09 Jul 2024
COVID year of 2019. Product-wise, despite a 10.2% YoY increase in average gold price, demand for told products remain strong, and thus sales from gold and platinum products were up 50.7% YoY to HK$10.4bn and accounted for 72.6% (FY23: 63.0%) of total sales, while sales from fixed price jewellery dropped 3.1% YoY to HK$3.9bn as demand of diamond products declined. Although GPM of gold and platinum products went up by 1.9ppt YoY to 19.3% on gold price increase and that of fixed price jewellery went up by 6.1ppt YoY to 36.4% due to increased mix of retailing revenue which has higher GPM than wholesaling, overall GPM went up just slightly by 0.2ppt YoY to 27.2% on declining sales mix of higher-margin fixed price jewellery products. Operating expenses to revenue ratio was lowered from 15.6% to 15.0% on better cost control, and as a result FY24 NP up by 38% YoY to HK$1.77bn.