CURRY puff specialist Old Chang Kee’s : 5ML 0% net profit rose 52.6 per cent to S$3.5 million for H2 ended Mar 31, thanks to higher sales.

The company on Monday (May 29) posted an 18.4 per cent increase in revenue for the half year to S$46.1 million, aided by higher sales across the retail, non-retail and catering segments, with the continued reopening of Singapore’s economy. This comes even as its number of Singapore outlets dropped to 79, from 83 as at end-March 2022.

Revenue from Old Chang Kee’s retail outlets rose by S$6.1 million or 17.2 per cent to S$41.5 million, thanks to stronger contributions from new and existing outlets. Non-outlet sales likewise rose by S$1.1 million to S$4.6 million, due to higher corporate catering orders, non-retail sales and events sales. This was offset by lower delivery sales.

It saw a 4.8 per cent increase in selling and distribution expenses to S$18 million, amid higher staff costs, outlets’ utility expenses and rental expenses, and the absence of rental rebates.

Its other expenses increased by S$120,000, due to higher impairment for the amount due from its joint venture in the UK.

For the full year, Old Chang Kee’s net profit was up 8.4 per cent to S$6.2 million, while its revenue rose 15.9 per cent to S$89.8 million. The company declared a final dividend of one Singapore cent per share, unchanged from the year-ago period.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

In commentary accompanying its results, Old Chang Kee explained that its number of outlets has reduced partly due to infrastructural developments at various locations, necessitating the closure of these outlets.

“Nevertheless, the group has and will continue with our efforts to drive revenue growth, improve gross margins and rationalise our operations to overcome manpower shortages, and seek more non-retail revenue streams during this inflationary period,” it said.

The company will also continue to look for opportunities to increase the number of outlets at key transport nodes.

Old Chang Kee shares closed flat at S$0.62 on Monday.