What: Singapore-based Asian retailer FJ Benjamin has managed not only to recover from Covid-19 losses but also to turnaround the business by posting its first profit in 6 years.

Why it is important: This gives a good temperature of what to expect in South East Asia with the return of the Chinese customers.

Singapore-based retailer F.J. Benjamin, which operates 144 stores for international brands across Southeast Asia, has reported a profit of SGP$1.7mn for S2 2022, which is a stark contrast with the net loss of SGP$1.3mn posted on the comparable period the previous year.

The fastest growing market has been Malaysia (+42%), followed by Singapore (+18%), allowing the group to enjoy a healthy growth rate of +26% on the period. The group has posted a total profit of SGP$3mn for the full year 2022, which is the first time this happens in six years

FJ Benjamin is back in the black