Chow Tai Fook Reports Record $1.58bn Profits
June 16, 24
(IDEX Online) - Chow Tai Fook (CTF), the Hong Kong-based jeweler with over 7,500 stores across mainland China, has reported record high revenue and core operating profits for the year to 1 March (FY 2024).
Revenue was up 18.5 per cent (at a constant exchange rate basis) to US$14.1bn (HKD 108bn), the company said as it celebrated its 95th anniversary with the launch of its Rouge collection (pictured).
Core operating profit surged almost 29 per cent to US$1.58bn (HKD 12.2bn).
The company said business had been boosted by post-Covid improvements in mobility and retail activity, especially tourism from mainland China to Hong Kong and Macau, which saw retail sales values rise by 32 per cent and 53 per cent respectively.
CTF also said jewelry sales during festive and holiday periods had remained "resilient" throughout the year, despite global economic challenges.
As for the coming year, it said: "In light of the dynamic and uncertain market conditions, we stay cautiously optimistic for FY2025 and remain confident in the mid- to long- term growth prospects of the mainland jewellery market and economy, with supportive government policies prioritising economic stabilisation and reviving domestic consumption."