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Financial Highlights

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Revenue ($'000)

Profit before tax ($'000)



$'000 FY2012 FY2013 FY2014 FY2015 FY2016
Revenue 87,665 97,624 112,404 122,795 136,752
Profit Before Tax 8,873 10,021 15,591 15,141 18,438
Profit for the Year 7,651 9,546 13,778 13,322 15,708
           
Net Profit Attributable to          
Owners of the Company 6,596 8,539 11,521 10,600 15,508
Fellow Co-operative Venturers 899 1,009 1,828 2,152 -
Non-controlling Interests 156 (2) 429 570 200
  7,651 9,546 13,778 13,322 15,708
           
Basic and diluted earnings per share (cents) 1.0 1.3 1.8 1.7 2.4

For comparative purposes, the earnings per share for the respective financial years have been computed based on the net profit attributable to owners of the Company and the Company’s post-IPO share capital of 641,333,000 shares.

Review Of The Group's Performance

Revenue

Revenue increased by 11.4% or $14.0 million, from $122.8 million in FY2015 to $136.8 million in FY2016 due mainly to revenue contributions from our 2 new JUMBO Seafood outlets in Shanghai, PRC which opened in August 2015 and January 2016 respectively as well as an overall increase in revenue from the rest of our restaurants.

Cost of sales

Cost of sales which comprised raw materials and consumables used increased by 10.5% or $4.8 million, from $45.5 million in FY2015 to $50.3 million in FY2016, in line with the increase in revenue. Cost of sales as a percentage of revenue remained stable at 36.8% in FY2016 and 37.1% in FY2015.

Gross profit

Gross profit increased by 11.9% or $9.2 million, from $77.3 million in FY2015 to $86.5 million in FY2016. Gross profit margin was 63.2% in FY2016 and 62.9% in FY2015.

Other income

Other income increased by 5.5% or $0.1 million, from $3.2 million in FY2015 to $3.3 million in FY2016.

Employee benefits expense

Employee benefits expense increased by 12.9% or $4.4 million, from $34.8 million in FY2015 to $39.2 million in FY2016. This was mainly due to an increase in the number of employees for our 2 new JUMBO Seafood restaurants in Shanghai, PRC. In addition, there was an overall increase in headcount and remuneration for the Group’s operations in Singapore.

Operating lease expenses

Operating lease expenses increased by 15.0% or $1.6 million, from $10.3 million in FY2015 to $11.9 million in FY2016 mainly due to the leases for our 2 new JUMBO Seafood restaurants in Shanghai, PRC.

Depreciation expense

Depreciation expense increased slightly by 2.0% or $0.06 million, from $3.46 million in FY2015 to $3.52 million in FY2016 mainly due to the additional depreciation from our 2 new JUMBO Seafood restaurants in Shanghai, PRC which was partially offset by certain fixed assets being fully depreciated.

Other operating expenses

Other operating expenses increased slightly by 1.5% or $0.2 million, from $13.1 million in FY2015 to $13.3 million in FY2016 mainly due to an increase in the number of restaurant outlets.

Income tax expense

Income tax expense increased by 50.1% or $0.9 million, from $1.8 million in FY2015 to $2.7 million in FY2016 mainly due to taxes payable on our PRC operations and higher profits in the Singapore operations.

Profit after tax

In view of the above, profit after tax increased by 17.9% or $2.4 million, from $13.3 million in FY2015 to $15.7 million in FY2016.

Profit attributable to owners of the Company

Profit attributable to owners of the Company increased by 46.3% or $4.9 million, from $10.6 million in FY2015 to $15.5 million in FY2016 mainly due to co-operative ventures and a formerly partially-owned subsidiary being acquired to become fully-owned by the Company after the restructuring exercise and an overall increase in net profit.

Review Of The Group'S Financial Position

Current assets

The Group’s current assets decreased by $1.3 million from $68.0 million as at 30 September 2015 to $66.7 million as at 30 September 2016 mainly due to the decrease in cash and cash equivalents and trade and other receivables.

Non-current assets

The Group’s non-current assets increased by $4.0 million from $15.5 million as at 30 September 2015 to $19.5 million as at 30 September 2016 due to the establishment of 2 new JUMBO Seafood outlets in Shanghai, PRC, a new NG AH SIO Bak Kut Teh outlet in Resorts World Sentosa, the expansion of our JUMBO Seafood (Riverside) outlet and the acquisition of new equipment for our central kitchen.

Current liabilities

The Group’s current liabilities increased by $1.3 million from $17.6 million as at 30 September 2015 to $18.9 million as at 30 September 2016 mainly due to the increase in trade and other payables and higher income tax payable.

Non-current liabilities

The Group’s non-current liabilities increased by $0.1 million from $0.7 million as at 30 September 2015 to $0.8 million as at 30 September 2016 due to a higher deferred tax liability which was partially offset by lower finance leases and bank borrowings.

Review Of The Group's Cash Flow Statement

The Group generated net cash from operating activities before changes in working capital of $21.4 million. Net cash used in working capital amounted to $0.1 million. The Group paid income tax of $1.6 million. As a result, net cash generated from operating activities was $19.9 million.

Net cash used in investing activities amounted to $7.6 million, due to the establishment of new outlets and outlet expansion in Shanghai, PRC and Singapore and the acquisition of new equipment for our central kitchen.

Net cash used in financing activities of $13.1 million was due to the payment of dividend amounting to $51.7 million as disclosed in the Company’s offer document dated 28 October 2015 (“Offer Document”), partially offset by net proceeds of $38.8 million from issue of shares. As a result, net cash and cash equivalents decreased by $0.8 million in FY2016.