PREMIUM CATERING (HOLDINGS) LIMITED ANNOUNCES YEAR END FINANCIAL RESULTS
Premium Catering Holdings reported financial results for fiscal year ended June 30, 2024, showing a revenue decline of 1.0% to S$5.16 million from S$5.21 million in 2023. The company's net loss significantly widened to S$1.47 million from S$0.44 million in the previous year. Gross profit margin decreased from 22.0% to 16.1% due to increased raw material costs. General and administrative expenses rose by 50.4% to S$2.28 million, primarily due to expansion into new premises and increased staff costs. The company's core business of budget prepared meals saw a S$0.2 million revenue decrease, partially offset by S$0.1 million from new food stall and buffet catering services.
Premium Catering Holdings ha riportato i risultati finanziari per l'anno fiscale concluso il 30 giugno 2024, mostrando un calo dei ricavi dell'1,0% a S$5,16 milioni, rispetto ai S$5,21 milioni del 2023. La perdita netta dell'azienda è aumentata significativamente a S$1,47 milioni, rispetto ai S$0,44 milioni dell'anno precedente. Il margine di profitto lordo è diminuito dal 22,0% al 16,1% a causa dell'aumento dei costi delle materie prime. Le spese generali e amministrative sono aumentate del 50,4%, raggiungendo S$2,28 milioni, principalmente a causa dell'espansione in nuovi locali e dell'aumento dei costi del personale. Il core business dell'azienda, ovvero i pasti pronti a basso costo, ha visto una diminuzione dei ricavi di S$0,2 milioni, parzialmente compensata da S$0,1 milioni provenienti da nuovi servizi di catering per chioschi di cibo e buffet.
Premium Catering Holdings reportó los resultados financieros para el año fiscal que finalizó el 30 de junio de 2024, mostrando un descenso en los ingresos del 1.0% a S$5.16 millones, en comparación con S$5.21 millones en 2023. La pérdida neta de la empresa se amplió significativamente a S$1.47 millones, desde S$0.44 millones en el año anterior. El margen de beneficio bruto disminuyó del 22.0% al 16.1% debido a los mayores costos de las materias primas. Los gastos generales y administrativos aumentaron un 50.4% a S$2.28 millones, principalmente debido a la expansión a nuevos locales y el aumento de los costos de personal. El negocio principal de la empresa de comidas preparadas de bajo costo experimentó una disminución de ingresos de S$0.2 millones, parcialmente compensada por S$0.1 millones de nuevos servicios de catering para puestos de comida y buffets.
프리미엄 케이터링 홀딩스는 2024년 6월 30일로 종료된 회계연도 재무 결과를 보고했으며, 수익이 1.0% 감소하여 5.16백만 싱가포르 달러(S$)로 집계되었습니다. 이는 2023년의 5.21백만 싱가포르 달러(S$)에서 감소한 수치입니다. 회사의 순손실은 지난해 0.44백만 싱가포르 달러(S$)에서 1.47백만 싱가포르 달러(S$)로 크게 확대되었습니다. 원자재 비용 상승으로 인해 총 이익률은 22.0%에서 16.1%로 감소했습니다. 일반 및 관리 비용은 새로운 공간으로의 확장과 인건비 증가로 인해 50.4% 증가하여 2.28백만 싱가포르 달러(S$)에 달했습니다. 회사의 주요 사업인 저렴한 성인식사가 S$0.2백만의 수익 감소를 겪었고, 이는 새로운 음식 장터 및 뷔페 케이터링 서비스에서 발생한 S$0.1백만으로 부분적으로 상쇄되었습니다.
Premium Catering Holdings a annoncé ses résultats financiers pour l'exercice clos le 30 juin 2024, montrant une baisse de revenus de 1,0% à 5,16 millions de S$, contre 5,21 millions de S$ en 2023. La perte nette de l'entreprise s'est considérablement creusée pour atteindre 1,47 million de S$, contre 0,44 million de S$ l'année précédente. Le taux de marge brute a diminué de 22,0% à 16,1% en raison de l'augmentation des coûts des matières premières. Les dépenses générales et administratives ont augmenté de 50,4% pour atteindre 2,28 millions de S$, principalement en raison de l'expansion dans de nouveaux locaux et de l'augmentation des coûts du personnel. Le cœur de métier de l'entreprise, à savoir les repas préparés à bas prix, a enregistré une baisse de revenus de 0,2 million de S$, partiellement compensée par 0,1 million de S$ provenant de nouveaux services de catering pour des stands de nourriture et des buffets.
