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Koufu Q2 net profit up 16.2% to S$7.2m on F&B revenue growth
KOUFU Group on Wednesday posted a 16.2 per cent rise in net profit to S$7.2 million for the second quarter, driven by revenue growth from its food courts and coffee shops.
The Mainboard-listed firm has proposed an interim dividend of one Singapore cent, to be paid on Aug 30.
Executive chairman and chief executive officer Pang Lim said Koufu's local businesses continue to thrive even in a highly competitive and challenging F&B industry.
"We've organically expanded our network of food courts and coffee shops to 65 outlets across both segments, and this is expected to increase further as we continue to prudently seek and secure new strategic locations," he said.
Mr Pang also pointed out Koufu's progress in overseas markets. "Apart from deepening our presence in Macau, we recently announced our maiden entry into the Indonesian market, in line with our plans to capitalise on new growth opportunities by exporting our brands overseas."
Second-quarter revenue rose 7.3 per cent to S$58 million with increased revenue from its outlet and mall management, and F&B retail business segments.
The outlet and mall management segment, which makes up 50.8 per cent of the group's revenue, grew in line with the reopening of the Marina Bay Sands food court which was closed for renovations last year. The segment also recorded the first revenue contribution from its new food court at the University of Macau.
The rest of the group's revenue comes from the F&B retail business, which was mainly helped by new F&B stalls and kiosks.
Earnings per share for Q2 was 1.29 Singapore cents, up from 1.27 cents a year ago.
Net profit for the first half of the year also grew 14.2 per cent to S$14.1 million, as revenue gained 6.1 per cent to S$115.9 million.
Earnings per share for the period stood at 2.54 Singapore cents versus 2.56 cents in 2018.