SINGAPORE (March 2): Dairy Farm International Holdings, part of the Jardine group of companies, posted a 10.5% increase in full-year earnings to US$469.0 million ($660 million), from US$424.4 million a year ago.
This was mainly due to improved operating margins in Dairy Farm’s food division and at IKEA, as well as strong contributions from Maxim’s and Yonghui.
Full-year revenue increased marginally by 0.6% to US$11.2 billion, compared to revenue of US$11.1 billion a year ago.
Cash and cash equivalents stood at US$322.6 million as at Dec 31, 2016.
“Despite the uncertain economic outlook for 2017, the group continues to strengthen its businesses,” says Ben Keswick, the chairman of the group. “Investments are being made to enhance its competitive position, increase customer convenience and adapt to emerging consumer trends.”
“These investments, coupled with the exposure of its market-leading retail brands to Asia’s growth markets, will support Dairy Farm’s long-term success,” Keswick adds.
The group has recommended a final dividend of 14.5 US cents per share, bringing the total dividend for the year to 21.0 US cents.
Shares of Dairy Farm closed 5 US cents lower at US$8.44.
