Old Chang Kee (SGX:5ML
) has reported earnings of $9.6 million for FY2026 ended March 31, 15.8% lower y-o-y.
Revenue for the year came in at $103.5 million, which is 1.5% higher y-o-y. The higher revenue was mainly due to higher sales from its retail and non-retail sales.
Revenue from retail outlet was 0.6% higher y-o-y to $90.6 million mainly due to incremental revenue from new and existing outlets, partially offset by loss of revenue from one outlet undergoing refurbishment and closure of certain outlets.
As at 31 March 2026, Old Chang Kee operated a total of 82 outlets in Singapore, compared to 80 outlets a year ago.
Revenue from non-retail sales, such as delivery and catering services, increased 8.3% y-o-y to $12.9 mil mainly due to higher corporate catering and delivery sales.
Old Chang Kee’s gross profit margin remained stable at 69.2% in FY2026.
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Other income declined by 3.3% y-o-y mainly due to a reduction in government grants and employment grant income.
Selling & distribution expenses increased 4.1% y-o-y to $42.4 million, driven by higher staff costs from annual wage adjustments and higher local starting salaries due to the continuing progressive wage model policy.
As a percentage of FY2026 revenue, total selling & distribution expenses increased slightly from 40.0% to 41.0%.
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As at March 31, Old Chang Kee had a positive net working capital of approximately $38.3 million, compared to approximately $32.5 million a year ago.
As such, Old Chang Kee has proposed a final dividend of 1 cent and a special dividend of 1 cent. With the ordinary dividend of 1 cent declared back in 1HFY2026, total dividend for FY2026 amounts to 3 cents.
Looking ahead, Old Chang Kee will continue to expand its retail footprint in high traffic strategic locations, such as transport hubs, while exploring synergistic business combinations and scaling its logistics and manufacturing capabilities.
Shares of Old Chang Kee closed unchanged at $1.18 on May 29.
