Renowned mountaineer Nirmal Purja has died after an avalanche struck his expedition on Broad Peak in northern Pakistan, his climbing company confirmed on Saturday. Elite Exped, which Purja co-founded, said the Nepal-born climber, widely known as Nimsdai, lost his life after the avalanche swept through the group on Thursday. The company also confirmed that other members of the international expedition had not survived. Purja was leading a […]
The most severe damage was reported from Idukki, Kottayam and Pathanamthitta, where saturated hillsides collapsed, rivers crossed warning levels and rescue teams moved families from vulnerable areas. The state government directed district administrations to prepare for emergencies and assigned ministers to coordinate relief operations in badly affected areas.
Sumathi, a resident of Kudayathoor near Thodupuzha, was killed when a landslide struck her house at Adurmala around 2 am. Her husband Ravi and son Ratheesh were pulled from the debris with injuries. The building was destroyed, and rescuers recovered Sumathi’s body after a search lasting several hours.
Another landslide at Kolahalamedu in Vagamon killed 72-year-old Prabhakaran Nair. A mass of earth crashed through a window and buried the room where he was sleeping. Fire and Rescue Services personnel, police and residents used an earthmover to clear the wreckage before recovering his body.
Joseph Johnny and his mother Regina Johnny were also killed after a landslide buried a house near Poonjar in Kottayam district. Search and rescue teams were deployed to the area as heavy rain continued to restrict access through hilly roads.
The weather department issued red warnings for Thrissur, Malappuram, Kozhikode, Wayanad, Kannur and Kasaragod, where isolated rainfall exceeding 20 centimetres within 24 hours was considered possible. Pathanamthitta, Kottayam and Idukki were also placed under red warnings for rainfall ranging between 12 and 20 centimetres.
Orange warnings covering Thiruvananthapuram, Kollam, Alappuzha, Ernakulam and Palakkad indicated the likelihood of very heavy rainfall. The warnings covered nearly the entire state and reflected the possibility of flash floods, landslides, uprooted trees, power disruption and damage to weak structures.
An offshore trough extending from south Gujarat to Kerala, combined with strong lower-level westerly winds, intensified the rainfall. Rain or thundershowers were forecast across most parts of Kerala through the weekend, although the heaviest phase was expected on Saturday.
Flooding spread across central districts as rivers and streams overflowed. Erattupetta was inundated after the Meenachil River breached its banks, while the Mundakkayam causeway went under water. Sections of the Pala-Poonjar road became impassable, affecting movement between several towns and villages.
Ranni in Pathanamthitta faced extensive flooding, with water entering the Ittiyappara bus stand, shops and houses. Landslides were reported from surrounding highland areas, while the Pamba and other rivers rose rapidly following overnight rainfall.
Thodupuzha town and nearby settlements experienced waterlogging after streams spilled into residential colonies. The Thodupuzha River crossed the danger mark, while the Muvattupuzha River moved above its warning level. Residents along riverbanks and in low-lying areas were told to prepare for evacuation.
Authorities increased controlled releases from the Malankara Dam as inflows surged. Four shutters that had been opened by 1.5 metres were scheduled to be raised in stages to 2.5 metres. Officials warned that the release could further increase levels in the Thodupuzha and Muvattupuzha rivers.
Road travel was disrupted across Idukki after landslips blocked the Moolamattom-Vagamon, Vagamon-Ettumanoor, Vagamon-Upputhara and Kattappana-Vazhavara routes. Debris also halted traffic near Machiplavu on the Kochi-Dhanushkodi National Highway, where a car and a heavy vehicle were caught in a landslide.
By K Raveendran India’s political conversation appears to be acquiring a new address. It is no longer confined to Parliament House, party headquarters, election rallies or television studios. Increasingly, it begins with a mobile phone placed at a flattering angle, a carefully chosen background and the familiar instruction to look into the camera and speak […]
The article When Parliament Goes Silent, Politics Switches On The Camera appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).
