Starting as a single outlet at East Coast Seafood Centre in 1987, Jumbo Group
It soon became a popular dining destination for both locals and tourists in Singapore.
Listed on the Singapore Exchange S68 (SGX) since November 2015, the group has expanded into 10 different brands through M&A, joint ventures (JV) and organic growth through the launch of creative dining concepts.
Jumbo Seafood is the group’s flagship brand, operating across six restaurants in Singapore and beyond, including China, South Korea, Taiwan, Thailand, Vietnam and Cambodia. In 2010, the group made its first M&A, acquiring Ng Ah Sio Bak Kut Teh, before launching Chui Huay Lim Teochew Cuisine the next year.
In 2018, Jumbo Group formed a JV with Hong Kong-based Tsui Wah Group to become a franchisee, bringing the Tsui Wah chain of restaurants to Singapore.
This was followed by the launch of a quick-service eatery, Chao Ting Teochew Pao Fan, in 2019 and the group’s first acquisition after its listing in 2020, Kok Kee Wanton Noodle.
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Another significant milestone came in 2022 when the group launched its premium dining concept, Jumbo Signatures, at The Shoppes in Marina Bay Sands.
The following year, the group opened its first halal-certified restaurant, Mutiara Seafood.
Jumbo Group has also ventured into retail, packaging its chilli paste and other familiar flavours under the Love, Afare brand.
Today, Jumbo Group operates 46 outlets globally, a far cry from its humble beginnings.
In its latest 1HFY2024 ended March results, the group reported earnings of $8.9 million, 11.9% higher y-o-y.
This was largely due to a 13% y-o-y surge in overall revenue to $97.1 million, as revenue from the group’s Singapore operations grew by 21.5% y-o-y to $85.3 million, thanks to the rebound of business and social dining along with tourism.
A full half-year of operations from Jumbo Seafood’s Riverwalk outlet and extended operational hours at most Jumbo Seafood outlets also contributed to the healthy revenue.
Meanwhile, revenue from the group’s Chinese operations weakened 26.2% y-o-y to $9.9 million in 1HFY2024, which the group attributes to ongoing challenges with the country’s weak economy, largely due to struggles within its real estate industry.
Furthermore, the group’s Jumbo Seafood outlet in Xi’an ceased operations in November 2023.
“Despite healthy revenue growth in Singapore, we remain cautious about challenges such as increasing raw material costs and ongoing manpower shortages,” notes Jumbo Group in its 1HFY2024 report.
“Barring any unforeseen circumstances, the group is cautiously optimistic about its business performance for the next 12 months.”
