What Qaf does

QAF Limited is a Singapore-headquartered, SGX-listed (ticker Q01) multi-industry food company with core businesses in branded bakery production and food distribution/warehousing. The company traces its origins to Ben and Company, incorporated in 1958, and adopted the QAF name in 1984 when it acquired the Gardenia bread-making operations in Singapore. Gardenia operations subsequently expanded to Malaysia (1986) and the Philippines (1997), and the group now spans more than 14 Asia-Pacific markets including Singapore, Malaysia, Philippines, Australia, Myanmar, Cambodia, Hong Kong, Taiwan, Macau, Brunei, Indonesia, Vietnam, Laos, and Bangladesh, employing more than 9,000 people. Core brands include Gardenia (the top-selling packaged bread brand in Singapore, Malaysia, and the Philippines), Bonjour (secondary bread brand in Singapore), Bakers Maison (artisanal French-style bakery in Australia), Cowhead (dairy), Farmland, Farmchef, Haton, Farmvale (proprietary food brands distributed through Ben Foods), NuMee (noodles), and spreads brands Auntie Rosie's and Delicia.

The company's revenue model combines consumer packaged goods sales (branded bread, spreads, noodles, frozen foods) with B2B distribution and cold-chain services. Direct distribution is a core operational asset: a fleet of over 2,100 vans and trucks delivers products daily "straight from the oven" to more than 82,000 third-party outlets across Singapore, Malaysia, and the Philippines. Production capacity exceeds 310,000 metric tonnes annually across the group's plants, with Gardenia Malaysia alone producing over 1 billion units per annum and exceeding RM1 billion in gross sales annually since 2019. Production facilities use automated and computerized systems, including robotic-arm automation at the Farmland Bakery plant in Johor Bahru, Malaysia (completed 2017) and automated crane-based storage and retrieval at NCS Cold Stores. Cold-storage capacity includes over 50,000 cubic metres at NCS Cold Stores in Singapore and 15,000 cubic metres at the QAF Fruits joint venture.

QAF generates revenue across three primary channels: consumer retail (supermarkets, wholesalers, independent retail through NTUC FairPrice, DFI Retail Group, 7-Eleven, and over 82,000 third-party outlets), foodservice (hotels, restaurants, airlines, in-flight kitchens, food caterers, online meal kit providers, ships), and institutional/dairy distribution via Ben Foods, which also exports proprietary brands regionally. The company reported FY2025 revenue of S$633.6 million (down marginally from S$636.1 million in FY2024) with profit after tax and minority interests of S$39.8 million (up from S$34.7 million). Ownership remains concentrated in the founding family, with Lam Sing Chung serving as Chairman and controlling shareholder and his son Lin Kejian as Joint Group Managing Director.

Name

Qaf

Legal name

QAF Limited

Website

https://qaf.com.sg

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

QAF Limited is a Singapore-listed multi-industry food company producing and distributing branded packaged bread (Gardenia, Bonjour), artisanal bakery (Bakers Maison), spreads, noodles, and frozen foods, operating across 14+ Asia-Pacific markets with 9,000+ employees.

Ownership category

akta.pro rank

Product category

Bakery and Packaged Food Manufacturing

NAICS

Commercial Bakeries (311812), Frozen Cakes, Pies, and Other Pastries Manufacturing (311813), Bakeries and Tortilla Manufacturing (3118)

SIC

Bakery Products (2050), Wholesale-Groceries, General Line (5141), Miscellaneous Food Preparations & Kindred Products (2090)

akta.pro primary industry

Bread & Rolls Manufacturing (AFAKAAAA)

Keywords

• Bakery manufacturing
• Food distribution
• Cold chain logistics
• Branded packaged bread
• Foodservice supply

