Hai-O confident of sustaining double-digit growth this year

KUALA LUMPUR: Hai-O Enterprise Bhd is confident of being able to sustain double-digit growth for the financial year ending April 30, 2017 on the back of good financial performance in the past quarters.

Group managing director Tan Keng Kang said this would be driven by the multi-level marketing (MLM) segment, which grew by about 60% and contributed over 70% of the company’s revenue.

On its target of RM1bil market capitalisation, he said Hai-O has about two million shares and with the current price of around RM4.70, it was not far to achieving the target.

“We are confident of achieving the target because we are making profits,” he told reporters after the EGM here yesterday.

Earlier, executive director/group financial officer Hew Von Kim said the group would also leverage on the MLM segment to push its products into the international market.

He said Hai-O has moved into digital platform, whereby 50% of its product training, product marketing as well as transactions were done via it.

On top of that, Tan said, the group planned to launch 10-15 products a year and had recently launched its skincare products with Datuk Jimmy Choo (one of its directors) as its beauty product consultant.

“The company would be launching its new hijab scarf product line by a renowned local designer, Rizman Ruzaini, in Milan, Italy next week and is expected to be well-received by consumers and distributors,” he said. – Bernama