A Windows Hello for Business authentication technique can allow malware operating inside an unlocked Windows session to gain access to Microsoft Entra ID services without obtaining the user’s password, PIN or biometric data. Security researcher Dirk-jan Mollema demonstrated that an attacker who already controls a user process can invoke the cryptographic key underpinning Windows Hello for Business, or WHFB, and use it to generate authentication signatures. The […]
Arabian Post Staff -Dubai Sharjah’s property market recorded AED7 billion in transactions during July, marking a 61.8% increase from AED4.4 billion in June as sales, mortgages and ownership registrations accelerated across the emirate. The number of transactions rose 25.3% month on month to 9,376, while the total area covered by sales transactions reached about 27.2 million square feet. The figures extend the strong performance seen during the […]
Aramex reported record quarterly revenue of Dh1.83 billion for the three months ended June 30, 2026, as freight-forwarding demand and flexible routing helped the logistics group navigate regional transport disruption. Second-quarter revenue increased 22 per cent from Dh1.50 billion a year earlier, marking the highest quarterly total in the company’s history. May and June also produced record monthly revenue figures. Net profit rose to Dh47.4 million, compared […]
WASHINGTON — SpaceX has launched three AST SpaceMobile satellites designed to deliver high-speed cellular broadband directly to ordinary smartphones, expanding a constellation intended to connect users beyond the reach of terrestrial mobile towers. A Falcon 9 rocket lifted off from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida at 3.49 am Eastern Time on Wednesday, carrying the BlueBird 11, 12 and 13 spacecraft […]
Arabian Post Staff -Dubai BNW Developments plans to build about 10,000 homes across Dubai and Ras Al Khaimah over the next four years, marking a significant expansion of its residential and hospitality-led property portfolio in the UAE. The developer is preparing projects ranging from branded residences and waterfront apartments to mixed-use communities and hotels. Its current pipeline comprises 12 developments at different stages of planning and construction, […]
Emerging economies are becoming the EV industry’s fastest-growing markets, creating new opportunities for automakers with an international footprint. VinFast’s latest expansion reflects that shift.
DUBAI, UNITED ARAB EMIRATES – Media OutReach Newswire – 5 August 2026 – For much of the past decade, the global electric vehicle conversation has revolved around three markets: China, the United States, and Europe. But recent industry data suggests the next chapter may be written elsewhere.
In July, VinFast exported more than 5,000 electric vehicles aboard two dedicated vessels.
According to the International Energy Agency (IEA), global car sales fell about 5% in the first half of 2026 as economic pressures, fuel price volatility and policy changes weighed on demand in China and the US. Yet electric vehicle sales rebounded strongly in the second quarter, reaching record levels in 50 countries. Markets including Vietnam, India, Australia and South Korea roughly doubled EV sales compared with a year earlier, while more than 90 countries posted year-on-year growth during the first half of the year.
The shift reflects a broader change in where future industry growth is likely to come from. While China remains the world’s largest EV market, the IEA expects sales there to stagnate this year for the first time this decade, even as electric vehicles account for more than 60% of new car sales. Meanwhile, emerging markets are becoming increasingly important, supported by expanding policy incentives, growing charging infrastructure and rising consumer interest.
The agency also notes that China and other emerging economies are expected to account for around 60% of global car demand over the next decade, making success in these markets an increasingly important determinant of future automotive leadership.
VinFast’s latest performance reflects this changing landscape.
The Vietnamese automaker delivered 70,085 electric vehicles globally in the second quarter of 2026, up 96% year-on-year, bringing first-half deliveries to 128,662 vehicles, a 78% increase from the same period last year. The company’s two-wheel business also continued to expand rapidly, with 286,039 electric scooters and e-bikes delivered during the quarter, up 311% year-on-year.
The delivery mix also highlights the importance of products designed for diverse market needs. Models ranging from the compact VF 3 and VF 5 to the Limo Green MPV and the newly introduced VF MPV 7 all contributed meaningfully to second-quarter volumes, suggesting demand is spread across both personal mobility and commercial transportation segments.
Just as significant is where those vehicles are going.
In July, VinFast exported more than 5,000 electric vehicles aboard two dedicated vessels. One shipment, consisting of approximately 1,500 VF 6 SUVs, was designated for partner Green SM’s planned expansion in Europe, while another transported more than 3,500 vehicles to the Philippines and Indonesia. The voyages marked VinFast’s 37th and 38th international export shipments in fewer than four years, underscoring the increasing operational scale behind its global expansion.
