F J BENJAMIN : FY2023 NET PROFIT UP 19% TO $3.5 MILLION

F J BENJAMIN'S FY2023 NET PROFIT UP 19% TO $3.5 MILLION

• Group revenue rises 7% to $86.5 million in post-Covid-19 recovery, operating expenses 10% higher
• Regional markets showing signs of weakness as economies slow

Singapore, 24 August 2023 - Fashion and lifestyle retailer F J Benjamin Holdings (FJB) said today the post-Covid-19 economic recovery has lifted sales in its key markets.

For the full year ended 30 June 2023 (FY23), Group net profit attributable to shareholders rose 19% to $3.5 million on the back of a 7% increase in Group revenue to $86.5 million from $80.9 million in the previous financial year (FY22).

Sales in Singapore and Malaysia, excluding exports to Indonesia, rose 6% and 11% respectively compared to FY22. Sales at the Group's Indonesia associate were up 15% in FY23. However, the weakening Malaysian ringgit resulted in a translation loss of $3.0 million.

Group operating profit was up 10% to $3.4 million after a write-back totalling $625,000 for expected credit losses on receivables from a related party of Indonesian associate. In FY22, write-backs totalled $1.5 million for impairments and reversed allowances for expected credit losses on receivables from an Indonesian associate and related party.

With higher sales, the Group has increased its inventory and improved margins. Gross profit margin rose by nearly three percentage points to 52.2% in FY23 from 49.4% previously.

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1. J B E N J A M I N H O L D I N G S L T D
   Co. Reg. No. 197301125N

1 Jalan Kilang Timor, #07-01/02, Pacific Tech Centre, Singapore 159303 Tel: (65) 6737 0155 Fax: (65) 6235 9605

www.fjbenjamin.com

The second half of FY23 saw sales decline 9% to $40.8 million from $44.7 million in the same period last year due to weaker consumer sentiment.

During the period under review, Group operating expenses rose 10% to $42.9 million, with about a tenth of the expenses coming from higher rents and staff costs, up $3.2 million and $1.4 million respectively. This was due to landlords ending rental rebates, the restoration of salaries cut during the pandemic, and higher commissions being paid out with increased sales. The increase in operating expenses was partly offset by lower depreciation of right-of-use assets resulting from expired leases and lower depreciation of furniture, fixtures and equipment.

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

"Initial response to Avenue on 3, our latest lifestyle concept store in Singapore, has been encouraging. Management is focused on pursuing revenue synergies and exploring opportunities to strengthen our earnings base."

Avenue on 3, spanning over 8,000 square feet of space at Paragon Shopping Centre, was opened in mid-April 2023, combining a luxury shoe store, a café, suites for beauty treatments, a champagne bar and a chocolatier.

In FY23, the Group opened 18 new stores and closed 14 stores, bringing its total network to 148 stores in Singapore, Malaysia, and Indonesia.

The business recovery also led to more working capital being used for purchases and store openings. This was financed in part using internal funds. Gross borrowings were reduced to $13.5 million as at 30 June 2023, as

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1. J B E N J A M I N H O L D I N G S L T D
   Co. Reg. No. 197301125N

1 Jalan Kilang Timor, #07-01/02, Pacific Tech Centre, Singapore 159303 Tel: (65) 6737 0155 Fax: (65) 6235 9605

www.fjbenjamin.com

compared to $16.5 million as at 30 June 2022. Net borrowings totalled $7.3 million as at 30 June 2023, as compared to $4.0 million as at 30 June 2022. Gearing stood at 18% as at 30 June 2023 against 10% as at 30 June 2022.

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This press release is to be read in conjunction with FJB's unaudited full year results announcement for FY23 released on 24 August 2023, which can be downloaded via www.sgx.com.

About F J Benjamin Holdings Ltd (www.fjbenjamin.com) - With a rich heritage dating back to 1959, F J Benjamin Holdings Ltd is a consumer driven leader in brand building and management through distribution and retail. Listed on the Singapore Exchange since 1996 (Ticker: F10), F J Benjamin has a strong footprint in Southeast Asia, with office in four cities, manages over 20 iconic brands and operates 148 stores. The Group's international brand portfolio includes fashion, lifestyle and timepiece brands.

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This press release has been prepared by F J Benjamin Holdings Ltd (the "Company") and its contents have been reviewed by the Company's sponsor (the "Sponsor"), ZICO Capital Pte. Ltd., in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This press release has not been examined or approved by the SGX-ST and the SGX- ST assumes no responsibility for the contents of this press release including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

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1. J B E N J A M I N H O L D I N G S L T D
   Co. Reg. No. 197301125N

1 Jalan Kilang Timor, #07-01/02, Pacific Tech Centre, Singapore 159303 Tel: (65) 6737 0155 Fax: (65) 6235 9605

www.fjbenjamin.com