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SINGAPORE, June 05, 2025 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited ("PC” or the "Company”) (Nasdaq: PC), a food caterer supplying prepared meals to foreign workers in Singapore and providing buffet catering services, today announced its operating results for the six-month period ended December 31, 2024, with revenue of S$2,232,003 and a net loss of S$1,404,862.
The following table shows our statement of loss data for the six-month period ended December 31, 2023 and 2024. For further information regarding the results of our operations, see our financial statements appearing in our 6-K report filed with the United States Securities and Exchange Commission.
| Six-month period ended December 31, | ||||||||||||||||||
| 2023 | 2024 | Change | ||||||||||||||||
| S$ | S$ | S$ | ||||||||||||||||
| Revenues, net | 2,829,507 | 2,232,003 | (597,504 | ) | (21.1 | )% | ||||||||||||
| Cost of revenues | (2,195,076 | ) | (1,599,911 | ) | (595,165 | ) | (27.1 | ) | % | |||||||||
| Gross profit | 634,431 | 632,092 | (2,339 | ) | (0.4 | )% | ||||||||||||
| Operating expenses: | ||||||||||||||||||
| General and administrative | (1,001,759 | ) | (2,070,530 | ) | (1,068,771 | ) | 106.7 | % | ||||||||||
| Selling and distribution | (26,519 | ) | (4,727 | ) | 21,792 | (82.2 | ) | % | ||||||||||
| Total operating expenses | (1,028,278 | ) | (2,075,257 | ) | (1,046,979 | ) | 101.8 | % | ||||||||||
| Loss from operations | (393,847 | ) | (1,443,165 | ) | (1,049,318 | ) | 266.4 | % | ||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest expense | (86,770 | ) | (56,934 | ) | 29,836 | (34.4 | ) | % | ||||||||||
| Government grants | 4,863 | 5,284 | 421 | 8.7 | % | |||||||||||||
| Other income | 19,864 | 89,953 | 70,089 | 352.8 | % | |||||||||||||
| Total other (expenses) / income, net | (62,043 | ) | 38,303 | 100,346 | (161.70 | )% | ||||||||||||
| Loss before income taxes | (455,890 | ) | (1,404,862 | ) | (948,974 | ) | 208.2 | % | ||||||||||
| Income tax expense | - | - | - | - | % | |||||||||||||
| Net loss | (455,890 | ) | (1,404,862 | ) | (948,974 | ) | 208.2 | % | ||||||||||
Revenue
Overall, our total revenue decreased by approximately S$0.6 million or 21.1% to approximately S$2.2 million for the six-month period ended December 31, 2024, from approximately S$2.8 million in December 31, 2023. The decrease was mainly due to the decrease in revenue generated from supply of budget prepared meals of approximately S$0.3 million and decrease in revenue negation from operation of food stall of approximately S$0.3 million while partially offset by the increase in revenue generated from buffet catering services totaling approximately S$0.04 million.
The decrease in revenue generated from the supply of budget prepared meals of approximately S$0.3 million or 12.1% to approximately S$2.1 million for the six-month period ended December 31, 2024 from approximately S$2.4 million in December 31, 2023 was mainly due to the cessation of supplying budget prepared meals to customers with lower margins. In conjunction with this, we started offering buffet catering services for private functions as well as corporate and community events when the Singapore government lifted most of the social gathering restrictions imposed as a result of the COVID-19 pandemic.
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Cost of Revenue
During the six-month period ended December 31, 2024 and 2023, our cost of revenue was mainly comprised of raw materials costs, direct wages costs and packing material cost. For the six-month period ended December 31, 2024 and 2023, our cost of revenue amounted to approximately S$1.6 million and S$2.2 million, respectively.
Gross profit and gross profit margin
Our total gross profit amounted to S$0.63 million and S$0.63 million for the six-month period ended December 31, 2024 and 2023, respectively. Our overall gross profit margins were approximately 28.3% and 22.4% for the six-month period ended December 31, 2024 and 2023, respectively. Our total gross profit decreased during the six-month period ended December 31, 2024 compared to 2023 mainly due to increase in the prices of raw material.
General and administrative expenses
Our general administrative expenses amounted to approximately S$2.1 million and S$1.0 million for the six-month period ended December 31, 2024 and 2023, respectively. General administration expense forms part of the fixed running cost of our Company.
General administrative expenses comprised of staff cost, operating lease expense, directors' and officers' insurance and legal and professional fee. In September 2024, the company successfully listed on Nasdaq. As of December 2024, the company has entered into some consulting advisory to facilitate the digital and development ESG management system of about S$0.76 million, post IPO annual audit fee of approximately S$0.12 million and purchased of post listing liabilities insurance for Directors and Officers of approximately S$0.09 million has resulted in the increase in general administrative expenses by S$1.07 million for the six-month period ended December 31, 2024.
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 six-month period ended December 31, 2023 to the six-month period ended December 31, 2024, mainly due to turnover of operation and administrative headcount with hiring of more experience headcount.
Operating lease expenses were mainly consists of operating lease expenses of our Central Kitchen, office in Chin Bee Avenue, rental of equipments and vans. Since December 2023, the lease period for Tukang food stall has ended This has resulted in a decrease in operating lease expenses for the six-month period ended December 31, 2024 by approximately S$0.01 million or 2.5% from S$0.6 million for the six-month period ended December 31, 2023 compared to S$0.5 million for the same period in 2024.
Directors' and Officers' Insurance mainly due to the expense incurred on the purchase of Directors and Officers (D&O) public company liability insurance. Subsequent to post listing, the company incurred approximately S$0.09 million on insurance premium coverage on D&O as part of the corporate risk management.
Legal and professional fees are mainly represented by legal, consultancy and business advisory fees incurred for the six-month period ended December 31, 2024. As part of the business plan post IPO, the company entered into some marketing & development and provision of ESG advisory services to strengthen the business development strategy and hence resulted in an increase in such expenses of approximately S$0.8 million for the six-month period ended December 31, 2024.
Directors' fee mainly consists of fee payable to the Executive Director and Independent Director post IPO. As of December 31, 2024, a total Director Fee of S$0.03 million was paid to the Executive Director and Independent Director as per the Director's agreement.
Others expenses were mainly comprised of upkeep of kitchen, upkeep of motor vehicle and cleaning fee.
Net loss for the six-month period
As a result of the foregoing, our net loss amounted to approximately S$1.4 million and S$0.5 million for the six-month period ended December 31, 2024 and 2023, respectively.
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 6790 1488
