Restaurant chain operator Wowprime Corp (王品), which owns the Wang Steak (王品台塑牛排), Tasty (西堤) and Tokiya (陶板屋) brands, is targeting generating more than NT$20 billion (US$634.6 million) in revenue from its domestic operations next year, as the catering industry has maintained a consistent pace of 3 to 5 percent annual growth.
The company yesterday held its annual year-end party at the Taipei Nangang Exhibition Center to thank its employees, while sharing its business outlook.
Wowprime chairman Chen Cheng-hui (陳正輝) said the company’s profits this year are expected to grow more than 1.5 times its share capital for the third consecutive year, indicating strong operating conditions.
Photo: Amy Yang, Taipei Times
“Wowprime boasts a diverse portfolio of brands and a complete product category in Taiwan, making it one of the few restaurant groups in the market with such a scale,” local cable TV station USTV quoted Chen as saying.
“The company has continued to increase wages and invest in talent in Taiwan, and hopes to achieve the revenue target of exceeding NT$20 billion for the Taiwanese market next year,” he said.
Wowprime adopts a multi-brand strategy in Taiwan and China. As of the end of last month, it operated 450 outlets across the Taiwan Strait, featuring Taiwanese, Chinese, Japanese, teppanyaki, hot-pot and other cuisines.
During the first 11 months of this year, domestic operations — 358 outlets under 21 brands — contributed revenue of NT$17.45 billion, up 7.33 percent year-on-year, while operations in China — 92 outlets under six brands — posted sales of NT$3.8 billion, down 3.48 percent, company data showed.
Consolidated revenue rose 5.22 percent to NT$21.25 billion in the first 11 months from the same period last year, exceeding the NT$20 billion mark for the third consecutive year.
Net profit in the first three quarters stood at NT$995.17 million, down 2.73 percent from NT$1.02 billion a year earlier, with earnings per share down to NT$12.01 from NT$12.41 the previous year, company data showed.
Wowprime has implemented cost reductions, price cuts and new marketing strategies in China to respond to changing consumption patterns amid an economic slowdown.
The company’s business in China has been profitable for six consecutive quarters since the second quarter last year, Chen said.
The number of outlets there is expected to climb above 100 next year as the worst is over, he said.
Overall, the company expects a net increase of 50 outlets across the Taiwan Strait next year, bringing the total to more than 500, he added.
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