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MoneyMax achieves a record performance in 1H-2024, with profit after tax increasing by 64.4% to S$18.0 million
&bull Revenue jumped by 43.0% to S$185.2 million in 1H-2024, driven by the growth in the pawnbroking, retail and trading of gold and luxury items and secured lending business segments
&bull The Group is committed to fostering steady development across all business segments Singapore, 13 August 2024 &ndash MoneyMax Financial Services Ltd. (&ldquo MoneyMax&rdquo or the &ldquo Company&rdquo and, together with its subsidiaries, the &ldquo Group&rdquo ), one of the leading pawnbroker, retailer and trader of pre-owned luxury items, announced another record set of results for the six months ended 30 June 2024 (&ldquo 1H-2024&rdquo ).
Financial Highlights S$ 1H-2024 (change over 1H 2023)
Revenue 185,169,000 (+43.0%)
Profit before income tax 22,588,000 (+63.8%)
Profit for the period 18,045,000 (+64.4%)
Profit for the period attributable to shareholders 16,576,000 (+70.6%)
The retail and trading of gold and luxury items segment remains the Group&rsquo s largest revenue contributor, contributing S$131.1 million in revenue, marking a remarkable 50.7% increase from S$87.0 million in 1H-2023.
The pawnbroking and secured lending segments also demonstrated healthy growth, with revenue rising by 32.2% to S$40.3 million and by 15.2% to S$13.6 million respectively in 1H-2024.
Singapore, the Group&rsquo s largest market, delivered a strong performance in 1H-2024, with revenue increasing by 44.4% to S$164.2 million.
Meanwhile, the Malaysian market increased its growth momentum, achieving a 32.9% rise in revenue to S$21.0 million in 1H-2024. With this positive set of results, the Group achieved a profit attributable to shareholders of S$16.6 million in 1H-2024, marking a significant double-digit growth of 70.6% from S$9.7 million in 1H-2023. These results underscored the Group&rsquo s successful execution of its strategy in both geographical markets.
&bull Revenue jumped by 43.0% to S$185.2 million in 1H-2024, driven by the growth in the pawnbroking, retail and trading of gold and luxury items and secured lending business segments
&bull The Group is committed to fostering steady development across all business segments Singapore, 13 August 2024 &ndash MoneyMax Financial Services Ltd. (&ldquo MoneyMax&rdquo or the &ldquo Company&rdquo and, together with its subsidiaries, the &ldquo Group&rdquo ), one of the leading pawnbroker, retailer and trader of pre-owned luxury items, announced another record set of results for the six months ended 30 June 2024 (&ldquo 1H-2024&rdquo ).
Financial Highlights S$ 1H-2024 (change over 1H 2023)
Revenue 185,169,000 (+43.0%)
Profit before income tax 22,588,000 (+63.8%)
Profit for the period 18,045,000 (+64.4%)
Profit for the period attributable to shareholders 16,576,000 (+70.6%)
The retail and trading of gold and luxury items segment remains the Group&rsquo s largest revenue contributor, contributing S$131.1 million in revenue, marking a remarkable 50.7% increase from S$87.0 million in 1H-2023.
The pawnbroking and secured lending segments also demonstrated healthy growth, with revenue rising by 32.2% to S$40.3 million and by 15.2% to S$13.6 million respectively in 1H-2024.
Singapore, the Group&rsquo s largest market, delivered a strong performance in 1H-2024, with revenue increasing by 44.4% to S$164.2 million.
Meanwhile, the Malaysian market increased its growth momentum, achieving a 32.9% rise in revenue to S$21.0 million in 1H-2024. With this positive set of results, the Group achieved a profit attributable to shareholders of S$16.6 million in 1H-2024, marking a significant double-digit growth of 70.6% from S$9.7 million in 1H-2023. These results underscored the Group&rsquo s successful execution of its strategy in both geographical markets.
MoneyMax to raise $15 mil to $20 mil from digital security tokens
MoneyMax has launched its Series 008 tokens under its $100 million unsecured commercial paper programme.
