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Pawnbroker Maxi-Cash posts 17% profit rise for FY2017

HIGHER interest income from the pawnbroking business, higher sales from the retail and trading of jewellery and branded merchandise, and a maiden contribution from its secured lending business boosted results for Maxi-Cash Financial Services (Maxi-Cash) in its full financial year ended Dec 31, 2017.

Net profit rose 16.8 per cent to S$13.3 million from the previous year, the Catalist-listed pawnbroker said in a Singapore Exchange filing on Monday evening after the market closed.

For the 12 months ended Dec 31, revenue grew 15.4 per cent to S$188.4 million from the preceding year.

The pawnbroker said that revenue contribution from the pawnbroking business increased by some 6.9 per cent in FY2017 compared to a year ago, mainly due to higher interest income from its growing pledge book.

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The retail and trading of jewellery and branded merchandise business reported a 16.1 per cent increase in revenue in FY2017, while the new secured lending business reported revenue of S$1.9 million.

Earnings per share slid to 1.63 Singapore cents from 1.88 Singapore cents in the year-ago period. Net asset value per share crept up to 14.10 Singapore cents as at Dec 31, from 13.17 Singapore cents in the year ago.

Maxi-Cash declared a final dividend of 0.7 Singapore cent in FY2017, to be paid out at a later date.

The group said that it will invest in its branding, improve its range of merchandise and review the retail network going forward.

Maxi-Cash shares ended unchanged at 16.2 Singapore cents on Monday.