MoneyMax 5WJ announced that its FY2022 ended Dec 31, 2022, earnings increased by 11.3% y-o-y to $22.1 million from $19.8 million a year ago.
This comes on the back of a 27.2% y-o-y increase in revenue to $253.5 million from $199.2 million last year.
For the 2HFY2022 period, the group’s earnings declined by 18.8% y-o-y to $9.1 million, mainly due to increase in finance costs, lower government grants and rental rebates received. Revenue for 2HFY2022 gained 10.5% y-o-y to $118.0 million.
The revenue increase for both periods were thanks to an increase in revenue from the pawnbroking, retail and trading of gold and luxury items and secured lending segments.
As at end-December, the group’s cash and cash equivalents stood at $19.5 million.
The group declared a final cash dividend of 1.0 cent per share, higher than 0.95 cent per share last year.
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While the macroeconomic headwinds continue to impact regional markets, the group notes the increased demand for pawnbroking services in the region. In tandem with the above, it has invested actively in its regional pawnbroking network in 2022 and expects to become one of the largest pawnbroking chains across Singapore and Malaysia by the end of 2023.
The group will also continue to evaluate potential acquisitions for growth across its key markets in the South East Asia region. It also notes the demand for its secured lending business and will prioritise resources accordingly to maximise the business opportunities in this segment. It continues to focus on enhancing its digitalisation capabilities and launching new products and services.
Shares in MoneyMax closed at 23 cents on Feb 27.
