Dairy Farm to pursue expansion in Asia
Dairy Farm International Holdings, which runs supermarkets and convenience stores across Asia, said it would continue to expand in existing markets after delivering a 29 per cent rise in net profit to US$333 million last year on stronger sales and better cost controls.
The Singapore-listed retailer said most of this year's capital expenditure would go to buy land in Indonesia for hypermarkets, expand in Vietnam and invest in a new merchandising system.
'While the markets in which we operate are inevitably being affected by the turbulence in the world economy, we are fortunate to be in the business of providing everyday needs to the mass market,' chief executive Michael Kok said.
Sales for the year to December rose 14.37 per cent to US$6.73 billion from US$5.89 billion a year earlier.
It added 500 stores for a total of 4,649 by the end of last year.
A final dividend of 10 US cents per share was announced.
Dairy Farm, which operates chains including Wellcome, Mannings, Ikea and 7-Eleven and has stakes in Maxim's and Starbucks in Hong Kong, is a member of the Jardine Matheson Group.