Despite the lower earnings, Kimly plans to pay a total FY2024 dividend of 2 cents, implying a yield of 6.3%. In contrast, Kimly paid a total of 1.68 cents paid for FY2023.
UOB Kay Hian analysts Heidi Mo and John Cheong have slightly lowered their target price for Kimly (SGX:1D0
) from 35 cents to 34 cents following FY2024 earnings that came in below expectations, no thanks to higher operating costs ranging from utilities to labour.
Kimly managed to record slightly higher revenue of $319 million for its FY2024, up 2% y-o-y with contributions from new outlets and cleaning contracts. However, earnings was down 7% y-o-y to $32 million.
