REF Holdings Limited (HKG:1631)

Hong Kong · Delayed Price · Currency is HKD

1.350

+0.080 (6.30%)

Jul 31, 2026, 3:58 PM HKT

REF Holdings Financials Overview

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

Millions HKD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	92.3	92.3	106.36	124.04	129.71	135.08
Revenue Growth	-4.34%	-13.22%	-14.25%	-4.37%	-3.98%	-8.42%
Gross Profit	46.62	46.62	56.07	63.25	66.23	72.2
Operating Income	3.5	3.5	7.12	12.7	11.31	17.08
Net Income	2.98	2.98	5.67	11.71	11.16	8.63
Earnings Per Share	0.01	0.01	0.02	0.05	0.04	0.03
EPS Growth	-37.96%	-47.52%	-51.61%	4.95%	29.38%	-52.77%

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	68.87	68.87	55.75	55.09	77.32	128.99
Total Debt	22.22	22.22	36.42	8.55	25.46	41.64
Net Cash (Debt)	46.64	46.64	19.33	46.54	51.86	87.35
Net Cash Growth	92.13%	141.26%	-58.46%	-10.26%	-40.62%	-56.05%
Net Cash Per Share	0.18	0.18	0.08	0.18	0.20	0.34

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	30.37	30.37	16.96	36.17	21.53	29.1
Capital Expenditures	-0.24	-0.24	-0.27	-0.14	-0.63	-13.51
Free Cash Flow	30.12	30.12	16.69	36.03	20.91	15.59
Free Cash Flow Growth	38.04%	80.47%	-53.68%	72.36%	34.07%	-57.22%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	50.51%	50.51%	52.72%	50.99%	51.06%	53.45%
Operating Margin	3.79%	3.79%	6.69%	10.24%	8.72%	12.64%
Pretax Margin	3.64%	3.64%	6.37%	11.22%	9.99%	8.23%
Profit Margin	3.22%	3.22%	5.33%	9.44%	8.61%	6.39%
FCF Margin	32.64%	32.64%	15.69%	29.05%	16.12%	11.54%

Dividends

Fiscal Year	FY 2022	FY 2021
Period Ending	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Dividend Per Share	0.150	0.200
Dividend Per Share Growth	-25.00%	-60.00%
Dividend Yield	52.89%	48.05%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 2, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	116.17	43.89	9.89	6.12	8.95	22.55
P/FCF Ratio	13.77	4.33	3.36	1.99	4.78	12.48
PS Ratio	4.49	1.42	0.53	0.58	0.77	1.44