To be a global operator of multiple food brands with
the objective of providing 100% satisfaction to all stakeholders
  • Overview of
  • Sector Overview
    and Competition
  • Performance Highlights
    and Development Plans

Through its subsidiary, Minor Food Group Pcl., MINT has one of the largest quick service restaurant operations in Asia, with over 2,000 restaurant outlets in Thailand, the Middle East, Asia and Australia. As the first to introduce international-style pizza to Thailand in the early 1980's, Minor Food has always been recognized as an innovator and pioneer in the Asian food services sector, with a passion for developing its restaurants into market leaders. Today, the restaurant brands include:

Quick Service Restaurant Portfolio

  1. The Pizza Company
    When it opened in 2001, The Pizza Company was quickly recognized as a one of the pioneers in the Asian food service industry. It introduced a fresh and innovative approach to pizza by offering customers over 20 different delicious toppings that are richer and zestier than the competitor's, together with a selection of great-tasting cheese blends and inviting appetizers to enhance the total pizza experience. From the first day that it opened, The Pizza Company has been the market leader in the dine-in, delivery and take-away businesses, with its delicious food and attentive service consistently being recognized by diners as the very best in the market. Not one to rest on its laurels, The Pizza Company has continued its commitment to customer satisfaction by introducing new innovations, and in 2004 began to expand its franchise internationally. Today it is well on its way to becoming one of Asia's best known pizza brands.
  1. The Coffee Club
    From a single store, which opened in November 1989 at Brisbane's Eagle Street Pier, to more than 400 outlets across Australia, New Zealand, Maldives, China, Thailand, Indonesia and United Arab Emirates, The Coffee Club has established itself as an iconic household name and preferred venue for millions of coffee drinkers throughout the Asia Pacific region. The idea was to create more than just a place where people could meet for coffee; it aimed to provide a relaxed meeting place that is casual but sophisticated, stylish yet affordable. With over 6,000 employees serving more than 40 million cups of coffees annually, The Coffee Club is Australia's largest home-grown café group, and is widely known for its good food, great service, and excellent coffee. The Coffee Club offers three types of dining experiences: a fully-licensed, extended-hour café bar/restaurant with full table service and an extended menu that includes chef's choice options; a Club Store, which is typically located in high-pedestrian areas that focuses on light meals and snacks with counter service; and The Kiosk, a counter service shopping centre option. Today, Minor Food holds 70% stake in the company, fueling its international growth.
  1. VGC Food Group
    owns three retail food brands, namely (1) Veneziano Coffee Roasters and (2) Coffee Hit. Veneziano is a leading specialty roasting house supplying over 500 tons of freshly roasted coffee annually. Coffee Hit is a specialty coffee franchise system offering an enhanced retail coffee experience to customers via beverage and whole-bean trade.
  1. Thai Express
    Established in 2002 in Singapore, Thai Express is one of the world's largest modern Thai restaurant chains. The concept is inspired by the needs of customers who want to enjoy authentic Thai cuisine at reasonable prices in a relaxed yet contemporary environment with no strict rules on decorum. At present, Minor Food holds 100% stake in Thai Express, which has since expanded to six other countries in Asia. In addition to its leading Thai Express brand, Thai Express also operates Hong Kong concept restaurant Xin Wang Hong Kong Café, French concept restaurant Poulet, and other brands.
  1. Riverside
    Established in 2005, Beijing Riverside & Courtyard (“Riverside”) is a distinctive chain of casual-concept restaurants in China, specializing in Sichuan barbecue fish. It has built up strong brand equity and customer loyalty for traditional sizzling fish dishes, combining countryside cooking with well-groomed service and contemporary decoration. With its popularity, it has expanded its restaurants rapidly across Beijing and Shanghai.
  1. BreadTalk
    BreadTalk has brought about a renaissance in the bread business, with multiple awards testifying to its branding and business successes. Each BreadTalk bears the urban, clear glass, clean cut look punctuated subtly with detailing of contrasting colours of artworks, unique to each locale.
  1. Swensen's
    In 1986, Minor Food took on the franchise for Swensen's, the beloved ice cream parlor established in San Francisco in 1948, and developed it into Thailand's largest premium ice cream brand. Under Minor Food's direction, the Swensen's brand has evolved from simple scoops to a variety of sundaes, and today it provides consumers all over Asia with an ice cream experience no other brand can provide. Minor Food acquired the master franchise rights to 32 countries across the Middle East and Asia, with the first launch of the international franchise in 2004.
  1. Dairy Queen
    Minor Food opened the first Dairy Queen in Thailand in 1996. Dairy Queen is famous for their soft-serve ice cream distributed through kiosks in shopping malls and modern trade outlets throughout Thailand. Minor Food started to franchise the Dairy Queen brand in Thailand in 2011.
  1. Sizzler
    First opened in Thailand in 1992, Sizzler offers a self-service salad bar that few can copy, and a wide range of grilled dishes including steak, seafood, chicken, ribs, combination meals and burgers. In addition to Thailand, Minor Food has a 50:50 joint venture with Sizzler's parent company to license the concept on a long-term basis in China.
  1. Burger King
    Minor Food is the master franchisee of global burger brand Burger King in Thailand, Maldives and Myanmar.
  1. SSP
    Minor Food has a joint venture with SSP International, the Food Travel Experts with over 60 years of experience, to operate restaurants in airports in Thailand under Minor Food, as well as various other external brands.

