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Kimly's FY2021 net profit surges by 55.7%

Goola Warden
Goola Warden • 2 min read
Kimly's FY2021 net profit surges by 55.7%
Kimly reports 55.7% surge in net profit as its food retail business continues to grow
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Kimly reported a 13.2% y-o-y increase in revenue to record S$238.6 million for the full year ended September 30, 2021 (FY2021), mainly due to revenue growth from all three of its Business Divisions. These comprise food retail, outlet management, and outlet investment business. Kimly also registered net profit after tax of $39.3 million for FY2021, an increase of 55.7% y-o-y.

See: Analysts remain hungry for Kimly despite bitter ending on CAD investigation

The food retail division contributed the most to Kimly’s revenue growth and delivered an increase of $15.0 million to reach $119.4 million in FY2021. The increase was mainly due to higher revenue contributions from existing food stalls, growth in food delivery sales and revenue contribution 6 food stalls and 1 confectionery shop opened during FY2021.

The outlet management division contributed growth of $9.2 million in revenue to $112.5 million in FY2021 mainly due to revenue contribution from 3 new coffee shops opened during FY2021, and improvement in footfall at the company’s coffee shops.

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Revenue from outlet investment business more than doubled from $3.1 million to $6.8 million in FY2021, mainly contributed by the sale of beverages and tobacco products, rental income and provision of cleaning and utilities services from the food outlet properties acquired in the second half of FY2020.

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