Google has withdrawn an experimental image-generation feature from Google Earth after users demonstrated how easily it could fabricate convincing scenes of wars, disasters and sensitive security installations. The tool allowed people to select a location in the web version of Google Earth and transform its satellite, aerial or three-dimensional imagery through written prompts. Within seconds, ordinary neighbourhoods could appear bombed, flooded or occupied by military forces, creating […]
Bitcoin is shifting from speculative traders to long-term holders, but weak demand is preventing the tightening supply structure from producing a convincing price recovery. On-chain indicators show that coins are changing hands less frequently as investors with longer holding horizons expand their share of the network’s realised value. Short-term holders now account for about 23% of Bitcoin’s realised capitalisation, a multi-year low, while the long-term holder share […]
A flaw in seed generation allowed an attacker to steal more than 1,000 bitcoin from nearly 1,200 cold wallets without gaining physical or remote access to the hardware devices. The attacker drained 1,082.65 bitcoin, valued at about $70 million, from 1,196 wallet addresses on July 30. The transfers occurred between 01:10 and 01:51 UTC and were recorded across six Bitcoin blocks, making the operation one of the […]
Compact Design with Powerful Multi-Device Charging
As smartphones, tablets, laptops, and portable gaming devices become everyday essentials, users increasingly seek a single charger capable of powering them all. The CUKTECH 6 Ultra Charger delivers up to 100W MAX fast charging, making it ideal for smartphones, tablets, lightweight laptops, and Nintendo Switch.
Featuring two USB-C ports and one USB-A port, the charger supports simultaneous charging for multiple devices. Its compact form factor is significantly smaller than a traditional 67W charger, while the included 1-meter 6A 240W braided cable offers added convenience and durability.
Equipped with Dynamic Power Distribution and ADC 2.0 fast-charging technology, the charger provides seamless compatibility across both Android and Apple ecosystems
It can charge a Xiaomi 17 Pro to approximately 71% in 30 minutes (100W Max), a Samsung S26 Ultra to around 78% (60W Max), and a MacBook Air (M3) to approximately 53% in 30 minutes (65W Max).
Smart Desk Companion with an Interactive AI Display
The CUKTECH 6 Ultra Charger features a unique 0.96-inch HD smart display with built-in interactive emoji animations. The display changes expressions based on charging status—from standby to charging and nearly full—bringing a fun and engaging element to everyday charging. It also supports 180° screen rotation and provides real-time information, including power, voltage, and current.
Advanced Protection with OPC 2.0
Designed for demanding environments, the charger incorporates CUKTECH’s proprietary OPC 2.0 charging optimization technology, which intelligently recognizes connected devices and adjusts charging current to help extend battery lifespan. Combined with an advanced GaN architecture and 24-hour intelligent temperature control, it delivers stable, efficient performance even under heavy workloads.
As one of CUKTECH’s latest global products, the CUKTECH 6 Ultra Charger combines high-performance charging, portability, and intelligent features to provide Indonesian consumers with a more efficient digital lifestyle.
*All data from CUKTECH internal lab tests. Actual results may vary with device software or ambient temperature.
Hashtag: #CUKTECH
The issuer is solely responsible for the content of this announcement.
Oil prices headed for their strongest monthly advance in years on Friday as the war involving the United States and Iran disrupted Middle Eastern supplies, raised shipping costs and intensified concerns over the security of global energy routes. Brent crude was on course to gain about 21% in July, despite falling by more than $1 to around $88 a barrel during early trading. West Texas Intermediate slipped […]
Arabian Post Staff -Dubai Saudi Arabia has established a multinational maritime defence coalition to protect commercial shipping and energy supply routes across the Red Sea, placing Riyadh at the centre of efforts to secure one of the world’s most vulnerable trade corridors. The kingdom will serve as the founding and leading state of the alliance and host its permanent headquarters. Representatives from 43 countries and the European […]
Rain measured at the Hong Kong Observatory’s headquarters had already exceeded the normal July total before the final third of the month. Further heavy showers linked to Typhoon Noul and moist south-westerly air lifted the cumulative figure closer to levels last recorded nearly three decades ago.
The territory received 474.7 millimetres of rain during the first 20 days of July, 23 per cent above the monthly average of 385.8 millimetres. Additional downpours later in the month strengthened the prospect of July becoming one of the wettest on record since observations began in 1884.
Forecasters expect unsettled conditions to extend into early August. A broad area of low pressure over the northern South China Sea and the western Pacific is likely to maintain a flow of moisture towards the Guangdong coast, bringing showers, thunderstorms and periods of heavier rain.
