Restaurant chain operator TTFB Co Ltd (瓦城泰統集團) yesterday offered a positive outlook for this year as it boosted its dividend payout to shareholders.
“Although the food and beverage industry is still facing challenges such as a labor shortage and inflation, the group is still optimistic about its operating performance in 2024,” TTFB said in a statement after holding its annual general meeting in Taipei.
“The group aims to achieve a double-digit increase in new store openings this year, with the pace of expansion accelerating in the second half of the year,” the nation’s largest Thai food and full-service restaurant chain operator said.
Photo courtesy of TTFB Co Ltd
TTFB operates several restaurant chains, including Thai Town Cuisine (瓦城泰式料理), Very Thai Restaurant (非常泰), 1010 Hunan Cuisine (1010湘), Very Thai Noodles (大心新泰式麵食), Ten Ten Hunan Bistro (十食湘) and Shann Rice Bar (時時香), as well as Southeast Asian cuisine brand Yabi Kitchen, pad thai brand BoBo and Taiwanese food brand Shann Shann (香香).
As of the end of April, the company was running 149 stores in Taiwan, it said.
This year, TTFB continued to refine its raw material supply chain management and operating cost controls, as price pressures remained elevated, the company said in the statement.
It also worked to enhance operating efficiency through digitalization, as well as improve marketing and customer loyalty programs to ensure service efficiency, boost customer satisfaction and expand its customer base, TTFB said.
As a result, consolidated revenue for the first five months of the year grew 4.53 percent year-on-year to NT$2.496 billion (US$77.04 million), the highest January-to-May figure in the company’s history, TTFB said.
The company said it launched four new stores in Taiwan in the first five months of the year.
It said it also plans to open three new stores from this month to next month, and launch a new restaurant brand by the end of the year.
TTFB posted a net profit of NT$440 million and revenue of NT$5.72 billion last year. Its earnings per share last year were NT$12.37, up from NT$3.62 in 2022.
Shareholders yesterday approved the company’s dividend payout of NT$11 per share, an increase from NT$5 the previous year, with a payout ratio of 88.92 percent.
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