VinFast’s effort in international market, including in the Middle East, shows that as growth becomes more geographically diversified, automakers can no longer rely on a handful of mature markets to drive expansion. Instead, success will increasingly depend on building products, distribution networks and operations that can compete across a wide range of emerging economies.
For the global EV industry, the center of gravity is not disappearing from established markets. It is becoming far more distributed. VinFast’s recent momentum suggests that companies positioned across multiple high-growth regions may be among the best placed to benefit from that shift.
Abu Dhabi’s luxury housing market is entering a more discerning phase as affluent buyers increasingly favour design quality, liveability and enduring value over short-term price gains. The shift is unfolding alongside strong market activity. Property transactions across the emirate reached about AED117 billion during the first half of 2026, while foreign direct investment in real estate rose to AED13.8 billion. International demand has broadened as Abu Dhabi […]
The UAE’s non-oil private sector expanded at its strongest pace in four months during July, supported by a revival in customer demand, improving exports and smoother regional trade flows. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index rose to 52.7 from 50.8 in June, moving further above the 50-point threshold that separates expansion from contraction. The increase marked a sharp recovery from June, when business conditions […]
Arabian Post Staff -Dubai Iran and Oman are discussing a temporary central shipping corridor through the Strait of Hormuz as negotiators seek to restore safer commercial passage across one of the world’s most important energy routes. The proposal would reopen the strait’s so-called middle passage, a route largely avoided by vessels since fighting disrupted maritime traffic in late February. Ships have instead relied on northern waters closer […]
Apple has opened an internal lottery for United States retail employees to help manage its September product unveiling, signalling that preparations are advancing for the company’s most important hardware event of the year. The programme will bring selected store workers to Apple Park in Cupertino, California, where they will assist with the in-person gathering expected during the first half of September. Their duties will include organising queues, […]
Aldar Properties recorded an 18% rise in first-half net profit after tax to AED 4.9 billion, as the Abu Dhabi developer converted its substantial project backlog into revenue and expanded income from investment properties. Revenue increased 8% year on year to AED 16.8 billion during the six months ended June, while gross profit rose 17% to AED 6.2 billion. Earnings before interest, tax, depreciation and amortisation advanced […]
Arabian Post Staff -Dubai Dubai Residential REIT posted a 15.1% increase in first-half net profit before property valuation changes and approved an interim cash dividend of AED573.2 million, supported by higher rents, near-full occupancy and additions to its housing portfolio. Net profit before changes in the fair value of investment property reached AED716.5 million for the six months ended June 30, up from AED622.3 million in the […]
As the global watch industry slows and fraud risks in the secondary channel draw public attention, Times Avenue is among Singapore’s secondhand luxury watch specialists seeing sustained growth on the back of shifting buyer preferences and tightening consumer scrutiny
SINGAPORE – Media OutReach Newswire – 3 August 2026 – Times Avenue by Horology Maison marks its five-year anniversary in 2026, as Singapore’s pre-owned luxury watch market expands amid a broader slowdown in the global watch industry.
A Growing Secondary Market and the Case for Regulated Dealers The Bloomberg Subdial Watch Index, which tracks the 50 most-traded references by transaction value, recorded its best half-year performance since early 2022 in the first half of 2025, reflecting a broader shift in buyer preference towards the secondary channel.
The growth of the pre-owned segment has been driven by a combination of factors, including tighter supply of popular references at authorised dealers, record gold prices lifting new watch retail costs, and a shift among buyers towards immediate availability and market-reflective pricing.
Founded in 2020, Times Avenue has grown alongside this trend, transacting more than 3,000 authenticated timepieces from its Beach Road boutique over its first five years of operation. The boutique’s inventory is weighted towards luxury Swiss timepieces including Rolex, Patek Philippe, Audemars Piguet, Tudor and Cartier, with a focus on sought-after references that are typically subject to long waiting lists in the primary market.
Licensed secondhand goods dealers like Times Avenue operate under frameworks that impose customer due diligence, transaction reporting, record-keeping, and stock movement obligations. Exempted by the Singapore Police Force and a fully regulated dealer under the Ministry of Law, Times Avenue ensures that every watch sold undergoes rigorous in-house authentication before it reaches the client, and each piece is covered by an in-house warranty, giving buyers assurance of authenticity for every transaction.
Times Avenue also offers in-person buying from the public, trade-ins, consignment, and authentication, alongside retail, covering both the acquisition and resale ends of the secondary market.
