今日，港股又乘假期抢跑，主要指数集体收涨，恒生指数涨1.74%，国指涨1.92%，恒生科技指数涨3.08%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | O | 22504.68 | +385.27 | 1.74% | | 800100 | 国企指数 | | 8231.04 | +154.78 | 1.92% | | 800700 | 恒生科技指数 | | 5244.06 | +156.64 | 3.08% | 科网股全线大涨，小米集团涨超6%，阿里巴巴、京东涨超3%，腾讯涨超2%，美团、网易、百度涨超1%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | 总市值v | | --- | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | O | 487.800 | +10.600 | 2.22% | 44894.05亿 | | 09988 | 阿里巴巴-W | | 122.000 | +4.500 | 3.83 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a net profit of $109.6 million, a decrease of 38.3% from the previous year's profit of $177.7 million, primarily due to a non-cash impairment loss of $89.1 million from the Vladivostok project [22]. - Total revenue for the year was $562.5 million, with gross profit reported at $456.7 million [18]. - The overall gross profit for the year was $456.70 million, with a gross profit margin of 81%, up from 79% in the previous year [62]. - EBITDA for the current year was $202.8 million, down from $295.3 million the previous year [74]. - Net profit attributable to shareholders decreased to $109.6 million, with a net profit margin of 19.5%, down from 33.3% the previous year [65]. - Administrative and other operating expenses increased by $38.2 million or 28.5% year-on-year, totaling $172.5 million for the current year [63]. Market and Economic Context - The company is focused on strengthening its growth strategy amid ongoing global economic fluctuations [22]. - Cambodia attracted $6.9 billion in foreign direct investment in 2024, a 40% increase from the previous year, with China contributing nearly 50% of the total [28]. - The GDP growth rate for Cambodia is forecasted at 5.5% in 2024 and 5.8% in 2025, positioning it as one of the best-performing economies in East Asia [32]. - The Cambodian tourism sector is projected to grow by 5.5% in 2024 and 5.8% in 2025, supported by strong recovery in tourism and trade [39]. - The Cambodian government aims to attract up to 7,500,000 international visitors by 2025, with the new Phnom Penh International Airport expected to handle up to 13,000,000 passengers annually during its first phase of operation [87]. Operational Highlights - The company's flagship NagaWorld is the only integrated hotel and entertainment complex in Phnom Penh, enhancing its market presence [9]. - The average daily turnover in the high-end VIP market has recovered to 82.5% of pre-pandemic levels in FY2019, driven by an increase in foreign visitors and business trips to Cambodia [24]. - Non-gaming revenue increased by 6.5% year-on-year, attributed to a rise in tourist numbers and international events, leading to higher hotel occupancy rates [24]. - The company plans to continue focusing on the development of the high-end VIP market to drive growth and maintain recovery momentum [24]. - The average daily revenue of the gaming floor increased by 8.2% year-on-year to $10.7 million, recovering to 89.1% of pre-pandemic levels from FY2019 [40]. Corporate Social Responsibility - The company has implemented over 730 corporate social responsibility initiatives aimed at improving education and community engagement in Cambodia [30]. - NagaWorld Kind Hearts has distributed stationery kits benefiting over 175,000 impoverished students across 13 provinces since 2014 [51]. - The company has been recognized for its corporate social responsibility efforts, receiving multiple awards including the AREA Social Empowerment Award and the Platinum Award at the Global CSR Summit [55]. - More than 572,000 community members benefited from donations and material contributions totaling $2.4 million [114]. - The company is committed to promoting responsible gambling and reducing the risks associated with problem gambling [155]. Sustainability and Environmental Initiatives - The company has voluntarily adopted new climate regulations ahead of their effective date in January 2025, enhancing disclosures related to sustainability and climate issues [80]. - The company has implemented multiple measures in 2024 to accelerate its environmental commitments, including a climate action plan and external verification of its greenhouse gas inventory [82]. - The company has achieved ISO 14064 external certification for greenhouse gas emissions [114]. - The company has saved at least $668,000 through energy-saving measures since 2016 [149]. - The company is committed to annual external verification of its greenhouse gas emissions under ISO 14064 standards [175]. Employee Engagement and Development - The company employed 6,062 staff, with total employee costs rising to $102.6 million from $88.4 million the previous year [75]. - In 2024, the company achieved a nearly equal gender ratio among its workforce, with 50.2% female and 49.8% male employees, and completed over 205,000 training hours, averaging 34 hours per employee [84]. - The company has been recognized with two excellence awards in 2024 for its commitment to personnel development and workplace digitalization [84]. - The company hosted the sixth union representative election, promoting employee engagement [114]. - 94% of employees completed the annual anti-corruption online training and assessment [156]. Governance and Risk Management - The company is committed to maintaining effective governance and risk management practices to ensure compliance and protect stakeholder interests [139]. - The board held two meetings in 2024 to discuss progress on the company's 2030 environmental goals and regulatory developments in sustainability reporting [129]. - The sustainability oversight committee, chaired by the CEO, reviews environmental reports monthly, tracking progress on 2030 and interim environmental goals [130]. - The company has updated its materiality assessment, elevating the financial importance of cybersecurity and data privacy due to increased global awareness of these risks [141]. - The company focuses on transparent financial and ESG reporting to boost investor confidence and facilitate capital acquisition [139].

智通财经APP获悉，中金发布研报称，鉴于金界控股(03918)的博彩业务恢复可能需要更长时间，该行将 公司2025年EBITDA预测下调25%至3.29亿美元，并引入2026年EBITDA预测为3.93亿美元。公司目前交 易于5倍2025年EV/EBITDA。该行维持跑赢行业评级，但由于盈利预测下调及行业估值中枢修正，该行 下调目标价8%至4.40港元，对应7倍2025年EV/EBITDA。 中金主要观点如下： 中场板块引领公司复苏趋势 金界控股于近期公布其1Q25季度博彩运营数据。公司1Q25总博彩收入达到1.71亿美元，同比增长 18%，恢复至1Q19的53%。其中，中场博彩收入引领复苏，同比增长24%，恢复至1Q19的120%水平;贵 宾博彩收入仍然承压，同比增长17%，但是仅仅恢复至1Q19的29%水平。然而，公司1Q25净博彩收入 已经恢复至1Q19的92%，达到1.48亿美元，该行认为这是得益于高利润率的中场业务的收入占比逐步提 升，公司收入质量有所提升。 赴柬旅客人数有望增长推动中场业务 2025年2月，赴柬旅客总数和中国赴柬旅客人数分别恢复至2019年同期的109%和49%。考虑到：1)直飞 ...

