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In the six-month period, Jumbo Seafood Group recorded a 13% increase in overall revenue, attributing part of this growth to favorable trading conditions in its home market of Singapore. The surge was supported by Singapore's implementation of visa-free access for Chinese tourists in February 2024.
Despite this positive performance, Jumbo expressed disappointment with its mainland Chinese operations, where it has focused on expansion for the past decade. The company cited ongoing challenges stemming from a sluggish economy, particularly within the real estate sector, as a significant factor.
To tackle these obstacles, Jumbo announced plans to implement strategic measures aimed at optimizing operations and improving efficiency in line with prevailing market conditions.
While Jumbo redirected its focus to Southeast Asia during the Covid-19 pandemic, China remains a crucial component of its growth strategy. With outlets in key cities such as Beijing, Fuzhou, and Shanghai, Jumbo views China as integral to its expansion plans.
However, Chinese consumers have increasingly favored lower-cost, casual dining chains like Tai Er, operated by Jiumaojiu International Holdings. Specializing in grilled fish and soups, Tai Er's success has led to the emergence of numerous competing brands offering affordable dishes.
Tai Er experienced a significant revenue surge, with a 44% year-over-year increase to CNY 4.47 billion for the fiscal year ending December 31, 2023. Jiumaojiu group's overall profits in 2023 soared by 763% to CNY 480 million.
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