Old Chang Kee Records 52.6% Increase In Profit As Sales Rise Despite Outlet Closures

Old Chang Kee Profit Increases To S$3.5M As Of Mar 2023

In a pinch, many of us have probably bought finger food from local F&B chain Old Chang Kee (OCK) to fill our stomachs. It seems like our patronisation of the brand has led to it recording a significant increase in profit recently — by more than half its previous revenue.

OCK revealed the growth in its full-year financial statement yesterday (29 May), for the period ending 31 Mar 2023.

In the report, they noted that the achievement came despite the Group operating fewer outlets than it did at the same time in 2022.

Old Chang Kee records significant profit growth

Diving into their earnings, the OCK Group highlighted that revenue grew by about S$7.2 million or 18.4% between 1 Oct 2022 and 31 Mar 2023.

This is mainly the result of more retail, non-retail and catering sales, as Singapore’s economy reopened after the pandemic.

OCK’s retail outlets raked in S$6.1 million more during this period, despite the fall in earnings from outlets that closed. The increase is apparently thanks to higher sales at existing outlets as well as additional revenue from new outlets.

As of 31 Mar 2023, OCK Group operates 79 outlets across Singapore. In contrast, they had 83 outlets the same time last year.

Corporate catering orders contributed to higher profit

Besides daily sales, OCK Group recorded S$1.1 million more in revenue from other services too.

The 29.6% rise mainly came from:

• higher corporate catering orders
• non-retail sales
• events sales

With the higher revenue, the gross profit margin increased to 64.5% in 2H2023.

Overall, comparing FY2022 and FY2023 for the year ending 31 Mar 2023, OCK Group noted the following changes:

• Group revenue increased by roughly S$12.3 million or 15.9%
• revenue from retail outlets increased by approximately S$10.5 million or 14.1%
• revenue from other services like delivery and catering increased by approximately S$1.8 million or 26.1%

To see their financial report in full including income as well as expenditure, you may access the statement here.

Hope homegrown brand will continue to prosper

A homegrown brand with branches in other countries like Indonesia, Australia and the United Kingdom (UK), OCK has certainly done Singapore proud.

Hopefully, the good financial growth the brand has recorded is an indicator of better things to come.

Here’s wishing OCK all the best as it continues to serve customers from all walks of life.

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Old Chang Kee Singapore on Facebook.