Financial Performance - Total gaming revenue for the fiscal year 2024 increased by 5.5% to $542.9 million from $514.8 million in fiscal year 2023[3] - Mass gaming revenue rose by 17.2% to $395 million, up from $337 million in the previous year[3] - The overall gross margin for the mass and premium VIP segments improved to 86% from 84% in the previous fiscal year[3] - Net profit decreased by 38.3% to $109.6 million, primarily due to a non-cash impairment loss of $89.1 million related to the Vladivostok project[3] - Basic earnings per share dropped to 2.48 cents from 4.02 cents in the previous year[3] - EBITDA for the fiscal year 2024 was $202.8 million, down from $295.3 million in fiscal year 2023[3] - Total revenue from casino operations increased to $562.5 million in 2024, up from $533.2 million in 2023, representing a growth of approximately 5.5%[16] - The company reported a pre-tax profit of $109.6 million for 2024, a decrease from $177.7 million in 2023, reflecting a decline of about 38.4%[23] - Casino tax expenses for 2024 amounted to $34.2 million, compared to $31.3 million in 2023, indicating an increase of approximately 9.1%[19] - The company's total assets decreased to $2.3 billion in 2024 from $2.34 billion in 2023, a reduction of about 1.0%[13] - Cash and cash equivalents significantly dropped to $120.4 million in 2024 from $348.4 million in 2023, a decline of approximately 65.4%[13] - The company did not recommend any dividends for the current year, consistent with the previous year[22] - The interest expenses related to preferred notes decreased to $20.5 million in 2024 from $39.7 million in 2023, a reduction of about 48.3%[16] - The company’s net asset value increased to $2.16 billion in 2024 from $2.02 billion in 2023, reflecting a growth of approximately 6.5%[13] - The company’s employee costs rose to $102.0 million in 2024, compared to $87.9 million in 2023, an increase of about 16.1%[17] - The company’s total liabilities decreased significantly, with current liabilities net worth improving to $(35.1) million in 2024 from $(243.7) million in 2023[13] - Total reported segment revenue for the year ending December 31, 2024, is $567,072,000, an increase from $538,339,000 in 2023, representing a growth of approximately 5.6%[30] - The segment profit for the year ending December 31, 2024, is $215,576,000, down from $319,157,000 in 2023, indicating a decline of about 32.5%[28] - Total assets reported as of December 31, 2024, are $2,922,161,000, a decrease from $3,148,339,000 in 2023, reflecting a reduction of approximately 7.2%[28] - Total liabilities as of December 31, 2024, amount to $(680,500,000), slightly up from $(666,021,000) in 2023, showing an increase of about 2.3%[28] - Capital expenditures for the year ending December 31, 2024, are $101,845,000, significantly higher than $39,929,000 in 2023, indicating an increase of approximately 154.5%[28] - Impairment losses on property, plant, and equipment for the year ending December 31, 2024, total $48,852,000, compared to none in 2023[29] - The company has recognized a total of $89,110,000 in impairment losses related to the Vladivostok project in 2024, with no such losses reported in 2023[32] - The company’s non-current assets in Cambodia and Russia as of December 31, 2024, are valued at $2,123,279,000 and $192,576,000 respectively, compared to $2,054,167,000 and $281,582,000 in 2023[30] - The company has no individual customer contributing 10% or more to its revenue in the current or past years[30] Market Trends and Economic Environment - Daily average revenue from the gaming floor grew by 8.2% year-on-year to $10,700,000, recovering to 89.1% of pre-pandemic levels[44] - The number of international visitors arriving in Cambodia via Phnom Penh International Airport recovered to 84.6% of 2019 levels in 2024[44] - The high-end VIP market's daily turnover recovered to 82.5% of pre-pandemic levels, driven by the return of business travelers[44] - The overall financial performance is attributed to stable recovery and growth trends in the business, supported by the resurgence of the Cambodian tourism industry[43] - Total revenue and gross profit contributions from the mass and high-end VIP segments accounted for approximately 88.5% and 94.1%, respectively[44] - Cambodia welcomed approximately 6,700,000 international tourists in 2024, surpassing pre-pandemic levels with a recovery rate of 101.4%, ranking second among major Asian countries in tourist recovery[48] - The Cambodian government approved a budget of $50,000,000 to attract more international tourists over the next two years, focusing on promoting Cambodia as a leading tourism destination[46] - The number of international flights to Cambodia increased by 21.1% to 585 weekly flights as of March 17, 2025, with significant increases from major cities in Greater China and Southeast Asia[49] - Foreign direct investment (FDI) projects in Cambodia reached a total of $6,900,000,000 in 2024, representing a year-on-year growth of 40.2%[50] - China remained the largest source of foreign investment in Cambodia in 2024, with an investment amount of $3,400,000,000, accounting for 49.8% of total foreign investment[50] - The ASEAN region recorded approximately 123,000,000 international tourists in 2024, reflecting a year-on-year growth of 30.6%[48] - The Cambodian Ministry of Tourism partnered with Visa Worldwide to support the development of the tourism industry and enhance its appeal to international visitors[47] - The Cambodian government is focused on promoting all tourist attractions and has implemented measures to reduce e-visa fees to attract more tourists and investors[47] - Moody's upgraded Cambodia's outlook to stable, citing improvements in trade balance, tourism recovery, and foreign direct investment inflows[50] - Cambodia's export market is projected to reach $54.7 billion in 2024, reflecting a year-on-year growth of 16.9%[52] Corporate Social Responsibility and Sustainability - Since 2014, the NagaWorld Kind Hearts initiative has conducted over 730 events, contributing more than 43,000 hours of volunteer service[55] - NagaWorld has donated 55 computers benefiting 3,749 children from 10 NGOs and schools in the current year[56] - NagaWorld planted nearly 3,500 saplings in four provinces this year, with over 400 participants involved[58] - The company received multiple awards for its corporate social responsibility efforts, including the Platinum Award for "Best in Cambodia" at the 16th Global CSR Summit[58] - NagaWorld was recognized as a "Best Honorary Company" in the small-cap category by Institutional Investor magazine in June 2024[59] - The company has voluntarily adopted new climate regulations ahead of their mandatory implementation in January 2025, enhancing its sustainability reporting[84] - The company received the "Environmental Leader" title at the EuroCham Cambodia ESG Contest and Awards 2024 for its environmental efforts[86] - Gender diversity among employees was nearly equal, with women making up 50.2% and men 49.8% of the workforce[87] - The company held two board meetings in 2024 to discuss sustainability-related matters, including progress towards 2030 environmental goals[88] Strategic Initiatives and Future Outlook - The company has entered into an investment agreement to invest at least 11,600,000,000 Russian Rubles (approximately $350,000,000) in the Vladivostok project[34] - The company has no plans to declare a final dividend for the current year, maintaining