Kimly reports slightly lower earnings for 1HFY2024 but plans bigger dividend payout

The Edge Singapore 05-09

Kimly plans to pay an interim dividend of one cent, up from 0.56 cent paid for 1HFY2023Coffeeshop chain Kimly 1d0's 1HFY2024 earnings dipped by 0.9% y-o-y to $16 million, even with revenue up 1.9% y-o...

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In 1HFY2024, \nanother 3 food stalls and 2 restaurants were opened.\nHowever, revenue from this segment was offset by lower contributions from existing stalls and outlets. Six stalls were also closed in FY2023 and 3 in 1HFY2024.\nKimly incurred higher labour and finance costs as well.\nAs at March 31, Kimly's cash balance was $89.4 million, largely similar to $89.1 million as at end of last September.\nEven with the lower earnings, Kimly plans to pay an interim dividend of 1 cent per share, up 78.6% from 0.56 cent paid for 1HFY2023.\nGoing forward, Kimly warns that the local F&B industry is still coping with competition and \"soaring\" costs.\n\"F&B establishments are expected to struggle with the ongoing manpower shortages, despite offering higher pay to attract and retain talent. \n\"Additionally, escalating costs of raw materials and utilities pose a significant hurdle, putting considerable strain on food outlets to offer competitive prices while ensuring sustainable profitability,\" the company says.\nTo generate new growth, Kimly in February opened its fifth Tenderbest Makcik Tuckshop at Punggol Park - part of its bid to expand further into the halal market.\n\"We have observed a consistent increase in demand for Halal-certified food, with these products gaining significant traction,\" says Kimly.\n\"Given the promising outlook of the industry, we will continue with our efforts to further our expansion in the Halal market.\"\nKimly shares closed at 31 cents on May 9, down 1.61% for the day and down 7.58% year to date.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434402034"}