Dairy Product Manufacturing

To ensure the availability and reliability of its key raw materials, Minor Food has two manufacturing plants which produce high quality, specialized cheeses and ice cream for Thai and international markets. Minor Dairy Limited and Minor Cheese Limited were founded in 1991 with manufacturing facilities in Nakornratchasima province.

  • Minor Dairy Limited
    MDL produces a variety of premium ice cream products and toppings for food brands under Minor Food such as Swensen's, Dairy Queen and Burger King, as well as supplying the same quality ingredients to leading customers outside the group.
  • Minor Cheese Limited
    MCL produces a wide range of cheeses and cheese blends including mozzarella, cheddar, string cheese, Parmesan, mascarpone, cream cheese and sour cream. MCL is not only a key supplier to various restaurant operations of its parent, Minor Food, but is also a major supplier to companies in the Thai and regional food services sector.
Extract from Annual Report 2016

Minor Food today operates across four main markets: Thailand, Australia, China and Singapore. The followings are our views on these key markets.


In Thailand, consumer confidence index (CCI) remained relatively strong in the first nine months of 2016, with the University of the Thai Chamber of Commerce (UTCC) reporting a rising trend in CCI in the third quarter. Several factors contributed to the improving CCI. Consumption in the upcountry of Thailand started to show signs of improvement, as 2016 was the first year that the growth of farm income returned to positive territory of 2.8% after four years of contraction. In addition, government stimulus, lower household debt as the five-year first car buyer scheme came to an end, together with the low interest rate environment also helped contribute to the improving consumption sentiment. In 2016, many infrastructure projects have been approved and are underway, including two new Bangkok monorail lines. These projects will gradually send the multiplier effect on the overall economic growth.

However, in the fourth quarter of 2016, Thailand experienced a temporary slowdown and postponement of the economic activities during the mourning period after the passing of His Majesty the Late King Bhumibhol Adulyadej in October.

This was partially offset by the incentives issued by the government, which included the holiday and shopping tax breaks in the last two weeks of December. While private consumption and public investments showed a mixed trend throughout the year, strong tourism growth and improving export trend resulted in the World Bank’s forecast of Thailand’s economic growth of 3.1% in 2016.

The mourning period is anticipated to be a short-term impact to the economy, with no changes to the fundamentals of the country. Therefore, the World Bank expects the economy to grow at 3.2% in 2017. This is attributable to various government’s stimulus measures, recovering exports on the back of improving global trade and rising commodity prices, growing tourism and accelerated investments in infrastructure projects. The National Economic and Social Development Board (NESDB) is expecting the government investment to grow by 11.2% in 2017, with 36 large-scale infrastructure projects worth Baht 896 billion ready for investment in 2017. The aforementioned factors also prompt us to believe that the consumer sentiment will continue to rise.


The Australian economy is expected to slow down to a growth of 2% in the current fiscal year, especially with the economic contraction of 0.5% in the September 2016 quarter, the first contraction since March 2011. The slow growth was partly a result of the global economic slowdown, together with the continuing falls in business investment and poor consumer spending. In any case, these factors started to see signs of improvement since the end of 2016.

The Organization for Economic Co-operation and Development (OECD) projected that Australian economic growth will pick up to 3% by 2018, in line with the forecast of the Commonwealth of Australia, as there is a gradual reallocation of economic activities towards non-resource sectors. The negative spillover effects from the mining investment downturn should ease, while exports and household consumption are expected to improve and support growth, with increased employment and lower interest rate. Non-mining business investment will also increase over the coming years, due to the aforementioned reallocation towards non-resource sectors.


China, the world’s second-largest economy, reported GDP growth of 6.7% in 2016, primarily supported by the strong consumption, which accounted for 64.6% of GDP for the year. The robust consumption was supported by strong e-commerce sales and tourism services imports.

The country is going through a transition to a slower but structurally rebalanced growth. Domestic consumption is replacing manufacturing sector and investment as the main source of economic growth. Consumption growth is expected to hold up, especially as incomes rise and urbanization continues. As a result, OECD expects the country’s economic growth to remain strong, although slowing down slightly to 6.1% by 2018.


