Chow Tai Fook Jewellery Group Ltd said full-year net profit grew by double-digits in 2017, on the back of increased sales held up by tourism growth in mainland China.
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China’s largest jeweller said last week it recorded the highest yearly profit in three years, as net profit rose to HK$4.10 billion for the year ended in March from HK$3.06 billion a year earlier.
Revenue for the same twelve months lifted 15.4% to $59.16 billion from $51.25 billion in the same period a year earlier. By region, revenues in mainland China jumped 16% to 8.1 billion, while revenue from Hong Kong and Macau climbed 7% $20.63 billion.
The company also operates a wholesale business, which accounted for 18% of overall revenue.
Same-store sales domestically saw an uptick of 8% for the year. In nearby Hong Kong and Macau, jewellery comparable sales witnessed double-digit growth, up 10.2%.
By category, total sales of gem-set jewellery rose 5% to $11.66 billion for the year, while revenue from gold surged 15% to $28.16 billion.
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During the year, the retailer added a net 204 new outlets, primarily in mainland China, and had 2,585 points of sale as at 31 March.