Taka Jewellery Holdings FY2025 Results: 21.6% Revenue Growth, 0.268 Cents Final Dividend Proposed, Strong Retail & Wholesale Performance

Taka Jewellery Holdings Limited FY2025 Results: Robust Growth Amidst Volatility

Taka Jewellery Holdings Limited has released its unaudited condensed interim financial statements for the second half and the full year ended 30 June 2025. The group delivered strong revenue and profit growth across all segments, supported by strategic retail network expansion and robust performance in its wholesale and financial services businesses. Below, we break down the key financial metrics, highlight notable trends, and provide a balanced outlook for investors based on the latest corporate disclosures.

Key Financial Metrics and Performance Comparison

Metric	2H FY2025 (6M Ended 30 Jun 2025)	1H FY2025 (6M Ended 31 Dec 2024)	2H FY2024 (6M Ended 30 Jun 2024)	YoY Change	QoQ Change
Revenue (S\$’000)	95,374	83,069	76,176	+25%	+15%
Gross Profit (S\$’000)	27,738	25,014	22,309	+24%	+11%
Profit After Tax (S\$’000)	5,953	6,591	4,921	+21%	-10%
EPS (cents)	1.06	1.18	0.88	+21%	-10%
Proposed Dividend (cents/share, final)	0.268	N/A	0.179	+50%	N/A

Full-Year Metrics

Metric	FY2025 (12M Ended 30 Jun 2025)	FY2024 (12M Ended 30 Jun 2024)	YoY Change
Revenue (S\$’000)	178,443	146,756	+22%
Gross Profit (S\$’000)	52,752	42,652	+24%
Profit After Tax (S\$’000)	12,544	10,319	+22%
EPS (cents)	2.24	1.84	+22%
Net Asset Value/share (cents)	25.24	23.20	+8.8%
Proposed Final Dividend (S\$’000)	1,500	1,001	+50%

Historical Performance and Trends

Taka Jewellery Holdings has maintained a multi-year growth trend, with FY2025 marking a significant acceleration in both topline and bottom-line performance. Revenue grew 21.6% YoY, primarily driven by expansion in retail outlets, strong e-commerce sales, and continued momentum in wholesale exhibitions. The group also posted robust gross profit growth (+24% YoY), with gross margins remaining stable at approximately 29.6%. Profit after tax increased by 22% and EPS rose in tandem, reflecting operational leverage and effective expense management despite higher staffing and distribution costs.

Dividends

The board has proposed a final tax-exempt dividend of 0.268 Singapore cents per share for FY2025, up 50% from the previous year’s 0.179 cents. The total dividend payout proposed for FY2025 is S\$1.5 million, compared to S\$1.0 million in FY2024, signaling management’s confidence and commitment to shareholder returns.

Balance Sheet and Cash Flow Review

Net Asset Value (NAV) per share: Increased to 25.24 cents (FY2024: 23.20 cents), reflecting retained earnings growth and prudent capital management.
Current assets: Rose 21.4% to S\$223.3 million, mainly from higher inventories (due to retail expansion and rising gold prices) and increased trade receivables.
Working capital: Remains strong at S\$134.8 million (up from S\$114.6 million).
Net cash from operations: Negative S\$11.3 million, attributable to inventory build-up and higher receivables, partially offset by robust operating profit.
Net cash from financing: Positive S\$16.0 million, driven by increased borrowings and manageable debt servicing.

Segmental Performance

Retail: Revenue up 20.8% YoY, supported by new store openings and e-commerce growth.
Wholesale & Exhibitions: Revenue up 23.1% YoY, with improved performance in overseas exhibition shows.
Financial Services: Revenue up 15.9% YoY, mainly from pawn broking.

Exceptional Items and Related Party Transactions

Impairment Losses: Trade receivables impairment rose to S\$1.3 million (FY2024: S\$0.6 million), reflecting higher expected credit loss provisions on overseas receivables.
Share of Loss from Associate: S\$0.6 million loss, versus S\$0.5 million profit last year, due to performance of Globe Diamonds Singapore Pte Ltd.
Related Party Transactions: Significant purchases from associate (S\$3.6 million) and dividends received from associate (S\$4.0 million).

Macroeconomic and Industry Commentary

The group highlighted ongoing challenges, including gold price volatility, currency fluctuations, and geopolitical tensions affecting global supply chains and consumer sentiment. Despite these, management remains optimistic, focusing on operational efficiency, prudent risk management, and further retail and global exhibition expansion.

Chairman’s Statement and Tone

“In FY2025, the Group delivered improved financial results. A key part of its strategy is expanding its retail network across Singapore to boost market presence. This expansion has been carefully planned for sustainable growth and enhancement of customer engagement, while adapting to changing market conditions.

The Group’s ongoing success in overseas exhibition shows also contributed significantly to its performance, strengthening its presence in global markets.

By focusing on operational improvements, prudent risk management, adaptability in responding to geopolitical and market developments, the Group is well-positioned to execute its expansion and long-term growth plans.”

The statement reflects a confident and optimistic outlook, emphasizing adaptability and sustainable growth.

Corporate Actions & Shareholder Mandates

No new share buybacks, placements, or significant share capital changes.
No recent acquisitions, divestments, or fundraising events.
No general mandate for interested person transactions; no IPTs above S\$100,000 in FY2025.

Outlook and Risks

Management expects to maintain growth momentum by focusing on market share retention, product innovation, and strong customer relationships. Risks remain from macroeconomic volatility, gold prices, and supply chain disruptions, but the group’s healthy working capital and operational discipline provide a buffer against near-term shocks.

Conclusion & Investment Recommendations

Overall, Taka Jewellery Holdings Limited delivered a strong financial performance in FY2025, with double-digit growth in revenue, profit, and dividends. The outlook remains positive, supported by a scalable retail network, strong brand positioning, and prudent risk management.

For Current Shareholders:

Given the robust earnings growth, increased dividend payout, and healthy balance sheet, holding the stock appears justified for continued exposure to the group’s long-term expansion and improving profitability. Investors should, however, monitor for macroeconomic risks that could impact gold prices and consumer demand.

For Prospective Investors (Not Currently Holding):

The strong YoY growth, expanding dividends, and positive management tone provide a compelling case for consideration. Prospective investors may view any market volatility as an opportunity to accumulate shares, especially if they seek exposure to the consumer luxury and gold-linked sectors in Asia.

Disclaimer: This analysis is based strictly on information contained in the FY2025 financial report of Taka Jewellery Holdings Limited. It does not constitute financial advice. Investors should conduct their own research and consult a professional advisor before making any investment decisions.