DFI Retail Group has reported a loss of US$244.5 million ($325.41 million) for FY2024 ended Dec 31, 2024, a reversal from the US$32.2 million in earnings reported in the same period a year ago.
The group’s reported results were impacted by non-trading losses attributable to shareholders of US$445 million. This was due to a loss of US$114 million which is associated with the divestment of Yonghui, a US$231 million impairment of interest in Robinsons Retail and US$133 million goodwill impairment of Macau and Cambodia Food businesses.
The group’s underlying profit attributable to shareholders for FY2024 stood at US$200.6 million, up from the US$155 million reported in FY2023.
The group says that despite the large non-trading losses reported, it is now in a net cash position following the completion of the Yonghui transaction in February 2025.
DFI’s revenue for FY2024 came in at US$24.9 billion, down 6% y-o-y due to lower sales at Yonghui.
Its subsidiaries’ underlying profit attributable to shareholders for FY2024 came in at US$158 million, 42% y-o-y higher due to significant earnings recovery in Singapore Food and favorable product mix shift towards non-cigarette categories in its convenience business. This was partially offset by lower contribution from Home Furnishings as a result of weak property market activity and intensifying competition.
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The group’s share of underlying profit from associates for FY2024 was US$43 million, down 2% y-o-y. Lower contribution from Maxim’s due to weaker mooncake sales and restaurant performance in the Chinese mainland was partially offset by reduced losses from Yonghui and a 15% profit growth at Robinsons Retail.
DFI’s operating cash flow after lease payments of US$331 million, 21% y-o-y lower due to unfavourable movement in working capital year-end timing difference, partially offset by underlying operating profit growth. Operating cash flow after lease payments and normal capital expenditure was US$158 million, down 29% y-o-y.
The board has recommended a final dividend for FY2024 of 7 US cents per share, higher than the FY2023 final dividend of 5 US cents per share.
The group says that it expects underlying profit attributable to shareholders to be between US$230 million and US$270 million in 2025.
Shares in DFI Retail Group closed flat at US$2.12 on March 10.
