ST Group Food Industries Holdings Limited: FY2025 Financial Review and Analysis
ST Group Food Industries Holdings Limited (“ST Group”) has published its audited financial statements for the year ended 30 June 2025, highlighting material variances from the previously released unaudited figures. This analysis aims to present key financial metrics, discuss significant adjustments, and provide insights for investors based strictly on the disclosed report.
Key Financial Metrics
The table below summarizes core profitability and balance sheet items from the audited statements, with variances highlighted from the unaudited results. Please note, the report does not provide previous year or quarterly data for direct YoY or QoQ comparison, so only current year figures and variances are shown.
| Metric |
Audited FY2025 |
Unaudited FY2025 |
Variance |
Variance (%) |
| Other Income |
A\$1,813,389 |
A\$2,119,879 |
(A\$306,490) |
(14%) |
| Other Expenses |
(A\$7,206,112) |
(A\$7,136,821) |
(A\$69,291) |
1% |
| Profit for the Year |
A\$128,313 |
A\$117,000 |
A\$11,313 |
10% |
| Total Comprehensive Loss |
(A\$322,889) |
(A\$110,465) |
(A\$212,424) |
NM* |
| EPS (Basic and Diluted, cents) |
0.20 |
0.16 |
0.04 |
25% |
| Retained Earnings |
A\$1,830,791 |
A\$1,344,586 |
A\$486,205 |
36% |
*NM: Not meaningful due to the nature of the adjustment.
Major Adjustments and Errors/Inconsistencies
- Intangible Assets Written Off: The amount of A\$375,783 previously classified as a written-off intangible asset was reclassified and included in the gain/loss calculation from the disposal of a Group-owned outlet under “Papparich”. This led to a shift from a gain of A\$306,490 (Other Income) to a net loss of A\$69,293 (Other Expenses).
- Disposal of UK Subsidiaries: Losses from discontinued operations and currency translation reserves were recomputed following the disposal of GCTea Outlets Ltd, GCTea Outlets 2 Ltd, and GCTea DKJV Ltd in the UK, impacting the consolidated statements for a more accurate presentation.
- Right-of-Use Assets Reclassification: Current right-of-use assets were reclassified to non-current assets, improving clarity in the balance sheet presentation.
- Asset Acquisition Under Finance Lease: An amount of A\$193,300 was reclassified from purchases of property, plant, and equipment to right-of-use assets, affecting cash flow and asset reporting.
Exceptional Earnings or Expenses
- Loss from Disposal and Strike-off of Subsidiaries: The audited results recognized a loss of A\$455,543 from the disposal and strike-off of subsidiaries, previously not reported in the unaudited statements.
- Gain on Termination of Leases: A gain of A\$353,860 was recognized in the audited accounts, substantially higher than the unaudited figure.
- Other Adjustments: Adjustments to unrealized exchange gains, rent concessions, and other minor items were made for accuracy.
Cash Flow and Fund Flows
- Operating Cash Flow: Net cash generated from operating activities increased by A\$341,517 to A\$10,212,010 after audit adjustments.
- Investing Cash Flow: Purchases of property, plant, and equipment decreased due to reclassification, and repayment from related parties was excluded from the audited results.
- Financing Cash Flow: Upfront payment for right-of-use assets was corrected, and acquisition of non-controlling interests in subsidiaries was recognized as an outflow.
Corporate Actions and Divestments
- Divestment: Disposal of three UK subsidiaries was finalized and reflected in the audited results, impacting loss from discontinued operations and currency translation reserves.
- No Mention of Dividends, Share Buybacks, or IPOs: The report does not disclose dividend proposals, share buybacks, or fund-raising activities.
Chairman’s Statement
“BY ORDER OF THE BOARD
Saw Tatt Ghee
Executive Chairman and CEO
10 October 2025”
Tone: The Chairman’s statement is neutral and factual, simply authorizing the publication of the audited results. No outlook or investor guidance is provided.
Conclusion and Investor Recommendations
Overall Assessment: The audited financials for ST Group show a modest profit and an increase in retained earnings compared to the unaudited numbers, but total comprehensive loss widened due to currency translation and discontinued operations. Adjustments reflect a more accurate but somewhat weaker financial position than initially reported. The disposal of loss-making UK subsidiaries is a notable restructuring move, but ongoing profitability remains slim.
- If You Hold ST Group Shares: Consider maintaining a cautious stance. The company remains profitable from continuing operations, but the increase in comprehensive loss and recurring exceptional expenses suggest risks remain. Monitor future disclosures for sustained profitability and any recovery in overseas operations.
- If You Do Not Hold ST Group Shares: Wait for more clarity. The company’s financials have been volatile, and the impact of restructuring still needs to be fully reflected. Investors should seek stronger evidence of sustainable growth and margin improvement before considering new positions.
Disclaimer: This analysis is based strictly on information disclosed in the FY2025 audited financial report. It does not constitute investment advice. Investors should consider their own circumstances and consult a qualified professional before making investment decisions.
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