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DUBAI, UAE, March 11, 2025 /PRNewswire/ -- Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial and Operating Highlights Revenues were US$90.8 million in the fourth quarter of 2024, representing an increase of 12.2% from the fourth quarter of 2023. Revenues generated from chatting services in the fourth quarter of 2024 were US$59.8 million. Revenues generated from games services in the fourth quarter of 2024 were US$30.8 million. Net income was US$32.5 million in the fourth quarter of 2024, a 9.7% increase from US$29.7 million in the fourth quarter of 2023. Net margin[1] was 35.8% in the fourth quarter of 2024. Non-GAAP net income[2] was US$35.7 million in the fourth quarter of 2024, a 6.8% increase from US$33.4 million in the fourth quarter of 2023. Non-GAAP net margin[3] was 39.3% in the fourth quarter of 2024. Average MAUs[4] increased by 14.4% to 41.4 million in the fourth quarter of 2024 from 36.2 million in the fourth quarter of 2023. The number of paying users[5] on our platform increased by 3.2% to 12.3 million in the fourth quarter of 2024 from 11.9 million in the fourth quarter of 2023. Key Operating Data For the three months ended December 31, 2023 December 31, 2024 Average MAUs (in thousands) 36,237 41,445 Paying users (in thousands) 11,930 12,309 [1] Net margin is net income as a percentage of revenues. [2] Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release. [3] Non-GAAP net margin is non-GAAP net income as a percentage of revenues. [4] "Average MAUs" refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. "Active users" refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo, Yalla Parchis, YallaChat, 101 Okey Yalla, WeMuslim and Ludo Royal have been our main mobile applications for the periods presented herein. [5] "Paying users" refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who received all of their virtual currencies directly or indirectly from us for free; YallaChat does not involve the usage of virtual currencies, and the metrics of "paying users" and "ARPPU" do not reflect user activities on YallaChat. "Registered users" refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications. Full Year 2024 Financial Highlights Revenues were US$339.7 million in 2024, representing an increase of 6.5% from 2023. Revenues generated from chatting services in 2024 were US$225.4 million. Revenues generated from games services in 2024 were US$113.6 million. Net income was US$134.2 million in 2024, an 18.7% increase from US$113.1 million in 2023. Net margin was 39.5% in 2024. Non-GAAP net income was US$148.8 million in 2024, a 13.6% increase from US$131.0 million in 2023. Non-GAAP net margin was 43.8% in 2024. "We delivered robust 2024 results thanks to our unwavering commitment to driving high-quality growth in a rapidly evolving market. Our revenues rose to US$90.8 million for the fourth quarter, reaching a new record high for the second consecutive quarter and once again beating the upper end of our guidance, while bringing our annual revenue to US$339.7 million," said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. "We also achieved a 14.4% year-over-year increase in average MAUs to 41.4 million and a 3.2% year-over-year increase in our group's paying users to 12.3 million in the fourth quarter of 2024 by consistently enhancing our user experience and boosting user engagement with content tailored to local culture. Additionally, we have made significant strides in improving our efficiency, evidenced by a 26.0% year-over-year increase in operating income for full year 2024. "Our ongoing efforts to upgrade our flagship applications and sustain their enduring popularity generated strong results this year. Meanwhile, we continued to invest in Yalla Game and now have two self-developed mid-core games in the testing phase. With our expertise in casual gaming and dedication to gaming innovation and product excellence, we are well positioned to deliver high-quality games and expand our presence in this thriving market. Furthermore, we continued to develop AI algorithm models tailored to local culture, enabling us to serve MENA users more efficiently and providing us with a competitive edge in the region. 2025 marks Yalla Group's 10th anniversary, a milestone year in which we anticipate seeing the results of our long-term product development efforts. We are excited to embrace new market opportunities and continue driving digital transformation across MENA," Mr. Yang concluded. Ms. Karen Hu, CFO of Yalla, commented, "We concluded 2024 with a robust fourth quarter, marked by another record high in revenues and accelerated year-over-year growth of 12.2%, underscoring the ongoing success of our user acquisition and monetization strategies. We also remained focused on enhancing our operational efficiency and optimizing costs, driving significant improvement in our overall operating profitability. Our operating income increased by 29.4% year-over-year to US$30.1 million for the fourth quarter and 26.0% year-over-year to US$121.4 million for the full year. This boosted our full year net income by 18.7% to US$134.2 million. As we move into 2025, we will continue to prioritize high-quality development, focusing on both product innovation and refined operational processes. Supported by our strong financial fundamentals and deep regional expertise, we are poised to drive success and invest in our future development, delivering sustainable growth and value to our stakeholders." Fourth Quarter 2024 Financial Results Revenues Our revenues were US$90.8 million in the fourth quarter of 2024, a 12.2% increase from US$80.9 million in the fourth quarter of 2023. The increase was primarily driven by our broadening user base and enhanced monetization capability. Our average MAUs increased by 14.4% to 41.4 million in the fourth quarter of 2024 from 36.2 million in the fourth quarter of 2023. Our solid revenue growth was also partially attributable to the substantial increase in the number of paying users, which grew to 12.3 million in the fourth quarter of 2024 from 11.9 million in the fourth quarter of 2023. In the fourth quarter of 2024, our revenues generated from chatting services were US$59.8 million, and revenues from games services were US$30.8 million. Costs and expenses Our total costs and expenses were US$60.7 million in the fourth quarter of 2024, a 5.3% increase from US$57.6 million in the fourth quarter of 2023. Our cost of revenues was US$31.0 million in the fourth quarter of 2024, a 1.5% increase from US$30.6 million in the same period last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated, partially offset by a decrease in game art design service fees. Cost of revenues as a percentage of our total revenues decreased to 34.2% in the fourth quarter of 2024 from 37.8% in the fourth quarter of 2023. Our selling and marketing expenses were US$7.4 million in the fourth quarter of 2024, a 28.5% decrease from US$10.4 million in the same period last year, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased to 8.2% in the fourth quarter of 2024 from 12.8% in the fourth quarter of 2023. Our general and administrative expenses were US$13.1 million in the fourth quarter of 2024, a 15.6% increase from US$11.3 million in the