The name Old Chang Kee 5ML immediately comes to mind when it comes to traditional Singaporean snacks. The company is synonymous with mouth-watering snacks and finger food, including its iconic curry puffs (also known as Curry’O), spring rolls, fishballs, fried cuttlefish and breaded prawns, just to name a few.
Established in 1956, Old Chang Kee began as a humble stall owned and operated by Chang Chuan Boon, a Hainanese immigrant. Chang sold curry puffs filled with fried chicken, curried potatoes, and a slice of hard-boiled egg. He subsequently moved his stall to Albert Street, a location known for its street hawkers until 1981. In 1973, Chang opened a second stall within a coffee shop near Rex Cinema on Mackenzie Road, where his curry puffs gained popularity and became known as the “Rex curry puffs.”
In 1986, Han Keen Juan, the group’s executive chairman and controlling shareholder, bought over the business. According to newspaper archives, Chang was said to be a distant relative of Chang’s. As of March 31 this year, Han has a direct interest in 71.1 million shares in Old Chang Kee, representing 58.61% of the company’s total stake.
Today, Old Chang Kee has grown into a beloved brand with a presence in Singapore and around the globe. Since its inception, the company has marked several milestones, including becoming Halal certified in January 2005 and being listed on the Singapore Exchange S68 ’s (SGX) Catalist board in January 2008. Beyond the leading brand, Old Chang Kee also operates its mobile outlet, O’ My Darling!, and dine-in retail outlets, such as Curry Times and Old Chang Kee Coffee House. The group also operates a catering business that serves its signature snacks and dishes from Curry Times.
In FY2024 ended March 31, Old Chang Kee reported earnings of $9.7 million, 51.5% higher y-o-y as revenue and gross profit rose.
Revenue rose 12.4% y-o-y to $101.0 million, led by higher revenue from retail outlets, catering, delivery and non-retail sales. Revenue from the group’s retail outlets rose 10.9% y-o-y, mainly due to incremental revenue from new outlets and higher revenue from its existing outlets, but partly offset by lower revenue from outlets that were closed during the year. Revenue from other services, such as delivery and catering services, grew by 26.4% y-o-y due to higher catering, delivery, non-retail and events revenue.
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Gross profit rose by 17.1% y-o-y to $68.2 million, while gross profit margin increased by 2.7 percentage points to 67.6%. The improved margin was attributed to improved cost management, product pricing management, and lower production utilities expenses as a percentage of revenue during the year.
At the time, the group said it would actively explore more non-retail revenue streams, including business-to-business sales, and seek opportunities to increase the number of its outlets at strategic locations. Additionally, the group said it was looking to explore possibilities for “synergistic business combinations” and expanding its logistics and manufacturing facilities.
