How a Chinatown Side Project Grew Into a Listed F&B Group
Soup Restaurant began operations in 1991 as a single shophouse in Chinatown with six staff members and six dining tables, founded by four engineers: Mok Yip Peng, Wong Wei Teck, Wong Chi Keong, and Ho Hong Chin. In 1995, the company introduced its signature Samsui Ginger Chicken—poached chicken served with a ginger-and-scallion dip inspired by migrant Samsui women. To scale the business, the founders expanded into suburban malls, opening an outlet at Causeway Point in 1998 to reach neighborhood families and office workers.
The company expanded its store count to 10 locations, developed centralised food-processing capabilities, and listed on the Singapore Exchange in 2007 as Soup Restaurant Group Limited, later operating as Soup Holdings Limited. Over the years, the group diversified its portfolio by adding Dian Xiao Er for herbal roast duck, Teahouse by Soup Restaurant for Nanyang-inspired dim sum, and Cafe O, a halal-certified local coffee shop concept launched in 2013, alongside upstream food processing and sauce distribution operations.
Revenue Figures Versus Shrinking Profitability
Soup Holdings’ annual revenue reached the S$40 million range prior to the COVID-19 pandemic, according to company reports. Pandemic restrictions pushed revenue down to S$29.6 million in FY2021 before recovering to S$37.6 million in FY2022 and S$41.1 million in FY2023. However, revenue subsequently declined to S$38.4 million in FY2024 and S$37.5 million in FY2025.
Profitability deteriorated alongside those figures. The group posted a S$1.8 million profit before tax in FY2023, which flipped to a S$3.1 million loss in FY2024.
Asset Impairments and Portfolio Rationalisation
To address underperforming units, Soup Holdings recognised S$400,000 in non-cash impairment losses on plant, equipment, and right-of-use assets for FY2025. The group has actively trimmed its footprint, closing two outlets—including a 23-year-old location at Compass One—and four cloud kitchens in 2025, resulting in S$1.3 million in lost revenue. Lease expiries at two additional outlets affected another S$1.1 million in revenue.
At the same time, the company opened new locations, such as an outlet at The Star Vista in November 2025, which generated S$2.6 million in revenue alongside another store opened earlier that year. The group stated its strategy focuses on retaining sustainable turnover outlets while exiting locations that fail to meet performance benchmarks, though ongoing renovations continue to weigh on short-term financial performance.
Rising Operating Costs and Industry Pressures
Operating a mature F&B business in Singapore has become significantly more expensive.
Did you know? Soup Restaurant’s signature Samsui Ginger Chicken was directly inspired by the Samsui women who came to Singapore as migrant workers.
Strategic Shifts and Technology Adoption
Frequently Asked Questions
When was Soup Restaurant founded?
Soup Restaurant was founded in 1991 as a single Chinatown shophouse by four engineers: Mok Yip Peng, Wong Wei Teck, Wong Chi Keong, and Ho Hong Chin.
What caused Soup Holdings’ recent financial losses?
According to financial disclosures, the company swung to a loss due to rising raw material, manpower, and operating costs, asset impairments on underperforming outlets, and intense market competition.
Is Soup Restaurant closing all of its outlets?
No. While Soup Holdings has closed several underperforming outlets and cloud kitchens, it continues to operate profitable locations, open selective new stores, and renovate existing spaces.
What is Soup Restaurant’s most famous dish?
The restaurant is best known for its Samsui Ginger Chicken, a dish featuring poached chicken served with a ginger-and-scallion dip.
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