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Branded Packaged Bread: Production and sale of branded packaged bread under Gardenia and Bonjour brands. Factories produce over 310,000 metric tonnes of products annually. Gardenia is top selling brand in Singapore, Malaysia, and Philippines.
2. Unpackaged Bread: Fresh unpackaged bread through franchised retail businesses including Big Smile Bread Station (neighbourhood community bakery chain) and Bakers Maison (artisanal French-style breads and pastries).
3. Distribution and Warehousing: Import and distribution of wide variety of food and beverage products including meat, milk and dairy products, frozen fruits and vegetables, soups, pastries, noodles, confectionery, sauces, spreads and snack products. Also exports proprietary brands regionally.
4. Cold Storage Services: NCS Cold Stores provides independent public cold storage with over 50,000 cubic metres storage capacity. QAF Fruits provides cold storage for fresh fruits and vegetables with 15,000 cubic metres capacity.
5. Spreads: Bread spreads including Auntie Rosie's kaya spreads, Delicia chocolate spreads, Cowhead butter and margarine products.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

QAF Limited manufactures and distributes branded packaged bread (Gardenia, Bonjour), unpackaged and artisanal bakery products (Bakers Maison, Big Smile Bread Station), bread spreads (Auntie Rosie's, Delicia, Cowhead), noodles (NuMee), and operates food distribution and cold storage services (Ben Foods, NCS Cold Stores, QAF Fruits) across the Asia-Pacific region. Production exceeds 310,000 metric tonnes annually across plants in Singapore, Malaysia, the Philippines, and Australia.

Product overview

QAF Limited is a multi-industry food company operating primarily in bakery production and distribution. The company operates a platform-plus-modules architecture with its core businesses in branded packaged bread (Gardenia, Bonjour), unpackaged/artisanal bread (Bakers Maison, Big Smile Bread Station), spreads (Auntie Rosie's kaya, Delicia chocolate spreads, Cowhead dairy spreads), and distribution/warehousing services (Ben Foods, NCS Cold Stores, QAF Fruits). Proprietary house brands under the distribution business include Cowhead (dairy), Farmland (processed foods), Farmchef (frozen potatoes/meat), Haton (seafood), and Farmvale (processed pork). The Gardenia brand dominates as the top-selling bread brand across Singapore, Malaysia, and the Philippines, while NuMee represents an expansion into noodles. The company also operates cold storage and logistics services supporting its distribution network.

Differentiator

Problem solved

Functional benefit

Brands

• Gardenia: Premium branded packaged bread - top selling brand in Singapore, Malaysia, and Philippines. Superbrands status in all three countries.
• Bonjour
• Cowhead
• Farmland
• Farmchef
• Haton
• Farmvale
• Bakers Maison
• Big Smile Bread Station
• NuMee
• NCS Cold Stores
• Auntie Rosie's
• Delicia

Products and services

• Gardenia Premium brand of branded packaged bread and bakery products (white, wholemeal, specialty loaves, buns, wraps, gourmet breads); the top-selling bread brand in Singapore, Malaysia, and the Philippines, with Superbrands status in all three markets.
• Bonjour Secondary brand of packaged bread in Singapore offering white, wholemeal, and specialty breads, giving consumers broader bakery choice alongside the flagship Gardenia brand.
• Bakers Maison Artisanal bakery chain producing and distributing par-baked and fully baked frozen French-style breads, croissants, pastries, and sweets in Australia, with over 170 distributors across the country supplying foodservice operators.
• Big Smile Bread Station Neighbourhood community bakery chain operated through franchising, providing unpackaged bread to local communities primarily in the Philippines.
• Cowhead Quality milk and dairy products brand including butter, margarine, whipped butter, soft spreads, flavoured popcorn, and whipping cream; recognised with Customer Favourite Brand 2025 award.
• Farmland Proprietary brand of processed foods including frozen potatoes, processed meat, chicken nuggets, and other branded packaged products; expanded in 2025 with a sourdough frozen bread range (bagels, ciabatta, raisin loaf, burger buns) and frozen fruits range.
• Farmchef Proprietary brand of frozen potatoes and processed meat products distributed to the foodservice sector through Ben Foods' network.
• Haton Proprietary brand of seafood products distributed through Ben Foods' network across the Asia-Pacific region.
• Farmvale Proprietary brand of processed pork products distributed regionally to foodservice and retail customers via Ben Foods.
• NuMee Yellow noodles and instant noodles brand in Malaysia including pasteurised fresh yellow noodles, and instant noodles in Curry, Chicken, Fried Noodles Original, Laksa Curry, and Tom Yam flavours.
• Auntie Rosie's Kaya spreads brand in Singapore and Malaysia offering Original Homestyle Kaya and Natural Pandan Kaya spreads since 1997.
• Delicia Chocolate spreads brand offering Hazelnut Chocolate Spread, Milky Chocolate Spread, and Salted Caramel Spread; sold in over 12,000 outlets in Malaysia and in the Philippines since 2017.
• Ben Foods Distribution Import and distribution of international food brands in Singapore including meat, milk and dairy products, frozen fruits and vegetables, soups, pastries, noodles, confectionery, sauces, spreads, and snack products; operates own fleet of refrigerated trucks, multi-temperature storage, logistics, and distribution facilities, with regional export of proprietary brands.
• NCS Cold Stores Large fully equipped independent public cold store in Jurong, Singapore, with multiple temperature storage rooms, total capacity of over 50,000 cubic metres or 14,000 pallets, and automated computerised facilities including a semi-automatic crane storage and retrieval system; less than 10 minutes drive from Jurong Port.
• QAF Fruits Cold Store Joint venture cold storage facility for fresh fruits and vegetables with custom-built chiller rooms, 15,000 cubic metres storage capacity, and 48 container-loading bays with refrigerated container plug-in points.

