DFI Retail Group posts $48.6m loss for H1 2025

Still, underlying profit attributable to shareholders rose 39% YoY.

DFI Retail Group reported a net loss of $48.6 m (US$38m) for the first half of 2025, compared to a $121.5m (US$95m) profit in the same period last year.

Despite the loss, underlying profit attributable to shareholders rose 39% year-on-year to $134.3m (US$105m), driven by improved performance from associates. Profit from subsidiaries was $95.9 m (US$75m), up 3%.

The group cited strong results from its Health & Beauty and Food divisions. However, weaker convenience performance, due to reduced cigarette sales following tax hikes in Hong Kong and increased administrative costs, impacted overall profitability.

Underlying profit from associates rose to $38.4m (US$30m), up from $3.8m (US$3m) a year ago, supported by higher contributions from Maxim’s and Robinsons Retail. This follows DFI’s divestment from Yonghui in February 2025.

Revenue from subsidiaries reached $5.63b (US$4.4b), up 0.3% on a like-for-like basis. Total group revenue, including associates and joint ventures, was $10.5b (US$8.2b), up approximately 1% after adjusting for recent divestments and acquisitions.

Health & beauty sales rose 4% to $1.66b (US$1.3b). Convenience sales fell 4% to $1.41b (US$1.1b) due to lower cigarette volumes. Food revenue was stable at $1.92b (US$1.5b), and profit rose 14% to $30.7m (US$24m). Home furnishings remained weak, especially in Hong Kong and Indonesia, whilst Taiwan was more resilient.

Looking ahead, the group has lowered its full-year organic revenue growth forecast to a range of 0.5% to 1.0%, down from approximately 2%, due to ongoing economic uncertainty and a steeper-than-expected decline in cigarette sales.

However, it raised its full-year underlying profit guidance to $319.8–345.3m (US$250–270m) from the previous $294.2–345.3m (US$230–270m) range, citing stronger margins and tighter cost control.

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