Kimly Group, operator of restaurants and Singapore’s traditional coffee shops, has recorded SG$18.5 million (US$13.2 million) net profit during the first half to March 31, mainly driven by the contribution of its Tenderfresh business.
The group saw a 27.9-per-cent increase in revenue, reaching SG$156.9 million with gross profit surging by 18.5 per cent. Despite the double-digit growth, net profit is 14.7 per cent lower year on year.
“We are heartened that our newly acquired business, Tenderfresh Group in October 2021 is performing well and started to make a contribution to the Group’s revenue,” the directors of Kimly said.
“We believe that the corporate developments in FY2021 have laid a strong foundation for the group to grow as well as equip the group with more capabilities to better serve our customers.”
The company said its focus will be on carrying out a four-pronged growth strategy to drive growth which includes expanding its footprint, diversifying product offerings and revenue channels, expanding its food retail division and strengthening operational capabilities to improve efficiency and productivity.
The company operates and manages an extensive network of 85 food outlets, 164 food stalls, 11 Tonkichi and Tenderfresh restaurants, seven Rive Gauche Patisserie shops and three Tenderfresh kiosks across Singapore.
