Kimly Group posts 5.3% net profit growth in H1 2020
Revenue growth was attributed to five coffee shops and eight food stalls opened since November 2019.
Kimly Group recorded a 5.3% year-on-year boost in half-year profit to SG$10.5 million, despite higher expenses due to online food delivery fees and cleaning and packing materials.
Revenue growth was primarily attributed to the brand’s five new coffee shops and eight food stalls opened since November 2019.
Kimly’s expected lesser footfall at its coffee shops, canteens and food courts that remain open for takeaway and delivery services amidst Singapore's “circuit breaker” period.
“In line with the further tightening of circuit breaker measures recently, the group has suspended operations at its six Rive Gauche outlets and Cake Central Kitchen facility but the group does not expect the suspension to have any material impact on the group’s revenue,” Kimly said.
“Besides placing focus on enhancing our food offerings and operations efficiency in the upcoming year, we remain committed to secure more long-term direct ownership of food outlets,” the statement added.
The group operates and manages 73 food outlets and 134 food stalls across the Lion City.