The tokens will bear an interest rate of 5.25% per annum and will mature three months from the date of issuance.
The company says it expects to raise $15 million to $20 million from the tokens, which will be issued to accredited and institutional investors and listed on the ADDX Exchange.
Going xd today
Yep. Don't like the leverage of this company and similar ones.
Gold in absolute terms is not that volatile - many asset classes move a lot more.
The issue is that gold is more volatile than many people think it is, and as a result borrow more leverage against it than they should. This has been the downfall both of many individual investors (using margin lending) and corporates like moneylenders and pawnbrokers (who in particular should know better).
The issue is that gold is more volatile than many people think it is, and as a result borrow more leverage against it than they should. This has been the downfall both of many individual investors (using margin lending) and corporates like moneylenders and pawnbrokers (who in particular should know better).
Gold should hold up this company. But beware Gold's volatility
MoneyMax&rsquo s profit before taxation increased by 7.7% to
S$32.0 million in FY2023, marking another record-setting year
Singapore, 29 February 2024 &ndash MoneyMax Financial Services Ltd. (&ldquo MoneyMax&rdquo or the &ldquo Company&rdquo and, together with its subsidiaries, the &ldquo Group&rdquo ), one of the leading pawnbroker, retailer and trader of pre-owned luxury items, achieved another record-breaking financial performance for the full year ended 31 December (&ldquo FY&rdquo ) 2023.
Dato&rsquo Sri Dr. Lim Yong Guan, Executive Chairman and Chief Executive Officer of MoneyMax, commented, &ldquo Our FY2023 results underscore yet another record-breaking year for MoneyMax, showcasing the successful execution of our strategy and the resilience of each business segment. The Group is reaping the rewards of our commitment towards constantly innovating and investing in our businesses throughout the years.
In our pursuit to continuously grow the Group&rsquo s business and revenue streams, we have solidified our market position with 100 outlets in Singapore and Malaysia.
In addition, the Group has also expanded our secured lending business segment by diversifying into the provision of property financing by leveraging on the network and knowledge we have developed over the years in the financial services industry.
We believe that these strategic moves will contribute significantly to the Group&rsquo s future growth.&rdquo
S$32.0 million in FY2023, marking another record-setting year
- Revenue increased by 12.7% to S$285.7 million in FY2023, mainly attributable to the growth in the pawnbroking, retail and trading of gold and luxury items and secured lending business segments
- The Group has recommended a final ordinary cash dividend of 1.0 Singapore cent per share in respect of FY2023
- With 100 outlets in Singapore and Malaysia, the Group believes that it is strategically positioned to meet and serve the growing market for financial services in the region
Singapore, 29 February 2024 &ndash MoneyMax Financial Services Ltd. (&ldquo MoneyMax&rdquo or the &ldquo Company&rdquo and, together with its subsidiaries, the &ldquo Group&rdquo ), one of the leading pawnbroker, retailer and trader of pre-owned luxury items, achieved another record-breaking financial performance for the full year ended 31 December (&ldquo FY&rdquo ) 2023.
Dato&rsquo Sri Dr. Lim Yong Guan, Executive Chairman and Chief Executive Officer of MoneyMax, commented, &ldquo Our FY2023 results underscore yet another record-breaking year for MoneyMax, showcasing the successful execution of our strategy and the resilience of each business segment. The Group is reaping the rewards of our commitment towards constantly innovating and investing in our businesses throughout the years.
In our pursuit to continuously grow the Group&rsquo s business and revenue streams, we have solidified our market position with 100 outlets in Singapore and Malaysia.
In addition, the Group has also expanded our secured lending business segment by diversifying into the provision of property financing by leveraging on the network and knowledge we have developed over the years in the financial services industry.
We believe that these strategic moves will contribute significantly to the Group&rsquo s future growth.&rdquo
MoneyMax to raise up to $15 mil via digital security tokens
Pawnbroker MoneyMax Financial Services 5WJ 0.00% has launched its Series 005 Tokens under its commercial paper programme on the ADDX Exchange.
