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FOOD & BEVERAGE | Staff Reporter, Singapore

Neo Group’s net profit skyrockets 204.6% to $4.1m

Thanks to contributions from newly acquired CTVeg.

Neo Group’s Q3 net profit skyrocketed 204.6% to $4.1m, thanks to a $4.6m increase in other income that was boosted by a fair value uplift of properties from the acquisition of CT Vegetables & Fruits (CTVeg Group) during the quarter.

According to the catering company, it also recorded strong topline performance as revenue jumped 107.5% to $37.8m. This is on back of a 30.1% revenue jump in its food catering segment, a $2.9m two-month contribution from CTVeg, as well as a $12.2m contribution by its 55%-held food manufacturing subsidiary Thong Siek.

Given that rental and operating costs are on the rise, Neo Group reports that it will closely monitor its costs while refining and customising product offering and concepts at each store to better meet its demographics’ demands.

Further, it will collaborate with external vendors to drive up delivery sales while adopting technology and retraining its staff to enhance service standards.

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