- Delfi (SGX:P34)’s 2024 PATMI of US$34m (-27% y-o-y) came in below our expectations, forming 91% of our full-year forecast. The earnings miss was due to higher-than-expected promotion spending and a weaker rupiah against the US dollar (-4% y-o-y).
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Lower dividend declared but payout ratio is stable.
- Management declared a final dividend of 1.18 US cents/share (2023: 1.74 US cents/share) and no special dividend (2023: 0.52 US cents/share).
- Together with interim dividend of 2.06 US cents/share (2023: 2.06 US cents/share), total Delfi's dividends for 2024 is 3.24 US cents/share (2023: 4.32 US cents/share). This translates to a stable payout ratio of 58% (2023: 57%) and 6% yield.
Continued revenue decline.
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- Agency brands sales fell 3% y-o-y mainly due to the termination of an agency brand in 3Q23, excluding which sales rose 5% y-o-y.
Higher promotion spending to capture market share in competitive landscape.
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