![](https://i.imgur.com/CLvY2jA.png")
27-11-2021, 10:56 AM
Mandy How | November 27, 2021, 10:20 AM
......
Most of its restaurants, with seafood and Chinese menus, place emphasis on a communal dining experience. The two pax restrictions, which Singapore has been shifting in and out of, spell a constant threat to the industry.
......
To top it off: in the good old non-Covid days, 80 per cent of its income came from tourists.
......
For the whole of FY2020, the group made a S$8.2 million loss, in contrast to a net profit of S$11.7 million for 2019.
It was, as Ang noted in its 2020 annual report, the company's first loss since its initial public listing.
FY2021 turned out to be even worse for the group, as it closed the year recently with a S$11.8 million loss and a decline in its revenues.
Ang explains,
"I think 2020 is not too bad because the actual lockdown only after Chinese New Year. So at least we have that Chinese New Year to be profitable.
......
Although no retrenchment has been carried out, headcount has dropped by about 160 due to natural attrition without replacement.
......
salaries were cut from 10 per cent to 40 per cent, depending on which "tier" of the corporate hierarchy one might be situated in.
Ground staff, for instance, experienced the lowest reductions at 10 per cent, while "senior staff" like Ang saw a 40 per cent reduction in their pay.
......
Outlets with dismal footfall have also been culled from their portfolio, such as Jumbo Seafood at Riverwalk, and two Ng Ah Sio Bak Kut Teh stores in the tourist belt, at Resort World Sentosa and Marina Bay Sands.
......
To address the low morale among its employees, the company reinstated their full salaries after nine months
......
In Nov. 2020, Jumbo launched its first online concept, Hack It, to capture the "stay-home, small families, and younger audience."
With no dine-in space allocated for it, the "seafood in a bag" meal is only available for takeaway or delivery.
Such a concept not only saves on rent, but keeps the brand relevant during a period where dining out has become an uncertainty.
One month later, the group executed its first post-listing acquisition, bringing Kok Kee Wanton Noodle into its fold.
......
Ang revealed that Hack It is doing "very well," with sales peaking at about S$300,000 a month—a figure that apparently even dine-in restaurants might be hard-pressed to hit.
In fact, mall landlords have also expressed their interest in having Hack It as a physical store, according to Ang.
Kok Kee, on the other hand, saw long queues during its Ang Mo Kio opening in October, which marked its fourth outlet on the island.
Tsiu Wah, a franchise manned by the group, has added two more outlets—Jem and Jewel Changi Airport—to its presence in Singapore as well.
Much better to read the full LONG article at: https://mothership.sg/2021/11/jumbo-group-interview/
......
Most of its restaurants, with seafood and Chinese menus, place emphasis on a communal dining experience. The two pax restrictions, which Singapore has been shifting in and out of, spell a constant threat to the industry.
......
To top it off: in the good old non-Covid days, 80 per cent of its income came from tourists.
......
For the whole of FY2020, the group made a S$8.2 million loss, in contrast to a net profit of S$11.7 million for 2019.
It was, as Ang noted in its 2020 annual report, the company's first loss since its initial public listing.
FY2021 turned out to be even worse for the group, as it closed the year recently with a S$11.8 million loss and a decline in its revenues.
Ang explains,
"I think 2020 is not too bad because the actual lockdown only after Chinese New Year. So at least we have that Chinese New Year to be profitable.
......
Although no retrenchment has been carried out, headcount has dropped by about 160 due to natural attrition without replacement.
......
salaries were cut from 10 per cent to 40 per cent, depending on which "tier" of the corporate hierarchy one might be situated in.
Ground staff, for instance, experienced the lowest reductions at 10 per cent, while "senior staff" like Ang saw a 40 per cent reduction in their pay.
......
Outlets with dismal footfall have also been culled from their portfolio, such as Jumbo Seafood at Riverwalk, and two Ng Ah Sio Bak Kut Teh stores in the tourist belt, at Resort World Sentosa and Marina Bay Sands.
......
To address the low morale among its employees, the company reinstated their full salaries after nine months
......
In Nov. 2020, Jumbo launched its first online concept, Hack It, to capture the "stay-home, small families, and younger audience."
With no dine-in space allocated for it, the "seafood in a bag" meal is only available for takeaway or delivery.
Such a concept not only saves on rent, but keeps the brand relevant during a period where dining out has become an uncertainty.
One month later, the group executed its first post-listing acquisition, bringing Kok Kee Wanton Noodle into its fold.
......
Ang revealed that Hack It is doing "very well," with sales peaking at about S$300,000 a month—a figure that apparently even dine-in restaurants might be hard-pressed to hit.
In fact, mall landlords have also expressed their interest in having Hack It as a physical store, according to Ang.
Kok Kee, on the other hand, saw long queues during its Ang Mo Kio opening in October, which marked its fourth outlet on the island.
Tsiu Wah, a franchise manned by the group, has added two more outlets—Jem and Jewel Changi Airport—to its presence in Singapore as well.
Much better to read the full LONG article at: https://mothership.sg/2021/11/jumbo-group-interview/
