Old Chang Kee's net profit rises 50% YoY to $5.29m in H2 2024

Full-year profits also increased by double digits.

Old Chang Kee's net profit jumped 50% YoY to $5.29m in H2 2024.

In a bourse filing, the food and beverage chain said revenue grew by 10% to $50.71m in the six months ending March, driven by higher retail, delivery, catering and non-retail sales.

Old Chang Kee said sales from its retail outlets grew 8.3% YoY due to incremental revenue from new outlets and higher gains from existing outlets. A decrease in sales from closed outlets partially offset the growth. The company operates 79 outlets in Singapore.

Revenue from other services, such as delivery, catering services, and non-retail sales, also increased, rising by 24.4% YoY.

The company attributed the increase to higher delivery revenue, corporate catering orders and non-retail sales, with the continued pick-up in events being organised in the second half of FY 2024. 

Meanwhile, Old Chang Kee said its selling and distribution expenses rose by 12.8% due to higher staff costs, advertising and promotion, depreciation of right-of-use assets, and turnover rental expenses.