on Tuesday. Revenue rose 5% to RM423.82 million from RM403.84 million.

For its first six months of FY2024 (1HFY2024), Poh Kong’s net profit grew 14% to RM47.25 million from RM41.35 million in 1H2023, though revenue only rose 1% to RM779.8 million from RM774.2 million.

Going forward, Poh Kong said it is certain that stronger and more dynamic trade activities will translate into greater demand for gold and gold products.

“An optimistic outlook must at the same time take cognisance of market corrections and global uncertainties. The group will continuously monitor the impact of the current uncertainties on our operations, uphold and honour our financial obligations and evaluate our performance on a continuous basis," it said.

“Barring unforeseen circumstances, the board of directors is confident that the group has put in place adequate measures to meet the challenges ahead for FY2024,” it added.

Shares of Poh Kong closed one sen or 1.1% higher at 89.5 sen on Tuesday, giving the group a market capitalisation of RM367.26 million.