Press Release

Unaudited Financial Information for the Nine Months ended 31 December 2023

Revenue Increased by 7.3% yoy

Profit after Tax (excluding one-off government subsidies) up 77.0% yoy

14 February 2024


14 February 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, disclosed its unaudited financial information for the nine months ended 31 December 2023 (“Period”) in its latest HKEX announcement published today.

HK$ (million) For the nine months ended 31 December
2023 2022 Change
Revenue 2,071 1,931 +7.3%
Profit after tax 108 111 -2.7%
Profit after tax (excluding one-off government subsidies) 108 61 +77.0%

Performance Review
During the Period, the Group’s revenue grew by 7.3% to HK$2,071 million as compared to the first three quarters of the financial year ended 31 March 2023 (‘‘FY2023’’). Profit after tax for the Period has exhibited an increase of approximately HK$47 million or 77.0% year on year, having excluded the one-off government subsidies of approximately HK$50 million recorded in the same period in FY2023 and which was nil for the Period. This growth can be primarily attributed to (i) the improved performance of our business in Hong Kong during the Period; (ii) an increase in interest income during the Period due to the rise in market interest rates for bank deposits compared to FY2023; and (iii) the reduction of losses recorded for our operations outside Hong Kong during the Period.

For our business in Hong Kong, we observed a softening revenue performance during the third quarter of the financial year ending 31 March 2024. This was primarily due to the increasing trend of Hong Kong people choosing to travel to Mainland China for their consumption. Despite this challenge, we still managed to achieve year-on-year revenue growth during the Period. This progress can be attributed to our effective new products promotions, innovative marketing strategies, and attractive value offers. We were also able to maintain our profitability through diligent supply chain management by expanding our supplier base and making timely product substitutions. These efforts allowed us to drive revenue through value-based offers even in the face of unfavourable economic conditions.

Outside of Hong Kong, overall, we have observed some gradual improvements. Our business in Japan has experienced notable progress in terms of revenue growth and operational efficiency. However, in Singapore, our revenue performance has remained stagnant, and the high turnover of employees has impacted our efforts to improve profitability. In Mainland China, despite facing intense competition, our performance has maintained a positive momentum.

Our commitment to digitalisation processes remains unwavering as we continue to invest in technology and innovation to enhance the customer experience. Alongside this, we will continue to invest in talent and infrastructure to support our growth targets when necessary. These efforts reflect our determination to adapt to changing market dynamics and position ourselves for long-term success.

For more details, please refer to the HKEX announcement: