SOO KEE GROUP, a leading and established trendsetting jeweller, delivered net profit of S$6.1 million for the nine months ended 30 September 2015, a dip of 4.7% y-o-y.

Gal9.15Photo: Company

Soo Kee Group has been named as the Top Brand 2015 Winner in the Gold and Jewellery category by InfluentialBrands® on 6 November 2015. This award recognizes brands that go beyond providing a product or service to its customers, and which have emotive capacity and ability to connect with their customers.

It is based on a nationwide study derived from 3 consolidated years (2015, 2014, 2013) of extensive research, field surveys and assessment of brand qualities.

Revenue for 9M2015 was S$102.8 million, up 6.7%  mainly from an increase in demand for the Group’s jewellery products and mementoes.

Other gains remained stable at S$0.5 million in 9M2015 and 9M2014.

Material costs increased by S$2.6 million or 5.0%, to $53.7 million in 9M2015,  in line with the general increase in revenue.

Excluding one-off IPO expenses of S$1.1 million, the Group’s 9M2015 profit before tax amounted to S$9.0 million, representing a y-o-y increase of 11.0%.

As a result, the Group’s net profit for 9M2015 was S$6.1 million, as compared to S$6.4 million in 9M2014.

Business Outlook

The Group plans to continue to launch new product lines and promotional campaigns in the last quarter of the year, which is traditionally the peak season for the jewellery market.

The Group will continue to invest in branding activities, execute its market-driven, customer-focused and product diversification strategies.

It will also continue to optimise its product offerings and enhance its distribution channels, including both physical stores and e-store platforms, which were set up in October 2015.

The Group’s relocation in November 2015 to its newly completed Changi Business Park Headquarters at 7 Changi Business Park Vista will enhance the Group’s design and development capabilities by employing the latest jewellery design and rapid prototyping technology.

Some benefits of this expansion include improved productivity through swifter response time on design development and prototyping and enhanced product customisation capabilities.

“We will continue to develop the distinctive strengths of our brands and grow our business. In October, we launched the e-store for the Soo Kee brand with the aim of leveraging on online technology to deliver greater value to our customers.

"With the e-store, our customers have the flexibility of shopping any time and also gain greater assurance with the interactive magnification tools and the ability to check the certification of diamonds available at our e-store. In addition, we are able to overcome the physical boundaries of our stores to offer a greater selection of diamonds to our customers.-- Daniel Lim, Executive Director and CEO, Soo Kee Group.

The Group also intends to establish a new comprehensive customer care center at this new premises to provide post-sales customer care and to further support its new e-commerce business.

Daniel Lim, Executive Director and CEO, said: "This year also marks a significant milestone for us as we move to our newly completed headquarters in Changi Business Park in November.

"The establishment of the design and development facility will enhance our design and testing capabilities, allowing us to bring new products to the market much faster.

"This would support our new e-commerce business and cater for additional customisation services to meet the changing demands of consumers in the future.

"Going forward, the Group will continue seeking suitable opportunities to grow its business locally and overseas, diversify existing revenue streams and enhance shareholder value.”

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