Premium Catering Holdings hat die finanziellen Ergebnisse für das am 30. Juni 2024 endende Geschäftsjahr veröffentlicht und zeigt einen Rückgang der Einnahmen um 1,0% auf 5,16 Millionen S$, verglichen mit 5,21 Millionen S$ im Jahr 2023. Der Nettoverlust des Unternehmens weitete sich erheblich auf 1,47 Millionen S$ aus, gegenüber 0,44 Millionen S$ im Vorjahr. Die Bruttogewinnmarge sank von 22,0% auf 16,1% aufgrund gestiegener Materialkosten. Die allgemeinen und Verwaltungskosten stiegen um 50,4% auf 2,28 Millionen S$, hauptsächlich aufgrund der Expansion in neue Räumlichkeiten und gestiegener Personalkosten. Das Kerngeschäft des Unternehmens, preisgünstig zubereitete Mahlzeiten, verzeichnete einen Einnahmenrückgang von 0,2 Millionen S$, der teilweise durch 0,1 Millionen S$ aus neuen Catering-Diensten für Lebensmittelstände und Buffets ausgeglichen wurde.
- Diversification into new revenue streams with food stall and buffet catering services
- Expansion of facilities with new 26,905 square feet premises
- Increase in other income by 133.1% to S$157,675
- Net loss increased by 232% to S$1.47 million
- Revenue declined by 1.0% to S$5.16 million
- Gross profit margin decreased from 22.0% to 16.1%
- General and administrative expenses increased by 50.4%
- Operating lease expenses increased by 59.4%
- Core business revenue from budget prepared meals decreased by 4.1%
Insights
The financial results reveal significant operational challenges. Revenue remained relatively flat at
Several red flags emerge:
- Gross profit margin declined sharply from
22% to16.1% due to rising raw material costs - General and administrative expenses surged by
50.4% toS$2.28 million - Operating lease expenses increased significantly following relocation to a larger facility
SINGAPORE, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (“PC” or the “Company”) (Nasdaq: PC), a food caterer supplying prepared meals to foreign workers in Singapore as well as operating food stalls and providing buffet catering services, today announced its operating results for the fiscal year ended June 30, 2024, with revenue of S
The following table shows our statement of loss data for the financial years ended June 30, 2023 and 2024. For further information regarding the results of our operations, see our financial statements appearing in our Annual Report filed with the United States Securities and Exchange Commission.
