Jumbo Group, which was hard hit during the pandemic, has reported earnings of $4.4 million for 2HFY2022 ended Sept, versus a loss of $7.5 million from a year earlier.
Revenue for 2HFY2022 was $66 million, up 81.3% y-o-y, bringing full year revenue to $115.6 million, up 41.3% over FY2021, as the easing of the pandemic brought back dining demand from both tourists and locals alike.
The company ended FY2022 with a loss of $0.1 million, a big improvement from red ink of $11.8 million in the preceding FY2021.
Despite the strong recovery, the company plans to withhold any dividend payment as it prefers to conserve the resources for working capital and “carefully assessed” growth investments and developments.
Group CEO Ang Kiam Meng says that sales are going back to pre-Covid levels, especially for the company’s “anchor concepts” JUMBO Seafood and Zui Teochew Cuisine.
He adds that while there has been significant relaxation of COVID-19 measures in most of the company’s overseas market, Jumbo continues to remain cautious especially of its operations in China.
“Looking forward, we are optimistic that business performance will continue to improve, especially in our Singapore market.
“In addition, we are creating new F&B concepts that we hope to introduce to the market in the near future,” says Ang.
Jumbo shares closed Nov 29 at 25 cents. The stock is down 21.88% year to date.