Half-Year Financial Results Announced by DFI, Accompanied by a Special Dividend Declaration
In the first half of 2025, a notable transformation has taken place within [Company Name], with significant impacts on its health & beauty, food, and convenience retail subsidiaries. Here's a breakdown of the key highlights and recent developments.
Key Highlights for 2025 So Far
- Divestment of Yonghui: The Group completed the divestment of its stake in Yonghui in February 2025, marking a strategic shift in its portfolio.
- Improved Profitability: Total underlying profit attributable to shareholders rose by 39% year-on-year to US$105 million, driven largely by improved performance in associates (notably Maxim’s and Robinsons Retail). Underlying profit from subsidiaries increased by 3% to US$75 million, despite weaker Convenience results due to higher cigarette taxes.
- Cash Flow Improvement: Free cash flow improved significantly to a net inflow of US$89 million (vs. US$61 million in H1 2024), and the Group moved from a net debt position at the end of 2024 to net cash of US$442 million as of June 30, 2025.
Outlook
Despite the revenue caution due to broader economic uncertainty and a sharper-than-expected decline in cigarette sales, the Group raised its full-year underlying profit guidance to US$250–270 million, reflecting confidence in operational efficiency and cost discipline.
Focus on Subsidiaries: yuu, Digital, and Associates
yuu (Rewards Club) Recent developments for yuu specifically are not detailed in the Group’s latest financial report. However, in Singapore, yuu Rewards Club has been active in forming strategic partnerships, such as the recent integration with Charge+ (Singapore’s largest EV charging company). This allows EV drivers to earn significant yuu Points and cash rebates when charging, with points redeemable for daily necessities, shopping, dining, or even converted to airline miles. This move signals yuu’s expansion into digital ecosystems and lifestyle services.
Digital The Group’s financial report does not provide a separate breakout for “Digital” as a distinct subsidiary or business unit. Any digital initiatives (e.g., e-commerce) are mentioned only in the context of cost reclassification (moving own brand and e-commerce costs from SG&A to the relevant business lines).
Associates Associates (joint ventures and investments) showed a marked improvement, with underlying profit rising to US$30 million (from US$3 million year-on-year), primarily due to higher contributions from Maxim’s and Robinsons Retail.
Conclusion
The Group has delivered robust profit growth in 2025, driven by associates and disciplined cost management, despite a more cautious revenue outlook due to external economic factors. The yuu Rewards Club continues to innovate through digital partnerships, though its direct financial impact on the Group is not disclosed. There is little specific information on “Digital” as a standalone business, and the focus on associates reflects ongoing portfolio rationalization and performance improvement. The Group's strategy to expand the store network strategically and prioritize the evolution of its portfolio, capital returns, and shareholder value remains unspecified in the latest announcement.
- In light of the Group's recent divestment of Yonghui and strategic shift, a new focus has emerged in the financial sector, with an increased attention on the performance of subsidiaries such as yuu, Digital, and Associates in the technology and business domains.
- Amidst the Group's robust profit growth in 2025, driven in part by improved performance in associates and disciplined cost management, there is a notable emphasis on the integration of technology within subsidiaries like yuu, signaling expansion into digital ecosystems and lifestyle services.