Clients and prospective buyers can view current inventory, arrange private viewings, or request a sourcing consultation at https://horologymaison.com/contact-us/. Hashtag: #TimesAvenue #PreOwnedWatches #LuxuryWatchesSingapore #WatchCollector #HorologyMaison
The issuer is solely responsible for the content of this announcement.
Times Avenue by Horology Maison
Times Avenue by Horology Maison is a Singapore-based luxury watch grey dealer established in 2021, offering authenticated new and pre-owned timepieces from Rolex, Patek Philippe, Audemars Piguet, Tudor, Cartier and other leading maisons. The company provides retail, buying, trade-in, consignment, sourcing and authentication services from its boutique at 371 Beach Road #02-55 City Gate, Singapore 199597. Times Avenue by Horology Maison is registered with the Ministry of Law as a Regulated Dealer (Registration No. PS20220002864) and holds SPF Exempted Second-Hand Goods Dealer status.
Arabian Post Staff -Dubai Emirates NBD has agreed to acquire HSBC Egypt’s retail banking business, adding its customers, branches, cash machines and supporting employees to the Dubai-based group’s growing operations in one of the Middle East’s largest consumer markets. The transaction will be conducted through Emirates NBD Egypt, the banking group’s wholly owned local subsidiary. It remains subject to regulatory approvals and customary closing conditions and is […]
Two transactions worth about $18 billion have reinforced private investors’ appetite for Gulf assets despite geopolitical disruption, tighter credit conditions and growing scrutiny of regional risk. The deals combine a $16 billion partnership involving Kuwait’s crude oil pipeline network and the roughly $2 billion first close of a Saudi-focused private equity fund backed by the Public Investment Fund. Together, they illustrate how infrastructure and sovereign-linked investment platforms […]
Investcorp Capital’s net profit fell 46% to $44 million for the financial year ended June 30, as higher borrowing costs, softer asset valuations and the timing of private-market exits weighed on earnings. The Abu Dhabi-listed alternative investment company had reported net profit of $81 million in the previous financial year. Gross operating income declined 24% to $94 million from $124 million, reflecting a more difficult environment for […]
Spinneys will raise its ownership of its Saudi Arabian subsidiary to 70 per cent by acquiring an additional 20 per cent stake from Abdul Mohsen AbdulAziz Al Hokair Holding Group for SAR18 million. The Dubai-listed premium grocery retailer said the transaction covers shares in Al-Ma’kulat Al-Fakhirah for Food Products, known as Spinneys KSA. Completion remains subject to regulatory approvals, including clearance from Saudi Arabia’s General Authority for […]
(Figures for the corresponding period in 2025 are shown in brackets)
Consolidated revenue: HK$593 million (HK$ 636 million)
Consolidated net loss attributable to equity holders of the Company: HK$189 million (HK$ 249 million)
Basic loss per share: 9.28 HK cents (12.23 HK cents)
No interim dividend (No interim dividend)
Pacific Century Premium Developments Limited (“PCPD”, SEHK: 00432) announced its interim results for the six months ended June 30, 2026.
The consolidated revenue of PCPD and its subsidiaries (together, the “Group”) amounted to HK$ 593 million, compared to HK$ 636 million for the corresponding period of 2025.
The Group’s consolidated loss attributable to equity holders of the Company for the first six months of 2026 totalled HK$ 189 million, compared to a net loss of HK$249 million for the corresponding period last year. Basic loss per share for the six months ended June 30, 2026 was 9.28 Hong Kong cents, compared to a loss per share of 12.23 Hong Kong cents for the corresponding period of 2025.
The Board of Directors did not declare an interim dividend for the first half of 2026.
For the first half of 2026, the Group delivered encouraging results as we built on our core strengths and benefited from resilient demand across the markets in which we operate. During the period, we also took steps to enhance our portfolio, including the disposals of two investment assets. These initiatives are expected to strengthen the Group’s financial position and reinforce its long-term growth.
Our operations in Japan performed well despite some moderation in tourism demand, shaped by changes in the composition of international visitors and fluctuations in travel demand. Park Hyatt Niseko, Hanazono, our hospitality business in Niseko, Hokkaido, delivered a stable performance with healthy occupancy and room rates, while our ski operations remained a key contributor to the Group’s results. Earnings from our recreational facilities, ski lifts, equipment rentals, “Hanazono EDGE” (a restaurant and entertainment centre) and Niseko International Snowsports Schoolcontinued togrow year-on-year. We will stay focused on establishing Niseko Hanazono Resort as a world-class, all-season luxury destination and remain optimistic about its long-term development.