a focus on reinvestment[95] - The company fully repaid $472,200,000 of outstanding principal on its 2024 senior notes, reflecting strong financial management[96] - The company will publish its annual report on its website and send it to shareholders via mail or electronically[100] - The exchange rate used for conversion is 1.0 USD to 7.75 HKD as of December 31, 2023[100] - The exchange rate for RUB is 1.0 USD to 101.68 RUB as of December 31, 2023[100] - There were no significant investments or acquisitions during the year, and no major updates on the Naga 3 and Vladivostok projects[81] - Despite external challenges from geopolitical tensions and global economic slowdown, Cambodia's economy shows resilience supported by growth in tourism and manufacturing[89] - Cambodia's Royal Government aims to attract 7,500,000 international arrivals by 2025, leveraging the new Phnom Penh International Airport with a capacity of 13,000,000 passengers annually[90] - The bilateral trade goal between Cambodia and Thailand is set at $15,000,000,000 by 2025, supported by the Plus-One strategy to enhance private investment[91] - The National Data Centre of Cambodia is expected to be fully operational by 2025, aimed at improving administrative services and supporting digital innovation[93] - NagaWorld, as the only integrated resort in Phnom Penh, is positioned to thrive by attracting tourists seeking competitive pricing and luxury experiences[94] - The Cambodian government is actively pursuing direct flight routes to enhance tourism, including partnerships with countries like the Philippines, Japan, and Australia[90] - Cambodia is optimistic about increasing Chinese tourist arrivals through the "Ready to Welcome Chinese Visitors" strategy and ASEAN tourism initiatives[92] - The new airport project is part of a long-term strategy to position Cambodia as a world-class tourist destination, enhancing infrastructure and introducing new routes[90] - The government is exploring a multi-country visa proposal to facilitate seamless travel among Cambodia, Brunei, Laos, Malaysia, Vietnam, and Thailand[91]

Financial Performance - NagaCorp reported a net loss of $1,000,000 for the six months ended June 30, 2024, primarily due to a non-cash impairment loss of $89,100,000 related to its Vladivostok project[20]. - Excluding the impairment loss, the company's net profit was $88,100,000, with EBITDA of $144,600,000, reflecting a year-on-year growth of 6.2% and 1.0% respectively[20]. - The company achieved revenue of $130,600,000, representing a 44.6% increase compared to the previous period[15]. - The gross profit was reported at $231,000,000, with a gross margin of 51.8%[15]. - The overall financial performance of the group is attributed to stable recovery and growth, with gaming revenue and gross profit contributing approximately 89.0% and 93.4% respectively[30]. - The company reported a total comprehensive income of $980,000 for the six months ended June 30, 2024, compared to $80.525 million in the same period of 2023[94]. - The company reported a net loss attributable to shareholders of $963,000 for the six months ended June 30, 2024, compared to a profit of $82.974 million in the same period of 2023[93]. - The company reported a pre-tax loss of $846,000 for the six months ended June 30, 2024, compared to a profit of $83,097,000 in the same period of 2023[123]. Tourism and Market Recovery - The number of leisure and business travelers visiting NagaWorld is gradually recovering, contributing to the company's operational performance[20]. - The company continues to benefit from the ongoing recovery in the tourism sector in the region[20]. - The number of international visitors to Cambodia reached 3,200,000 in the first half of 2024, recovering to 94.8% of the 2019 level, with a notable 8% increase compared to the same period in 2019[22]. - The Cambodian government aims to attract 7,000,000 international visitors by 2025, surpassing the pre-pandemic level of 6,600,000 visitors in 2019[22]. - The recovery of direct flights to Cambodia, including new routes from Dubai and Qatar, is expected to further stimulate economic growth and tourism[22]. - The second quarter of 2024 saw the highest revenue for the gaming segment since the property reopened in Q3 2021, indicating a strong recovery in visitor traffic[25]. - The average daily revenue in the mid-market increased by 5.7% year-on-year to $10,500,000, recovering to 87.2% of pre-pandemic levels[30]. - The total number of international visitors to Cambodia reached 3,200,000 in the first half of 2024, recovering to 94.8% of the same period in 2019[31]. Corporate Social Responsibility (CSR) - The company has implemented over 688 community improvement initiatives through its CSR program, with employee participation totaling approximately 37,000 hours[24]. - The company continues to focus on sustainable development and has been recognized for its leadership in corporate social responsibility initiatives[27]. - The company received top honors in the 2024 Asia Corporate Social Responsibility Awards for human capital investment, social empowerment, and green leadership[38]. - The company has recycled over 1,660 kilograms of soap, benefiting 725 families and promoting hygiene awareness[38]. Investment and Financial Position - As of June 30, 2024, the group had cash and deposits amounting to $570.8 million[35]. - The company repaid $472.2 million of outstanding principal on its 7.95% preferred notes due July 6, 2024, after securing a $70 million shareholder loan[35]. - The company’s total liabilities increased to $680.961 million as of June 30, 2024, compared to $653.198 million at the end of 2023[95]. - The company’s total equity remained stable at $2.0 billion as of June 30, 2024, consistent with the end of 2023[51]. - The company’s cash and cash equivalents decreased to $79.674 million as of June 30, 2024, down from $348.381 million at the end of 2023[95]. - The company has drawn $70,000,000 under a loan agreement with CLK Capital at an annual interest rate of 8% for refinancing purposes[133]. Regulatory and Governance - The company has maintained compliance with the corporate governance code as per the listing rules, confirming adherence to all applicable provisions during the period[83]. - The audit committee has reviewed the financial reports and internal control framework, ensuring that the financial statements are prepared in accordance with applicable accounting standards and provide full disclosure[85]. - The company has established a comprehensive risk management framework to identify and assess risks related to its operations, with oversight from the board and audit committee[88]. - An independent review of political and economic risks in Cambodia has been conducted annually, with results disclosed in the company's reports[90]. Future Outlook and Strategic Initiatives - The company maintains an optimistic outlook on long-term growth prospects, driven by the recovery of international tourism[58]. - The company plans to continue its market expansion and investment in new technologies to enhance operational efficiency and drive future growth[104]. - The company is committed to enhancing its environmental, social, and governance (ESG) commitments, including setting environmental targets for carbon emissions, electricity, water usage, and food waste by 2030[55]. - The company is preparing for compliance with new climate-related disclosure regulations effective from January 1, 2025[55].

