As such, FY2020 revenue for the coffeeshop operator grew 1.2% y-o-y while PATMI expanded by 25.8% y-o-y. While the growth may be partly attributable to government assistance, the net impact led to an increase in revenue and margins, compared to pre-Covid-19 periods. In FY2020, food delivery orders likely accounted for 5-10% of Kimly’s revenue. “We believe that this may be due to Kimly offering one of the most affordable options for delivery and – with the economy worsening – it presented a more sustainable option for the average family in Singapore. Also, its dining outlets are also spread well across the island – mainly near or in housing estates, which makes it convenient for consumers to opt for delivered meals,” notes Seet. Seet also believes Kimly’s recent acquisitions may spur its growth in FY2021.
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The coffeeshop operator completed phase 2B of the acquisition involving eight food outlets, which now puts 80 food outlets and 134 food stalls under Kimly’s portfolio.