same period last year, primarily due to an increase in incentive compensation. General and administrative expenses as a percentage of our total revenues increased to 14.4% in the fourth quarter of 2024 from 14.0% in the fourth quarter of 2023. Our technology and product development expenses were US$9.2 million in the fourth quarter of 2024, a 69.6% increase from US$5.4 million in the same period of last year, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in the headcount of our technology and product development staff to support the development of new businesses and expansion of our product portfolio. Technology and product development expenses as a percentage of our total revenues increased to 10.1% in the fourth quarter of 2024 from 6.7% in the fourth quarter of 2023. Operating income Operating income was US$30.1 million in the fourth quarter of 2024, a 29.4% increase from US$23.3 million in the same period last year. Non-GAAP operating income[6] Non-GAAP operating income in the fourth quarter of 2024 was US$33.3 million, a 23.0% increase from US$27.1 million in the same period last year. Interest income Interest income was US$7.1 million in the fourth quarter of 2024, compared with US$6.5 million in the fourth quarter of 2023. Income tax expense Income tax expense was US$3.4 million in the fourth quarter of 2024, compared with US$0.5 million in the fourth quarter of 2023. The increase was primarily due to an increase in income tax expenses recognized for recognition of deferred tax liabilities for the undistributed retained earnings of consolidated subsidiaries. Net income As a result of the foregoing, our net income was US$32.5 million in the fourth quarter of 2024, a 9.7% increase from US$29.7 million in the fourth quarter of 2023. Non-GAAP net income Non-GAAP net income in the fourth quarter of 2024 was US$35.7 million, a 6.8% increase from US$33.4 million in the same period last year. Earnings per ordinary share Basic and diluted earnings per ordinary share were US$0.20 and US$0.18, respectively, in the fourth quarter of 2024, while basic and diluted earnings per ordinary share were US$0.20 and US$0.17, respectively, in the same period of 2023. Non-GAAP earnings per ordinary share[7] Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.20, respectively, in the fourth quarter of 2024, compared with US$0.22 and US$0.19, respectively, in the same period of 2023. Cash and cash equivalents, restricted cash, term deposits and short-term investments As of December 31, 2024, we had cash and cash equivalents, restricted cash, term deposits and short-term investments of US$656.3 million, compared with US$535.7 million as of December 31, 2023. Full Year 2024 Financial Results Revenues Our revenues were US$339.7 million in 2024, a 6.5% increase from US$318.9 million in 2023. The increase was primarily driven by the broadening of our user base and our enhanced monetization capability. Our revenues generated from chatting services were US$225.4 million in 2024, and our revenues generated from games services were US$113.6 million in 2024. Costs and expenses Our total costs and expenses were US$218.3 million in 2024, compared with US$222.5 million in 2023. Our cost of revenues was US$120.5 million in 2024, a 5.2% increase from US$114.5 million last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated. Cost of revenues as a percentage of our total revenues decreased to 35.5% in 2024 from 35.9% in 2023. Our selling and marketing expenses were US$31.3 million in 2024, a 30.9% decrease from US$45.4 million in 2023, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased to 9.2% in 2024 from 14.2% in 2023. Our general and administrative expenses were US$37.4 million in 2024, a 1.7% increase from US$36.8 million in 2023. General and administrative expenses as a percentage of our total revenues decreased to 11.0% in 2024 from 11.5% in 2023. Our technology and product development expenses were US$29.0 million in 2024, a 12.5% increase from US$25.8 million in 2023, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in the headcount of our technology and product development staff to support the development of new businesses and expansion of our product portfolio. Technology and product development expenses as a percentage of our total revenues increased to 8.5% in 2024 from 8.1% in 2023. Operating income Operating income was US$121.4 million in 2024, a 26.0% increase from US$96.4 million in 2023. Non-GAAP operating income Non-GAAP operating income in 2024 was US$136.1 million, a 19.1% increase from US$114.3 million in 2023. Interest income Our interest income was US$28.7 million in 2024, compared with US$19.8 million in 2023, primarily due to the increased position of cash and cash equivalents and increased investments in wealth management products. Income tax expense Our income tax expense was US$13.9 million in 2024, compared with US$2.7 million in 2023. The increase was primarily due to the introduction and implementation of the UAE Corporate Tax Law, which is effective for the financial years starting on or after June 1, 2023. Net income Our net income was US$134.2 million in 2024, an 18.7% increase from US$113.1 million in 2023. Non-GAAP net income Non-GAAP net income in 2024 was US$148.8 million, a 13.6% increase from US$131.0 million in 2023. Earnings per ordinary share Basic and diluted earnings per ordinary share were US$0.85 and US$0.74, respectively, in 2024, compared with US$0.74 and US$0.65, respectively, in 2023. Non-GAAP earnings per ordinary share Non-GAAP basic and diluted earnings per ordinary share were US$0.94 and US$0.82, respectively, in 2024, compared with US$0.85 and US$0.74, respectively, in 2023. Extension of the share repurchase program Our board of directors has approved an extension of the expiration date of the share repurchase program to May 21, 2026 for the Company's share repurchase program beginning on May 21, 2021. Pursuant to the Company's share repurchase program, in the fourth quarter of 2024, the Company repurchased 1,595,879 American depositary shares ("ADSs"), representing 1,595,879 Class A ordinary shares from the open market with cash for an aggregate amount of approximately US$6.9 million. Cumulatively, the Company had completed cash repurchases in the open market of 7,305,138 ADSs, representing 7,305,138 Class A ordinary shares, for an aggregate amount of approximately US$49.4 million, as of December 31, 2024. