KUALA LUMPUR (Sept 26): The steady climb on gold prices improved Poh Kong Holdings Bhd’s net profit in the fourth quarter ended July 31, 2019. Its net profit grew 18% to RM10.57 million or 2.58 sen a share compared with RM8.93 million or 2.17 sen a share in the previous year.

Quarterly revenue, however, came in lower due to weaker demand for gold jewellery. It fell 15% year-on-year to RM231.86 million from RM272.17 million previously, according to a Bursa filing today.

The group declared a first and final single tier dividend of 1.2 sen for the financial year ended July 31, 2019, to be approved by shareholders at the forthcoming annual general meeting.

For the full year, net profit expanded 11% to RM25.88 million versus RM23.4 million last year, while revenue was flat at RM1 billion.

The group said it is positive the demand for gold related products will remain resilient and provide investors with a complementary investment option while at the same time, be a liquid asset and a safe haven during economic uncertainties.

“Barring unforeseen circumstances, the Board of Directors is confident of the group’s resilience to weather the challenges ahead for the financial year ending July 31, 2020,” it said.

Poh Kong closed unchanged at 51.5 sen, for a market capitalisation of RM211.33 million.