JBDI Holdings (JBDI) Registration Filing summary

Company overview and business model

• Operates as a holding company in the Cayman Islands with subsidiaries in Singapore focused on reconditioning, recycling, and sale of steel and plastic drums and containers, serving chemical, petroleum, and edible oil industries.

• Nearly 40 years of operational history, with a strong market presence in Singapore and customers in Indonesia and Malaysia.

• Offers ancillary services including reconditioning, collection, delivery, and wastewater treatment.

• Accredited with ISO 9001 for quality management since 2008; maintains a skilled workforce and in-house logistics fleet.

• Holds key licenses for handling, transporting, and storing hazardous materials in Singapore.

Financial performance and metrics

• Revenue for FY2023 was $11.1M, down from $11.9M in FY2022; net income for FY2023 was $0.8M, down from $2.2M in FY2022.

• For the six months ended Nov 30, 2023, revenue was $4.8M and net income was $0.4M, both lower than the prior year period.

• Gross profit margin for FY2023 was 68.3%, compared to 71.8% in FY2022.

• Cash and cash equivalents as of Nov 30, 2023, were $123K; working capital was $159K.

• Major customers accounted for over 30% of revenue; top five customers have long-term relationships averaging 18 years.

Use of proceeds and capital allocation

• Net proceeds of ~$6M expected, with 30% allocated to storage expansion, 30% to regional acquisitions, 10% to automation, 10% to ESG initiatives, 10% to fleet renewal, and 10% to repay shareholder loans.

• Proceeds will also support general working capital and corporate purposes.