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DFI Retail Group turns around for FY2023, declares full year dividend of 8 US cents

The Edge Singapore
·2-min read

Underlying profit was up 437% y-o-y to US$155 million

DFI Retail Group has reported earnings of US$32 million for FY2023, even as revenue was held steady at US$9.17 billion.

The company made a loss of US$115 million in FY2022.

Its underlying profit, which the company says is a more accurate measure of its operational performance, reached US$155 million for the year ended Dec 31 2023, versus US$29 million in FY2022.

In line with the better earnings, DFI plans to pay a final dividend of 5 US cents, bringing the FY2023 total to 8 US cents. In contrast, it paid just 3 US cents for FY2022.

The company attributes the better earnings to a 'strong recovery' in its health and beauty and convenience divisions.

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Its Hong Kong-based F&B chain Maxim enjoyed better numbers, and its China supermarket venture Yonghui suffered from lower losses.

The FY2023 bottom line was weighed down by goodwill impairment of US$123 million for its Macau business and the Giant supermarket chain in Singapore. It incurred forex losses too with the divestment of its grocery business in Malaysia.

These losses were partially offset by gains from property divestments, resulting in total reported profits attributable to shareholders of US$32 million.

The group has been encouraged by the significant improvement in performance in 2023," says chairman Ben Keswick.

"The recovery in economic activity following the pandemic has, however, brought about changes in customer behaviours to which the group is still adapting.

"In addition, higher interest rates, inflationary pressures and a broader economic slowdown on the Chinese mainland are likely to lead to slower growth in 2024.

Keswick says that he is confident new group CEO Scott Price, who started this role last August,  will help deliver medium- and long-term growth prospects of the group.

DFI Retail Group shares ended March 7 at US$2.03, up 1.5%. 

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