Press Release

FY2024 Annual Revenue Up 5.9% Profit for the Year, excluding Government Subsidies, Jumps 34.2%


High Annual Dividend Payout Ratio at 100%

JV & Franchise Strategy Mark New Chapter for Overseas Expansion

14 May 2024


Results Highlights

  • Group’s revenue grew 5.9% to HK$2,748.4 million, driven by 14 net openings in restaurant network and slight comparable restaurant revenue growth in Hong Kong.
  • Profit for the year excluding government subsidies(1) increased by 34.2% to HK$117.0 million.
  • Narrowed operating loss(2) outside Hong Kong by 52.5% to HK$14.1 million.
  • Incremental income from overseas franchise is expected to start in FY2025.
  • The Board has resolved to recommend a final dividend of HK5.9 cents per share, bringing the total dividend for the year to HK8.9 cents per share and representing an annual dividend payout ratio of 100%.


(Hong Kong, 14 May 2024) – Tam Jai International Co. Limited (“TJI” or the “Company”, and together with its subsidiaries, the “Group”; HKEX stock code: 2217), one of the leading and renowned restaurant groups in Hong Kong, today announced its annual results for the year ended 31 March 2024 (the “Year” or “FY2024”).

Despite the unprecedented industry headwinds, the Group is delighted to have achieved another year of growth for FY2024, with revenue increasing by 5.9% year-on-year (“YoY”) to HK$2,748.4 million, and profit for the year excluding government subsidies(1) rising by 34.2% to HK$117.0 million. The Group’s revenue growth was mainly attributable to the net addition of 14 self-operated restaurants to its regional network, which reached a total of 229 stores covering Hong Kong, Mainland China, Singapore and Japan as at 31 March 2024.

Stable growth was recorded in the Hong Kong market, where revenue rose 4.8% YoY to HK$2,570.9 million and comparable restaurant revenue increased slightly by 0.3% during the Year. Across the combined markets outside of Hong Kong, the Group’s revenue grew by 25.1% YoY, while operating loss(2) narrowed by 52.5%.

To share success with shareholders, the Board has resolved to recommend a final dividend of HK5.9 cents per share, bringing the total dividend for FY2024 to HK8.9 cents per share (FY2023: HK10.5 cents) and representing an annual payout ratio of 100%.

Mr. Daren Lau, Chairman, Executive Director and Chief Executive Officer of TJI, said, “Having strategically invested to build a solid foundation, we have continued to deliver revenue growth and profit in a rapidly changing business environment. Our adoption of a new franchise model to enter the Australian and the Philippine markets, alongside our pursuit of a multi-branding strategy in Hong Kong, signifies an exciting new chapter for us with immense growth opportunities. Looking ahead, we remain committed to investing in our people and technology to facilitate scalability and uphold consistency as we expand our operations across the globe.”

Stable Growth in Hong Kong

Over the past five financial years, the Group achieved a compound annual revenue growth of 11.0% in Hong Kong, despite sustained challenges from growing competition in the F&B industry and COVID-19. The Group’s consistent revenue growth underscores its adaptability and resilience, as well as effective management practices in navigating the dynamic market. In FY2024, the further revenue growth in Hong Kong was mainly driven by the net opening of seven restaurants.

During the Year, the Group strategically enhanced its product offerings, in an attempt to expand the customer base to a wider range of demographics. The innovative introduction of afternoon tea sets and ‘‘Hot Dish’’ series in July and December 2023 was successful in stimulating consumption during relatively lower-volume periods, leading to enhanced restaurant-level utilisation. The Group also continuously introduced premium toppings, new snacks and special drinks, while launching joint promotions with various aggregators and promoting consumption through its customer relationship management (‘‘CRM’’) systems. As a result, the Group achieved a stable YoY comparable restaurant revenue performance, partially offsetting the negative impact of the surge in northbound travellers. The Group’s operating profit in Hong Kong remained stable at HK$473.2 million (FY2023: HK$475.2 million).

