Annual Report 2019


Dairy Farm is a leading retailer in Asia. Millions of customers trust us to bring quality, service and value to their shopping experience every single day.

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Operating in 12 Asian markets and territories with over 10,000 retail outlets

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Multi-year transformation programme continued to gain momentum

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Business Review

Improving the fundamentals underpinning our businesses


Grocery Retail Convenience

Operating profit for Grocery Retail increased significantly, driven by Southeast Asia as we execute towards our multi-year transformation plan…

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Health and Beauty

Sales for our Health and Beauty Division benefitted from strong revenue and like-for-like sales growth in our Guardian business in Southeast Asia…

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Home Furnishings

We continued to invest in the future growth of our Home Furnishings business in 2019. Sales grew 6% to a record US$766 million. Taiwan and Indonesia both reported strong sales growth, with two new store openings…

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Maxim’s reported 4% growth in sales to US$2.7 billion. The acquisition of the Starbucks franchise in Thailand through a 64%-owned joint venture was another milestone in the year…

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Other Associates

The Group’s investments in Yonghui and Robinsons Retail delivered good returns with Dairy Farm’s share of results from both companies growing in 2019…

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Financial Review

Strong profit growth in the Food segment was driven by Southeast Asia Grocery Retail as the Group’s multi-year transformation plan started to deliver enhanced quality and operating standards

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Sustainable Transformation

Building a sustainable long-term business which serves the communities around us

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