NEO GROUP LIMITED, a leading food catering group in Singapore, is expanding its business with the launch of a new product range. Under the brand name “Best Catering”, NEO Group will cater to the mass market with tingkat services and economical buffets.
Neo Kiah Kiat, founder, chairman and CEO of the group, said the launch of the new brand is in line with the group’s aim to cater to wider customer segments. “We are always looking to create new menus and concepts to capture a fuller spectrum of the market segment — from mass to mid to upper-mid markets.
“Daily meal deliveries or tingkat services and economical buffets will be covered by Best Catering, a new brand that we’ve created. With [the addition of the new brand], we have now broadened our income stream, further entrenching ourselves in a growing market segment of busy working families who still want to come back to fresh home-cooked meals and well-catered food for all occasions.”
The new brand is NEO Group’s fourth brand. All four brands — Neo Garden Catering, Orange Clove, Deli Hub and Best Catering — supply buffets spanning a wide variety of styles and prices, to suit a diverse range of occasions, from private to corporate to community functions.
The NEO Group was ranked by Euromonitor as the No.1 events caterer in Singapore for 2011. Established since 1992, the group is involved in the food catering, food retail, and food and catering supplies businesses.
For the food retail business, the group operates a chain of 22 umisushi outlets across Singapore and one licensed outlet in Jakarta, Indonesia. It serves quality Japanese food at affordable prices at convenient locations.
To support the logistics needs of its food catering and food retail businesses, the group’s food and catering supplies business sources for ingredients and materials directly from manufacturers and distributors. It also supplies ingredients and Japanese food products to third parties.
NEO Group’s launch of its new brand comes on the back of its announcement of record revenue and net profit performance for FY2014, which ended January 31 this year. For FY2014, the group achieved a 111.9% rise in net profi t. Revenue rose by 25.6% to hit a record S$52.4 million (US$41.8 million), driven mainly by the food catering business.
Revenue from food catering grew by 27% in FY2014 to S$39 million. The food retail business also did well, recording a 15.6% increase in revenue to S$12.7 million.
Neo attributed the “sterling performance” to the strong branding of the NEO Group and also a productivity boost, resulting from the implementation of measures to enhance the group’s overall operational efficiency, and a highly effective cost-management system.
On the retail front, the NEO Group is on track for further growth. Last month, it announced the expansion of its network of umisushi outlets in Singapore with the opening of the 24th outlet.
The group also plans to launch new stores and new concepts this year to increase its market share in Singapore and overseas. It will introduce two concept restaurants — the issho izakaya,
a Japanese drinking and dining concept establishment, and the Nanami Udon restaurant.