Taka Jewellery Holdings 42L has announced earnings of $8.90 million for the FY2023 ended June 30, a 51% increase over its earnings of $5.88 million in the previous financial year.
The Singaporean jewellery company also increased its earnings per share to 1.61 cents, up from 1.05 cents per share in FY2022.
For the full-year period, Taka Jewellery’s revenue was up by 40% y-o-y to $145.89 million, while its cost of sales also increased by 35% to $103.59 million compared to last year.
Consequently, the company’s gross profit increased to $42.30 million in FY2023, up by 54% over its gross profit of $27.42 million in FY2022. Gross profit margin also increased from 26.3% in FY2022 to 29.0% in FY2023 due to increased activities from overseas exhibitions and a change of product sales mix.
Taka Jewllery’s cash and cash equivalents position decreased by $0.30 million to stand at $0.71 million as at June 30 2023 as compared to the end of FY2022.
No final dividend has been declared for FY2023, with the company saying it “strives to conserve cash for working capital purposes”.
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The company notes that its operations in FY2023 improved as markets around the world gradually returned to pre-Covid economic activity levels and sales rebounded with the resumption of international travel and continued improvement in consumer sentiment. However, Taka Jewellery says it recognises that geopolitical developments and trade conflicts are the new dynamic challenges in the current economic landscape and any variables could impact the global economy and its performance.
The jeweller says it remains “cautiously optimistic” that its business profitability will remain healthy but is prepared for any significant slowdown in business conditions and uncertainties.
Shares in Taka Jewellery closed 0.1 cents or 1.16% up at 8.7 cents on Aug 24.