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$100.6 million as of December 31, 2024. Outlook For the first quarter of 2025, Yalla currently expects revenues to be between US$75.0 million and US$82.0 million. The above outlook is based on current market conditions and reflects the Company management's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. [6] Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release. [7] Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited's shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited's shareholders represents net income attributable to Yalla Group Limited's shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited's shareholders are non-GAAP financial measures. See the sections entitled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release. Conference Call The Company's management will host an earnings conference call on Monday, March 10, 2025, at 8:00 PM U.S. Eastern Time, which is Tuesday, March 11, 2025, at 4:00 AM Dubai Time, or Tuesday, March 11, 2025, at 8:00 AM Beijing/Hong Kong time. Dial-in details for the earnings conference call are as follows: United States Toll Free: +1-888-317-6003 International: +1-412-317-6061 United Arab Emirates Toll Free: 80-003-570-3589 Mainland China Toll Free: 400-120-6115 Hong Kong, China Toll Free: 800-963-976 Access Code: 6915264 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.yalla.com. A replay of the conference call will be accessible until March 17, 2025, by dialing the following telephone numbers: United States Toll Free: +1-877-344-7529 International: +1-412-317-0088 Access Code: 9444173 Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company's operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited's shareholders as net income attributable to Yalla Group Limited's shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited's shareholders, divided by the weighted average number of basic and diluted shares outstanding. By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. Investors can better understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. Share-based compensation has been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release. About Yalla Group Limited Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenues in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users' evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users, WeMuslim, a product that supports Arabic users in observing their customs, and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla's mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users. For more information, please visit: https://ir.yalla.com. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited's filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Yalla Group LimitedInvestor RelationsKerry Gao - IR DirectorTel: +86-571-8980-7962Email: ir@yalla.com Piacente Financial CommunicationsJenny CaiTel: +86-10-6508-0677Email: yalla@tpg-ir.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: yalla@tpg-ir.com YALLA GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31,2023 December 31,2024 US$ US$ ASSETS Current assets Cash and cash equivalents 311,883,463 488,379,894 Restricted cash 423,567 1,975,616 Term deposits 213,105,501 94,983,813 Short-term investments 10,282,329 70,932,713 Amounts due from a related party 109,507 — Prepayments and other current assets 33,340,602 35,429,988 Total current assets 569,144,969 691,702,024 Non-current assets Property and equipment, net 1,583,604 13,962,393 Intangible asset, net 1,133,715 896,005 Operating lease right-of-use assets 2,382,026 1,370,914 Long-term investments 51,692,218 93,698,924 Other assets 13,015,729 — Total non-current assets 69,807,292 109,928,236 Total assets 638,952,261 801,630,260 LIABILITIES Current liabilities Accounts payable 928,055 957,717 Deferred revenue 46,558,571 58,081,649 Operating lease liabilities, current 1,153,691 1,012,481 Amounts due to a related party — 87,156 Income taxes payable 929,661 9,117,261 Accrued expenses and other current liabilities 25,765,338 32,404,872 Total current liabilities 75,335,316 101,661,136 Non-current liabilities Operating lease liabilities, non-current 949,970 13,495 Deferred tax liabilities — 2,148,022 Total non-current liabilities 949,970 2,161,517 Total liabilities 76,285,286 103,822,653 EQUITY Shareholders' equity of Yalla Group Limited Class A Ordinary Shares 13,778 14,064 Class B Ordinary Shares 2,473 2,473 Additional paid-in capital 313,306,523 328,883,061 Treasury stock (35,527,305) (49,438,661) Accumulated other comprehensive loss (2,341,740) (3,016,579) Retained earnings 292,223,525 427,907,766 Total shareholders' equity of Yalla Group Limited 567,677,254 704,352,124 Non-controlling interests (5,010,279) (6,544,517) Total equity 562,666,975 697,807,607 Total liabilities and equity 638,952,261 801,630,260 YALLA GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended December 31,2023 September 30,2024 December 31,2024 December 31,2023 December 31,2024 US$ US$ US$ US$ US$ Revenues 80,925,228 88,922,031 90,827,754 318,877,564 339,675,845 Costs and expenses Cost of revenues (30,571,656) (31,830,126) (31,044,004) (114,527,174) (120,471,064) Selling and marketing expenses (10,356,555) (7,352,820) (7,403,643) (45,382,752) (31,347,919) General and administrative expenses (11,300,036) (10,133,394) (13,066,301) (36,808,454) (37,424,491) Technology and product development expenses (5,411,303) (7,108,024) (9,178,864) (25,804,995) (29,030,758) Total costs and expenses (57,639,550) (56,424,364) (60,692,812) (222,523,375) (218,274,232) Operating income 23,285,678 32,497,667 30,134,942 96,354,189 121,401,613 Interest income 6,479,095 7,829,223 7,101,823 19,833,520 28,673,905 Government grants 154,908 7,603 360,194 337,355 800,160 Investment income (loss) 271,566 133,606 (1,711,657) 1,728,308 (2,805,945) Impairment loss of investments — — — (2,509,480) — Income before income taxes 30,191,247 40,468,099 35,885,302 115,743,892 148,069,733 Income tax expense (539,276) (1,287,156) (3,354,580) (2,685,456) (13,918,526) Net income 29,651,971 39,180,943 32,530,722 113,058,436 134,151,207 Net loss attributable to non-controlling interests 1,533,491 673,856 60,763 4,284,341 1,533,034 Net income attributable to Yalla Group Limited's shareholders 31,185,462 39,854,799 32,591,485 117,342,777 135,684,241 Earnings per ordinary share ——Basic 0.20 0.25 0.20 0.74 0.85 ——Diluted 0.17 0.22 0.18 0.65 0.74 Weighted average number of shares outstanding used in computing earnings per ordinary share ——Basic 159,656,332 160,944,036 159,672,548 159,264,843 160,429,693 ——Diluted 182,819,044 183,354,110 182,474,460 181,800,240 183,156,324 Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses andtechnology and product development expenses as follows: Three Months Ended Year Ended December 31,2023 September 30,2024 December 31,2024 December 31,2023 December 31,2024 US$ US$ US$ US$ US$ Cost of revenues 1,479,600 1,867,294 1,582,874 4,061,122 7,220,748 Selling and marketing expenses 692,727 261,825 179,964 3,210,434 1,822,939 General and administrative expenses 1,417,835 1,114,753 1,236,586 9,539,356 5,005,853 Technology and product development expenses 198,803 187,205 173,063 1,118,930 642,197 Total share-based compensation expenses 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 YALLA GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS Three Months Ended Year Ended December 31,2023 September 30,2024 December 31,2024 December 31,2023 December 31,2024 US$ US$ US$ US$ US$ Operating income 23,285,678 32,497,667 30,134,942 96,354,189 121,401,613 Share-based compensation expenses 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 Non-GAAP operating income 27,074,643 35,928,744 33,307,429 114,284,031 136,093,350 Net income 29,651,971 39,180,943 32,530,722 113,058,436 134,151,207 Share-based compensation expenses, net of tax effect of nil 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 Non-GAAP net income 33,440,936 42,612,020 35,703,209 130,988,278 148,842,944 Net income attributable to Yalla Group Limited's shareholders 31,185,462 39,854,799 32,591,485 117,342,777 135,684,241 Share-based compensation expenses, net of tax effect of nil 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 Non-GAAP net income attributable to Yalla Group Limited's shareholders 34,974,427 43,285,876 35,763,972 135,272,619 150,375,978 Non-GAAP earnings per ordinary share ——Basic 0.22 0.27 0.22 0.85 0.94 ——Diluted 0.19 0.24 0.20 0.74 0.82 Weighted average number of shares outstanding used in computing earnings per ordinary share ——Basic 159,656,332 160,944,036 159,672,548 159,264,843 160,429,693 ——Diluted 182,819,044 183,354,110 182,474,460 181,800,240 183,156,324
