Niks Professional records a 2.2% revenue decline due to weak China sales

This was due to weaker sales in China.

Niks Professional’s revenue declined by 2.2% YoY to $10.85m in FY23 from $11.10m in FY22 due to weaker sales in China.

Revenue in the headquarters segment also declined 21.4% YoY to 1.38m in FY23 driven by the 25.6% YoY decline in China sales to $1.58m. The decline in sales was due to lower consumer confidence.

Payroll expenses also increased by 7.7% to $4.77m in FY23 from $4.43m in FY22 due to doctor and management hires for their expansion plans.

Meanwhile, the company’s clinic and retail operations in Singapore reported a YoY revenue growth of 1.9% and 6.4% respectively in FY2023.

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