Jumbo Group net profit up 11.9% YoY to $8.89m in 1H24

Its Singapore operations helped boost profit for the period.

Mainboard-listed Jumbo Group reported an 11.9% YoY higher net profit of $8.89m in 1H24 amid a rise in income from its local operations. 

The company also reported a revenue increase of 13.0% YoY, reaching $97.1m during the same period.

Revenue from Singapore operations rose by 21.5% to $85.3min 1H24.

The company noted that its JUMBO Seafood and ZUI Teochew Cuisine outlets experienced “stronger festive sales” in 1H24.

Furthermore, gains were boosted by the reopened JUMBO Seafood outlet at The Riverwalk in January 2023, the launch of the new Ng Ah Sio Bak Kut Teh at The Central in January 2024 and the extension of operational hours at the majority of JUMBO Seafood outlets.

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Jumbo said the $300,000 franchise fee for two new outlets also increased revenue.

Meanwhile, its operations in China have not yet recovered despite the relaxation of the zero-COVID policy in December 2022.

The company said revenue from its unit in Beijing decreased by 26.2% YoY to $9.9m in 1H24. The Jumbo Seafood outlet in Xi’an also ceased operations in November 2023.

Jumbo associated this decline with China’s weak economy, largely influenced by struggles in the real estate market. 

For its Taiwan operations, revenue also fell, dropping 20.4% YoY due to reduced foot traffic in the mall where its outlet is.

Jumbo’s board of directors has declared a tax-exempt (one-tier) interim cash dividend of 0.5 cents per ordinary share.