Quantifiable outcome

• Top selling bread brand in Singapore, Malaysia, and Philippines
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Gardenia Malaysia (50% Joint Venture)coreStrategic or Co-development PartnerGardenia Malaysia is a 50% joint venture of the QAF Group. The Gardenia plants are capable of producing more than 1 billion units of products per annum, making it one of the largest wholesale bakeries in South-east Asia. Since 2019, the company has exceeded the RM1 billion mark in gross sales annually.
• QAF Fruits (Joint Venture)coreStrategic or Co-development PartnerQAF Fruits is a joint venture with a number of fruit wholesalers. The complex provides cold storage facilities for fresh fruits and vegetables with 15,000 cubic metres storage capacity and 48 container-loading bays.

Scale indicators12 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Premier Foods plc: UK-listed branded packaged food group (Mr Kipling, Hovis bread). Comparable on the dimensions of multi-brand grocery bakery portfolio management and the challenge of growing in mature bread markets.
• Grupo Bimbo: World's largest baked-goods company operating across 30+ countries (Marinela, Sara Lee, Thomas' English Muffins). Same packaged-bread category as QAF but at global scale; useful as a benchmark for industrial bakery efficiency and multi-region brand management.
• Yamazaki Baking: Japan's largest bread manufacturer with extensive Asia-Pacific footprint. Comparable at a category level — industrial-scale bakery, multi-country presence, branded packaged bread — though significantly larger and more diversified than QAF.
• Associated British Foods (ABF): Parent of Kingsmill and other bread brands across Europe and Africa. Comparable as a multi-brand grocery/food conglomerate with significant bread operations and foodservice distribution.

Direct peers

• Goodman Fielder: Australasia's largest industrial baker (Tip Top bread in New Zealand, Wonder and Mighty Soft in Australia) and major grocery/ foodservice supplier. Directly comparable to QAF's bread manufacturing scale and Australian foodservice exposure through Bakers Maison.
• George Weston Foods (Tip Top): Australian bakery arm producing Tip Top, Abbotts and Burgen breads. Comparable to QAF via Bakers Maison Australia, sharing the same retail and foodservice distribution channels and bread category.
• Nissin Foods: Asia-Pacific instant-noodle manufacturer with strong Singapore and Malaysian presence. Closely comparable to QAF's NuMee instant-noodle line and the SEA retail-channel distribution model.
• Massimo (Zaini Group): Singapore-based manufacturer of Italian-style breads and bakery products sold across supermarkets and foodservice in Southeast Asia. Closely overlaps QAF's Gardenia and Bonjour packaged bread offering and Singapore retail channel focus.

Regional players

• Tingyi (Master Kong): China's largest instant-noodle and packaged beverage group. Comparable to QAF's NuMee brand on noodle category mechanics and pan-Asian FMCG distribution, though it operates primarily in greater China rather than SEA.

Others

• DKSH Holding: Swiss-listed market expansion services company with large Asian food and consumer-goods distribution business. Comparable to QAF's Ben Foods distribution platform as a third-party food and beverage distributor across Asia-Pacific.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/qaf-ltd

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qaf