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ValueMax posts 11.7% rise in FY15 profit
VALUEMAX Group Limited reported a 11.7 per cent rise in net profit for the full year ended Dec 31 to S$10 million.
Group revenue for the year fell 16.8 per cent to S$269.9 million on the back of a 18.9 per cent slump in revenue from retail and trading of pre-owned jewellery and gold business to S$246.8 million, which remains the group's key revenue contributor.
Its moneylending business posted S$2.7 million in revenue in fiscal 2015 against S$76,000 in the preceding year. Total revenue from pawnbroking dipped 7.5 per cent to S$36.7 million.
ValueMax said it has completed the purchase of the Aljunied property and is expected to commence its pawnbroking and retail business at the premises in the first quarter of 2016.
Together with the outlet opened in Bishan in December, the group will have 24 outlets in Singapore. It also expects to add another two outlets in Malaysia this year and to complete its acquisition of the properties at Waterloo Centre in March 2016.
In addition to growing the pawnbroking business, the group is also expanding its moneylending business and has set up VM AutoFinance Pte Ltd to provide financing to the car industry. It expects to further grow the moneylending business this year.
ValueMax has proposed a final dividend of 0.95 cents per share for the full year, up from 0.88 cents in 2014.