Financial Performance - Total gaming revenue increased by 12.3% to $283.4 million compared to $252.3 million in the same period last year[4] - Gross profit (after gaming tax) rose by 14.0% to $231.0 million from $202.7 million year-on-year[4] - EBITDA decreased by 61.3% to $55.5 million from $143.2 million in the previous year, primarily due to a non-cash impairment loss of $89.1 million related to the Vladivostok project[4] - The company reported a net loss of $1.0 million, compared to a net profit of $83.0 million in the same period last year, largely due to the aforementioned impairment loss[2] - Total revenue for the six months ended June 30, 2024, was $292.76 million, an increase from $263.03 million in the same period of 2023, representing an 11.4% growth[13] - The company reported a pre-tax loss of $963,000 for the six months ended June 30, 2024, compared to a profit of $82.97 million in the same period of 2023[18] - The company reported a significant increase in impairment losses on trade receivables, rising to $5.51 million from $1.20 million in the previous year[15] - The casino segment reported a profit of $72.91 million for the six months ended June 30, 2024, down from $155.21 million in the same period of 2023[21] - The company reported a pre-tax loss of $846,000 for the six months ended June 30, 2024, compared to a profit of $83,097,000 in the same period of 2023[24] - The company reported a revenue of $659,914,000 for the first half of 2024, representing a 20% increase compared to $549,693,000 in the same period of 2023[46] - The net loss attributable to shareholders was $1,000,000 for the first half of 2024, compared to a net profit of $83,000,000 in the same period of 2023[55] Gaming Revenue Breakdown - The mass market gaming revenue grew by 17.8% to $192.0 million, while VIP market gaming revenue increased by 2.3%[2] - High-limit mass table gaming chips increased by 30.8% year-on-year to $265.6 million, with total gaming revenue from this segment rising by 39.2% to $45.2 million[5] - Casino operations generated $222.06 million from table games, up from $187.41 million, while electronic gaming machine revenue decreased to $61.33 million from $64.90 million[13] - The high-end VIP market saw a decrease in turnover by 11.7% to $1,800,000,000, generating revenue of $60,300,000, a decline of 4.1% year-on-year[48] - The company experienced a 12.6% decrease in non-gaming revenue, primarily due to a decline in hotel occupancy rates[50] Financial Position and Liquidity - The company fully repaid its maturing senior notes of $472.2 million in early July 2024, improving its liquidity position[6] - Total assets decreased to $2,240.1 million from $2,341.3 million as of December 31, 2023[8] - The company’s net cash position improved, with current liabilities net worth at $(82.8) million compared to $(243.7) million previously[8] - The total number of shares held through the Stock Connect program reached 43.3 million, accounting for 0.97% of the total issued shares, indicating increased liquidity and interest from mainland Chinese investors[42] - As of June 30, 2024, the group's cash and bank balances totaled $570,800,000, up from $367,600,000 as of December 31, 2023, indicating a significant increase in liquidity[59] - The net current liabilities decreased to $82,800,000 as of June 30, 2024, compared to $243,700,000 as of December 31, 2023, reflecting improved financial stability[60] Operational Costs and Expenses - The company incurred financing costs of $20.35 million for the six months ended June 30, 2024, slightly up from $19.87 million in the previous year[14] - The casino license premium amortization and depreciation for the six months ended June 30, 2024, was $41.99 million, down from $45.01 million in 2023[15] - Administrative and other operating expenses increased by $23,600,000 or 39% to $84,900,000 during the period[53] - The company’s financing costs for the period amounted to $10,100,000, a slight decrease from $10,900,000 in the previous year[54] Market and Economic Conditions - The average daily revenue for the mid-market increased by 5.7% year-on-year to $10,500,000, recovering to 87.2% of pre-pandemic levels as of FY2019[35] - The number of international visitors to Cambodia reached 3,200,000 in the first half of 2024, recovering to 94.8% of the same period in 2019[37] - High-end VIP customer per capita turnover grew approximately 11.6% year-on-year, with daily turnover recovering to 82.6% of pre-pandemic levels[35] - The average daily turnover for the referral VIP market increased by 17.6% year-on-year, driven by a 3.8% increase in win rate[35] - Business travel in the first half of 2024 reached 93.8% of pre-pandemic levels, largely due to cross-border travel from Vietnam and Thailand[37] - Cambodia's GDP growth remains robust, with a projected increase in foreign direct investment (FDI) leading to a significant rise in approved investment projects, totaling $3.2 billion in the first half of 2024, nearly double the amount from the same period last year[39] - Cambodia's exports reached $16.9 billion in the first half of 2024, reflecting a year-on-year growth of 14.2%, driven by diversified export markets and increased trade agreements[40] Strategic Initiatives and Community Engagement - The company’s loyalty program, NagaWorld Rewards, continues to enhance customer data understanding, leading to targeted marketing efforts[47] - NagaWorld has conducted over 688 community-focused activities since 2014, engaging employees for approximately 37,000 hours in initiatives aimed at education, community involvement, and environmental protection[43] - The company is committed to enhancing its environmental commitments, including setting environmental targets for carbon emissions, electricity, water usage, and food waste by 2030[70] - The company has recycled over 1,660 kilograms of soap through its "Soap Hope" project, benefiting 725 families and promoting sustainability[44] Future Outlook and Developments - The Naga 3 project's structural engineering for the foundation and underground floors is largely completed, with final cleaning and leak work expected to be finished by Q4 2024[71] - The Cambodian government aims to achieve $15 billion in bilateral trade