Golden Gate, the owner of multiple renowned restaurant chains in Vietnam, has announced changes to the company’s name, brand logo, and legal stamp.
Gogi chain owner, Kichi Kichi changed his name for the first time after 18 years of establishment. Photo: Quynh Danh.
Golden Gate Trading and Services Joint Stock Company has officially changed its name to Golden Gate Group Joint Stock Company (Golden Gate Group JSC), along with a new brand logo and stamp, effective from June 6.
This is the first time Golden Gate has undergone a name and brand logo change since its establishment 18 years ago. Other information such as the legal representative and business sector remains unchanged.
The company’s stamp, as stated in the resolution announced on May 31, has also been changed from Golden Gate Trading and Services Joint Stock Company to Golden Gate Group Joint Stock Company.
Golden Gate was founded in 2005 and currently has a charter capital of over 7.7 billion Vietnamese dong. The company primarily operates in the restaurant business with well-known brands such as Ashima, Kichi-Kichi, Vuvuzela, Ba con cừu, 37th Street, Daruma, Gogi House, City Beer Station, Icook, Isushi, Cowboy’s Jacks, Sumo BBQ, among others.
Most recently, on March 1, Golden Gate announced the termination of operations for 39 branches across various provinces in Vietnam. The company later clarified that the closure of these branches was part of an internal restructuring to streamline management and ensure efficiency.
As of the end of December 2022, Golden Gate owned 22 brands with nearly 400 restaurants in over 40 provinces and cities.
In terms of business performance in 2022, the company recorded a net revenue of 6.965 trillion Vietnamese dong (equivalent to over 19 billion dong per day), doubling compared to 2021. Of this, revenue from food and beverage sales amounted to 6.955 trillion dong. The company’s gross profit for the year reached 4.314 trillion dong, a 124% increase compared to the same period and the highest level since 2014.
In 2022, Golden Gate’s sales expenses amounted to over 3.110 trillion dong, a 52% increase compared to the previous year. After deducting various costs, the F&B giant achieved a pre-tax profit of 719 billion dong and a post-tax profit of nearly 659 billion dong. These are all record-high figures in the company’s business history.
As of December 31, 2022, Golden Gate’s total assets stood at 2.943 trillion dong, a more than 23% increase compared to the end of 2021. The owners of GoGi House, Manwah, Kichi Kichi, and other hot pot and barbecue chains have significantly reduced long-term debts from 546 billion dong to only 65 billion dong, while short-term debts amount to 1.522 trillion dong.
Additionally, in the past year, nearly 33% of the contributed capital from previous investor Prosperity Food Concepts and a small portion of the contributed capital from the two co-founders of Golden Gate have been transferred to new shareholders, including Temasek, SeaTown Private Capital, and Periwinkle (Singapore), with a total ownership ratio of 35.67%.
In early February, Golden Gate sought shareholders’ opinions to expand its business sectors, such as retailing various products in convenience stores (minimarkets), online food retail, and telephone sales.
@Zing News