Koufu's H2 FY20 profit falls 47% amid pandemic
Singapore
FOOD court operator Koufu's net profit for the six months ended Dec 31, 2020 nearly halved year-on-year to S$7.35 million from S$13.58 million as the pandemic impacted revenue.
Revenue for H2 2020 was 15 per cent lower at S$103.4 million on lower contributions from both its outlet and mall management business segment as well as the food & beverage (F&B) retail business segment.
Earnings per share worked out to 1.32 Singapore cents for the period under review, down from 2.45 cents a year ago.
For the full year, net profit slumped over 64 per cent to S$9.88 million as the pandemic impacted operations, while revenue was 19 per cent lower at S$192.38 million.
Koufu has recommended a final dividend of 0.7 cent per share, down from 1.5 cents per share for the corresponding period a year ago. If approved by shareholders at an upcoming annual general meeting on April 26, the dividend will be paid on May 24.
In an update on its operations in Singapore, Koufu said that revenue at food courts and coffee shops - especially in the heartlands - as well as the R&B tea kiosks and its four full-service restaurants has improved significantly since dine-in resumed in Phase 2. However, footfall remains low at food courts near offices, the downtown area, tertiary institutions and tourist hot-spots.
Where expansion is concerned, Koufu has secured two new locations for R&B Tea kiosks at Fusionopolis and Sun Plaza, to be opened in Q1 2021. In addition, it will open three new food courts at Sun Plaza, its new headquarters at Woodlands Height and NTU in Q2 2021.
It is also keen to further grow its retail brand Dough Culture, and will open two new locations at Sun Plaza and Oasis Terrace in Q1 2021 and Q2 2021 respectively.
While the construction of its integrated facility was delayed owing to the measures introduced in Singapore and Malaysia to combat the pandemic, the group expects the temporary occupation permit (TOP) to be obtained in the first quarter of this year and to commence operations at the integrated facility by Q2.
Koufu will occupy 75 per cent of the total gross floor area of the facility and the remainder will be tenanted out.
The counter closed at 67 Singapore cents, up one cent, or 1.52 per cent, on Tuesday