TAIPEI, March 10, 2025 /PRNewswire/ -- TCI Biotech (TCI Co., Ltd.) (TWSE: 8436), a leading CDMO+ innovator in health food and skincare biotechnology, has released its consolidated financial results for the fiscal year ending December 31, 2024. The company reported steady revenue performance, strong profitability, and continued investment in innovation to drive future growth. Executive Commentary "Our 2024 financial performance underscores TCI Biotech's resilience and ability to navigate market fluctuations while maintaining strong profitability," said Vincent Lin, CEO of TCI Biotech. "We remain committed to expanding smart manufacturing, fostering strategic partnerships, and driving cutting-edge research. By strengthening our financial position, we aim to deliver sustainable growth and long-term value for our stakeholders." Financial Highlights Revenue: NT$7.24 billion in 2024 Gross Profit: NT$3.18 billion, representing a gross margin of 44% Operating Profit: NT$1.03 billion, maintaining a stable 14% operating margin Net Profit: NT$974 million, with earnings per share (EPS) of NT$7.60 Dividend: NT$10 per share, reflecting solid financial performance Cash and Cash Equivalents: NT$4.77 billion, ensuring strong liquidity Key Business Developments Expansion in International Markets: Sales growth in key regions, including North America, Europe, China and Asia, reinforcing TCI Biotech's global footprint. Innovation & R&D: Advances in liquid supplements and skincare, aligned with market trends. The newly established TCI Medical Consultation Panel enhances research and ensures scientific rigor. Operational Efficiency: Strategic cost management and AI-enhanced production processes have contributed to maintaining profitability despite industry challenges. Sustainable Growth Strategies: Continued commitment to ESG (Environmental, Social and Governance) initiatives to enhance corporate responsibility and long-term value creation. Outlook for 2025 TCI Biotech is optimistic about its growth trajectory for 2025, focusing on balanced regional expansion, optimized production capacity, and strategic partnerships with global enterprises. With a commitment to quality, innovation, and customer-centric solutions, the company anticipates sustained momentum in revenue and profitability, reinforcing its position as a leader in biotechnology and smart manufacturing. For more information, please visit www.tci-bio.com. About TCI Biotech TCI Biotech (TCI Co., Ltd.) is a global leader in CDMO+ services, specializing in the research, development, and manufacturing of health foods and cosmetics. Committed to innovation and scientific excellence, TCI delivers high-quality, clinically backed products that empower customers worldwide. Disclaimer: This press release contains forward-looking statements based on current expectations and assumptions, which involve risks and uncertainties. Actual results may differ due to market conditions, regulatory changes, or other unforeseen factors. TCI Biotech assumes no obligation to update forward-looking statements. Investors are advised to review the full financial report and consult professional advisors before making any investment decisions.
DALIAN, China, March 10, 2025 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2024 on Monday, March 17, 2025, before the U.S. market opens. The earnings results will be available on the Company's Investor Relations website, and will be filed with the Securities and Exchange Commission on a Form 8-K. CBAK Energy's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, March 17, 2025 (8:00 PM Beijing/Hong Kong Time on March 17, 2025). For participants who wish to join our call online, please visit:https://edge.media-server.com/mmc/p/wwi4b3cb Participants who plan to ask questions at the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin and an email with detailed instructions. Participant Online Registration: https://register.vevent.com/register/BI71c592a6d5ad484abebbdb4a1710f229 Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call. A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/wwi4b3cb About CBAK EnergyCBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian. For more information, please visit ir.cbak.com.cn. Safe Harbor StatementThis press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. For further inquiries, please contact: In China:CBAK Energy Technology, Inc.Investor Relations DepartmentEmail: ir@cbak.com.cn
HONG KONG SAR - Media OutReach Newswire - 10 March 2025 - The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom. Highlights 30% growth in underlying profit to US$201 million Health and Beauty delivered a stable performance Convenience saw strong profit growth due to favourable product mix Food profit improved, driven by significant Singapore Food earnings recovery Portfolio simplification progressed further with Yonghui and Hero Supermarket divestments Net cash position achieved in February 2025 with completion of Yonghui sale Final dividend of US¢7.00 per share "Effective strategy execution led to strong underlying profit growth in 2024, despite a challenging retail environment. We aim to remain relevant to consumers and to increase market share further, by evolving our offering through leveraging data and expanding our omnichannel presence. We are well-positioned for sustainable growth and increased shareholder returns over the mid-term." John Witt Chairman PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024 PERFORMANCE I am pleased to report that DFI Retail Group ('DFI' or the Group) delivered a significantly improved underlying performance and a good partial recovery in results in 2024, despite a challenging retail environment. For the full year, underlying profit attributable to shareholders reached US$201 million, a 30% increase from the previous year. Our diverse portfolio and effective operational execution enabled us to gain market share across key businesses, even as we faced shifts in consumer behaviour and macroeconomic headwinds. Profit growth was driven by improved profit in Food and Convenience, supported by growth in digital channels. We are confident that the Group's new strategy will drive further profit growth in the coming years, and are particularly optimistic about the growth prospects for our Health and Beauty business, which represents 55% of the Group's total operating profit. We also see strong growth opportunities in our Convenience business. Our other businesses continue to face challenges, but we are confident in the ability of DFI's senior leadership team to navigate short-term uncertainties, evolve the portfolio and invest in strengthening our core businesses to drive long-term growth in shareholder value. The