Hong Kong based jeweller Chow Tai Fook achieved net profits of $777 million in fiscal 2020 as “it recorded its best performance since 2014”, IDEX Online reports. The profits, which exceeded forecasts, were aided by “lower gold prices, favorable foreign exchange rates and one-off rent concessions because of COVID-19”.
Revenue for fiscal 2020 was up almost 24% to just over $9 billion as profit attributable to shareholders rose by 108%. Chow Tai Fook, China’s biggest jeweller by market value, opened 741 new points of sale across the mainland in the year to March 31. In addition, it plans to open more than 700 points of sale in the coming year. Currently, it has 4,591 points of sale.
Chairman Henry Cheng said: “Market volatilities in the past year presented opportunities for innovators to maintain competitive advantage. In pursuit of long-term and steady business development, the group accelerated digital transformation efforts in the smart retail arena and expanded its retail network across online and offline channels”.
