TJI Announces Unaudited Financial Data For Q1 FY2024

14 August 2023

14 August 2023 – Tam Jai International Co. Limited (“TJI” or the “Company”, and together with its subsidiaries, the “Group”; HKEX stock code: 2217), a leading and renowned mixian-specialised fast-casual restaurant chain, disclosed its unaudited financial information for the three months ended    30 June 2023 (“Period”) in its latest HKEX announcement published today.

Performance Review

Our profit after tax included one-off government subsidies of approximately HK$32 million for the first quarter of the financial year ended 31 March 2023 (‘‘FY2023’’) while that for the Period was nil. Excluding the impact of such government subsidies, our profit after tax for the Period has increased by approximately HK$31 million as compared to the same period in FY2023, which was primarily driven by the improved performance of our business in Hong Kong and an increase in interest income due to the rise in market interest rates for bank deposits as compared with FY2023.

Against the backdrop of softening economy, cost inflation and labour shortage, the overall environment of the food and beverage sector in Hong Kong has remained challenging. In view of that, the Group consistently introduced new products, value-for-money food offerings and implemented innovative marketing campaigns to drive sales during the Period. These endeavors have paved the way for a year-on-year growth in comparable restaurant revenue for the Period, maintaining an upward trend that began in the fourth quarter of FY2023.

For the markets outside Hong Kong, the Group reported improvement in business performance  year-on-year due to our focused effort on boosting sales and operational efficiency. In Mainland China, the Group recorded year-on-year sales growth for the Period due to the increase in the number of restaurants as compared with the same period in FY2023. The Group’s effective cost control also contributed to reducing loss in Mainland China. However, the recovery after the border reopening was slower than expected as hindered by the unfavourable economic environment and weak consumption sentiment in Mainland China. In Japan, we saw encouraging improvement in both sales and operational efficiency after our deployment of a new local management team. However, our business performance in Singapore remained sluggish due to the lack of manpower in the whole industry.

For more details, please refer to the HKEX announcement:
https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0814/2023081400256.pdf