Board recommends a final dividend for 2024 of US¢7.00 per share (2023 final dividend: US¢5.00). STRATEGIC HIGHLIGHTS Under the capable leadership of our Group Chief Executive, Scott Price, we have made significant strides in implementing our strategic framework, which centres around three core pillars: Customer First Across our business, we have an ongoing commitment to putting our customers first, and we have made significant progress to better serve them over the past year. The yuu Rewards loyalty programme continues to strengthen, with a substantial increase in members and the addition of a number of further partners. We have also begun harnessing our proprietary customer data to refine our product assortment and revamp our Own Brand and digital strategies. We are driving a more transparent and collaborative approach to our negotiations with suppliers, leading to a better outcome for customers. As well as better serving our customers, these efforts aim to bolster market share growth and enhance margins across our businesses. People Led We have refined our organisation structure over the past year. Our new senior leadership team, with its deep industry expertise, shares a vision for strategic growth and operational excellence. Key appointments across the business have strengthened our capability to drive these initiatives forward, and we have reduced spans and layers within the organisation to streamline operations and expedite decision-making. Diversity across our business has also improved significantly. Shareholder Driven In alignment with our strategic and capital allocation priorities, we continued to simplify the Group's portfolio and divested our Hero Supermarket business and investment in Yonghui Superstores. Following the disposal of Hero Supermarket, the Guardian and IKEA businesses will be our focus in Indonesia and we are confident in the long-term prospects for these two businesses to increase market share as the Indonesian market grows. These disposals allow us to reinvest in our subsidiaries' growth, deleverage our balance sheet and grow total shareholder returns. Sustainability remains at the top of our agenda, and we are collaborating closely with our stakeholders and setting ambitious targets across the business. There was strong progress in 2024 against the Group's sustainability strategy in areas including emissions reduction and waste diversion. Our efforts were recognised in improvements in our ESG ratings, including a significant improvement in the Group's S&P Global Corporate Sustainability Assessment. We will continue to promote and drive sustainable business practices in our end-to-end value chain. GOVERNANCE AND PEOPLE The Board and its Committees, and senior leadership team, together play a key role in delivering against our priorities. The effective execution of our strategy depends on high quality debate around the boardroom table, with strong contributions from all Directors. There have been a number of significant Board and executive leadership changes since the start of 2024: - In July, I succeeded Ben Keswick as Chairman. On behalf of the Board, I would like to express our gratitude to Ben for his 11 years of service as Chairman. - I also wish to thank Adam Keswick for his contribution to the Board and Nominations Committee as he steps down. - We welcomed Elaine Chang to the Board as an Independent Non-Executive Director and Graham Baker as a Non-Executive Director. Elaine has 30 years of leadership experience across industries such as semiconductors, digital content, e-commerce, cloud computing and artificial intelligence, and her expertise in leveraging technology to drive growth will greatly benefit the Group. - Christian Nothhaft was appointed as a member of the Remuneration and Nominations Committees. - Tom van der Lee took over as Group Chief Financial Officer from Clem Constantine. We thank Clem for his significant contribution, especially during the pandemic and in strengthening the Group's financial position. Tom, who joined DFI in 2016, brings a wealth of experience from his various senior financial roles within the organisation. - Sean Ward succeeded Jonathan Lloyd as our Company Secretary in December 2024. I want to thank Jonathan for his years of valued service. PROSPECTS We are pleased by the Group's strong underlying profit growth in 2024, despite a challenging retail backdrop, providing encouraging early support for our new strategy. We aim to consolidate our position in markets such as Hong Kong where we have strong businesses, while at the same time aiming to achieve long-term growth as we expand key businesses such as Health and Beauty and Convenience. By evolving our offerings through data-driven insights and expanding our omnichannel presence, we will remain relevant to consumers and continue capturing market share. Our deleveraged balance sheet and strategic initiatives position us well for sustainable growth and increased shareholder returns in the years to come. I should like to express my appreciation to our shareholders, our valued partners and to the wider community for your continued support. Most of all, thanks must go to our team members, who are key to our success, for their exceptional work and unwavering commitment throughout the past year, despite challenging market conditions. John Witt Chairman GROUP CHIEF EXECUTIVE'S REVIEW INTRODUCTION As I reflect on my first full year as DFI's Group Chief Executive, I am incredibly proud of the significant progress we have made executing in alignment to our strategic framework: Customer First, People Led, Shareholder Driven. Despite the challenging macroeconomic backdrop, we demonstrated resilience in our business performance, reporting underlying profit attributable to shareholders of US$201 million in 2024, up 30% year-on-year. During the year, we announced the divestment of our minority stake in Yonghui, a transaction that aligns with our strategic and capital allocation framework and enables us to reinvest in the future growth of our subsidiary businesses. While our reported results were impacted by one-off items, including fair value loss, impairment of equity interest and goodwill, we have continued to significantly deleverage our balance sheet with a net cash position following the completion of the Yonghui transaction in February 2025. As we head into the new financial year, we remain laser focused on executing our strategic priorities to drive revenue growth and enhance profitability. Our 2025 financial guidance of US$230 million to US$270 million underlying profit attributable to shareholders, reflects our confidence in further building on our momentum and delivering greater value for our stakeholders. STRATEGIC FRAMEWORK – KEY PROGRESS We developed our strategic framework of Customer First, People Led, Shareholder Driven in the second half of 2023 to guide the Group's capital allocation priorities and growth plans over the coming years. I am both pleased and proud of the progress made by the team over the past 12 months in executing on this framework. Customer First I continue to see value unlock across our uniquely diverse businesses across Asia. We are proud to serve millions of customers in various formats and banners with nearly 11,000 outlets across 13 markets in Asia. What