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].
金界控股(03918) - 2024 - 年度财报