DFI Retail Group has reported underlying profit of US$76 million ($101.7 million) for the 1HFY2024 ended June, up 127% y-o-y.
This is primarily driven by the convenience and food divisions, while associates’ performance also improved due to reduced loss from Yonghui.
The total 1HFY2024 revenue for the group, including all of associates and joint ventures, declined by 6% y-o-y to US$12.6 billion. This is primarily due to lower sales in Yonghui.
DFI has declared an interim dividend of 3.5 US cents per share, a 17% increase y-o-y.
“Despite a challenging retail backdrop, our Hong Kong food business continued to see market share gain with improving profitability,” says group chief executive Scott Price.
“Good underlying profit growth in the convenience segment and robust profit contribution from health and beauty demonstrate the benefit of our diversified portfolio as we continue to navigate the evolving consumer landscape effectively with our strategic initiatives and accelerating omnichannel presence,” he adds.
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DFI reiterates its guidance for 2024 underlying profit attributable to shareholders of between US$180 million and US$220 million.
Shares in DFI closed 1 US cent lower on Aug 1 at US$1.74.