On March 16, 2026, the Group announced the sale of its entire interest in Pacific Century Place, Jakarta (“PCP Jakarta”) in Indonesia. The transaction, at a total consideration of US$400 million, was completed on June 8, 2026. Notwithstanding the disposal, the Group will continue to provide property management services in respect of PCP Jakarta.
On February 13, 2026, the Group announced the sale of its entire interest in Midtown Niseko. The transaction, at a total consideration of US$80 million, was completed on May 31, 2026.
The Group formed a strategic alliance with Hotel Properties Limited in Singapore to bring a Four Seasons Resort and Branded Residences to Aquella, a large-scale integrated resort development in Phang Nga. The move represents a significant milestone in PCPD‘s long-term vision of transforming Aquella into an integrated resort destination that effortlessly blends luxury living, recreation and exceptional service.
Central Residence by the Park in Hong Kong was launched for sale in January 2026. As at the end of June, 90.9% of the total available units of the luxury residential project had already been sold. The project will be completed in the latter half of 2026.
Mr. Benjamin Lam, PCPD’s Deputy Chairman and Group Managing Director, said: “The first half of 2026 presented a challenging global environment, characterised by geopolitical tensions including the conflict in the Middle East, inflation, trade uncertainties and concerns over monetary policies. Despite the headwinds, global growth was relatively resilient, while international tourism in many parts of Asia continued to perform steadily. The Group’s core markets in Asia generally remained solid during the period. Tourism demand continued to support Japan and Thailand despite a slightly more measured pace of growth. Improving sentiment in Hong Kong’s property market also provided a more favourable backdrop for our luxury residential development.
In the second half of the year, we will continue to enhance the value of our existing assets while positioning the Group to capitalise on opportunities that support our long-term strategy and create value for our stakeholders.”
Hashtag: #PacificCenturyPremiumDevelopments
The issuer is solely responsible for the content of this announcement.
About PCPD
Pacific Century Premium Developments Limited (“PCPD” or the “Group”, SEHK: 00432) is principally engaged in the development and management of premium-grade property and infrastructure projects as well as premium-grade property investments. PCCW Limited (“PCCW”, SEHK: 00008) is the single largest shareholder of the Group.
Arabian Post Staff -Dubai Aldar Properties posted an 18% rise in first-half net profit after tax to AED 4.9 billion, supported by the conversion of its development backlog into revenue and stronger recurring income from its investment properties portfolio. Revenue for the six months ended June increased 8% year on year to AED 16.8 billion, while gross profit climbed 17% to AED 6.2 billion. Earnings before interest, […]
The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
Highlights
Underlying profit from continuing businesses1 grew 44% to US$117 million
Reported profit was US$118 million, compared to a US$38 million loss in the prior year period
Like-for-like (LFL) subsidiary sales growth from continuing businesses2 improved to 3%
Health & Beauty sustained strong LFL sales; Convenience and Home Furnishings returned to growth
E-commerce and DFIQ Media contributed to approximately 35% of sales growth
Return on capital employed improved to 12%, up from 9% as of December 2025
Interim dividend of US¢6.20 per share, up 77% year-on-year. Maintain full-year dividend payout of 70%
Raised full-year organic revenue3 growth guidance to be between 3.0% and 4.0%, and underlying profit to be between US$285 million and US$305 million
Announced 100% interest acquisition of Cody Hong Kong (Cody HK), one of the leading outdoor advertising solution providers in Hong Kong
HONG KONG SAR – Media OutReach Newswire – 28 July 2026 – “Our first-half performance, with underlying profit1 growth of 44% and a consistently improving LFL subsidiary sales trend, reflects the strength of our strategy in action – a sharper value for customers, a strong focus on returns and execution with discipline. This was supported by sustained momentum in Health & Beauty, as well as strong recovery in Convenience and Home Furnishings segments. Our acquisition of Cody HK’s extensive outdoor media portfolio, together with its experienced leadership team, strengthens our capability to deliver full-funnel, omnichannel advertising solutions while accelerating the growth of DFIQ Media. As we continue to deepen customer engagement and build new profit pools through the DFI Omni Platform, we are well-positioned to deliver sustainable long-term value with greater earnings resilience.”
Scott Price
Group Chief Executive
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
OVERVIEW
The Group delivered strong performance in an evolving macroeconomic climate, underpinned by disciplined execution and a focus on driving higher returns. A portfolio built on everyday essentials, combined with a strong value proposition with convenience, continues to resonate with customers against the backdrop of oil price volatility. For the first half of 2026, subsidiary LFL sales growth from continuing businesses4 further improved to 3%. This was driven by sustained strong momentum in the Health & Beauty segment, as well as a return to growth in both the Convenience and Home Furnishings businesses. Price reinvestment, supported by a reset in sourcing strategy, drove Food volume growth with Wellcome’s basket price now trading at a discount relative to the Greater Bay Area5, compared to a premium in the prior year.
