Jumbo drastically reduces FY2022 net loss as revenue rises 41.3% on relaxed Covid measures

SEAFOOD restaurant operator Jumbo Group : 42R 0% has narrowed its net loss to S$91,000 for its full year ended Sep 30, 2022, from S$11.8 million a year ago. This was mainly due to an increase in revenue from its Singapore operations with the gradual easing of Covid-19 measures, said the group in a bourse filing on Tuesday (Nov 29).

Revenue for FY2022 rose 41.3 per cent to S$115.6 million, from S$81.8 million a year ago.

Loss per share is now at less than 0.1 Singapore cent for the full-year period, from 1.8 cents a year ago.

For its second half ended Sep 30, it turned in a profit of S$4.4 million, compared to a loss of S$7.5 million a year ago. Revenue for H2 rose 81.3 per cent year on year to S$66 million, from S$36.4 million.

No dividend was declared for the full year, unchanged from a year ago.

Despite a strong recovery in Singapore, its core market, Jumbo said it is conserving liquidity “to support working capital requirements and carefully assessed growth investments and developments”.

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It said it has seen revenue and footfall reaching pre-Covid levels in some of its Singapore outlets in the final quarter of FY2022.

In recent months, there has also been significant relaxation in Covid-19 measures in cities where it is operating. They include Seoul, Taipei, Ho Chih Minh City, Hanoi and Bangkok; and Jumbo is looking to improved business from outlets there.

However, it is mindful of its China operations, which may be affected by ongoing pandemic restrictions.

“We are optimistic that business performance will continue to improve, especially in our Singapore market,” said Ang Kiam Meng, its group chief executive officer and executive director. “In addition, we are creating new F&B concepts that we hope to introduce to the market in the near future.”

Shares of Jumbo closed flat at S$0.25 before the results announcement.