with Thailand by 2025, promoting more business visits and investments[74] - The new Phnom Penh International Airport is expected to be operational by 2025, with a capacity of up to 13 million passengers annually, enhancing tourism and business travel to Cambodia[73] - Cambodia's international arrivals are projected to reach 7 million by 2025, surpassing the pre-pandemic figure of 6.6 million in 2019[73] - The Cambodian government is actively improving infrastructure and hospitality services to attract more tourists, particularly from China[74] - The National Data Centre in Cambodia is expected to be fully operational by 2025, supporting the country's digital economy transformation[74] - The group maintains an optimistic outlook on long-term growth prospects, driven by the recovery of international tourism and political stability in Cambodia[75] - NagaWorld, as the only integrated resort in Phnom Penh, is expected to benefit from attracting more tourists seeking competitive pricing and luxury lifestyle products[75] - The development of Naga 3 aligns with the Cambodian government's vision to support the tourism industry, positioning it as a key contributor to the regional tourism landscape[75]

Revenue Growth and Financial Performance - Revenue increased from $85.4 million in 2006 to $1.7 billion in 2019, a growth of 21 times[8]. - The company reported a net profit of $177.7 million for the fiscal year ending December 31, 2023, representing a 66% increase compared to the previous year[23]. - The company's revenue increased by 7.2% year-on-year to $9,900,000, recovering 82.3% compared to the pre-pandemic peak in FY2019[33]. - Net profit grew by 65.7% to $177,700,000, while EBITDA increased by 20.3% to $295,300,000, reflecting a robust recovery trajectory[33]. - The total revenue for the year was $460.7 million, with a gross profit of $376.0 million, resulting in a gross margin of 82%[49]. - The group recorded a gross profit of $421.6 million for the year, with an overall gross margin of 79%, down from 82% in the previous year[49]. - The company's profit attributable to owners increased to $177.732 million in 2023 from $107.254 million in 2022, representing a growth of approximately 65.4%[53]. - EBITDA for 2023 was reported at $295.338 million, up from $245.416 million in 2022, indicating a year-over-year increase of about 20.3%[53]. Expansion and Development Projects - The company opened its second hotel property, Naga 2, in November 2017, with an investment of $369 million, significantly increasing guest volume in hotel, gaming, and entertainment sectors[8]. - The completion of the Naga 3 project is now expected to be delayed until 2029 due to the global pandemic and supply chain issues[8]. - The Naga 3 project, with a planned area of 3,500,000 square meters, is financed 50% by internal resources, with the remaining through subscription agreements with shareholders[12]. - The total investment for the expansion of NagaWorld, including Naga 1 and Naga 2, is approximately $1.5 billion, enhancing its status as a world-class integrated resort[11]. - The company plans to invest at least $350 million in a project in Vladivostok, Russia, as part of its strategic expansion[12]. Tourism and Market Recovery - The total number of international visitors to Cambodia reached 5.5 million in 2023, recovering to 82.5% of the pre-pandemic levels in 2019[26]. - Cambodia is projected to attract 7 million international tourists by 2025, surpassing the pre-pandemic level of 6.6 million in 2019[25]. - The company benefits from the ongoing recovery of the tourism industry, which is expected to continue driving economic growth in Cambodia[24]. - The number of direct flights to Cambodia is increasing, contributing to the recovery of the tourism sector and overall economic activity[25]. - The Cambodian government is actively promoting initiatives to enhance the tourism sector, which is expected to further boost visitor numbers[26]. Corporate Social Responsibility and Governance - The company has implemented over 660 community-focused initiatives through its corporate social responsibility program, NagaWorld Kind Hearts[26]. - The founder's leadership has left a rich legacy and a strong commitment to corporate social responsibility and good governance practices[8]. - NagaWorld received multiple international awards, including the Gold Stevie® Award for Corporate Social Responsibility in Asia, Australia, and New Zealand[42]. - The company has committed to supporting Cambodian athletes and has been a partner of the National Olympic Committee since 2011, sponsoring various major sporting events[40]. - The company maintains a zero-tolerance policy towards corruption, ensuring integrity and transparency in operations[102]. Environmental Initiatives and Sustainability - The company aims to achieve net-zero emissions by 2050 as part of its long-term carbon neutrality strategy, aligning with Cambodia's national climate plans[67]. - The company has established an environmental policy to guide its management of environmental impacts, approved by the board in February 2024[113]. - The company has committed to reducing grid electricity usage by 25% from the 2018 baseline by 2030, aligning with Cambodia's national energy efficiency policy[123]. - The company achieved a 100% food waste recycling rate in 2023, maintaining its goal for 2030[147]. - The company has recycled various waste types, including food waste, paper, and plastic bottles, with 19% of waste diverted from landfills in 2023[146]. Employee Engagement and Development - The workforce consists of 6,038 full-time employees, with 93% being local hires and 50% female representation[166]. - The company provided over 190,000 training hours to employees, emphasizing skill development and career growth[1]. - The company has launched a series of employee engagement programs focused on inter-departmental interaction and fostering creativity and talent[185]. - The company offers competitive benefits, including 18 days of paid annual leave and 14 days of paid sick leave, contributing to employee well-being[193]. - The company emphasizes a non-discrimination policy regarding union organization and activities, ensuring fair treatment in employment decisions[194].

