REF Holdings Limited (HKG:1631)

REF Holdings Income Statement

Financials in millions HKD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	96.49	106.36	124.04	129.71	135.08	147.5
Revenue Growth (YoY)	-13.63%	-14.25%	-4.37%	-3.98%	-8.42%	-22.57%
Cost of Revenue	46.31	50.29	60.8	63.48	62.88	78.04
Gross Profit	50.17	56.07	63.25	66.23	72.2	69.46
Selling, General & Admin	44.76	48.79	51.27	52.85	55.72	50.02
Other Operating Expenses	-0.2	-0.2	-0.05	-	-	-
Operating Expenses	43.18	48.76	50.5	54.92	55.13	51.75
Operating Income	6.99	7.31	12.75	11.31	17.08	17.71
Interest Expense	-1.74	-1.55	-0.59	-1.06	-0.84	-0.95
Interest & Investment Income	1.6	1.64	1.87	1.05	0.99	2.84
Currency Exchange Gain (Loss)	-0.04	-	0	-	0	0.02
Other Non Operating Income (Expenses)	-0.25	-0.11	-0.02	-0.01	0.04	0.11
EBT Excluding Unusual Items	6.56	7.29	14.02	11.29	17.26	19.72
Merger & Restructuring Charges	-	-	-	-	-	-0.02
Impairment of Goodwill	-	-	-	-	-	-0.43
Gain (Loss) on Sale of Investments	-0.52	-0.4	-0.11	-0.68	-3.06	-5.03
Gain (Loss) on Sale of Assets	-	-	-	-0.04	-3.09	-
Asset Writedown	-0.11	-0.11	-	-	-	-
Other Unusual Items	-	-	-	2.4	-	6.94
Pretax Income	5.93	6.78	13.92	12.96	11.12	21.19
Income Tax Expense	1.09	1.11	2.2	1.8	2.49	2.92
Net Income	4.84	5.67	11.71	11.16	8.63	18.27
Net Income to Common	4.84	5.67	11.71	11.16	8.63	18.27
Net Income Growth	-30.09%	-51.61%	4.95%	29.37%	-52.76%	-45.54%
Shares Outstanding (Basic)	256	256	256	256	256	256
Shares Outstanding (Diluted)	259	256	256	256	256	256
Shares Change (YoY)	1.21%	-	-	-	-	-
EPS (Basic)	0.02	0.02	0.05	0.04	0.03	0.07
EPS (Diluted)	0.02	0.02	0.05	0.04	0.03	0.07
EPS Growth	-30.77%	-51.61%	4.95%	29.38%	-52.77%	-45.53%
Free Cash Flow	21.82	16.69	36.03	20.91	15.59	36.45
Free Cash Flow Per Share	0.08	0.07	0.14	0.08	0.06	0.14
Dividend Per Share	-	-	-	0.150	0.200	0.500
Dividend Growth	-	-	-	-25.00%	-60.00%	-
Gross Margin	52.00%	52.72%	50.99%	51.06%	53.45%	47.09%
Operating Margin	7.24%	6.88%	10.28%	8.72%	12.64%	12.01%
Profit Margin	5.02%	5.33%	9.44%	8.61%	6.39%	12.38%
Free Cash Flow Margin	22.62%	15.69%	29.05%	16.12%	11.54%	24.71%
EBITDA	8.68	9.93	16.73	15.38	20.68	21.34
EBITDA Margin	8.99%	9.34%	13.49%	11.86%	15.31%	14.47%
D&A For EBITDA	1.69	2.62	3.98	4.07	3.61	3.64
EBIT	6.99	7.31	12.75	11.31	17.08	17.71
EBIT Margin	7.24%	6.88%	10.28%	8.72%	12.64%	12.01%
Effective Tax Rate	18.36%	16.37%	15.82%	13.89%	22.38%	13.79%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.