Strong revenues offset set up costs at MindChamps in Q3

MindChamps PreSchool has reported a 74 per cent% increase in Q3 revenues driven by the acquisition of 11 new centres in Australia as noted in its latest quarterly release.

 

This strong increase in revenue was offset by set up costs associated with new operations in China and Australia. In addition, investment in the head office support team contributed to the rise in costs.

 

David Chiem, Founder, CEO and Executive Chairman, commented “We are excited and humbled to see our 3 minds model of education embraced by the teachers, students and parents in every one of the new territories that we have entered.”

 

Additional highlights from the release include:

 

• Q3 revenue was reported at S$9.2 million and Q3 net profit came in at S$1.2 million
• MindChamps now has 17 company owned company operated centres and 54 franchisee owned franchisee- operated centres
• A master franchise agreement has been signed with Victoria Education Sdn Bhd to open and operate 20 preschools in Malaysia in 2019.

 

MindChamps is a market leader in the Singaporean pre school sector. The company also has operations in Australia, UAE, Philippines, Vietnam, Myanmar and soon, China.

 

MindChamps was listed on the Singapore Stock Exchange in November 2017.