DFI Retail Group Holdings, a member of the Jardine Matheson Holdings group, announced on Friday that it has returned to profitability in the first half of 2023. The company benefited from the ongoing recovery from the Covid-19 pandemic in its markets.
Strong Financial Performance
DFI Retail Group Holdings reported a net profit of $8.2 million for the first six months of the year, compared to a net loss of $57.6 million in the same period last year. The company achieved an underlying profit of $33 million, a significant improvement from the underlying loss of $52 million in the previous year.
Total Sales and Dividend
Total sales for the first half, including associates and joint ventures, reached $13.38 billion, down from $14.03 billion in the same period last year. This decline can be attributed to reduced sales at Yonghui.
Despite the challenging market conditions, the board declared an interim dividend of 3 cents per share, indicating confidence in the company's performance and future prospects.
Positive Business Conditions
DFI Retail Group Holdings expressed optimism regarding its business outlook. The company is encouraged by the pace of recovery in its operations and improved business conditions during the first half of the year. This positive trend was driven by the reopening of the Hong Kong border and continued recovery in its Southeast Asian markets.
However, DFI Retail Group Holdings acknowledged that the speed and extent of business performance returning to pre-pandemic levels will depend on economic conditions and the recovery of consumer confidence.
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