Old Chang Kee, known for its snacks and curry puffs, earned S$5.3 million from Oct. 1, 2023, to Mar. 31, 2024.

According to Old Chang Kee's financial report, this was a 50 per cent increase compared to the same period in 2023, when the company made a S$3.5 million profit.

As of Mar. 31, Old Chang Kee currently operates a total of 79 outlets in Singapore.

The food chain's revenue from retail outlets increased by approximately S$3.5 million due to incremental revenue from new outlets and increased revenue from existing outlets.

Significant trends

The report noted that inflationary pressures have remained persistent.

Particularly, raw materials, labour costs and rental costs remain elevated.

The report also stated that the current manpower shortage in the retail sector remains "challenging".

"Singapore's low unemployment rate and foreign manpower policies have also intensified the ongoing manpower shortage in the retail sector," said Old Chang Kee.

Old Chang Kee added it would continue its current strategies to navigate "this difficult period of sustained inflation".

Such strategies include reducing operating costs, improving gross margins and rationalising the company's operations to overcome manpower shortages.

The company will also actively look for more non-retail revenue streams, which include business-to-business sales.

Old Chang Kee will continue to look for opportunities to increase the number of outlets in areas with high traffic and transport hubs and to expand its logistics and manufacturing facilities.

Top photo via Google Maps