The issuance will bear an interest rate of 5.25% per annum and will mature four months from the date of issuance.
The company expects to raise between $10 million to $15 million from accredited and institutional investors.
MoneyMax posts 19.4% y-o-y lower profit before tax of $13.8 mil for 1HFY2023
Revenue, meanwhile, fell 4.4% y-o-y to $129.5 million over the same period.
Earnings per share stood at 2.2 cents at the end of the period, down 24.8% y-o-y from 2.92 cents this time last year.
Net asset value of the group, meanwhile, stood at 30.42 cents as at June 30, up from 29.67 cents on Dec 31, 2022.
No dividend has been declared for 1HFY2023 as the group seeks to retain cash in the current economic environment. &ldquo The board of directors of the company will assess if a declaration of dividends is warranted based on the performance of the group for FY2023,&rdquo says MoneyMax on Aug 4.
As at June 30, current assets rose 7.9% to $464.9 million, while non-current assets grew 0.8% y-o-y to $200.9 million.
Current liabilities, meanwhile, grew 8.6% y-o-y to $385.0 million as at June 30.
Net cash generated from operating activities before changes in working capital in 1HFY2023 was $31.0 million.
Net cash used in working capital amounted to $39.8 million. This was mainly due to an increase in trade and other receivables of $47.0 million, an increase in other assets of $1.4 million and a decrease in trade and other payables of $2.7 million offset by a decrease of inventories of $11.3 million.
Net cash used in operating activities amounted to $12.2 million after deducting income tax paid of $3.4 million in 1HFY2023.
Net cash used in investing activities in 1HFY2023 amounted to $1.4 million, mainly due to the purchase of plant and equipment and business software application systems for new and existing stores.
Net cash generated from financing activities in 1HFY2023 of $12.4 million was mainly due to drawdown of new bank borrowings of $171.3 million, partially offset by dividends paid, interest paid, repayment of lease liabilities and repayment of bank borrowings of $4.4 million, $11.2 million, $5.0 million and $138.2 million respectively.
As a result of the above, and including the exchange rate loss on cash and cash equivalents of $0.1 million, there was a net decrease of $1.4 million in cash and cash equivalents from a net cash balance of $19.5 million as at Dec 31, 2022 to $18.1 million as at June 30.
Global economic uncertainties, coupled with the easing of travel restrictions and the return of outbound tourism, has softened the demand for the group&rsquo s retail and trading of gold and luxury items segment in 1HFY2023, says MoneyMax.
&ldquo Notwithstanding these factors, the group turned in a resilient performance in its other segments, seeing positive growth in both its pawnbroking and secured lending businesses,&rdquo it adds.
Barring any unforeseen circumstances, the group expects to be profitable for the current financial year.
Read somewhere one of Moneymax founders was also a founder of SK Jewellery (prev listed at 30c in 2015 then delisted at about half the price in 2020).
How would investors able to trust them if what happened to SK Jewellery will happen to pawn brokering business too?
How would investors able to trust them if what happened to SK Jewellery will happen to pawn brokering business too?
MoneyMax bets on Malaysia growth with drive-through pawnshops
The company also hopes to make efficiency gains amid rising cost of funds and overheads
MONEYMAX Financial Services : 5WJ 0% is deepening its presence in Malaysia, touting its drive-through pawnshops as a differentiator. This follows its entry into the market under its own brand name for the first time in 2022.
The Catalist-listed pawnbroker last year opened 10 new stores in Malaysia: eight in Johor Bahru (JB), one in Selangor and another in Penang. Since May this year, it has added two more stores, in JB and Penang. It now has 43 stores in Malaysia &ndash slightly less than the 49 in its home market of Singapore.
The company has been operating in Malaysia since 2014, under a joint venture agreement. The pandemic created an opportunity for expansion, as several properties in ideal locations had been vacated.
&ldquo What makes these locations attractive is they are areas with good business traction and footfall. We managed to secure the leases to these strategic locations,&rdquo said the company&rsquo s group general manager, Lim Chun Seng.
