REF Holdings (HKG:1631) expects a decrease in profit attributable to the owners of up to 50% in 2024, compared with about HK$11.7 million for the corresponding period of the previous year, according to a Friday filing with the Hong Kong Stock Exchange.

The company attributed the expected decline in profit to lower revenue, increased share-based payment expenses, and higher credit loss provisions due to share option grants and expected trade receivable losses this year.

The financial printing services business plans to publish its financial results on March 6.

The company's shares were down more than 3% in the recent trade.