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].
金界控股(03918) - 2024 - 中期财报