SINGAPORE - There are three listed pawnbrokers in Singapore. The owners of jewellery chain Aspial started Maxi-Cash while the family behind Soo Kee Jewellery started MoneyMax and Longtime pawnbroker chain ValueMax went public. All three reported third-quarter profits recently.
Who saw more business in the third quarter ended Sept 30? That would be long-time player ValueMax who chalked up $87.6 million of sales.
Next was Maxi-Cash with $27.9 million in sales and bringing up the rear was MoneyMax with $19.2 million in sales.
Who made the most profit?
ValueMax was also the clear winner here with $1.7 million in profit, followed by Maxi-Cash with $703,000 in profits and MoneyMax who only made around $82,000 in profits.
It wasn't a stellar quarter for the players due to the lower gold price, high manpower and rental costs.
MoneyMax is putting its bets on Malaysia with outlets there. It has 37 outlets in Singapore and eight in Malaysia.
Maxi-Cash has 38 outlets in Singapore. ValueMax plans to grow its secured lending business with its investment in moneylender VM Credit.