Kimly posts 13.4% fall in full-year net profit to S$34 million

Elysia Tan

Published Thu, Nov 24, 2022 · 07:47 PM

CATALIST-LISTED Kimly : 1D0 0% posted a 13.4 per cent drop in net profit to S$34 million for the 2022 full year, from S$39.3 million a year earlier, despite a revenue jump. This was mainly due to lower non-taxable government grants, the company said in a Thursday (Nov 24) bourse filing.

Earnings per share stood at 2.74 Singapore cents for the year ended Sep 30, down from 3.30 cents previously.

The coffeeshop operator said its revenue for 2022 rose 33.1 per cent to S$317.7 million, from S$238.6 million in the previous year, on the back of a S$73.5 million revenue contribution from newly-acquired Tenderfresh Group.

Tenderfresh’s performance gave a boost to Kimly’s food retail division, which saw year-on-year growth in revenue to S$191.2 million, up from S$119.4 million. However, the contribution was offset by a fall in revenue following the closure of 11 underperforming food stalls, which Kimly said suffered from manpower shortages.

Kimly’s outlet management and outlet investment business divisions also saw revenue growth in 2022. However, cost of sales grew as well.

A final dividend of 1.12 Singapore cents per share was proposed, up from 0.84 cent a year earlier. But last year the company also paid a special cash dividend of 0.6 cent a share. The final dividend will be put up for shareholders’ approval at the upcoming annual general meeting. The date payable will be announced later.