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R

REF Holdings 1631.HK · HKD

Industrials · HKEX · 🇭🇰 Hong Kong

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1.30

+5.69%

Close of 9 Nov 2026, in HKD

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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in HKD, from our data supplier.

FY2025

Revenue

HK$92.3m

FY2016FY2025

Net income

HK$3.0m

FY2016FY2025

Free cash flow

HK$31.8m

FY2016FY2025

Shareholders' equity

HK$82.8m

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
RevenueHK$92.3mHK$106.4mHK$124.0mHK$129.7mHK$135.1mHK$147.5mHK$190.5mHK$192.4mHK$236.3mHK$178.1m
Gross profitHK$46.6mHK$56.1mHK$63.2mHK$66.2mHK$72.2mHK$69.5mHK$97.4mHK$99.5mHK$132.4mHK$95.5m
Operating incomeHK$3.5mHK$7.1mHK$12.7mHK$11.4mHK$17.1mHK$17.7mHK$42.1mHK$40.3mHK$76.8mHK$55.0m
Net incomeHK$3.0mHK$5.7mHK$11.7mHK$11.2mHK$8.6mHK$18.3mHK$33.5mHK$36.7mHK$64.4mHK$45.6m
Diluted earnings per share0.010.020.050.040.030.070.130.140.250.18

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assetsHK$123.6mHK$125.5mHK$104.2mHK$147.8mHK$210.4mHK$260.5mHK$320.9mHK$268.6mHK$235.1mHK$152.1m
Cash and short-term investmentsHK$68.9mHK$55.8mHK$55.1mHK$77.3mHK$129.0mHK$209.2mHK$250.0mHK$208.1mHK$187.0mHK$111.3m
Total liabilitiesHK$40.8mHK$45.8mHK$31.5mHK$48.4mHK$70.9mHK$52.9mHK$80.3mHK$61.6mHK$64.8mHK$46.2m
DebtHK$22.2mHK$36.4mHK$8.5mHK$25.5mHK$41.6mHK$10.5mHK$27.1m———
Shareholders' equityHK$82.8mHK$79.7mHK$72.8mHK$99.4mHK$139.5mHK$207.6mHK$240.6mHK$207.0mHK$170.3mHK$105.9m
Shares outstanding256m256m256m256m256m256m256m256m256m256m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operationsHK$32.0mHK$17.0mHK$36.2mHK$21.5mHK$29.1mHK$26.4mHK$41.2mHK$30.0mHK$78.1mHK$42.5m
Capital spending−HK$243,000−HK$272,000−HK$135,000−HK$629,000−HK$13.5m−HK$32,000−HK$566,000−HK$12.2m−HK$2.4m−HK$327,000
Free cash flowHK$31.8mHK$16.7mHK$36.0mHK$20.9mHK$15.6mHK$26.4mHK$40.6mHK$17.8mHK$75.6mHK$42.1m
Dividends paid——−HK$38.4m−HK$51.2m−HK$76.8m−HK$51.2m−HK$51.2m−HK$51.2m−HK$51.2m—

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
RevenueHK$54.9mHK$27.5mHK$19.5mHK$19.5mHK$26.7mHK$26.7mHK$21.6mHK$21.6m
Gross profitHK$28.4mHK$14.2mHK$9.1mHK$9.1mHK$14.2mHK$14.2mHK$10.9mHK$10.9m
Operating incomeHK$3.4mHK$1.7m−HK$994,500−HK$994,500HK$2.7mHK$2.7mHK$650,500HK$650,500
Net incomeHK$3.4mHK$1.7m−HK$1.5m−HK$751,000HK$2.2mHK$2.2mHK$183,500HK$183,500
Diluted earnings per share0.010.01-0.01-0.000.010.010.000.00
Cash from operationsHK$18.0m—HK$25.0mHK$12.0mHK$6.0mHK$2.0mHK$17.0mHK$8.0m
Capital spending−HK$1.0m———————
Free cash flowHK$17.0m———————
Total assetsHK$169.3mHK$169.3mHK$123.6mHK$123.6mHK$126.8mHK$126.8mHK$125.5mHK$125.5m
Cash and short-term investmentsHK$98.9mHK$98.9mHK$68.9mHK$68.9mHK$53.0mHK$53.0mHK$55.8mHK$55.8m
DebtHK$14.6mHK$14.6mHK$22.2mHK$17.8mHK$28.7mHK$16.1mHK$36.4mHK$15.7m
Shareholders' equityHK$109.0mHK$109.0mHK$82.8mHK$82.8mHK$84.3mHK$84.3mHK$79.7mHK$79.7m

Growth per year

Compound annual rate

3 years5 years10 years
Revenue-10.7%-8.9%-4.2%
Operating income-32.5%-27.7%-20.7%
Net income-35.6%-30.4%-20.3%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin51.7%51.3%50.9%52.1%
Operating margin5.3%7.7%9.5%19.1%
Net margin4.4%7.0%7.9%16.0%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings43.99.96.18.922.64.02.53.93.64.6
Price to sales1.40.50.60.81.40.50.40.81.01.2

Dividends and splits

Per share, in the currency the company pays

Paid for 0 years. Last went ex-dividend on 18 Apr 2023.

FY2023FY2022FY2021FY2020
Paid in the year0.150.200.300.20

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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