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HONG KONG - DFI Retail Group Holdings Limited reported a 48% year-on-year increase in underlying profit for the third quarter of 2025, driven by improved profitability across its subsidiary businesses and lower financing costs.
The retail group’s underlying subsidiary sales excluding cigarettes rose 3% year-on-year and 2% on a like-for-like basis, with strong performances in the Health & Beauty and Food segments. Operating profit increased 23% compared to the same period last year.
DFI’s Health and Beauty division recorded 5% like-for-like sales growth, supported by strong healthcare category performance across all markets and increased tourist store sales in Hong Kong. The division’s profit grew 7% compared to the third quarter of 2024.
The Convenience division saw a 2% decline in like-for-like sales due to lower cigarette volume following tax increases in Hong Kong, though non-cigarette sales remained stable. The Food division reported a 3% increase in like-for-like sales, with Singapore benefiting from government consumption vouchers distributed in July 2025.
Home Furnishings showed improved sales trends despite challenging market conditions, with Hong Kong seeing better results following a new lower-price campaign launched in August.
The company significantly strengthened its balance sheet, reporting US$648 million in net cash as of September 30, 2025, compared to US$468 million in net debt at the end of 2024. In July, the Group declared a special dividend of US¢44.30 per share, equivalent to US$600 million, which was paid in October.
E-commerce sales grew by double digits with order volume doubling compared to the same period last year. The company’s retail media solution, DFIQ Media, completed 290 targeted advertising campaigns through September, up from 45 in the same period last year.
DFI maintained its full-year 2025 guidance of underlying profit between US$250 million and US$270 million, supported by organic revenue growth of 0.5% to 1.0%.
According to the press release statement, the Group is focused on delivering greater value for customers by enhancing its product assortment and strengthening its own brand offerings through data-driven insights.
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