Of the new stores, six feature a drive-through concept. Customers can drive up to the counters in their cars or motorcycles, and pawn their valuables without having to alight.
The 30-year-old was speaking to The Business Times together with his father, Lim Yong Guan &ndash also known as Peter Lim &ndash MoneyMax&rsquo s chief executive and chairman, at the company&rsquo s Changi office.
The idea of a drive-through pawnshop may sound gimmicky, but the Lims said it meets actual needs. Many Malaysian customers arrive in cars or on motorbikes, and struggle to find parking. Some also fear for their safety when leaving the store with large amounts of cash.
Said Peter Lim: &ldquo If they can do the transaction just like (at) McDonald&rsquo s, using the drive-through concept, I think this is what the customer needs&hellip We talked to customers, analysed a lot of data and found that this is the key to our success.&rdquo The company now plans to open more drive-through stores across Malaysia.
Staying ahead of headwinds
The Lim family is well known in Singapore business circles, with Peter Lim also having co-founded local jewellery retailer SK Jewellery Group. MoneyMax, started in 2008, has three core segments: pawnbroking, the retail and trade of gold and luxury goods, and secured lending.
Its expansion in Malaysia has yielded some positive results. Net profit for FY2022 grew 11.3 per cent to S$22.1 million, on the back of a 27.2 per cent growth in its revenue to S$253.5 million.
MoneyMax&rsquo s share price has also somewhat recovered from the lows of 2020, when it fell to S$0.106, to close at S$0.20 on Friday (Jun 24). It trades at about four times earnings.
The company is facing some headwinds, though. In its pawnbroking segment, profit fell to S$9.95 million &ndash down from S$11.5 million the year before.
Peter Lim said rising costs have had an impact. MoneyMax&rsquo s cost of funds has doubled, while overhead costs went up by about 20 per cent to 30 per cent.
At the same time, the company has left the interest rate it charges customers unchanged, with monthly rates as low as 1 per cent. The average pawn loan size ranges between S$500 and S$1,000.
While there is a need to maintain its spread, &ldquo we have to balance that with the interests of our customers as well&rdquo , said Lim Chun Seng. He declined to share specific figures on the spread.
To cope with rising costs, MoneyMax is investing in digitalisation that could bring efficiency gains. This means acquiring more tech talent, such as data analysts, while other companies are laying workers off.
&ldquo It&rsquo s been a tough year, but we are still looking to hire&hellip Data analysis is something we are looking to build as a core competency,&rdquo said the younger Lim, adding that this could enhance supply management and inventory tracking.
Meanwhile, the company is also optimistic on retail sales. Gold prices have been on the rise for the past six months, with some seeing it as a good asset to hold in the inflationary environment. Demand for luxury handbags and watches is also high, with the return of affluent South-east Asian and Chinese tourists to Singapore.
Auto financing, which MoneyMax started to offer in 2018, could also grow into a core pillar of the business, said Lim Chun Seng. MoneyMax&rsquo s offerings range from financing for the renewal of Certificates of Entitlement, to inventory financing for the car dealers it works with.
Next generation
Pawnbroking may seem a rather old-school business for a young entrepreneur such as Lim Chun Seng, who trained as a lawyer. After all, fintech models such as Buy Now, Pay Later are more hyped up these days.
The scion nevertheless sees the age-old trade remaining relevant, given how it serves people from &ldquo all walks of life&rdquo &ndash from hawkers to entrepreneurs.
Several of MoneyMax&rsquo s new ventures, such as the auto financing business and the Malaysia strategy, have been helmed by Lim Chun Seng. This is part of the test for him to prove his capability to the family, said Peter Lim.
&ldquo We really need to rely on the younger generation let (them) lead the new batch of staff, also very young. They are ambitious, they are hard-working,&rdquo he added. &ldquo Let them go and try to explore opportunities, but they have to prove that they (can) meet the target.&rdquo
Price have ran up from $0.20 since January, Big seller distributing at $0.225 now.......