The Group’s commitment to retail excellence, a lean overhead structure and expanded omnichannel touchpoints enables us to serve our customers with better pricing and better experience. The DFI Omni Platform further strengthens this by seamlessly integrating our extensive store network with digital capabilities, delivering greater convenience and personalisation while unlocking new value pools through rich, cross-format data insights. Developing and scaling high-margin revenue streams, including retail media (DFIQ Media) and insights monetisation (DFIQ Insights), will diversify our profit base and support long-term value creation.
To enhance operational efficiency and improve productivity of team members, the Group introduced GenAI-powered tools in the first half of 2026, with plans to scale deployment across operating markets in the coming months. In parallel, AI capabilities are increasingly embedded across core retail functions, including assortment optimisation, promotion planning and demand forecasting, to drive better, more data-driven decisions.
The Group undertook a thorough review of the cost structure with the aim of driving sustainable savings and improving long-term cost efficiency. This has led to a reallocation of resources and costs toward format-level operations, driving greater agility and responsiveness to evolving market conditions, while continuing to reduce central selling, general and administrative (SG&A) costs through overhead optimisation. Combined with improving digital economics, underlying operating profit from continuing businesses6 grew 14% year-on-year in the first half of 2026. Improved operating performance and lower financing costs contributed to an 11% increase in underlying profit attributable to shareholders, or 44% from continuing businesses7 only.
The Group maintained a healthy balance sheet with a net debt position of US$22 million as of 30 June 2026. Return on capital employed further improved to 12%, up from 9% as of December 2025.
The Group declared an interim dividend of US¢6.20 per share, representing a significant increase of 77% compared to the same period last year. This enhanced interim dividend distribution underscored the Board’s confidence in the Group’s underlying business momentum and strong cash flow generation, while ensuring sufficient capital for future growth in line with our 70% payout policy.
OPERATING PERFORMANCE
Overall For the first half of 2026, underlying subsidiary revenue from continuing businesses6 was US$4.1 billion, up 4% year-on-year and 3% on a LFL basis. The growth was driven by strong performance in the Health & Beauty division, as well as a return to growth in the Convenience and Home Furnishings segments. Total revenue, including Maxim’s, was US$5.6 billion. Excluding divestments7, total revenue increased by approximately 4%.
Overall underlying profit attributable to shareholders from continuing businesses7 grew 44% year-on-year to US$117 million, primarily driven by improved operating profit and lower financing costs.
Underlying subsidiary profit from continuing businesses6 was US$101 million, reflecting a 49% year-on-year increase, primarily driven by earnings recovery in the Home Furnishings and Food segment with lower SG&A expenses as a result of overhead reduction.
Underlying profit from associates was US$16 million, down from US$30 million in the prior comparable period, which included share of profits from Robinsons Retail ahead of its disposal. Excluding this, profit contribution from associates was up 22% year-on-year due to robust sales growth and effective cost optimisation at Maxim’s.
The Group reported operating cash flow after lease payments of US$178 million, 16% higher than the prior year period, driven by underlying operating profit growth. Free cash flow for the period was a net inflow of US$85 million, down 5% year-on-year, due to increased capex investment in priorities that will further strengthen the Group’s competitive position while driving long-term value for shareholders.
Digital Capturing a significant share of daily essential customer missions in Hong Kong, the DFI Omni Platform – powered by yuu – enables deeper customer engagement across offline and online touchpoints, maximises data capture and unlocks incremental margin opportunities beyond core retail through DFIQ Media and DFIQ Insights. Overall digital turned profitable, with e-commerce and DFIQ Media contributing to approximately 35% of total revenue growth in the first half of 2026. This was supported by improved underlying e-commerce economics, a rising online sales penetration8 to 6.9% and 3 times in DFIQ Media revenue compared to first half of 2025. As of June 2026, more than 10,000 digital media-ready screens were available across DFI outlets.
