ST Group reports 42.9% revenue growth
The company also had lower profit, citing one-off listing expenses.
Singapore-listed ST Group has reported profit after tax and minority interests of AU$2m (approx. US$1.35m) for the financial year ended 30 June 2019 compared to AU$2.7m (US$1.82m) last year.
Excluding the impact of one-off listing expenses incurred in the latest financial year, the group says its core profit after tax and minority interests for FY 2019 would have been AU$4m (US$1.70m).
Revenue was at AU$52.1m (US$35.14m) for FY 2019 from AU$36.5m (US$24.6m) in the previous financial year, citing its F&B retail sales segment continues as the key growth driver, mainly due to higher contributions from existing outlets as well as contributions from new outlets.
The Australia-headquartered group holds exclusive franchise and licence rights to PappaRich, NeNe Chicken, Gong Cha, Hokkaido Baked Cheese Tart, IPPUDO” and iDarts.
It has also developed two of its own brand concepts, “PAFU” and “KURIMU”.
“Our successful listing on SGX in July 2019 has also provided us with fresh funds for business expansion in the coming financial year. Leveraging on our established franchise system and diversified portfolio of internationally popular brands, we are well-positioned to further expand our business as we forge strong working relationships with our partners globally,” ST Group executive chairman and CEO Tatt Ghee Saw said in an announcement.
(Also read: Fresh off its IPO, ST Group looks to further sweeten Australia's dessert scene)
As of 30 June 2019, ST Group has a network of 106 outlets, comprising of 41 group-owned outlets and 65 outlets owned and operated by its sub-franchisees and sub-licensees.
Last July saw the group securing exclusive rights to to the “NeNe Chicken” brand in New Zealand. The group already has businesses operating under the “PappaRich”, “Gong Cha” and “Hokkaido Baked Cheese Tart” brands in the said market.
ST Group says it has signed contracts to open another nine outlets across four brands by December 2019, including the first “IPPUDO” outlet in New Zealand in October 2019. A second KURIMU outlet is also announced for November 2019.
“We will continue to strengthen our foothold in our key geographical markets as we forge ahead into new markets through the introduction of various brands and concepts,” Saw said.
