Download the report
Share
Facebook
LinkedIn
X
Whatsapp
Email
DFI Retail Group
Financial highlights
- 5Y TSR rebound from earnings improvement and cash return to shareholders
- Underlying net profit increased 35%. Improved result from associates following Yonghui disposal, good performance in H&B, and recovery in Home
- Recurring dividend income to JMH parent increased by 24%
- US$465m special dividend paid to JMH parent in 2025
- Finished year net cash position, providing capacity to fund strategic priorities
2025 |
2024 |
Change (%) |
|
|---|---|---|---|
5Y TSR (%) |
5.1% |
-13.1% |
18.2ppts |
Net cash/(debt) (US$m) |
70 |
(468) |
N/A |
Underlying net profit (US$m) |
270 |
201 |
+35% |
Contribution to JMH underlying net profit (US$m) |
209 |
155 |
+35% |
Ordinary dividend paid to JMH parent (US$m) |
110 |
89 |
+24% |
Special dividend paid to JMH parent (US$m) |
465 |
– |
N/A |
Figures above are on a 100% DFI Retail basis
Strategic progress
- 114 new locations opened across 12 markets
- Decisive portfolio actions drive 93.6% 1Y TSR
- Disposals of:
- Yonghui Superstores, Feb 2025
- Robinsons Retail, May 2025
- Singapore Food, Dec 2025
- US$600m special dividend
- 70% dividend payout ratio
- Announced mid-term target: US$310-350m underlying net profit by 2028
Value creation
Total shareholder return (%)
Underlying EPS (US¢)
DPS (US¢)
DFI Retail (DFI)’s contribution to JMH’s underlying net profit increased to US$209 million in 2025, a 35% increase compared to the prior year. This strong performance was driven by improved margins and proactive portfolio actions. Recurring dividend income received by JMH parent increased by 24% to US$110 million. A special dividend of US$465 million was also received following divestments. DFI finished the year in a net cash position, providing it with investment capacity for its future strategic priorities.
DFI completed the divestments of low yielding, minority stakes in Yonghui and Robinsons Retail, as well as its Singapore Food business, enabling reinvestment in its core segments. This approach, combined with a sharpened focus on retail excellence and a strengthened balance sheet, delivered a one-year TSR exceeding 90% in 2025. Scott Price and his leadership team have brought outstanding execution focus and discipline to DFI operations in challenging market conditions.
