- Delfi (SGX:P34)'s 4Q24 results were mixed, with revenue of US$124mil (-4% y-o-y) surpassing estimates, while EBITDA fell short, at US$19mil (-35% y-o-y), due to elevated promotional investment.
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FY24 revenue declined 7% y-o-y to US$503mil
- FY24 revenue declined 7% y-o-y to US$503mil due to broad-based weakness in Indonesia across both, own and agency brands.
- Management noted that a key factor contributing to the decline in agency brands’ revenue was the termination of an agency partnership in 2023. Adjusting for this impact, the agency brands business would have recorded 5.5% y-o-y growth.
FY24 PATMI came in at US$33.9mil (-27% y-o-y)
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- The decline in gross profit was driven by a combination of lower revenue and margin compression, while operating costs increased as the company ramped up promotional investments to grow market share.
Final dividend of 1.18 US cents/share
- Read more at SGinvestors.io.