Subsidiaries Sales for the Health & Beauty division were US$1.4 billion, up 8% year-on-year from continuing businesses9, 7% in constant currency, or 6% on a LFL basis, with continued market share gains across key operating markets. Mannings and Guardian deepened their leadership as the trusted advisors for wellness through an enhanced, wellness-focused assortment and continued roll-out of skin and scalp assessment services across a wider store network. The recently announced exclusive distribution partnership with Holland & Barrett, a leading UK health and wellness retailer, will further expand customer access to trusted wellness solutions in Hong Kong and Singapore, followed by a broader rollout across selected Asia markets in the coming years. In Hong Kong and Macau, Mannings delivered 5% LFL sales growth, driven by increased basket size and robust tourist store sales amid higher visitor arrivals. In Southeast Asia, Guardian achieved strong LFL sales growth of 9%, supported by higher basket sizes and improved promotional efficiency, with Indonesia and Vietnam delivering close to 20% LFL growth. Excluding the impact of cost reallocation and closure of Mannings China offline stores, divisional profit increased moderately by 2% to US$109 million. Margin declined primarily due to increased strategic promotions to drive stronger sales and market share in Southeast Asia, particularly in Malaysia where health & beauty retailers did not benefit from the SARA Cash Aid Programme.
Total Convenience sales were US$1.2 billion, up 4% year-on-year or 2% on a LFL basis, as continued growth in higher-margin categories, including ready-to-eat (RTE) and exclusive collectibles, more than offset the decline in lower-margin cigarette volumes. Hong Kong LFL sales returned to growth in the second quarter following ten consecutive quarters of decline, supported by RTE and an expanded non-food assortment, including limited-edition collectibles and K-pop merchandise. Excluding cigarettes, LFL sales were up 3% for the period. In Singapore, effective promotional campaigns and collectible product launches drove strong LFL sales growth of 8%. In South China, continued store network expansion through a capex-light franchise model – including a net addition of 112 stores since June 2025 to nearly 1,980 locations – contributed to 12% sales growth year-on-year or 6% on constant currency basis. LFL sales were 1% higher compared to the prior year period, driven by the successful launch of Own Brand in key categories of frozen products and packaged drinks. The team remains focused on driving footfall and sales through further expansion of the RTE offering across both offline and online channels. This includes a broader rollout of the Food Bar to 453 stores as of June 2026, up from 325 at year-end 2025, and strong overall online sales growth of more than 35%. Excluding cost reallocation impact, profit for the division increased by 2% to reach US$37 million.
Reported sales for the Food division from continuing businesses10 were US$1.1 billion, up 1% year-on-year. LFL sales returned to positive growth of 0.5% in the second quarter of 2026. In Hong Kong, investment in reduced pricing on core basket items, a stronger fresh proposition, and Own Brand offering drove 2% increase in total volume and 0.5% LFL sales growth in the first half of 2026. As of June 2026, Wellcome’s “Everyday Value” range has expanded to nearly 500 items, offering savings of up to 40%, bringing its basket price down from a premium to a discount relative to the Greater Bay Area. The team also accelerated omnichannel growth with more than 35% growth in online order volume. In Cambodia, Lucky reported strong double-digit sales growth, with profit more than doubling year-on-year. The plan to open 50 new stores over the next few years remains on track. Macau Food sales remained challenging as a result of cross-border grocery shopping. Excluding the impact of cost reallocation and the divestment of Singapore Food, overall divisional profit increased by 27% year-on-year to US$17 million.
The Home Furnishings division delivered strong recovery in performance during the first half of 2026, with LFL sales growth of 4%, compared to a decline of 6% in the prior year period. Price reinvestment in core value SKUs, a stronger focus on locally relevant ranges and IKEA Food innovation drove increased footfall and items per baskets, resulting in a 3% LFL sales growth in Hong Kong and 5% in Taiwan. IKEA Food remains a critical traffic and revenue driver, accounting for 15% of total sales. In Indonesia, while offline sales momentum remained soft, LFL sales trend improved on a strengthening IKEA’s omnichannel proposition with online sales penetration reaching 24%. Sales recovery and effective cost optimisation measures contributed to 85% growth in overall divisional profit, excluding cost reallocation impact.
Associates The Group’s share of Maxim’s underlying profits was US$16 million for the first half of 2026, up 15% year-on-year, underpinned by continued cost optimisation and operational efficiency measures. Sales for the period increased by 4%, driven by strong restaurant performance in Southeast Asia and a return to growth in the Chinese mainland, partially offset by weaker sales in Hong Kong.
RECENT BUSINESS DEVELOPMENTS
On 30 June 2026, the Group announced the acquisition of 100% interest in Cody Hong Kong (Cody HK), one of the leading outdoor advertising solution providers in Hong Kong, for a cash consideration of HK$30.2 million (approximately US$3.8 million) from ARN Media Network Limited (ASX: A1N), subject to customary adjustments.
