

Financials
Condensed Interim Consolidated Financial Statements For The Six Months Ended 31 March 2025
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Condensed Interim Consolidated Statements Of Profit Or Loss And Other Comprehensive Income
Condensed Interim Statements Of Financial Position
REVIEW OF PERFORMANCE OF THE GROUP
Revenue
Our Group’s revenue increased by 0.3%, or $0.2 million, from $97.1 million for 1H2024 to $97.3 million in 1H2025 mainly contributed by revenue from our Korea operations.
Heightened competition in the local F&B sector led to a 1.1% decrease in revenue from our Singapore operations, or $0.9 million, from $85.3 million in 1H2024 to $84.4 million in 1H2025.
Weak consumer confidence and cautious spending in the People’s Republic of China (“PRC”) continued to affect dining demand. As a result, revenue from our PRC operations fell by 2.5%, or $0.3 million, from $9.9 million in 1H2024 to $9.6 million in 1H2025.
Cost of sales
Cost of sales, which comprised raw materials and consumables, increased by 2.8%, or $0.9 million, from $32.7 million in 1H2024 to $33.6 million in 1H2025. The increase was primarily driven by higher prices of key ingredients amid ongoing supply chain volatility.
Gross profit
Gross profit decreased by 1.0%, or $0.7 million, from $64.4 million in 1H2024 to $63.7 million in 1H2025. The gross profit margin decreased from 66.3% in 1H2024 to 65.5% in 1H2025.
Other income
Other income increased by 54.3% or $0.7 million, from $1.2 million in 1H2024 to $1.9 million in 1H2025. This increase was mainly due to the Group receiving $0.9 million from government credit schemes and government grants in 1H2025.
Employee benefits expenses
Employee benefits expenses increased by 0.9%, or $0.3 million, from $30.8 million in 1H2024 to $31.1 million in 1H2025. These increases were primarily due to the annual wage adjustments as well as increased headcount to support our business operations.
Operating lease expenses
Operating lease expenses remained stable at $2.4 million for 1H2024 and 1H2025.
Depreciation and amortisation
Depreciation expenses for property, plant and equipment (“PP&E”) increased by 17.3%, or $0.5 million, from $2.7 million in 1H2024 to $3.2 million in 1H2025, mainly due to the opening of new outlets and refurbishment of existing ones.
Depreciation expenses for right-of-use assets (“ROU”) increased by 17.0%, or $1.0 million, from $6.0 million in 1H2024 to $7.0 million in 1H2025, mainly due to new long-term leases for new office premises, central kitchen and retail spaces.
Impairment losses
The Group recognised impairment loss of $10,000 for PP&E in 1H2025.
Other operating expenses
Other operating expenses, which included cleaning services, repairs and maintenance, credit card and delivery service commissions, general supplies and marketing expenses, increased by 3.2%, or $0.4 million, from $9.7 million in 1H2024 to $10.1 million in 1H2025. The increase was in line with the general increase in business activities.
Share of results of associates
Share of results of associates in 1H2025 was $0.6 million as compared to a loss of $3,000 in 1H2024, mainly attributable to the share of profit of an associate, namely Vista F&B Services Pte Ltd.
Income tax expense
The income tax expense decreased by 38.2%, or $0.8 million, from $2.2 million in 1H2024 to $1.4 million in 1H2025, mainly due to a decrease in profits from our Singapore operations as well as deferred tax income recognised in relation to lease commitments.
Profit attributable to owners of the Company
Profit attributable to the owners of the Company was $7.9 million for 1H2025, compared to $8.9 million in 1H2024.
Review of the financial position of the Group
Current assets
The Group’s current assets decreased by $1.9 million to $65.5 million as at 31 March 2025, largely due to:
- a decrease in cash and cash equivalents of $7.7 million;
- disposal of other investments of $0.1 million; partially offset by
- an increase in trade and other receivables of $5.5 million mainly due to the increase in refundable deposits paid for new leases; and
- an increase in inventories of $0.3 million mainly due to bulk purchases of ingredients.
Non-current assets
The Group’s non-current assets increased by $33.3 million to $87.7 million as at 31 March 2025, largely due to:
- an increase in ROU of $33.7 million, mainly due to the new long-term leases for new office premises, central kitchen and retail spaces;
- a decrease in PP&E of $1.6 million, mainly due to depreciation of $3.2 million and offset by new asset additions of $1.6 million; partially offset by
- an increase in investment in associates of $0.6 million due to the share of profits of an associate; and
- an increase in deferred tax assets of $0.5 million.
Current liabilities
The Group’s current liabilities decreased by $7.9 million to $43.8 million as at 31 March 2025, mainly due to:
- a decrease in trade and other payables of $5.3 million attributable to payments to suppliers as well as the payment of employee-related expenses;
- a decrease in lease liabilities of $1.9 million mainly due to repayment of lease obligations;
- a decrease in bank borrowings of $0.4 million mainly due to repayment of bank borrowings; and
- a decrease in income tax payable of $0.6 million mainly due to lower profits from our Singapore operations.
Non-current liabilities
The Group’s non-current liabilities increased by $34.8 million to $53.3 million as at 31 March 2025, mainly due to:
- an increase in lease liabilities of $36.6 million, mainly due to the new long-term leases for new office premises, central kitchen and retail spaces; and partially offset by
- a $1.8 million repayment of bank borrowings.
Review of the cash flow statement of the Group
The Group generated net cash from operating activities before movements in working capital of $19.1 million as at 31 March 2025. Net cash generated from operations amounted to $7.9 million due to an increase in inventories of $0.3 million, an increase in trade and other receivables of $5.5 million and a decrease in trade and other payables of $5.3 million. Including the $0.3 million interest income received, $1.0 million interest paid and $2.4 million income tax paid, net cash generated from operating activities was $4.9 million as at 31 March 2025.
Net cash used in investing activities for 1H2025 amounted to $1.5 million mainly due to:
- acquisition of PP&E of $1.6 million mainly for the opening of new outlets and the refurbishment of existing ones; and
- acquisition of other investments of $1.3 million; and partially offset by
- proceeds from disposal of other investments of $1.5 million.
Net cash used in financing activities for 1H2025 amounted to $11.0 million was mainly due to the dividends paid to owners of the Company of $3.0 million, repayment of bank borrowings of $2.2 million and the repayment of lease obligations of $5.7 million.
As a result, cash and cash equivalents decreased by $7.7 million during the financial period to $38.7 million as at 31 March 2025.
Commentary on current year prospects
In Singapore, the Group’s performance reflects heightened competition within the local F&B sector but was cushioned by the growth in tourism. Although tourism has recovered significantly from pandemic lows, recent trends indicate a moderation in visitor arrivals and tourist spending. Against this backdrop, JUMBO continues to strengthen its market position by aligning with evolving consumer preferences and enhancing its value proposition within Singapore’s competitive dining landscape.
Internationally, the Group remains focused on optimising operations and pursuing growth opportunities in markets supported by favourable long-term demographic trends and an expanding demand for quality dining experiences. However, rising geopolitical tensions and uncertainties in global trade are likely to dampen consumer sentiment.
Barring any unforeseen circumstances, the Group maintains a cautious outlook over the next 12 months and remains committed on sustainable growth.