Jumbo Group net profit hit by 8.8% YoY rise in expenses

Net profit declined to $13.7m in FY2024.

Jumbo Group's net profit fell by 6.5% YoY to $13.7m in FY 2024 despite recording a record revenue of $190.4m.

The seafood restaurant group attributed the decline to higher operating expenses, which rose 8.8% YoY to $112.7m.

Higher employee benefits from increased headcount, salary adjustments, and bonuses drove the rise, alongside operating costs for cleaning, maintenance, delivery commissions, and marketing.

FY2024 also saw impairment losses for property, right-of-use assets, and goodwill due to underperforming outlets.

JUMBO’s board has recommended a final tax-exempt dividend of $0.005 per ordinary share, contingent on shareholder approval at the upcoming AGM.

If endorsed, FY2024 dividends will total $0.010 per share.

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