Jumbo Group revenues up by 2.9% for third quarter
The group continues plans to open more restaurants in Singapore, Thailand, Taiwan and China.
Jumbo Group has reported that their revenues increased by 2.9% to SG$35.8 million for Q3 2018. The group’s gross profit also rose to 1.7% (SG$22.2 million), despite having its margin lower at 62%.
“I am heartened that our business expansion in the region has borne fruit,” Ang Kiam Meng, executive director and group CEO of Jumbo Group, said.
“As a growing business, there will be a gestation period as reflected in our latest set of financial results. We are confident that we will be able to produce a sustainable performance as we expand our footprint regionally and strengthen our position,” he added.
Its growth is driven by their new outlets in China, as revenues in the area went up to SG$1.8 million. The Singapore’s group operations, however, decreased to SG$0.8 million as two of their NG AH SIO Bak Kut Teh branches in closed last April and May.
“Our PRC operations continue to bring increased revenue contributions to the Group, and we have also successfully opened our first NG AH SIO Bak Kut Teh overseas outlet in Taiwan. On the domestic front, we see an overwhelming response at the new Tsui Wah outlet at Clarke Quay. This is in line with our strategy to increase the vibrancy of our business and Singapore’s food and beverage landscape,” he reported.
(Photo credit: The Edge Markets)