MoneyMax posts 11.3% growth in FY2022 earnings to $22.1 mil
MoneyMax 5WJ 0.00% announced that its FY2022 ended Dec 31, 2022, earnings increased by 11.3% y-o-y to $22.1 million from $19.8 million a year ago.
This comes on the back of a 27.2% y-o-y increase in revenue to $253.5 million from $199.2 million last year.
For the 2HFY2022 period, the group&rsquo s earnings declined by 18.8% y-o-y to $9.1 million, mainly due to increase in finance costs, lower government grants and rental rebates received. Revenue for 2HFY2022 gained 10.5% y-o-y to $118.0 million
The revenue increase for both periods were thanks to an increase in revenue from the pawnbroking, retail and trading of gold and luxury items and secured lending segments.
As at end-December, the group&rsquo s cash and cash equivalents stood at $19.5 million.
The group declared a final cash dividend of 1.0 cent per share, higher than 0.95 cent per share last year.
While the macroeconomic headwinds continue to impact regional markets, the group notes the increased demand for pawnbroking services in the region. In tandem with the above, it has invested actively in its regional pawnbroking network in 2022 and expects to become one of the largest pawnbroking chains across Singapore and Malaysia by the end of 2023.
The group will also continue to evaluate potential acquisitions for growth across its key markets in the South East Asia region. It also notes the demand for its secured lending business and will prioritise resources accordingly to maximise the business opportunities in this segment. It continues to focus on enhancing its digitalisation capabilities and launching new products and services.
MoneyMax reports 51.0% growth in 1HFY2022 earnings of $12.9 mil
MoneyMax has reported earnings of $12.9 million for the 1HFY2022 ended June, 51.0% higher than earnings of $8.6 million in the same period the year before.
During the half-year period, revenue increased by 46.6% y-o-y to $135.5 million due to higher sales from the retail and trading of gold and luxury items. Higher interest income from MoneyMax&rsquo s pawnbroking and secured lending segments also led to the higher revenue.
Other gains fell by 29.9% y-o-y to $0.8 million mainly due to the lower grants from the government.
Material costs rose by 51.7% y-o-y to $90.7 million in the 1HFY2022, in line with the higher sales from the retail and trading of gold and luxury items.
Other losses increased by 28.2% y-o-y to $0.3 million due to the provision of doubtful debts in the 1HFY2022.
As a result, profit before tax rose 51.1% y-o-y to $17.1 million.
As at June 30, cash and cash equivalents stood at $17.0 million.
Earnings per share (EPS) for the period came in at 2.92 cents on a fully diluted basis.
MoneyMax launches SG e-Auction, Singapore&rsquo s first LIVE e-auction site, with Japan&rsquo s leading B2B internet auction company Pioneering Singapore&rsquo s first Business-to-Business (&ldquo B2B&rdquo ) online auction platform for luxury goods Set to bridge the gap between buyers and sellers while offering them a comprehensive yet simple solution to existing trading needs Aims to become the premier leading B2B online auction platform for luxury goods in ASEAN
HOW PAWNING WORKS?
Convert your valuables into instant cash!
Pawnbroking is a fast, easy and fuss-free solution for your short-term cash needs. Simply bring your precious items &ndash gold, diamonds, gemstones or luxury timepieces&ndash to any MoneyMax stores and we can offer you instant cash without filling in forms, credit checks or no waiting for approval. Your items will then be stored safely in our strong room / safe during the length of your pawnbroking contract, up to a maximum of 6 months with the option of renewal. You can be rest assured that we will never sell your items during this period, and the pledged item(s) will remain yours during the entire process.
You can pay up your loan at any MoneyMax store at your convenience and your items will be returned to you in the original condition that was being pawned.
Curious to find out how much your valuables are worth without having to go down to the store itself? MoneyMax is pleased to bring you the ease of valuing your item online! Simply fill up a quick form and have an estimate valuation within 1 business day!
PAWNBROKING PROCESS
- Items pledged for short term loans will be stored safely during the length of the pawnbroking contract for up to six months. The owner of the pledged item may renew or redeem the item anytime within the six months period by producing the original pawn ticket.
