KUALA LUMPUR: Evergreen Max Cash Capital Bhd's net profit rose 81.4 per cent to RM3.0 million in the third quarter (Q3) ended September 30,2023 compared to RM1.6 million last year.
During the quarter, the company recorded a 47.7 per cent increase in revenue to RM22.8 million, from RM15.4 million in the preceding year's corresponding quarter.
The growth was mainly due to higher revenue contributions from the pawnbroking, and gold and luxury products retail and trading businesses.
For the period of nine months ended September 30, 2023 (9M23), Evergreen Max's net profit rose to RM10.2 million from RM7.5 million last year, while its revenue surged 63.8 per cent to RM74.8 million from RM45.7 million previously.
The increase in revenue is attributed to the higher revenue contributions from the pawnbroking, and gold and luxury products retail and trading segments.
As at September 30, 2023, cash and bank balances amounted to RM60.4 million, reflecting a significant rise from the previous amount of RM17.3 million as at December 31, 2022.
This was mainly due to the proceeds from the initial public offering exercise which was completed in September 2023.
Executive director and group managing director Datuk Low Kok Chuan said the company remains steadfast in its commitment to grow and expand its pawnbroking business.
With the objective of achieving a market share of 10 per cent, Low said the company aims to expand its presence by increasing the number of "Pajaking" pawnshops in key locations such as Kuala Lumpur, Selangor, and Pahang.
"This would enable us to grow our pawnbroking business and market visibility substantially.
"Looking ahead, the company remains committed in achieving both our management goals and financial targets.
"Through the consistent delivery of exceptional value to our customers, we are well positioned to foster sustainable growth and solidify our standing as a trusted pawnbroker in the pawnbroking industry," he said.