| Financial Years ended June 30, | ||||||||||||||||
| 2023 | 2024 | Change | ||||||||||||||
| S$ | S$ | S$ | ||||||||||||||
| Revenues, net | 5,213,810 | 5,163,909 | (49,901 | ) | (1.0 | )% | ||||||||||
| Cost of revenues | (4,066,566 | ) | (4,330,233 | ) | (263,667 | ) | 6.5 | % | ||||||||
| Gross profit | 1,147,244 | 833,676 | (313,568 | ) | (27.3 | )% | ||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | (1,516,758 | ) | (2,280,498 | ) | (763,740 | ) | 50.4 | % | ||||||||
| Selling and distribution | (27,719 | ) | (39,884 | ) | (12,165 | ) | 43.9 | % | ||||||||
| Total operating expenses | (1,544,477 | ) | (2,320,382 | ) | (775,905 | ) | 50.2 | % | ||||||||
| Loss from operations | (397,233 | ) | (1,486,706 | ) | (1,089,473 | ) | 274.3 | % | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (134,430 | ) | (165,151 | ) | (30,721 | ) | 22.9 | % | ||||||||
| Government grants | 22,270 | 29,305 | 7,035 | 31.6 | % | |||||||||||
| Other income | 67,648 | 157,675 | 90,027 | 133.1 | % | |||||||||||
| Total other (expenses) / income, net | (44,512 | ) | 21,829 | 66,341 | (149.0 | )% | ||||||||||
| Loss before income taxes | (441,745 | ) | (1,464,877 | ) | (1,023,132 | ) | 231.6 | % | ||||||||
| Income tax expense | - | (1,813 | ) | (1,813 | ) | (100.0 | )% | |||||||||
| Net loss | (441,745 | ) | (1,466,690 | ) | (1,024,945 | ) | 232.0 | % | ||||||||
Revenue
Overall, our total revenue decreased marginally by approximately S
The decrease in revenue generated from the supply of budget prepared meals of approximately S
Cost of Revenue
During the financial years ended June 30, 2023, and 2024, our cost of revenue was mainly comprised of raw materials costs, direct wages costs and packing material cost. For the years ended June 30, 2023 and 2024, our cost of revenue amounted to approximately S
Gross profit and gross profit margin
Our overall gross profit margins were approximately 22.0 % and
General and administrative expenses
Our general administrative expenses amounted to approximately S
Staff costs were mainly salaries, Central Provident Fund contributions and bonuses to our employees, primarily our corporate, executive, finance and other administrative and procurement/logistic employees. There was an increase in staff cost from the year ended June 30, 2023 to the year ended June 30, 2024, mainly due to turnover of administrative headcount and revision of key management’s salaries.
Operating lease expenses were mainly the operating lease expenses of our Central Kitchen and office in Chin Bee Avenue. Since December 2022, we moved from the two-unit rented factory workshop at Food Xchange @ Admiralty with a total built up area of 4,500 sq. ft. to 21 Chin Bee Avenue, which includes the Central Kitchen, our head office and ancillary areas with a total built up area of 26,905 sq. feet. This has resulted in the increase in operating lease expenses for the year ended June 30, 2024, by approximately S
Depreciation expenses were charged on our property and equipment which included (i) machine and equipment; (ii) furniture and fittings; (iii) office equipment; (iv) motor vehicles and (v) renovation expenses. For the year ended December 31, 2024, the decrease in depreciation is mainly due to the annual depreciation expense.
Handling charges relate to fees to dormitory operators for the logistical dissemination of packed meals to foreign workers during the period of movement control under the Circuit Breaker Measures due the COVID-19 pandemic. For the year ended June 30, 2024, the decrease is mainly due to the end of this movement control.
For the year ended June 30, 2023, write-off of property and equipment is mainly the write-off of renovation costs previously capitalized for our former Central Kitchen at Food Xchange @ Admiralty after the relocation of Central Kitchen to Chin Bee Avenue.
Legal and professional fees mainly represented legal and consultancy and business advisory fees which were ad hoc and mainly incurred for year ended June 30, 2024, and hence resulted in increase in such expenses for the year ended June 30, 2024.
Other expenses were mainly comprised of rental of machinery, rental of central kitchen and cleaning fee.
Net loss for the Year
As a result of the foregoing, our net loss amounted to approximately S
About Premium Catering (Holdings) Limited
Premium Catering (Holdings) Limited is a certified Halal food caterer specializing in Indian, Bangladesh and Chinese cuisine and has over 11 years of experience in the catering services industry in Singapore. The Group primarily supplies budget prepared meals to foreign construction workers in Singapore. In addition, the Group operates food stalls and provides buffet catering services for private functions as well as ancillary delivery services. Since 2019, the Group has introduced smart incubators where prepared meals are placed in them for collection by the customer. The smart incubators are the Company’s custom-made compartmentalized, heated and insulated food vending lockers which are used to deliver budget prepared meals to customers in a secured, hygienic, contactless manner at a pre-set temperature.
Safe Harbor Statement
To the extent that this press release may contain forward-looking statements that reflect our current expectations and views of future events, there are known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
Contact:
Sarah Loh
The Chief Financial Officer
Telephone +65-6355 9488
IR@premium-catering.com.sg
FAQ
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