- Our frontline staff will conduct a visual and physical check of the pledged item (done in the presence of the customer) to appraise if its value corresponds with the proposed loan amount.
- This assessment is part of MoneyMax&rsquo s internal compliance procedures and is not a valuation representation or assurance to the customer or to any third party.
LOAN AMOUNT
- It is imperative to note that the loan amount offered on the pledged item is not an indication of the guaranteed market value of the pledged item. The loan amount is also subject to the staff&rsquo s judgement of the value as well as the credit worthiness of the customer.
- As such, the pawnbroker is taking a risk when it accepts a pledged item as security for the loan or when the pawn ticket holder does not redeem the pledged item.
RE-PLEDGING OF SAME ITEM
- Should a customer redeem his/her pledged item, and want to re-pledge the same item for a new loan, the item will be subjected to another round of evaluation and inspection as this would be a new transaction.
- Although it may be the same item, it is important to note that it is the prerogative of the pawnbroker to decide whether to accept the re-pledged item.
- The loan amount given may also vary as it depends on the envisaged value of the pledged item at the time. For example, the pledge value of a piece of gold jewellery would depend on the prevailing market price for gold.
BUYING OF PAWN TICKETS
- The pawn ticket holder is entitled to assign the pawn ticket to a third party. The third party holder of the pawn ticket redeeming the pledged item will, however, bear the full risk as regards the true value of the pledged item.
- The pawnbroker does not in any way nor in any of its terms and conditions of its business provide any representation or warranty to any third party as regards the true value or authenticity of the pledged item.
- As part of MoneyMax&rsquo s due diligence to ensure that the original pledged item is delivered to the pawn ticket holder, our staff will verify the item against the salient details and description that are stated on the pawn ticket.
- It is important to bear in mind that it is a risk when buying a pawn ticket from anyone as there could be legal implications in connection with the ownership or origin of the pledged item. In addition, the loan amount stated on the pawn ticket may not reflect the actual value of the pledged item.
- A third party holder of the pawn ticket can only look to the original pawn ticket holder for recourse in the event the redeemed item is not genuine or authentic. The pawnbroker is merely a safe-keeper and does not provide any warranty or assurance of the value of the pledged item.
MoneyMax just announced its 3Q 2016 results:-
http://infopub.sgx.com/FileOpen/MMFS%20Q3FY2016%20Results.ashx?App=Announcement& FileID=428818
9M 2016 EPS : 1.33 cts (2015: 0.57 cts)
3Q 2016 EPS : 0.48 cts (2015: 0.21 cts)
NAV/share at 30/9/16: 17.70 cts
NAV/share at 31/12/15: 16.88 cts
10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.
While the Group&rsquo s operating environment is expected to remain challenging with increasing operating costs and keen competition, in addition to a volatile global and regional economy, the Group continues to strengthen its market leadership by investing in branding, enhancing its distribution channels and launching new product lines, while improving operational efficiencies.
On 18 October 2016, the Group made its foray into China via a joint venture with SGX-listed AP Oil International Limited, 重 庆 宗 申 动 力 机 械 股 份 有 限 公 司 and 重 庆 保 税 港 区 开 发 管 理 集 团 有 限 公 司 to provide financial leasing services in Chongqing, China. The JV will service various fast-growing industries in China. The Group continues to seek more overseas opportunities to expand its service offerings and innovative ways to provide financial services.
Which counter better to invest, moneymax, valuemax etc?
edwinjup ( Date: 10-Nov-2015 10:07) Posted:
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Money..where are u ?..just 2-3 months ago..thia counter still trading around 20- 26c....why now drop below mav of 16.45c....it is because due to blackout period sell down ??.2q result up 119%....3q should be good....let wait and see...result out this week...
Good expansion growth for the company + better revenue/profit going forward. seems hv been quietly accumulating these few days by some body judging from the vol transacted by pressing down the prices lower and lower each day..
spore1 ( Date: 21-Jul-2014 22:56) Posted:
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