In 2016, Singapore’s economy grew by 1.8%, the lowest since 2009, during the financial crisis. Singapore’s small, open economy has been hit by declines in global trade and its exposure to sharp drops in commodity prices. Job redundancies in the first nine months of 2016 hit their highest since the same period in 2009, meaning household spending is being tightened. At the same time, the restaurant sector in Singapore has seen intense competition with many new restaurant concepts emerging as more retail space are launched. As a result, food and beverage services index for the restaurant sector has seen negative growth in every single month of 2016 up until October, signifying a weak consumption environment.

Singapore’s Ministry of Trade and Industry announced that 2017’s growth will be at a modest pace of one to three percent, while the economists are forecasting the lower end of the range. While global economy continues to face uncertainties, rising domestic interest rate environment will likely weigh down on household and business spending. Although Singapore will be a challenging market in the short term, we remain confident in the long term potential of the country. We believe the Singapore economy will eventually turn around, with its transition towards a growth model that relies less on low-wage foreign workers and more on productivity gains that are underpinned by knowledge and skill upgrades.

Comparative Market Share of Western Casual Dining in Thailand

2016 Estimated Market Share of Minor Food Group (MFG) in Thailand

Minor Food Group Revenue
Extract from Annual Report 2016
Performance Highlights and Development Plans

Minor Food reported revenue of Baht 23,157 million in 2016, an increase of 14% from the prior year. 2016 reported net profit of Baht 1,820 million, however, represented a decline of 44% from the prior year, primarily attributable to the non-recurring revaluation gain from the increased investment in Minor DKL, our Australia hub of Baht 1,665 million booked in 2015. Excluding the non-recurring items, Minor Food’s net profit from operation continued to grow, with 2016 core net profit of Baht 1,684 million, a growth of 7% from 2015.

With our overseas presence, Minor Food today operates under a hub system. Thailand, home of our head office and the origination of our restaurant business, remained our largest hub, contributing 59% of Minor Food’s revenues in 2016. Australia is the second largest hub with 15% revenue contribution, followed by China and Singapore. Below are the highlights of Minor Food’s development in 2016, which serve as the growth drivers for our sustainable earnings going forward.


We continued to build our platform for growth in Thailand. At the end of 2016, the number of outlets in the country increased by 7% compared to 2015, to 1,272 outlets under the brands The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, The Coffee Club, BreadTalk and Thai Express. Of the total number of outlets, 814 are company-owned while the remaining 458 are franchised. Although the country went through the mourning period in the fourth quarter of 2016, Thailand continued to be one of our strongest hubs with solid same-store-sales growth of 3.3% for the year. We attribute our success to the strong brands, product innovations and operational excellence.

2016 was another successful year for The Pizza Company. The brand remained the largest revenue and net profit contributor to Minor Food in Thailand and reported an impressive total-system-sales growth of over 20%. The crispy thin pizza, launched in September of 2015, created a new revenue platform for the brand. In addition, we continued to strengthen our various sales channels, including dine-in, takeaway and delivery. For our restaurants, we launched many new exclusive dine-in items, including a wide variety of new appetizers, main dishes, pastas, drinks and desserts. The menu created new excitement and helped draw traffic to the restaurants, as well as increased the average revenue per customer. We boosted our takeaway segment with the launch of “delivery units with seats” in high-traffic locations. To stay ahead of the competition for our delivery business, we upgraded our ordering mobile application and webpage for ease of use.

Burger King also demonstrated exceptional performance in 2016, with total-system-sales growth as high as 29.5%. The brand pursued the strategy to expand its local customer base and continued to open new outlets in local communities. We have expanded the outlet format to include stand-alone outlets in gas stations and drive-thru. Minor Food opened the first Burger King outlet in the northeast of Thailand in September of 2016. Furthermore, Burger King initiated local menu in order to appeal to the local taste, with the launch of “flame grilled pork and sticky rice”.

Our joint-venture operation of BreadTalk in Thailand is going through a stage of rapid expansion. We grew the number of outlets by 50%, from 24 outlets at the end of 2015 to 36 outlets at the end of 2016. Total-system-sales increased at an even faster pace of 71.5% during the same period, as revenue per outlet also increased significantly. We attribute such increase to higher traffic. The newly renovated stores as well as new and innovative products, for example, golden lava cheese tarts and lava croissants, successfully attracted customers into the stores.

2016 was a year that we built on our platform of airport operations. In Thailand, we continued to develop our business through our joint-venture company, Select Service Partner Limited (SSP). During 2016, we expanded our operations in Don Mueang International Airport, with 27 outlets at the end of the year. In addition, we successfully secured space at Phuket International Airport, with 13 outlets under operation in 2016. Outside of Thailand, during 2016, Minor Food launched 6 equity-owned outlets in Yangon International Airport under the brands Thai Express, Burger King and Swensen’s.