Rainfall this month followed an unusually wet June, when about 600.5 millimetres was recorded, roughly 22 per cent above normal. The back-to-back wet months have saturated hillsides, raised the risk of landslides and placed greater pressure on drainage systems across densely built districts.
Typhoon Noul added to the disruption after approaching the southern China coast and bringing squally showers, powerful winds and rough seas. Hundreds of flights were cancelled in Hong Kong, while transport services were adjusted and residents were warned to avoid shorelines and exposed areas.
At least 21 people were injured as the storm affected the city. Fallen trees, damaged scaffolding and blocked roads were reported, although Hong Kong avoided the larger-scale destruction seen in parts of Guangdong, where hundreds of thousands of people were evacuated before landfall.
Noul became the third tropical cyclone to affect southern China during July, underlining an active phase in the western North Pacific. Cyclones Bavi and Maysak had already contributed to difficult weather conditions across parts of the region, with heavy rain extending beyond coastal areas.
Meteorologists say the extraordinary rainfall has resulted from repeated interactions between tropical systems, low-pressure troughs and moisture-rich monsoon winds. Such patterns can produce long periods of rain even when the centre of a cyclone remains some distance from Hong Kong.
The city’s steep terrain and dense urban development increase its exposure to sudden flooding. Intense rainfall can overwhelm drains within minutes, particularly in low-lying districts and older neighbourhoods where water has fewer routes to escape.
Officials have repeatedly reminded residents to monitor rainstorm warnings, avoid watercourses and report signs of slope instability. Schools, businesses and public transport operators are required to follow warning arrangements when Amber, Red or Black rainstorm signals are issued.
The Observatory has issued dozens of rainstorm warnings since June, far more than during the same period last year. The frequency reflects not only the amount of rain but the number of intense bursts capable of disrupting travel and daily activity.
Hong Kong has experienced several severe rainfall episodes over the past few years. A record-breaking storm in September 2023 produced 158.1 millimetres of rain in a single hour, the highest hourly total since records began, flooding roads, underground stations and shopping areas.
A cluster of four Black rainstorm episodes between late July and early August 2025 further demonstrated the difficulty of forecasting small, fast-developing systems. Some storms formed rapidly near the Pearl River estuary, leaving limited time for highly localised warnings.
Climate researchers expect warmer air and seas to increase the moisture available to tropical weather systems. A warmer atmosphere can hold more water vapour, raising the potential for heavier short-duration rainfall when atmospheric conditions trigger thunderstorms.
Natural year-to-year variations remain important, and no single wet month can be attributed solely to climate change. Long-term observations, however, show growing concern over the intensity of extreme rainfall events across subtropical coastal cities.
The financial impact extends beyond damaged property. Persistent bad weather can affect aviation, shipping, construction, retail activity and outdoor tourism. Insurance claims may rise when flooding damages vehicles, homes and commercial premises.
France, Spain and Greece battled destructive wildfires on Thursday as extreme heat, dry vegetation and strong winds forced hundreds of thousands of people from homes, holiday resorts and threatened communities. Firefighters gained ground against some of the largest blazes in France and Spain, but authorities warned that unstable weather and exhausted emergency crews left wide areas vulnerable to fresh outbreaks. Greece faced a worsening emergency after fires […]
Danube Properties is preparing to deliver 11 developments across Dubai as the privately owned developer moves to convert a large off-plan construction pipeline into completed homes amid more selective buyer demand. The planned handovers span several of Dubai’s established and expanding residential districts, strengthening the company’s emphasis on timely completion as competition intensifies among developers. Founder and Chairman Rizwan Sajan said the delivery programme reflected Danube’s focus […]
Major cryptocurrencies traded within narrow ranges on Thursday as Asian semiconductor shares stabilised after Samsung Electronics reported a dramatic rise in chip earnings, easing pressure across technology-linked risk assets. Bitcoin hovered near $64,100, while Ether changed hands around $1,905. XRP traded at about $1.07, Solana near $74 and BNB around $572. Tron was little changed at roughly $0.33, while Hyperliquid’s HYPE token slipped towards $54. Trading activity […]
Robinhood Markets shares dropped about 4% in extended trading after the brokerage reported stronger-than-expected quarterly earnings, as investors focused on falling cryptocurrency revenue and higher operating costs. The trading platform generated $100 million from cryptocurrency transactions during the second quarter, down 38% from a year earlier. The decline was offset by sharp gains in options, equities and prediction markets, helping total net revenue rise 32% to a […]
Skyro has introduced its Online Product Loan service in the Philippines through a partnership with MemoXpress, one of the country’s electronics retailers. The collaboration marks Skyro’s first online product loan partnership and expands access to flexible digital financing for Filipino consumers. The new solution allows customers to apply for a legitimate online credit facility directly during the shopping process. By integrating Skyro’s product loan option into the […]
NASA’s Psyche spacecraft has completed a precisely targeted Mars flyby, gaining speed towards a metal-rich asteroid while returning a time-lapse video and scientific measurements that validated its main instruments. The spacecraft passed 4,609 kilometres above the Martian surface on May 15, using the planet’s gravity to accelerate by about 1,000 miles per hour and slightly alter the plane of its orbit. The manoeuvre placed Psyche on the […]
The benchmark closed at 61,434.19, down 930.73 points, or 1.49%, after briefly dropping to 60,448.90. The index moved through a range of almost 2,700 points, having reached a session high of 63,138.04 during early trading.
