Jumbo sees 52% jump in second-half profit to $6.7 million

The Straits Times2023-11-29

SINGAPORE - Seafood restaurant operator Jumbo Group on Nov 28 reported earnings of $6.7 million for the second half of the fiscal year ended September, up 52 per cent from net profit of $4.4 million ...

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The group attributed its stronger top line figures for the six-month and full-year periods chiefly to the increase in revenue from its local operations on the back of the easing of pandemic-related measures.While Jumbo’s revenue from the sale of food and beverages increased, revenue from franchise income fell because there was no new franchise outlet in FY2023, the company said.Cost of sales from raw materials and consumables was up 46.5 per cent to $32.6 million in H2. This was in tandem with the increase in revenue, the company said.Jumbo opens first f","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6000":"餐馆","42R.SI":"珍宝餐饮集团","BK6505":"周期性消费品与消费者服务"},"translate_title":"Jumbo预计下半年利润增长52%，至670万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"42R.SI":1},"content_text":"SINGAPORE - Seafood restaurant operator Jumbo Group on Nov 28 reported earnings of $6.7 million for the second half of the fiscal year ended September, up 52 per cent from net profit of $4.4 million in the year-ago period.\nThe stronger showing in H2 pushed the group’s full-year earnings to $14.6 million, a turnaround from its net loss of $91,000 in the previous year. \nThe board of directors has recommended a final dividend of one cent per share, subject to shareholder approval at the upcoming annual general meeting. No final dividend was paid out in financial year 2022. The pay-out date for the dividend will be announced later.\n\n\n\nRevenue for H2 was up 40.7 per cent to $92.8 million, from $66 million. The group attributed its stronger top line figures for the six-month and full-year periods chiefly to the increase in revenue from its local operations on the back of the easing of pandemic-related measures. \nWhile Jumbo’s revenue from the sale of food and beverages increased, revenue from franchise income fell because there was no new franchise outlet in FY2023, the company said.\n\nThe sustained recovery, coupled with the strategic conversion of the group’s SuiYi Gastrobar at The Riverwalk into a Jumbo Seafood outlet in January, pushed up the group’s revenue from Singapore operations by 46.7 per cent to $78.2 million in H2. \n\n\n\n\nIn China, H2 revenue rose 15.3 per cent to $12.7 million due to the end of the country’s zero-Covid policy in December last year. In Taiwan, Jumbo’s topline contributions rose 17.5 per cent to $1.9 million. \n\nCost of sales from raw materials and consumables was up 46.5 per cent to $32.6 million in H2. This was in tandem with the increase in revenue, the company said. \nJumbo said it remains “cautiously optimistic” for the next 12 months, barring unforeseen circumstances. Despite the revenue growth, the group said it remains mindful of challenges arising from increased operational costs from items such as raw materials, labour and utilities.\n\nJumbo’s chief executive Ang Kiam Meng said: “In these uncertain times, Singapore is resilient despite global turbulence. However, caution is needed due to the volatile global economy, especially recent issues in China,” he said.\n\n“As we navigate this uncertain landscape, we stay vigilant and prepared for potential challenges.”\n\nIn a separate announcement on Tuesday, Jumbo said its chief financial officer Tay Peng Huat has resigned to “pursue personal interests and other opportunities”. He has held the post since 2014.\n\nShares of Jumbo fell one cent or 3.6 per cent to close at 27 cents on Tuesday. THE BUSINESS TIMES\n\n\n\n\n\nMore On This Topic\n\n \n\nJumbo Seafood on list of ‘150 Most Legendary’ restaurants\n\n\n\n \n\nJumbo opens first franchised seafood outlet in Cambodia","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2387178345"}