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Kimly earnings up 7.2% y-o-y to $36.5 mil for FY2023 from confectionery business disposal

Excluding the $2.5 million gain on disposal, Kimly's earnings were 0.2% y-o-y down at $34 million.

Coffeeshop chain operator Kimly 1D0 has reported earnings of $36.5 million for the FY2023 ended Sept 30, up by 7.2% compared to its earnings of $34.0 million for the previous financial year, due to the $2.5 million disposal gain of its confectionery business.

Earnings per share also increased to 2.94 cents for the full-year period, up from 2.74 cents in FY2022.

Kimly’s full-year revenue decreased 1.2% from $317.7 million in FY2022 to $313.9 million in FY2023, due mainly to a $7.4 million decrease in contributions from its food retail division.

The company attributes the decline to several factors, including reduced revenue from existing food stalls and outlets due to the decline in delivery sales as demand for food delivery tapered to the “new normal” following the easing of Covid-19 restrictions.

On the other hand, revenue from Kimly’s outlet management and outlet investment business divisions increased by $3.3 million and $0.2 million, respectively.

The company’s cost of sales also decreased by 0.5% from $226.2 million in FY2022 to $225.0 million in FY2023.

Kimly’s gross profit decreased by 2.9% to $88.9 million in FY2023 while its gross profit margin decreased by 0.5 percentage points to 28.3%.

As at Sept 30, the company’s cash and cash equivalents stood at $89.1 million.

The company has proposed a final dividend of 1.12 cents per share. Together with the interim dividend of 0.56 cents per share declared in May, the total dividend distribution for FY2023 amounts to 1.68 cents per share.

Kimly’s directors say the company remains committed to expanding its Halal business as it continues to grow its existing businesses. “Looking forward, we remain steadfast in our pursuit of suitable expansion opportunities, with the goal of curating distinctive dining experiences tailored to various market segments across Singapore, thereby to broaden our revenue base and focus on strengthening our core competencies to improve operational efficiency and productivity.”

Shares in Kimly closed flat at 30.5 cents on Nov 27.

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