Soup Holdings has reported earnings of $224,000 for the 1HFY2025 ended June 30, up 34.1% y-o-y.
Revenue for the first half of the year came in 6.3% y-o-y lower at $19.4 million. This decrease in revenue was primarily due to the closure of three outlets and three cloud kitchens, which accounted for a reduction of $1.1 million.
The group says that this is in line with its strategy of evaluating underperforming outlets, retaining and refocusing on those with turnover potential, while exiting operations that no longer align with the group’s targets. In addition, revenue from existing outlets declined by $0.3 million.
These decreases were partially offset by a $0.9 million contribution from a new outlet opened at the beginning of the financial year 2025.
Soup Holdings’ non-current assets for the period ended June 30 increased to $14.7 million due to the addition of $4.5 million in right-of-use assets and plant and equipment.
Cash and cash equivalents decreased by $1.9 million due to payments made for the purchase of plant and equipment, payment of final and special dividends and repayment of lease obligations and interests.
These outflows were partially offset by net cash generated from operating activities amounting to $2.8 million.
As at 1HFY2025, the group reported net current liabilities of $0.2 million, mainly due to renovation costs incurred to enhance customer experience. Total equity amounted to $8.3 million and net asset value per share stood at 2.95 cents as at end June.
Shares in Soup Holdings closed 0.3 cents higher, or 4.54% up, at 6.9 cents on Aug 4.