stands out is our ongoing commitment to putting our customers first and serving with passion and care. Our purpose has always been part of who we are. During the year, we launched our DFI purpose to articulate it in a way that unites our organisation, which is to Sustainably Serve Asia for Generations with Everyday Moments. This statement underscores our commitment to meeting the everyday needs of our customers across Asia, while emphasising their interests in sustainable solutions. Aligned with our purpose, we have made significant progress in a number of areas to better serve our customers over the past year. yuu Rewards Our yuu Rewards coalition loyalty programme continues to strengthen. In our home market of Hong Kong, total members have reached 5.3 million with over 3 million monthly active members. The active use of purchases across all our formats, restaurants and partners creates substantial volume of unique data insights. In 2024, the yuu Rewards programme in Hong Kong added a number of additional partners including Starbucks and FWD Insurance. Our members have engaged across a variety of redemption offers that incorporate new travel, entertainment and dining options, driving enhanced customer engagement. In Singapore, the yuu Rewards programme has grown to over 1.8 million members. A number of new partners joined the programme during the year including Suntec City and Singapore Airlines. Improving assortment We are now leveraging our broad yuu Rewards customer data to improve assortment in our stores. At Wellcome, we have leveraged our proprietary data and cutting-edge data analytics capabilities to execute a reset of 14 categories in stores. The improved assortment has seen very encouraging initial results with uplifts in both sales and gross profits. We are now also leveraging the learnings from Wellcome to support assortment optimisation for our Health and Beauty and Convenience businesses across Hong Kong and Singapore. Improving supplier collaboration We are beginning to better leverage our data to support enhanced supplier collaboration. By creating a more transparent and collaborative approach to negotiations with suppliers, we are working together to drive market growth and a better outcome for customers. Own Brand We have reset our Own Brand strategy to better align with customer needs while delivering stronger margins for our business. By optimising our product range, redesigning packaging for greater customer appeal and maximising cross-selling opportunities across our formats, we have made meaningful improvements in margin and sales productivity, which includes a more than 300bps increase in our Food Own Brand margin and close to a 40% increase in sales productivity compared to 2023. Following the success of our reset of the Own Brand portfolio across our Food business, we have integrated the Health and Beauty Own Brand assortment into this center of excellence to replicate the same success in Health and Beauty as we reset its private label strategy. Digital Following our digital strategy reset in September 2023, customers are now able to access our retail portfolio through a wider range of digital assets including apps, websites and third-party platforms. Our expanded omnichannel presence includes Wellcome's quick-commerce partnership with foodpanda, a new 7-Eleven app with approximately 137,000 monthly active users and 30,000 daily active users in Hong Kong as of December 2024. Including a new Mannings Hong Kong app and Guardian Singapore app, we have launched more than 20 new channels in 2024 across apps, websites and third-party platforms. Our strengthened digital proposition was underpinned by a 31% growth in e-commerce order volume with strong profitability turnaround. Retail Media DFI launched our own Retail Media network in the first quarter of 2024. Initial performance has been encouraging, with more than 100 targeted marketing campaigns sold in less than a year since the launch, supported by strong sales acceleration in the second half. We have partnered with leading suppliers such as Procter & Gamble, Unilever, Coca-Cola, Nestlé and Reckitt. Importantly, the integrated online and offline advertising proposition for Retail Media has supported the improved Return on Ad Spend for our supplier partners. We are in the early days of a potentially significant source of profit to invest in the business. People Led In alignment with our strategic framework, we refined our organisation structure in the second half of 2023 by moving accountability to a format structure, thereby improving agility while reducing overhead costs. Throughout 2024, we have been focused on deeply embedding our values, underpinned by our purpose statement across the Group. We have reduced spans and layers within the organisation to streamline operations and expedite decision making. Diversity representation across formats has been significantly improved to ensure local relevancy of decision-making to customers. We have strengthened our leadership succession planning and development with a meaningfully improved team member engagement score, supported by a new incentive structure for senior management that aligns with shareholder interests, based on total shareholder return and business performance targets. Shareholder Driven Our strategic framework has been developed with the primary aim of improving shareholder returns. We have approached capital allocation in a disciplined manner, both from a capex and working capital management perspective. Over the course of the year, we executed the divestment of a number of company-owned properties, which has supported a US$150 million reduction in net debt at the end of 2024. Concurrently, the Group continues to execute M&A transactions in a manner that is accretive to return on capital and total shareholder return based on a strategic review of our businesses in 2024. In June 2024, the Group completed the divestment of the Hero Supermarket business in Indonesia. Post-completion, DFI's operations in Indonesia has fully pivoted to the Guardian and IKEA businesses. In September 2024, the Group announced the divestment of its entire stake in Yonghui Superstores Co., Ltd. This transaction was subsequently completed in February 2025. The Group is in a net cash position following the completion of the Yonghui transaction. 