,Hong Kong

International Housewares net profit rose 68.9% YoY

It also reached a “historical high” revenue of HK$2.7b.

International Housewares Retail Company Limited reported a 68.9% year-on-year (YoY) increase in its profit attributable to shareholders to HK$255m for the fiscal year 2020/21 ending on 30 April.

This after it included HK$71m under the Employment Support Scheme under the Hong Kong Government.

The largest retail chain in Hong Kong, Singapore and Macau said its revenue continued to increase by 5.9% YoY to HK$255m from HK$2.54b from FY2019/20.

Hong Kong remains to be the key market of the group, accounting for 88.6% of its total revenue, reaching a new high at HKS2.39b, a 6.6% increase from the last year. Revenue from its Macau market increased 6.7% to HK$47.32m.

Meanwhile, it maintained its revenue of HK$259m in Singapore, the same as last year, despite losing 49 business days due to the lockdown. It said it plans to relocate a new warehouse in Singapore to use it as a central processing base for its merchandise to improve the accuracy and efficiency of its product distribution.

“Singapore remains a strategic market and the group is therefore optimistic that it will provide continuous growth and profitability,” it said. 

The group said it is broadening its online presence with its collaboration with Foodpanda mall and YOHO which are two leading e-commerce retailers in Hong Kong.

“The group expects to expand upon future collaboration opportunities with third parties to foster the development of its business and operation, aiming to give customers greater convenience and faster delivery of a wide range of products in 2021,” it said.

It added that it will continue to drive sales and enhance gross margin through a greater assortment of fast-moving consumer goods and original equipment manager products and adding new categories such as health and wellness and smart living products.

“We will continue to stay alert of the market trends and swiftly respond to our customers’ needs and changing appetites as it has done in recent years,” IH Retail's Chairman and Executive Director Lisa Ngai said.

“We expect to face new challenges in 2021, but we believe the Group is well-prepared to steadfastly deliver value for our customers, employees and shareholders,” she added.

Its Board recommended the payment of a final dividend of HK11 cents per share and a special dividend of HK4.2 cents per share for its 30th anniversary this year. Adding with the interim dividend of HK9 cents per share Total annual dividend this year would be HK24.2 cents per share, higher than the HK16.5 in the last year.

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