2016 was the first year that Minor Food consolidated the Australia hub’s operation into our financial statement, as we increased our shareholding in the hub to 70% since November 2015. As a result, revenue contribution of the Australia hub increased significantly from 3% in 2015 to 15% in 2016.

At the end of 2016, Australia hub had a total of 461 outlets. The Coffee Club remained the biggest contributor to the Australia hub, with over 80% of total-system-sales. The brand’s outlets are primarily in Australia and New Zealand, with presence in Thailand, the United Arab Emirates, the Maldives, Egypt, Malaysia and Indonesia.

Australia saw moderate growth in 2016, as the domestic economy continued to be challenging, especially in Queensland, where over half of The Coffee Club outlets are located. The 461 outlets at the end of 2016 represented 4% growth from the prior year, slower than previous years as we remained cautious amidst the weak economy. However, Minor Food is confident in the long-term potential of our operations in Australia, with the strength of our brands, our solid store network, as well as the expected improvement of the economic environment over the next few years.

Minor Food operates the brands Riverside, Sizzler and Thai Express in China. At the end of 2016, China hub had a total of 74 outlets, an increase of 12% from the prior year. We continued to expand our China hub, especially the Riverside outlets, to accommodate the growing popularity of the brand. In 2016, our China hub was profitable for the fourth consecutive year.

In terms of performance, 2016 was the first year since 2011 that China hub reported positive same-store-sales growth in every quarter of the year, attributable to all three brands. Riverside continued to do well in Beijing, while Sizzler successfully launched new menus since April of 2016. Thai Express saw rapid growth of customer traffic. In addition, with the increasing demand for food delivery services, we have taken the initiative to design delivery and takeaway menus to capture the growing segment.

Going forward, in addition to revenues expansion, we are also focused on strengthening our support functions in China. As we prepare to scale up the operations, we are streamlining our supply chain management, bolstering our operational excellence platform and developing as well as rationalizing our people. Given the size of the country and the transition towards the domestic consumption-driven economy, our China hub is well-positioned to capture the vast potential and achieve sustainable growth in the future.

Our portfolio in Singapore consists of outlets primarily under the brands Thai Express, Xin Wang Hong Kong Café, Poulet and Basil. At the end of 2016, Singapore hub had 93 outlets, an increase of 6% from the prior year. The increase was a result of new openings of Thai Express outlets outside of Singapore. As the country continued to experience economic slowdown, Minor Food shifted the focus from outlet expansion to portfolio rationalization; i.e. conversion of some outlets to a more suitable brand, or closing of some non-performing outlets.

Minor Food believes in the long-term potential of Thai food in Singapore and has taken several initiatives in 2016 to expand its Thai food portfolio to cover various segments. We refreshed the Thai Express brand, our mid-market food concept, through store renovation, as well as quality and product improvement with the launch of new menus. We brought the franchise of “Yentafo Kruengsonge by A. Mallika”, a Thai noodle concept, to Singapore with the launch of three outlets in November, to capture the quick and affordable market. We started to expand our upper-market brand, Basil, with the opening of the second outlet in November.

Our Sichuan barbecue fish concept, Riverside, was brought out of China for the first time with the launch of the first outlet in Singapore in June 2016. The initiative reaffirms our strategy to cross-sell our brands between the hubs when possible. Although Singapore hub has been impacted by the economic challenges and increased competition over the past few years, Minor Food believes that we have the right products and brands to capture the upside potential when the external factors turn around. In addition, Singapore hub continues to look for opportunities to expand its international franchise business. In Vietnam, we rapidly increased the number of Thai Express outlets from 15 at the end of 2015 to 21 at the end of 2016.

In addition to the four main hubs, Thailand, Australia, China and Singapore, Minor Food operates 230 outlets in 15 countries in Asia, the Indian Ocean, the Middle East and the United Kingdom. While some of these markets are small today, they have a potential to grow and contribute meaningful revenue and net profit in the future.

Foreseeing the consumption growth potential in the region, our international franchise business in Cambodia, Laos, Myanmar and Vietnam (CLMV) grew rapidly during the year. Franchised outlets under the brands The Pizza Company, Swensen’s and Thai Express in CLMV increased by 39% to 97 outlets at the end of 2016.

With similar strategy as Singapore, Minor Food believes in the potential of Thai food globally. We operate two Thai food concepts in the United Kingdom with a total of 5 outlets at the end of 2016. Our joint-venture company with our partner, S&P Syndicate Pcl, had 2 outlets under the Patara brand, the fine dining Thai food concept in London. In addition, we have a 70% investment in Grab Thai, the easy, relaxed, fast and quality Thai street food that Thais eat every day. Grab Thai had 3 outlets at the end of 2016.