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金界控股(03918) - 2021 - 中期财报
NAGACORPNAGACORP(HK:03918)2021-09-20 09:05

Financial Performance - The adjusted EBITDA for the six months ended June 30, 2021, was $17.7 million, despite only operating for about two months during the period [21]. - Revenue for the first half of 2021 was $29.9 million, reflecting a 1% increase compared to the previous period [18]. - The gross profit for the first half of 2021 was $18.4 million, with a gross margin of approximately 61.5% [18]. - Total revenue for the first half of 2021 was $130.4 million, a decrease from $372.0 million in the same period of 2020, representing a decline of approximately 65% [48]. - The mass market table games generated revenue of $29.87 million, down from $68.45 million, reflecting a decrease of about 56% [48]. - VIP market revenue fell to $80.51 million from $270.87 million, a decline of approximately 70% [48]. - Non-gaming revenue was $1.1 million, a slight decrease from $1.2 million, maintaining a gross margin of 82% [52]. - The company reported a significant decrease in cash flow, which is expected to remain a major constraint throughout 2021 [90]. - The company reported a total comprehensive loss of HKD 77,916,000 for the six months ended June 30, 2021, compared to a profit of HKD 18,232,000 in the same period of 2020, representing a significant decline [107]. - The company reported a loss attributable to shareholders of $77.23 million for the six months ended June 30, 2021, compared to a profit of $20.63 million in the same period of 2020 [105]. Operational Highlights - The company maintained a stable operating performance with a recovery in gaming revenue during the first quarter of 2021 [21]. - The company is the largest hotel, gaming, and entertainment operator in Cambodia, listed on the Hong Kong Stock Exchange since 2006 [10]. - The company holds a casino license valid until 2065 and has exclusive gaming rights in a 200 km radius around Phnom Penh until 2045 [10]. - The company expects continued improvement in its VIP business as travel restrictions in the Asia-Pacific region are lifted [28]. - The NagaWorld Rewards loyalty program continues to enhance customer insights for targeted marketing and customer development initiatives [28]. - The company has implemented a four-tier anti-money laundering monitoring framework to ensure compliance and mitigate risks [100]. Economic Context - Cambodia's economy is projected to grow by 4.0% in 2021 and 5.5% in 2022, with exports increasing by 17% in the first half of 2021, reaching $8.2 billion [26]. - The Cambodian government has been recognized for its effective management of the COVID-19 pandemic, contributing to a stable economic outlook [26]. - The Cambodian government aims to vaccinate 12,000,000 individuals, or 75% of the population, by the end of 2021 [39]. - The successful vaccination campaign has restored market confidence, with Phnom Penh being recognized as the capital with the highest vaccination rate globally [42]. - The recovery of Cambodia's economy is anticipated to be faster than that of many neighboring countries, attributed to its social stability and safety for foreign tourists [88]. Corporate Social Responsibility - The company has donated approximately $31 million for public welfare and charitable purposes in Cambodia over the years [27]. - During the pandemic, the company provided over $245,000 in aid, including medical equipment and protective supplies to various public institutions [27]. - The company remains committed to corporate social responsibility and aims to be an excellent corporate citizen [32]. Shareholder Communication - The company emphasizes the importance of maintaining communication with shareholders and investors through various reports and announcements [12]. - The company did not recommend an interim dividend for the six months ended June 30, 2020, which was previously set at $0.29 per share [68]. Investment and Development - The company is focused on existing development projects, with Naga 3 expected to stimulate and enhance Cambodia's tourism industry [65]. - The company has invested at least 11,600,000,000 rubles (approximately $350,000,000) in the development of a gaming and resort project in Vladivostok, Russia [143]. - The company anticipates maintaining its growth momentum and believes its long-term outlook will remain stable [67]. Governance and Compliance - The company confirmed compliance with the corporate governance code as per the listing rules during the reporting period [93]. - The audit committee reviewed the financial reports and internal control framework, ensuring compliance with applicable accounting standards [95]. - The company has maintained a high level of corporate governance to ensure integrity and transparency [93].