The acquisition advances DFI’s strategy to build a full-funnel advertising solution in Hong Kong through DFIQ Media. By integrating Cody HK’s strategic assets – including multi-year exclusive advertising rights with Kowloon Motor Bus (KMB) and Hong Kong Tramways (HKT) – with DFI’s extensive store network, growing online user base, and closed-loop measurement capabilities, DFIQ Media strengthens its ability to deliver high-impact advertising solutions to a broader advertiser base across online, in-store, and outdoor channels.
Subject to satisfaction of third-party consents, the transaction is expected to complete in the second half of 2026.
PEOPLE
On 6 July 2026, the Group announced four senior leadership appointments effective from 1 August 2026. These moves reflect the Group’s continued focus on strengthening its leadership pipeline and driving the next phase of growth with experienced, proven leaders.
Andrew Wong will be appointed Chief Executive Officer, DFI IKEA. Formerly CEO of Health & Beauty, Andrew brings extensive experience in driving customer-led growth, operational discipline and in-store digitalisation across multiple markets. His earlier leadership of franchise operations at Jardine Restaurant Group positions him well to lead the IKEA business into its next phase of development.
Curtis Liu, having most recently served as Chief Executive Officer of Food, will be appointed Chief Executive Officer, Health & Beauty. His proven leadership in driving customer value repositioning in Hong Kong, combined with deep operational retail knowledge and digital experience at JD.com, positions him well to drive continued momentum and omnichannel growth in Health & Beauty.
Tom van der Lee will be appointed Chief Executive Officer, Food. Tom has played an instrumental role as Group Chief Financial Officer, driving financial discipline and supporting key strategic decisions across the Group. His prior experience at FrieslandCampina, a global food company, and his broad financial leadership across DFI banners in Southeast Asia supported his strong commercial grounding to lead the Food business.
Kaizhi Wu will succeed Tom as Group Chief Financial Officer. Kaizhi currently serves as Group Finance Director, Planning & Reporting, based in Hong Kong. Prior to joining DFI, he served as Executive Vice President and Chief Financial Officer of Yonghui Superstores Co., and earlier held senior roles at Jardine Matheson, Fosun Group and PwC in London. Kaizhi will join the Group’s Management Committee upon assuming his new role.
OUTLOOK
The Group remains confident in our ability to navigate the evolving trading environment, supported by sharpened business priorities, a strong balance sheet and low-cost operating model. Financial outlook outlined at the Investor Day in December 2025 remains intact as DFI continues to execute our multi-year strategic initiatives that are critical to driving sustainable revenue and earnings growth. These initiatives include strengthening our value proposition, strategically expanding store network, enhancing omnichannel capabilities and accelerating digital asset monetisation through data-driven insights. In particular, the growing DFI Omni Platform will deepen our customer engagement, further reinforce our core retail strength and enhance overall earnings resilience in the long term.
Despite an elevated oil price outlook for the remainder of the year, the Group expects to deliver stronger profitability supported by enhanced operational efficiency. As a result, the Group revises up its full-year organic revenue growth11 outlook to be between 3.0% and 4.0% (up from previously 2.0% to 3.0%), and underlying profit attributable to shareholders to be between US$285 million and US$305 million (up from previously US$270 million and US$300 million).
Scott Price Group Chief Executive
—————– 1 Excluding impacts of divestment of Singapore Food business, closure of Mannings China and disposal of minority stake of Robinsons Retail 2 Excluding impacts of divestment of Singapore Food business and closure of Mannings China 3 Excluding Singapore Food and Mannings China 4 Excluding impacts of divestment of Singapore Food business and closure of Mannings China 5 Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Shenzhen 6 Excluding impacts of divestment of Singapore Food business and closure of Mannings China 7 Excluding impacts of divestment of Singapore Food business, closure of Mannings China and disposal of minority stake of Robinsons Retail 8 Excluding cigarettes under Convenience and IKEA Food 9 Excluding Mannings China 10 Excluding Singapore Food business 11 Excluding Singapore Food and Mannings China Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #IKEA #yuu #Maxim’s
The issuer is solely responsible for the content of this announcement.
DFI Retail Group
DFI Retail Group (the Group) is a leading Asian retailer, driven by its purpose to ‘Sustainably Serve Asia for Generations with Everyday Moments’.
At 30 June 2026, the Group and its associates operated 7,659 outlets across 12 markets, of which 5,593 stores were operated by subsidiaries. The Group, together with its associates, employed over 81,000 people, with more than 43,000 people employed by subsidiaries. The Group had reported revenue of US$8.9 billion in 2025.
