OSIM on a 14-quarter profit growth streak

The massage chair manufacturer posted a profit after tax of S$23 million in Q2, up 20% from the previous quarter.

Q2 revenue was S$155 million as uDivine, uPhoria and various other products continued to perform well, according to OSIM in a release.

"Our product innovation and competitive positioning have enabled us to achieve record profits. We expect to continue to create higher consumer demand with OSIM products like uDivine App, uPhoria, uSoffa Runway, uPixie, uCozy, uRelax, uPebble and nutritional supplements like Taut Whitening, Zhi and Liver Protector," said OSIM.

Profit before tax grew 21% fom last quarter to reach S$29 million.

"The better performance was due mainly to increase in sales and better margins. We are pleased that the growth was broad-based across multiple products and countries," said OSIM.

Looking ahead, OSIM has set a target to have an increase of 30 OSIM outlets this year.

"Our 199 GNC outlets are doing well. Newly acquired GNC Taiwan is progressing well. We have rationalised the number of RichLife outlets to 52 by reducing from 19 cities to 8 cities for better focus, control and efficiency. We intend to open more outlets in these key cities," it added.

OSIM has also recommended an interim dividend of 1 cent per share and a special dividend of 1 cent per share.