Narrowed Losses outside Hong Kong

Across the combined markets outside of Hong Kong, the Group’s operating loss(2) narrowed by 52.5%, thanks to network expansion, streamlined workflows and effective cost control.

The Group’s revenue from Mainland China increased by 33.5% YoY in FY2024, mainly attributable to six net openings. In view of the weaker economy and softer consumption sentiment in Shenzhen, the Group redirected its expansion focus to Guangzhou and second-tier cities in the Greater Bay Area (“GBA”), capitalising on the lower operating costs and larger domestic populations in these regions. As a proof of the success of its latest strategy, the Group’s 10 newly opened restaurants in FY2024, primarily located in Guangzhou, Dongguan, Zhongshan, Zhuhai and Foshan in the GBA, demonstrated better store profitability compared to that of Shenzhen. The Group also received promising customer feedback on its new store design.

The Group’s business in Japan recorded a notable revenue growth of 35.4% and reduction in operating loss(2). Comparable restaurant revenue also jumped by over 40.0%, mainly attributed to the successful partnership with two new delivery platforms and the growing positive reception of the ‘‘TamJai’’ brand in the country. Meanwhile, revenue from the Singapore market increased by 14.2% YoY, driven by one new restaurant opening during the Year.

Outlook: Foster New Growth with JV and/or Franchise Model

With a robust source of revenue and profit from its business in Hong Kong, TJI is well-positioned to realise its vision to introduce the renowned ‘‘Tam Jai Taste’’ to global markets. By adopting a franchise model, the Group anticipates not only accelerated growth in overseas markets through the support of local partners but also the generation of guaranteed and incremental franchise income, contributing to an enhancement of the Group’s overall profitability in the future. In Australia, the Group’s first foray into the Western market, the joint venture (“JV”) established with ST Group has achieved satisfactory progress, with identified locations for its first restaurant in Melbourne, aiming to open within 2024. Besides, the Group is finalising the details of the master franchise agreement for the proposed entry into the Philippines.

Multi-branding in Hong Kong

Expecting its hero brands, “TamJai Yunnan Mixian’’ and “TamJai SamGor Mixian’’, to remain the primary drivers of revenue and profit in the near future, the Group will explore different store formats and locations with growth potential for moderate expansion, while strengthening partnerships with aggregators to expand market penetration in Hong Kong.

As part of its efforts to drive sustained growth in Hong Kong, the Group has embarked on a strategic multi-branding initiative. Leveraging the synergies with its controlling shareholder Toridoll Holdings Corporation (“Toridoll JP”), TJI has set a medium-term target of opening a total of 50 franchised brand restaurants in Hong Kong within the next five to seven years to capitalise on the evolving consumer preferences for more affordable dining options. For the first franchised brand ‘‘Marugame Seimen’’, the Group plans to open four to six new udon noodle restaurants in the coming financial year. The Group is also actively exploring growth opportunities of other brands from Toridoll JP in Hong Kong. This strategy seeks to diversify the Group’s revenue mix, expand its customer base, as well as gradually transform TJI into a multi-brand F&B leader.

Prudent Expansion in Mainland China and Japan

With regard to existing markets outside of Hong Kong, apart from bolstering marketing efforts to drive customer traffic, the Group will also continuously enhance operational efficiencies. In Mainland China, the Group plans to open new restaurants in a cautious manner, including second-tier cities within the GBA. The Group will also explore alternative restaurant formats with lighter capital expenditures, facilitating a faster turnaround. Besides, the Group plans to capitalise on its current success in the Japanese market and expand its restaurant network, particularly in Tokyo. The Group will prioritise expanding into residential areas with lower rental costs, a strategic approach that will serve as a solid foundation to scale up its operations in Japan.



(1) This is a non-HKFRS measure, defined as profit for the relevant year deducting government subsidies, which are non-recurring income.

(2) This is a non-HKFRS measure, defined as revenue less restaurant and central kitchen costs and excluding costs attributable to headquarters and office.