Singaporean fashion conglomerate FJ Benjamin has reported a 19 per cent jump in net profit to $3.5 million for the year ended June 30 on the back of a 7 per cent year-on-year growth in sales. 

The fashion group, which operates 148 stores in Singapore, Malaysia and Indonesia, generated $86.5 million for the year compared to $80.9 million last year. Sales in Singapore and Malaysia (excluding exports to Indonesia) were up 6 per cent and 11 per cent year on year, respectively. Meanwhile, revenue at the group’s Indonesia associate was up 15 per cent.

“We saw a recovery in sales in the last financial year with the gradual removal of all Covid-19 restrictions,” said Douglas Benjamin, group CEO at FJ Benjamin. “However, with regional economies slowing down and costs continuing to rise, we remain cautious.”

The company said the weakening Malaysian ringgit resulted in a translation loss of $3 million. During the second half of the financial year, the group experienced a 9 per cent decline in revenue due to “weaker consumer sentiment”.

Earlier this year, FJ Benjamin introduces a lifestyle concept store dubbed ‘Avenue on 3’ at Singapore’s Paragon Shopping Centre, which incorporates a luxury footwear retail space, a cafe, suites for beauty treatments, a champagne bar and a chocolatier. 

“Initial response to Avenue on 3 has been encouraging,” the CEO said. “Management is focused on pursuing revenue synergies and exploring opportunities to strengthen our earnings base.”