Thursday , June 20 2024

Restaurant operator Golden Gate expects profit plunge

Golden Gate, the operator of Vietnamese restaurant chains Kichi Kichi, Gogi House and Manwah, has forecast a profit plunge of 75% to VND167 billion ($7.1 million) this year.

Revenue is set to decline 1% to VND6.9 trillion, according to a company document prepared for an upcoming general meeting.

Although Golden Gate did not specify why it expects a profit drop, the company announced plans to broaden its operations, including expanding existing restaurant chains and moving into new sectors, which could lower profit at first.

Last year, Golden Gate started branching into new businesses, such as providing food for a hospital.

Earlier this year it poured nearly VND90 billion into the Tay Ho – Vinh Phuc Investment Company, which makes soup and ice cream.

The company’s revenue last year doubled from 2021 to VND6.9 trillion, turning previous losses into a profit of VND659 billion.

Company growth was 13% higher than its pre-pandemic levels in 2019.

Golden Gate, established in 2005, operates over 20 restaurant chains. It has nearly 400 outlets that serve over 18 million customers a year.

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