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Maxi-Cash posts 43% rise in 2019 net profit of S$14.8m

CATALIST-LISTED pawnbroker Maxi-Cash Financial Service on Friday said it made a net profit of S$14.8 million in 2019, up 43 per cent from a net profit of S$10.4 million in 2018.

Revenue in the 12 months ended Dec 31, 2019 rose 7.28 per cent to S$218.5 million, due mainly to higher takings from the pawnbroking business and the retail and trading of jewellery and branded merchandise business but partially offset by the decrease in revenue from the secured lending business.

A decrease in other operating expenses such as foreign exchange loss also lifted the bottom line.

Full-year earnings per share was 1.43 Singapore cents in 2019, up 39 per cent from 1.03 cents in 2018.

A final dividend of S$0.0035 per share has been proposed, unchanged from the same period a year earlier. The payout date will be announced later.

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Total dividend proposed and paid for the financial year ended Dec 31, 2019 will be S$0.0135 per share, up from S$0.0095 per share in 2018.

Net asset value per share was 13.333 Singapore cents as at Dec 31, 2019.

The group said: "Operating conditions for FY2020 will continue to be challenging with rising operating costs, volatile gold prices and keen competition. To counter the above challenges, we will launch new products and services and improve our network of stores to reach out to a wider group of customers. We will continue to strengthen our training and operating systems to improve efficiencies in our delivery of products and services."

Maxi-Cash shares fell one cent or 0.74 per cent to close at S$0.135 on Friday before the results were announced.

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