Gaming Revenue and Market Performance - Gaming revenue increased by 15.5% to $514.8 million in 2023, compared to $445.9 million in 2022[1] - High-end VIP market turnover increased by 46.5% to $4.3 billion in 2023, driven by higher visitor numbers and average turnover per visit[1] - Referral VIP market gaming revenue rose by 67.6% to $44.2 million in 2023, supported by a 52.3% increase in business volume[1] - Mass market daily turnover recovered to 82.3% of pre-pandemic levels, with a 7.2% year-on-year increase in 2023[6] - High-end VIP market daily turnover recovered to 97.7% of pre-pandemic levels, with a 46.2% year-on-year revenue growth in 2023[7] - Referral VIP market revenue grew by 67.6% in 2023, supported by a 52.3% increase in turnover[8] - Casino operations revenue increased to $387.52 million in 2023, up from $321.57 million in 2022, representing a 20.5% growth[18] - Casino segment profit grew to $326.62 million in 2023, up 19.3% from $273.85 million in 2022[30] - Reported segment revenue increased to $538.3 million in 2023, up 15.4% from $466.3 million in 2022[31] - The mid-market segment's daily revenue increased by 7.2% year-on-year to $9,900,000, recovering 82.3% compared to the pre-pandemic peak year of 2019[45] - The high-end VIP market's daily rolling chip turnover grew by 46.5% year-on-year to $11,700,000, recovering 97.7% compared to the pre-pandemic peak year of 2019[45] - The mid-market and high-end VIP market segments contributed approximately 91.4% and 93.9% of the company's total gaming revenue and gross profit, respectively[45] - Mid-market (hall tables and electronic gaming machines) revenue increased by 9.4% and 6.1% respectively, driven by a large expatriate community, ASEAN tourists, and a rebound in Chinese tourists[57] - High-end VIP market turnover increased by 46.5% to $4.3 billion, with a win rate of 3.8%, generating $133.6 million in revenue, a 46.2% year-on-year increase[58] - Referral VIP market turnover grew by 52.3% to $1.9 billion, with a win rate of 2.3%, resulting in $44.2 million in revenue, a 67.6% year-on-year increase[59] - Total gaming revenue reached $514.8 million, with net gaming revenue at $443.45 million, representing a 15% and 13% year-on-year increase respectively[56] - Mid-market contributed 63% of total revenue ($337 million) with a gross margin of 89%, while high-end VIP market contributed 25% ($133.6 million) with a gross margin of 72%[60] - Referral VIP market contributed 8% of total revenue ($44.2 million) with a gross margin of 24%, and non-gaming contributed 4% ($18.4 million) with a gross margin of 84%[60] - Total revenue for the year was $460.7 million, with the mid-market segment contributing $328.1 million (71%) and the high-end VIP market contributing $91.4 million (20%)[61] Financial Performance and Profitability - Net profit surged by 65.7% to $177.7 million in 2023, up from $107.3 million in 2022[1] - EBITDA grew by 20.3% to $295.3 million in 2023, with an EBITDA margin of 55.4%[1] - Revenue for the year 2023 increased to $533.247 million, up from $460.693 million in 2022, representing a growth of approximately 15.7%[11] - Gross profit rose to $421.636 million in 2023, compared to $375.966 million in 2022, reflecting an increase of about 12.1%[11] - Operating profit for 2023 was $198.676 million, a significant increase from $131.722 million in 2022, marking a growth of approximately 50.8%[11] - Net profit attributable to the company's owners reached $177.732 million in 2023, up from $107.254 million in 2022, showing a growth of about 65.7%[11] - Basic earnings per share increased to 4.02 cents in 2023 from 2.42 cents in 2022, reflecting a growth of approximately 66.1%[11] - Total comprehensive income for the year 2023 was $175.319 million, compared to $106.554 million in 2022, indicating a growth of about 64.5%[12] - Pre-tax profit for 2023 was $177.73 million, a significant increase from $107.25 million in 2022, marking a 65.7% growth[25] - Pre-tax profit surged to $178.0 million in 2023, a 65.6% jump from $107.5 million in 2022[31] - Net profit increased by 65.7% to $177,700,000, and EBITDA grew by 20.3% to $295,300,000 in the current year[44] - Net profit attributable to shareholders was $177.7 million, with a net profit margin of 33.3% (2022: 23.3%). Basic earnings per share were 4.02 cents (31.16 HK cents)[63] - Net profit attributable to the company's owners increased to $177,732 thousand in 2023, up from $107,254 thousand in 2022, representing a significant growth[73] - EBITDA for 2023 reached $295,338 thousand, compared to $245,416 thousand in 2022, showing a strong financial performance[73] Cash Flow and Financial Position - Cash and bank balances increased significantly to $367.6 million as of December 31, 2023, up from $175.2 million in 2022[9] - Net debt stood at $103.4 million as of 2023, with a net debt-to-equity ratio of 5.1% and a net debt-to-EBITDA ratio of 0.35x[9] - Current assets increased significantly to $409.531 million in 2023 from $229.964 million in 2022, representing a growth of approximately 78.1%[13] - Total equity rose to $2,024.646 million in 2023, up from $1,849.327 million in 2022, reflecting an increase of about 9.5%[13] - Total assets increased to $3.15 billion in 2023, up 5.4% from $2.99 billion in 2022[30] - Total assets grew to $2.75 billion in 2023, up 6.2% from $2.59 billion in 2022[31] - Cash and bank balances (including restricted bank balances and time deposits) totaled $367.6 million, a significant increase from $175.2 million in 2022[68] - The company's net asset value increased to $2.0 billion (2022: $1.8 billion), and the asset-to-liability ratio improved to 5.1% (2022: 15.9%)[68] - The company's cash and fixed deposits stood at $367.6 million as of December 31, 2023, supported by business recovery and prudent cash management[50] - The company's debt-to-equity ratio improved significantly to 5.1% as of December 31, 2023, compared to 15.9% at the end of 2022[50] - The company secured an $80 million loan at an 8% annual interest rate to refinance and partially repay $472.2 million in 2024 senior notes due in July 2024[50] Capital Expenditures and Investments - Capital expenditures significantly decreased to $39.93 million in 2023 from $243.71 million in 2022, an 83.6% reduction[30] - Property, plant and equipment purchases dropped to $39.9 million in 2023, an 83.6% decrease from $243.8 million in 2022[33] - The company invested at least $350 million in a Russian gaming and resort project through an investment agreement[35] - The Naga 3 project's foundation and underground floors are expected to be fully completed by Q1 2024[74] - The company has indefinitely suspended the development of its Vladivostok gaming and resort project due to force majeure events[74] Dividends and Share Issuance - The company did not declare any interim or final dividends for 2023, compared to $64.35 million in dividends declared for 2022[23][24] - Issued and fully paid ordinary shares increased to 4.42 billion in 2023 from 4.38 billion in 2022[41] - The company issued 40,853,806 shares under the scrip dividend scheme to pay 100% of the 2022 final dividend, with a market value of $0.804 per share (or HK$6.232 per share)[42] - The company issued 40,853,806 new ordinary shares under a scrip dividend scheme to pay 100% of the 2022 final dividend, based on a market price of 80.4 cents per share[67] - No final dividend was recommended for the year, compared to a final dividend of 0.75 US cents per share in 2022[80] Tourism and Economic Recovery - The number of international tourists visiting Cambodia in 2023 reached 5,500,000, recovering 82.5% compared to 2019[46] - As of February 15, 2024, there were 507 weekly direct flights to Cambodia, with 399 from Southeast Asia (including Korea and Japan) and 108 from Greater China[46] - Flight capacity from Southeast Asia (including Korea and Japan) and Greater China to Cambodia has recovered to approximately 83.3% and 26.0%, respectively, compared to pre-pandemic levels[46] - Cambodia is expected to attract 7,000,000 international tourists by 2025, surpassing the pre-pandemic level of 6,600,000 in 2019[46] - Cambodia's foreign direct investment (FDI) reached $4.9 billion in 2023, a 22% year-on-year increase, with China accounting for two-thirds of the total investment[47] - Cambodia's economy is recovering steadily, with tourism identified as a key driver for GDP growth, supported by infrastructure investments and regional trade agreements[75] - The opening of new airports, such as Siem Reap Angkor International Airport and Phnom Penh Techo Takhmao International Airport, is expected to boost international tourism in Cambodia by 2025[75] - Cambodia has implemented the "China Ready" strategy to attract Chinese tourists, including allowing the use of RMB in hotels, restaurants, and tourism