Infinity Development Delivers Strong FY2025 Growth and Reaffirms Cautious but Optimistic Footwear Outlook
Summary:
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Revenue rose 13.4% to HK$835.2 million in the year ended 30 September 2025, with net profit attributable to shareholders climbing 21.7% to HK$122.2 million on higher Asia-Pacific footwear demand and improved gross profit of HK$316.8 million
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The board proposes a final dividend of HK10.3 cents per share, taking total FY2025 dividends to HK20.5 cents (versus HK18.0 cents in FY2024, both adjusted for share consolidation), reflecting robust cash generation and confidence in future earnings
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The group maintains a solid balance sheet with HK$846.1 million in total assets, HK$628.3 million in equity, no bank borrowings (down from HK$39.0 million), gearing of about 1.2% (lease liabilities only), a current ratio of roughly 3.0 and cash and cash equivalents of about HK$254.2 million plus HK$19.2 million in restricted deposits
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Net operating cash flow reached HK$138.3 million, funding HK$76.3 million of investing outflows (mainly capex and time deposits) and HK$102.3 million of financing outflows, including full bank loan repayment and dividends, underscoring the group’s self-funded growth model
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Non-current assets expanded to HK$221.7 million, driven by a near-doubling of property, plant and equipment to HK$158.0 million and higher FVTOCI financial assets, as the group builds a new manufacturing plant on Indonesian land acquired earlier to strengthen regional production and cost competitiveness
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Management highlights rising demand for activity-specific and casual footwear in China, Vietnam and Indonesia, increasing automation in adhesive application, and a shift toward sustainable, low‑impact manufacturing as key structural drivers supporting medium-to-long-term growth
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Vietnam, Indonesia and Bangladesh are improving local sourcing for footwear raw materials, which the group expects will reduce input cost volatility and benefit regional adhesive producers, including its own operations
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The group remains focused on its core adhesive business, investing in R&D and technology partnerships with leading chemical companies and experts from Germany, Japan, Taiwan and Hong Kong to maintain a technological edge and expand environmentally friendly water-based adhesive offerings
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In April and November 2024 the group committed around US$4.25 million (about HK$33.2 million) for machinery, equipment and related works for the new Indonesian plant, and still had HK$17.5 million of capital commitments for property, plant and equipment at 30 September 2025
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Infinity successfully completed a dual primary listing on SGX Catalist on 3 December 2025, after shareholder approval in September, and appointed joint auditors RSM Hong Kong and RSM SG Assurance, positioning the company to deepen its Southeast Asian footprint and tap international capital markets