Soo Kee Group listed on Catalist on 20 August 2015 with an IPO price of 30 cents. The stock recently traded at 20 cents, translating into a market cap of S$112.5 million.
Photo: Company
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After over 20 years in Singapore and over a decade in Malaysia, the group has over 60 retail stores in both countries, strategically situated in prime shopping malls.
Its recent IPO raised net proceeds of S$31.6 million, of which $12 million will be used for expanding its network of retail stores and introduction of new product lines
Photo: CompanyThe group recently established a yellow gold flagship store in Chinatown to offer an extensive range of yellow gold jewellery products and mementoes.
The Group will continue to launch new product lines and promotional campaigns for the peak sales period of the last quarter of the year.
Another key development is the Group's move to a new HQ in Changi Business Park by the fourth quarter of 2015 upon its completion.
Other developments: The Group plans to establish a design and development facility and customer care centre to provide customisation services for privileged and corporate customers, and support its future e-commerce business(es).
In addition, the Group may expand through investments in property, plant, equipment and human capital or through acquisitions, joint ventures and/or strategic alliances that will complement its business.
The Group prides itself on its high customer service standards. It invests in continual staff training and development to ensure quality of service standards and growth of business and operations.
The Group provides in-house and external training courses for its retail staff on gemology and product knowledge, on-the-job training relating to its operational procedures and customer service policies. The Group's new Changi Business Park Headquarters will allow it to host its regional training activities.
 Meanwhile, lower gold prices have helped imrpove Soo Kee Group's pre-tax profit margin from 8.3% to 10.0% in 1H2015.1H2015 net profit rose 23.9% to S$5.4 million. Group revenue in 1H2015 was S$65.3 million, a dip of 1.0% mainly due to the net effect of lower gold prices and the increase in demand for gold jewellery products and mementoes, as well as the lower revenue contribution from Malaysia due to weaker retail sentiment. Operating cashflow was positive at $5,724,000, resulting in a cash balance of $6,848,000 at the end of June 2015. |