services[76] - The company expects a surge in demand driven by the recovery of international tourism and increased flight frequencies, benefiting NagaWorld's property traffic[76] - The company remains optimistic about its long-term prospects, with NagaWorld positioned to benefit from Cambodia's overall economic growth and tourism recovery[77] Corporate Social Responsibility (CSR) and Environmental Initiatives - NagaWorld has organized over 660 corporate social responsibility (CSR) activities since 2014, involving approximately 6,700 employees[52] - The company's fire safety awareness initiative has engaged over 11,000 community participants and donated 28 fire extinguishers[52] - NagaWorld Kind Hearts recycled over 1,600 kg of soap, benefiting nearly 460 families, and recycled over 130 kg of used batteries in 2023[53] - NagaWorld Kind Hearts planted approximately 1,300 trees in Kampong Speu as part of its environmental conservation efforts[53] - NagaWorld received multiple international awards, including the Stevie® Award for Corporate Social Responsibility and the ESG Icon Recognition Award[54] Operational and Administrative Expenses - Administrative and other operating expenses (excluding impairment losses, depreciation, and amortization) decreased by $3.2 million (2.4%) to $134.3 million[62] - The company employed 6,038 staff (2022: 6,398), with total employee costs of $88.4 million (2022: $87.4 million)[69] - The company's financing costs for the year were $20.7 million (2022: $24.3 million), related to interest expenses and transaction costs for the 2024 senior notes[63] - Financing costs decreased to $20.71 million in 2023 from $24.26 million in 2022, a 14.6% reduction[19] Trade Receivables and Other Financial Metrics - Trade receivables (net of impairment) increased to $13.8 million in 2023 from $9.1 million in 2022[36] - Trade receivables increased from $9.1 million to $13.8 million, with no impairment losses recognized during the year (2022: $2.4 million)[71] - The company repurchased $77,845,000 of the 2024 senior notes at a purchase price between 91.83% to 92.10%, resulting in $472,155,000 of the 2024 senior notes remaining outstanding[43] - The company's shares held through the Stock Connect program reached 25.7 million as of February 15, 2024, reflecting increased liquidity and investor interest[51] Non-Gaming Revenue and Other Business Segments - Non-gaming (hotel, dining, and entertainment) revenue increased by 24.5%, benefiting from the reopening of China and other regional countries[60] - Gross profit for the year was $421.6 million, with an overall gross margin of 79% (2022: 82%). The mid-market segment maintained a high gross margin of 89% (2022: 90%)[61] Accounting and Financial Reporting - The company adopted new or amended International Financial Reporting Standards (IFRS) effective from January 1, 2023, which impacted the accounting policy disclosures but did not affect the measurement, recognition, or presentation of any items in the financial statements[15] - Non-current assets decreased slightly to $2,341.325 million in 2023 from $2,359.692 million in 2022, a reduction of approximately 0.8%[13] - Non-current assets in Cambodia decreased slightly to $2.05 billion in 2023 from $2.08 billion in 2022[32] - Intangible assets, including casino license premiums, stood at $123.0 million with accumulated amortization of $63.2 million[34]

Financial Performance - Revenue for the first half of 2023 was $263 million, representing a 25.0% increase compared to the previous year[16]. - Gross profit for the first half of 2023 was $89.8 million, reflecting a 44.3% margin[16]. - The company reported a net profit of $98 million for the first half of 2023, a 37.0% increase year-over-year[16]. - Net profit for the first half of 2023 reached $83,000,000, with EBITDA at $143,200,000, indicating a strong operational and financial performance[21]. - The company recorded a net profit of $83 million, representing a year-on-year increase of 57.4%, and EBITDA of $143.2 million, up 10.1%[29]. - Total revenue for the first half of 2022 was $239.5 million, with a gross profit of $192.2 million, resulting in a gross margin of 80%[44]. - The group recorded a gross profit of $202.7 million for the period, with an overall gross margin of 77.1%, down from 80.3% in the previous period[45]. - The company reported a pre-tax profit of $82,974,000 for the six months ended June 30, 2023, compared to $52,699,000 for the same period in 2022, reflecting a significant increase[118]. - Basic earnings per share for the six months ended June 30, 2023, were $0.018, up from $0.012 for the same period in 2022[118]. User Engagement and Market Expansion - User data indicated a 4.0% increase in active users, totaling 10.7 million[16]. - The company plans to expand its market presence in Southeast Asia, targeting a 10.0% growth in user acquisition[16]. - New product development includes enhancements to the NagaWorld platform, aiming for a 21.6% increase in user engagement[16]. - The NagaWorld Rewards loyalty program enhances customer data understanding, enabling targeted marketing initiatives to boost visitation frequency and gaming expenditure[24]. - The company’s loyalty program, NagaWorld Rewards, continues to drive targeted marketing and customer engagement, increasing visit frequency and gaming spend[41]. Tourism and Economic Impact - Cambodia attracted $1,100,000,000 in foreign direct investment in the first half of 2023, with China contributing nearly two-thirds of this total[22]. - The number of international visitors to Cambodia in the first five months of 2023 was 2,200,000, representing a recovery rate of 75% compared to the same period in 2019[21]. - The company continues to benefit from the ongoing recovery of the tourism industry in Cambodia, with a stable increase in operational performance[21]. - The new Phnom Penh International Airport is expected to enhance tourism and economic growth, with construction approximately 50% complete and set to open in early 2025[25]. - The number of international tourists to Cambodia is expected to reach 5 million in 2023 and 7 million by 2025, surpassing pre-pandemic levels[25]. - The tourism sector contributed approximately 3.6% to Cambodia's GDP in 2022, highlighting its significance to the economy[61]. - The tourism-related services in Cambodia are hindered due to the lack of visitors from mainland China, which was the largest source of tourists before the pandemic[83]. Corporate Social Responsibility - NagaWorld Kind Hearts has conducted over 630 community-focused activities, emphasizing the company's commitment to corporate social responsibility in Cambodia[23]. - The company has engaged in various corporate social responsibility initiatives, impacting over 167,000 students through educational programs[36]. - Over 90 kilograms of waste batteries have been recycled as part of the company's environmental protection efforts[37]. - The company is committed to aligning its sustainability efforts with the United Nations Sustainable Development Goals, aiming to create a better future for all[35]. Future Outlook and Guidance - Future guidance suggests a revenue target of $500 million for the full year 2023, representing a 10% growth[16]. - The company is exploring potential acquisitions to strengthen its market position, with a focus on regional gaming operators[16]. - Ongoing research and development efforts are expected to yield new gaming technologies by Q4 2023[16]. - The company remains optimistic about its long-term prospects, anticipating benefits from the influx of tourists and business travelers to Cambodia[61]. Operational Efficiency and Cost Management - The company is investing in technology upgrades to improve operational efficiency, with a budget allocation of $6.3 million[16]. - The company continues to implement strict cost control measures to improve operational efficiency and profitability[29]. - The group’s cash and bank balances totaled $261.3 million as of June 30, 2023, up from $175.2 million at the end of 2022[52]. - The net current assets of the group increased to $116.2 million as of June 30, 2023, compared to $31.3 million at the end of 2022[52]. Challenges and Risks - The construction date for Naga 3 has been extended from September 2025 to September 2029 due to geopolitical, macroeconomic, and global inflation factors[25]. - Political risks in Cambodia have decreased over the past year, with increased public support for the government due to effective pandemic management[81]. - The banking sector may see an increase in non-performing loan ratios, indicating a decline in credit quality[83]. - The current account deficit remains a significant challenge, although it is expected to decrease from the peak in 2021, it will still be substantial by historical standards[83].

