ValueMax announced earnings of $82.8 million for the FY2024 ended Dec 31, 2024, up 56.7% y-o-y. The group’s 2HFY2024 earnings grew 70.6% y-o-y to $47.4 million.
Earnings per share for the FY2024 period was 9.78 cents per share.
The group’s revenue for FY2024 grew 37.8% y-o-y to $456.2 million, and for 2HFY2024 revenue grew 26.3% y-o-y to $226.4 million.
Gross profit for FY2024 increased 29.5% y-o-y to $129.8 million, and for 2HFY2024, gross profit increased 21.5% y-o-y to $66.3 million.
The group says that revenue for the year increased due to the growth in revenue from retail and trading of jewellery and gold, pawnbroking and moneylending. All of which saw increases of $116.7 million, $6.2 million and $2.3 million respectively.
Cost of sales increased in FY2024 which is in line with the increase in revenue from this segment. This was partially offset by decreases in cost of sales for the pawnbroking and moneylending businesses.
Other operating income increased to $7.8 million in FY2024, mainly due to increases in facility income, unrealised foreign exchange gain, administrative income and rental income of $1.0 million, $0.6 million, $0.1 million and $0.1 million respectively. These were partially offset by decreases in interest income and management fee income of $0.3 million and $0.1 million respectively.
The group’s share of results of associates increased to $6.3 million in FY2024 mainly due to increased contribution from the Malaysia associated companies. The gain on dilution of interest in an associate is the result of a share of increase in the net assets of Well Chip Group from the issuance of new shares at a premium at its initial public offering of shares on the mainboard of Bursa Malaysia.
The group has proposed a final dividend of 2.68 cents per ordinary share for FY2024.
Shares in ValueMax closed 1 cent higher or 2.062% up at 49.5 cents on Feb 27.