2024 PERFORMANCE The Group reported total revenue from subsidiaries in 2024 of US$8.9 billion, down 3% year-on-year. However, excluding the impact of a significant tobacco tax increase in Hong Kong, the divestment of our Malaysia Food business in 2023 and Hero Supermarket operation in Indonesia, operating revenue was largely stable. This broadly represents market share gains in all formats except IKEA. Total revenue for the Group, including 100% of associates and joint ventures, was US$24.9 billion, down 6% compared to 2023, largely due to lower sales at Yonghui. Total underlying profit attributable to shareholders was US$201 million for the year, up 30% year-on-year. The Group reported subsidiaries underlying profit attributable to shareholders of US$158 million for the full year, 42% higher than the prior year. This was driven by significant earnings recovery in Singapore Food and favourable product mix shift towards non-cigarette categories in our Convenience business, partially offset by lower contribution from Home Furnishings as a result of weak property market activity and intensifying competition. The Group's share of underlying profit from associates was US$43 million, down 2% year-on-year. Lower contribution from Maxim's due to weaker mooncake sales and restaurant performance in the Chinese mainland was partially offset by reduced losses from Yonghui and a 15% profit growth at Robinsons Retail. The Group's reported results for the year were impacted by non-trading losses attributable to shareholders of US$445 million. This was predominantly due to loss of US$114 million associated with the divestment of Yonghui, a US$231 million impairment of interest in Robinsons Retail and US$133 million goodwill impairment of Macau and Cambodia Food businesses. These losses were partially offset by gains from divestment of Singapore property assets and the Group's share of one-off gains from the Bank of the Philippine Islands (BPI)-Robinsons Bank merger. Despite the large non-trading losses reported, the Group is now in a net cash position following the completion of Yonghui transaction in February 2025. The Group reported operating cash flow after lease payments of US$331 million, 21% lower than the prior year, mainly due to unfavourable movement in working capital year-end timing difference, partially offset by underlying operating profit growth. Operating cash flow after lease payments and normal capital expenditure was US$158 million, down 29% year-on-year. ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) As a leading Asian retailer, we recognise our unique opportunity to promote and drive sustainable business practices in response to the preference of our customers. By positioning our ESG commitment as a core pillar of our Group Strategy, we have made meaningful progress in various initiatives, including emissions reduction and waste diversion. Our efforts are reflected in a significant improvement in the S&P Global Corporate Sustainability Assessment, with our score improving to 49 as at 8 January 2025, placing DFI in the 84th percentile within the Food and Staples Retailing industry, up from the 47th percentile in 2023. Our strong commitment to ESG is underscored by our target to halve Scope 1 & 2 greenhouse gas (GHG) emissions by 2030 and achieve net-zero by 2050. Throughout 2024, we have made significant investments in upgrading and converting our existing refrigeration systems to more environmentally friendly options. We successfully completed trials of natural gas and ultra-low global warming potential gases as refrigerant alternatives for our food stores. Following a comprehensive analysis of our Scope 3 emissions, we have identified key product categories and realistic decarbonisation opportunities within our supply chain. For example, our Low Carbon Rice Project, launching in Thailand this year, aims to drive decarbonisation by promoting low-carbon farming practices among local farmers, implementing field monitoring and tracking to measure carbon emission reductions. We have made notable progress in improving our waste diversion and are constantly exploring innovative ways to foster a transition towards a local circular economy. Wellcome has partnered with a Hong Kong-based recycling facility to convert trimmed fats into biodiesel for powering essential generators. While we are still early in the journey, these initiatives collectively demonstrate our efforts and commitment to serving communities sustainable and affordable products, sustaining the planet and sourcing responsibly while meeting the return objectives of our shareholders. BUSINESS REVIEW HEALTH AND BEAUTY Sales for the Health and Beauty division came in slightly higher than the prior year at US$2.5 billion, with like-for-like (LFL) sales remaining broadly stable. Underlying operating profit was US$211 million for the year, slightly below 2023. Hong Kong reported strong LFL sales performance in the first quarter, which then decelerated in the second and third quarters due to a strong comparable period in 2023 when consumption vouchers were disbursed in April and July 2023. Sales momentum improved in the fourth quarter with Mannings continuing to gain market share. Profit for the year increased 6%, attributable to gross margin improvement and disciplined cost control, despite a 2% decline in full-year LFL sales. Guided by a customer-first proposition, the Pharmacare programme reached a significant milestone since its launch in 2023. In partnership with Bupa, one of Hong Kong's major medical insurers, the Mannings team further expanded Pharmacare into its network of more than 150,000 members. Leveraging Mannings' position as the largest pharmacist network, the programme offers free consultations and medication for a range of common illness. The Mannings team continued to enhance in-store experience with the launch of the Health Pod at our International Finance Centre flagship store in Hong Kong. This innovative service offers an AI wellness assessment that measures over 20 metrics, followed by personalised consultations and product recommendations. Initial results have been promising, with customers using the service showing a basket size three times higher than average. In addition, the team also launched a new Mannings app in December to grow its digital footprint. LFL sales of Mannings China declined as the business pivots away from offline stores to online channels which involves the closure of the majority of its offline network. Guardian in South East Asia reported US$857 million in sales, reflecting a 5% year-on-year increase, driven by growth in basket size across all key markets. Indonesia, in particular, saw a 17% LFL sales growth supported by increased mall traffic and strong execution of promotional campaigns. Strong profit growth was reported across most key markets, underpinned by gross margin expansion and operating leverage. In Singapore, strong commercial execution and a favourable product mix contributed to gross margin expansion, with healthcare products accounting for more than 60% of sales. CONVENIENCE Total Convenience sales were US$2.4 billion, representing a decline of 3% year-on-year. LFL sales were 5% behind the prior year, impacted by a decline in lower-margin cigarette volumes following tax increases in Hong Kong at the end of February 2024. Excluding cigarette sales, overall Convenience LFL sales were up 2%, with continued market share gain across markets. Convenience underlying operating profit was US$102 million for the year, an increase of 17% compared to 2023. Hong Kong operating profit has grown 10% year-on-year, driven by a favourable mix shift towards higher-margin categories, with ready-to-eat (RTE) accounting for 16% of total sales for the full year. The newly launched 7-Eleven app offers discounted RTE bundles, pre-order functions, and digital stamps for IP collectibles to drive purchase frequency and customer loyalty. 7-Eleven South China and Singapore reported largely stable LFL sales supported by robust growth in RTE, which accounted for 40% and 23% of sales, respectively. Favourable margin impact from product mix shift and ongoing cost control contributed to meaningful profit growth in both markets. 