DFI Retail Group posted underlying earnings of US$154.7 million for the fiscal year ended Dec 31, 2023, up 437 per cent from earnings of US$28.8 million in FY2022.
The group’s net profit for the year stood at US$32.2 million, versus a loss of US$114.6 million in the prior year.
Underlying earnings distinguishes between the group’s ongoing business performance and non-trading items, DFI said in its financial results posted on the bourse on Thursday (Mar 7).
Total revenue for the year remained at US$9.2 billion, similar to the previous year, buoyed by a “strong recovery” in the group’s health, beauty and convenience divisions. However, this was offset by lower sales within its food and home furnishings divisions.
A final dividend of 5 US cents per share has been proposed, which, if approved by shareholders, would bring the total dividend for the year to 8 US cents per share, up from 3 US cents per share a year ago. The final dividend will be paid on May 15.
The group also posted a non-trading loss attributable to shareholders of US$122.5 million. This was predominantly due to a goodwill impairment in respect of its Macau business and Giant Singapore, and foreign exchange losses associated with the divestment of its grocery retail business in Malaysia. However, these losses were partially offset by gains from property divestments.
The group said that it is still adapting to changes in customer behaviours due to economic activity following the Covid-19 pandemic.
It also expects its rate of growth to reduce “substantially” in 2024 compared to 2023 due to high interest rates, inflationary pressures and a broader economic slowdown on the Chinese mainland.
Shares of DFI Retail Group rose 1.5 per cent or US$0.03 to end Thursday at US$2.03.