Financial Performance - Total gaming revenue increased from $233.8 million to $252.3 million, representing a growth of 7.5% year-over-year[2] - Net profit rose by 57.4% to $83 million compared to $52.7 million in the same period last year[2] - Basic earnings per share increased to 1.88 cents from 1.19 cents (restated) year-over-year[2] - EBITDA for the period grew by 10.1% to $143.2 million, with an EBITDA margin of 54.4%[2] - Revenue for the six months ended June 30, 2023, was $263,029,000, representing a 9.9% increase from $239,452,000 in the same period of 2022[11] - Operating profit increased to $93,980,000, up from $72,133,000, reflecting a growth of 30.4% year-over-year[11] - The company reported a gross profit of $202,718,000, which is an increase from $192,208,000, reflecting a gross margin improvement[11] - The total comprehensive income for the period was $80,525,000, compared to $55,924,000 in the same period last year, showing a growth of 43.9%[11] - The company's basic earnings per share (EPS) for the six months ended June 30, 2023, was $0.018, compared to $0.012 for the same period in 2022, reflecting a year-over-year increase of 50%[22] - The company reported total revenue of $239.5 million for the first half of 2022, with a gross profit of $192.2 million, resulting in a gross margin of 80%[51] Market Segments - The high-end VIP market turnover increased by 40% to $2.047 billion due to a rise in visitor numbers and average turnover per visit[2] - The mass market segment recorded a quarterly revenue growth of 11.2% in Q2 2023 compared to Q1 2023[6] - The high-end VIP market saw a quarterly revenue increase of 20.2% in Q2 2023 compared to Q1 2023[8] - The referral VIP market revenue grew by 24.5% in Q2 2023, contributing to 10.5% of total gaming revenue in the first half of 2023[9] - The casino segment generated revenue of $252,149,000 for the six months ended June 30, 2023, while the hotel and entertainment segment contributed $12,428,000, leading to a total segment revenue of $264,577,000[25] - Non-gaming revenue surged by 90.3% year-on-year, driven by increased hotel occupancy and property foot traffic following the reopening of China[49] Financial Position - Cash and bank balances increased from $175.2 million at the end of 2022 to $261.3 million by June 30, 2023[10] - The net debt to equity ratio stands at 10.8%, with net debt relative to the last twelve months' EBITDA at 0.81 times[10] - Total assets as of June 30, 2023, were $2,351,931,000, slightly down from $2,359,692,000 at the end of 2022[12] - Current liabilities decreased to $184,428,000 from $198,666,000, indicating improved liquidity management[12] - The company's cash and bank balances totaled $261.3 million as of June 30, 2023, up from $175.2 million at the end of 2022[59] - The net current assets as of June 30, 2023, were $116.2 million, compared to $31.3 million at the end of 2022[59] - The company's asset-liability ratio, calculated as total liabilities minus cash and bank balances divided by equity, improved to 10.8% from 15.9% at the end of 2022[59] Cost Management - The company incurred financing costs of $10,883,000, significantly reduced from $18,148,000 in the previous year, indicating better cost management[17] - Administrative and other operating expenses decreased by $1.6 million or 3% year-on-year to $61.3 million, despite an increase in revenue[52] - The company incurred a total depreciation and amortization expense of $49,233,000 for the six months ended June 30, 2023, down from $57,943,000 in the same period of 2022, indicating a reduction of approximately 15%[27] Tourism and Economic Outlook - Cambodia's GDP is projected to grow by 5.8% in 2023, positioning it as one of the best-performing economies in the East Asia and Pacific region[36] - Cambodia's international tourist arrivals reached 2,200,000 from January to May 2023, representing a recovery rate of 75% compared to 2,900,000 in the same period of 2019[38] - Cambodia is projected to attract up to 5,000,000 international tourists in 2023, including 1,000,000 from China, and aims for 7,000,000 by 2025, exceeding pre-pandemic levels[38] - The new Phnom Penh International Airport is 50% complete and is expected to open in early 2025, which will add new routes and destinations, boosting tourism and economic growth[39] - Cambodia's Regional Comprehensive Economic Partnership and Cambodia-China Free Trade Agreement have significantly contributed to economic recovery post-pandemic[40] - Cambodia was removed from the Financial Action Task Force's "grey list" on February 25, 2023, enhancing its attractiveness to foreign investors[40] Corporate Social Responsibility - NagaWorld has conducted over 630 community-focused activities since 2014, engaging approximately 5,600 employees in efforts to improve education, community participation, and environmental protection[41] Future Prospects - The company remains optimistic about long-term prospects, anticipating increased foreign direct investment and a growing expatriate community in Cambodia[68] - The company continues to focus on sustainable growth and long-term value creation for all stakeholders[43] - The construction of the Naga 3 project is progressing, with all piling works completed and the basement and ground floor slab construction of Building 3 fully finished[66] - The completion date for the design and build agreement for Naga 3 has been extended to September 30, 2029, allowing for careful consideration of revenue versus capital expenditure[66]