Financial Performance - Total revenue for 2020 was $878.7 million, representing a 1% increase compared to the previous year[14]. - Gross profit for 2020 was $427 million, reflecting a significant margin in the company's operations[16]. - The total revenue for the year 2020 reached $869.6 million, despite over three months of casino closures due to the pandemic[18]. - Net profit for the year 2020 was reported at $102.3 million, indicating a stable financial performance amidst global economic disruptions[18]. - The company reported an EBITDA of $265,200,000 and a net profit of $102,300,000 for the year 2020 despite a three-month closure of its casino operations[24]. - The company reported a gross profit margin of 49% for the total revenue in 2020, compared to 48% in 2019[40]. - The net profit attributable to shareholders was $102,300,000, resulting in a net profit margin of 11.6%, down from 29.7% in 2019 due to temporary casino closures[42]. - The company announced a record dividend distribution of 100% of the net profit for the second half of 2020, equating to a final dividend of 1.88 US cents per share[23]. - The total dividend for the year amounts to 2.17 US cents per share, representing a payout ratio of 92% based on the annual net profit[23]. Market Segments - The VIP market contributed $613 million, accounting for 70% of total revenue, indicating strong performance in high-stakes gaming[14]. - The mass gaming segment generated $174.3 million, which is 20% of total revenue, showing a stable contribution from this area[14]. - The mass market segment accounted for 29% of total revenue in 2020, while the VIP market contributed 70%[40]. - The mass market table gaming revenue contribution increased to approximately 37% in the second half of 2020, up from 30% in Q1 2020, highlighting the growth in mass market revenue[30]. - The VIP market turnover fell significantly to $22.6 billion in 2020 from $46.6 billion in 2019, a decline of approximately 51.5%[37]. Operational Developments - The company holds a casino license valid until 2065, ensuring long-term operational stability in Cambodia[8]. - NagaWorld remains the only integrated hotel and entertainment complex in Phnom Penh, providing a competitive advantage in the region[8]. - The company plans to develop and construct the Naga 3 integrated resort, expected to double the guest capacity by 2025, with approximately 5,000 hotel rooms and 1,300 gaming tables[22]. - The proposed non-gaming integrated resort project in Siem Reap is expected to enhance tourism and accommodation facilities around Angkor Wat[23]. - The development project in Vladivostok, Russia, is on track to commence operations by 2022 or earlier[22]. Economic Outlook - Cambodia's GDP is projected to rebound by 6.8% in 2021, supported by fiscal measures and a gradual recovery in economic activities[19]. - The Cambodian economy is projected to grow by 6.8% in 2021, with benefits from the RCEP trade agreement expected to materialize starting in 2021[50]. - Cambodia's GDP is expected to rebound by approximately 6% in 2021, supported by strong fiscal buffers against the pandemic's impact[24]. - The Cambodian government aims to vaccinate 80% of its population against COVID-19, with a total of 20 million vaccine doses expected, including 7 million through COVAX and 3 million donated by the Australian government[27]. Corporate Social Responsibility - The company has received recognition for its corporate social responsibility efforts, with charitable donations totaling 3.24 million USD during the year[23]. - NagaWorld Kind Hearts has benefited over 390,000 Cambodians through its corporate social responsibility initiatives by the end of 2020, demonstrating the company's commitment to community support[34]. - The company donated significant medical supplies, including 6,400 virus DNA extraction kits and 40,000 masks, to support the Cambodian government's efforts against COVID-19[34]. - The company provided emergency assistance of $55,000 to the Phnom Penh Municipal Hall for the purchase of approximately 100 tons of rice for distribution to impoverished communities[65]. - NagaWorld Kind Hearts program received four awards at the International Business Awards, recognizing its significant contributions to community and environmental initiatives[124]. Health and Safety Measures - The company implemented strict health and safety measures during the pandemic, including regular disinfection and temperature checks at entrances[35]. - The company has established a dedicated COVID-19 hotline and educational videos for employees to enhance safety measures[63]. - NagaWorld implemented strict health and safety measures during the pandemic, including mandatory temperature checks and mask-wearing for all guests and staff[108]. - The company has allowed more flexibility in delivery dates for business partners during the pandemic[65]. Employee Management - The company employed 8,371 staff as of December 31, 2020, a slight decrease from 8,625 staff in the previous year, reflecting the impact of the pandemic on operations[33]. - The employee turnover rate was 12% in 2020, significantly lower than the average turnover rate of 19% for large companies in Cambodia and 22.5% for the national hotel industry[88]. - The company maintained full employment during the year despite temporary casino closures and reduced business volume, avoiding any forced layoffs[88]. - The company increased the starting monthly salary for all junior positions by approximately 30% in January 2020 to address the rising cost of living in Phnom Penh[99]. - The company provides a monthly language bonus of up to $100 based on performance[102]. Environmental Initiatives - The flagship property, NagaWorld, has been certified as an ASEAN Green Hotel, promoting sustainable tourism development through eco-friendly practices[69]. - The company aims to reduce its carbon footprint by transitioning to online systems, which has improved operational efficiency and reduced paper usage[67]. - The company has implemented various health and safety measures for employees and customers, including providing free masks and hand sanitizers[65]. - The company has eliminated around 4.5 million plastic straws since December 2018 as part of its efforts to reduce plastic waste[145]. - The company has implemented 15 energy-saving initiatives since 2018, with 13 already completed, expected to reduce annual energy consumption by 8% once fully implemented[74]. Governance and Compliance - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience in its appointments[167]. - The company has adopted a zero-tolerance policy towards corruption and bribery, with all employees receiving an anti-corruption handbook[116]. - The board is committed to continuous review and improvement of corporate governance practices[169]. - The company has established a formal and transparent procedure for determining the remuneration of individual directors and senior management[173]. - The company has implemented policies to prevent bribery, fraud, and money laundering, with relevant compliance information disclosed[154].
金界控股(03918) - 2020 - 年度财报