The Group is committed to delivering quality, value and service to consumers across the region through trusted brands, strong local market positions, and a broad retail ecosystem supported by extensive store networks, digital capabilities and efficient supply chains.
The Group and its associates operate a portfolio of well-known brands across five key divisions. The principal brands are:
Health and Beauty
Mannings in Hong Kong and Macau S.A.R.; Guardian in Brunei, Indonesia, Malaysia, Singapore and Vietnam.
Convenience
7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.
Food
Wellcome and Market Place in Hong Kong S.A.R.; San Miu in Macau S.A.R.; Lucky in Cambodia.
Home Furnishings
IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.
Restaurants
Hong Kong Maxim’s group on the Chinese mainland, Hong Kong and Macau S.A.R., Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam.
The Group’s parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong. DFI Retail Group is a member of the Jardine Matheson group.
Singapore’s central bank has warned that any sharp pullback in artificial intelligence investment could weaken global growth, disrupt semiconductor demand and trigger turbulence across financial markets.
The Monetary Authority of Singapore said uncertainty over whether companies can sustain vast spending on data centres, advanced chips and computing infrastructure has become a significant risk to the economic outlook. The warning reflects growing scrutiny of whether revenue generated by AI services can justify the scale of capital committed by technology groups.
MAS Managing Director Chia Der Jiun said the global economy should continue to benefit from AI-related expenditure in the near term, but the longer-term impact remains difficult to assess. A sudden reduction in investment could affect manufacturing, trade and financial asset prices, particularly in economies closely linked to electronics supply chains.
The assessment carries particular significance for Singapore, where technology-related production has driven much of the economic expansion this year. The economy grew by about 6 per cent during the first half of 2026, while AI-linked electronics accounted for more than 70 per cent of export growth. Semiconductor production, data-centre equipment and related services have helped offset pressure from trade restrictions, higher energy costs and geopolitical instability.
MAS expects economic activity to remain firm during the second half of the year, supported by technology, construction and financial services. However, it cautioned that tighter global financing conditions or a reversal in AI expenditure could undermine the durability of that growth and ease inflation more rapidly than expected.
The warning comes as the world’s largest technology companies raise spending on processors, servers, power systems and data centres. Capital expenditure by major AI-linked companies is projected to rise by more than 75 per cent to around $700 billion in 2026. Large technology groups are also turning increasingly to debt markets to finance the buildout, strengthening the connection between AI investment, credit conditions and the wider economy.
Fitch Ratings has identified an AI market correction as an emerging global credit risk, citing elevated valuations, concentrated investment and uncertainty over future returns. Amazon and Alphabet are among companies whose combined bond issuance has reached about $182 billion, underlining the growing role of borrowed funds in supporting infrastructure spending.
Supporters of the investment surge argue that generative AI could raise productivity, reduce costs and create new markets comparable to earlier technological transformations. Demand for advanced chips and cloud capacity remains strong, while business investment data continue to show momentum. US orders for core capital goods rose 0.9 per cent in June, and shipments increased 1.9 per cent, their strongest gain in four and a half years, helped by spending on computers and electronic equipment.
Questions persist over how quickly that spending will generate sustainable profits. Data centres require large quantities of electricity, specialised chips and cooling infrastructure, while rapid improvements in computing equipment can shorten replacement cycles. Companies may face pressure to keep investing even before earlier projects achieve their expected returns.
Academic research indicates that the AI boom combines strong technological foundations with pockets of speculative vulnerability. Enterprise adoption, revenue growth and productivity improvements support parts of the valuation expansion, but investment has outpaced monetisation in some segments. Private-market valuations are also concentrated among a limited number of companies, increasing the risk that a reassessment of growth expectations could spread rapidly.
Global equity markets are already showing greater sensitivity to concerns about returns from AI spending. Semiconductor shares have faced selling pressure, while technology indices have retreated from earlier peaks. Investors are closely examining earnings from leading cloud and chip companies for evidence that demand remains strong enough to support infrastructure budgets.
Singapore is vulnerable to such shifts because of its position in global electronics, finance and trade networks. A decline in chip orders could affect factory output and exports, while a fall in technology valuations could weaken investment sentiment and household wealth. Financial institutions could also face losses through corporate lending, bond holdings and market exposure.
MAS has separately highlighted cybersecurity threats arising from AI and quantum-computing advances. AI tools can improve fraud detection and network monitoring, but they can also make phishing, impersonation and hacking attempts more convincing. The authority has established an industry task force to help financial institutions strengthen their defences as technology-driven risks become more sophisticated.
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