The intraday slide from the high exceeded 1,700 points, reflecting unusually volatile trading rather than a fall of that size from Tuesday’s closing level. The index had ended the previous session at 62,364.92 after losing more than 2,500 points.
Semiconductor companies led the decline as investors questioned whether the vast sums being invested in AI infrastructure would generate returns quickly enough to justify elevated technology valuations. The selling was amplified by weakness in South Korea and Taiwan, whose markets contain some of the world’s largest memory-chip and contract-manufacturing companies.
Asian chipmakers had benefited from expectations that spending on data centres, advanced processors and high-bandwidth memory would continue expanding. Those assumptions are now facing closer scrutiny as capital expenditure rises, borrowing costs remain high and earnings expectations become more difficult to exceed.
The shift was visible in South Korea, where the Kospi suffered another severe fall and chip heavyweights came under sustained pressure. Taiwan’s benchmark also declined as investors sold shares exposed to the global semiconductor supply chain.
Tokyo-listed equipment makers and chip-related companies were caught in the same retreat. Their large influence on the price-weighted Nikkei magnified the index’s movements, leaving the broader market vulnerable to concentrated selling in a small group of expensive stocks.
Investors were also awaiting quarterly results from major US technology companies, including businesses whose spending plans have become central to demand forecasts for advanced chips. Any indication that data-centre expenditure is slowing could deepen concerns about the durability of the AI investment cycle.
The Nikkei’s decline followed a powerful rally that had carried the benchmark above 70,000 earlier in July. Despite the pullback, the index remained substantially higher than a year earlier, showing how quickly valuations had expanded during the AI-driven advance.
Currency movements added another layer of uncertainty. The yen remained near its weakest level against the dollar in about four decades, despite gaining slightly during Wednesday’s trading. A weaker currency generally supports exporters by increasing the yen value of overseas earnings, but an extreme decline raises import costs and complicates monetary policy.
Japan depends heavily on imported energy and raw materials. The yen’s depreciation, combined with higher oil prices, threatens to intensify inflation and squeeze household spending. It has also increased speculation that authorities may intervene in foreign-exchange markets.
Markets are watching for any disruption to the yen carry trade, in which investors borrow cheaply in Japan and direct the funds towards assets offering higher returns elsewhere. A sudden strengthening of the yen can force traders to unwind those positions, producing rapid declines across equities, bonds and currencies.
The Bank of Japan begins a two-day policy meeting on Thursday. Traders are assessing whether persistent currency weakness and rising energy costs could push officials towards tighter policy, even as instability in equity markets increases the risks surrounding another rate move.
Oil prices climbed more than 3% as conflict in the Middle East threatened shipping and energy supplies. Higher crude prices added to inflation concerns ahead of the US Federal Reserve’s policy announcement and reduced investors’ willingness to hold high-valuation growth stocks.
The dollar remained supported near a one-month high as traders considered whether the Federal Reserve could maintain a restrictive policy stance. Higher US yields tend to pressure technology valuations by reducing the present value of expected future earnings.
Highlights
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 (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
Convenience
Food
Home Furnishings
Restaurants
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.
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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