- While revenue was largely in line with expectations, DFI Retail reported weaker-than-expected net profit that was impacted by weaker grocery earnings and margins, as well as one-off items. Other segments were strong, especially health & beauty and its Maxim’s associate.
- - Read this at SGinvestors.io -
DFI's 1H23 results weaker than expected.
- While DFI Retail Group (SGX:D01) reported stable revenue of US$4.5b in 1H23, the company missed our and consensus earnings estimates due to a US$44m loss from the sale of its Malaysian grocery business as well as weaker-than-expected operating profit margin from its grocery, convenience and Ikea business segments.
- - Read this at SGinvestors.io -
- its Maxim’s associate with revenue rising by 23% and 37% y-o-y respectively.
- We note that DFI Retail's cashflow generation continues to be healthy with free cash flow of US$44m (1H22: outflow of US$48m).
A more prolonged and uncertain recovery.
- Read more at SGinvestors.io.