7-Eleven continued to grow its store network in the South China region with 103 net openings during the year. The Group aims to drive further network expansion primarily through a capex-light franchise model. FOOD Reported sales for the Food division in 2024 were US$3.1 billion, down 5% year-on-year. Excluding the impact of the divestment of the Malaysia Food business in 2023 and Hero Supermarket operation in Indonesia, revenue for the division was 2% lower than the prior year. Underlying operating profit for the division was US$58 million for the year, up from US$45 million in 2023. While increased outbound travel of Hong Kong residents to the Chinese mainland has affected food consumption for the majority of 2024, the situation has begun to normalise with total retail sales of supermarkets in Hong Kong returning to growth in the fourth quarter of 2024. Wellcome saw improving sales momentum in the fourth quarter with full-year LFL sales marginally below those of the prior year despite challenging trading conditions. Strong in-store execution and effective promotional campaigns have supported consistent market share gain over the course of the year. The Wellcome team has strengthened its omnichannel presence through the wellcome.com.hk website, its app and a quick-commerce partnership with foodpanda, contributing to a more than 20% sales growth in overall Food e-commerce with significantly improved profitability. South East Asia Food sales performance was adversely affected by intense competition and soft consumer sentiment due to cost-of-living pressures. Improved sales mix, effective cost control and optimisation of the store portfolio led to a meaningful earnings recovery, with Singapore Food turning profitable in the fourth quarter of 2024. The Group continues to serve the Singapore market with different propositions through its various brands. In June 2024, the Group completed the divestment of its Hero Supermarket business in Indonesia. Post-completion, DFI's operations in Indonesia have fully pivoted to the Guardian and IKEA businesses. HOME FURNISHINGS IKEA reported sales of US$701 million, representing a 12% drop compared to the prior year. Overall, LFL sales reduced by 11% in 2024. Operating profit was US$16 million, down 13% year-on-year. IKEA's business performance has been hampered by reduced customer traffic due to weak property market activity across regions. While IKEA Taiwan demonstrated relative resilience, sales in Hong Kong and Indonesia were affected by intensified competition and basket mix change as customers reduced purchases of big-ticket items. In response to the challenging sales environment, the IKEA team continues to implement strong cost control measures across our markets. The IKEA Hong Kong business is pivoting towards a more value-driven omnichannel proposition to compete with Chinese mainland digital platforms. E-commerce penetration has now surpassed 10% across all markets. The IKEA Indonesia team remains focused on driving sales through enhancing store commerciality, increasing local sourcing, and adopting a more effective marketing strategy to improve local relevancy. Implementation of cost-saving measures contributed to narrowing losses compared to the prior year. RESTAURANTS The Group's share of Maxim's underlying profits was US$66 million in 2024, down from US$79 million in the prior year, largely due to lower mooncake sales and weaker restaurant performance on the Chinese mainland. Maxim's continued to expand its presence in South East Asia, adding 76 net new stores during the year, mainly in Thailand and Vietnam. Benefiting from a diversified portfolio, restaurant sales performance in Hong Kong remained resilient despite an increase in outbound travel on weekends and public holidays. OTHER ASSOCIATES The Group's share of Yonghui's underlying losses was US$33 million for the year, compared to a US$36 million share of underlying losses in the prior year. Continued macro headwinds and intense competition led to lower LFL sales. The reduction in losses was underpinned by ongoing cost optimisation, partially offset by a decline in gross margin. The divestment of the Group's minority stake in Yonghui was completed in February 2025. Robinsons Retail's underlying profit contribution was US$17 million, up 15% year-on-year. Robinsons Retail reported low single-digit growth in LFL and robust growth in operating profit driven by the Food and Drugstore segments. Reported profit contribution grew close to 90% year-on-year, supported by one-off gains following the BPI-Robinsons Bank merger in early 2024. OUTLOOK We have navigated 2024 with resilient business performance and continued market share gains for our key business units by proactively adapting to changing market conditions through a stronger value proposition, expanded omnichannel presence and disciplined cost control. While challenges remain, we are cautiously optimistic about the outlook for 2025. The Group expects underlying profit attributable to shareholders to be between US$230 million and US$270 million in 2025, supported by an organic revenue growth of approximately 2%. The Group will continue to execute against its strategic framework. By enhancing the local relevancy of our product offerings, deepening monetisation of our digital assets, and executing value-enhancing M&A transactions, we have put in place solid foundations in 2024, and we remain confident in driving sustained, profitable growth and shareholder returns in the years ahead. Scott Price Group Chief Executive Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #ColdStorage #Giant #IKEA #yuuRewards #Maxim's #RobinsonsRetailhttps://www.dfiretailgroup.com/The issuer is solely responsible for the content of this announcement.DFI Retail GroupDFI Retail Group is a leading Asian retailer. At 31 December 2024, the Group, its associates and joint ventures operated over 10,700 outlets, of which more than 5,000 stores were operated by subsidiaries. The Group, together with associates and joint ventures, employed over 190,000 people, with over 45,000 people employed by its subsidiaries. The Group had total annual revenue in 2024 of US$24.9 billion and reported revenue of US$8.9 billion. DFI Retail Group is dedicated to delivering quality, value and exceptional service to Asian consumers through a compelling retail experience, supported by an extensive store network and highly efficient supply chains. The Group (including associates and joint ventures) operates a portfolio of well-known brands across six key divisions. The principal brands are: Health and Beauty Mannings on the Chinese mainland, Hong Kong and Macau S.A.R.; Guardian in Brunei, Indonesia, Malaysia, Singapore and Vietnam. Convenience 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China. Food Wellcome and Market Place in Hong Kong S.A.R.; Cold Storage and Giant in Singapore; Lucky in Cambodia; and Robinsons in the Philippines. Home Furnishings IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan. Restaurants Hong Kong Maxim's group on the Chinese mainland, Hong Kong and Macau S.A.R., Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam. Other Retailing Robinsons in the Philippines operating department stores, specialty and DIY stores. At the heart of its business, DFI Retail Group is driven by its purpose to 'Sustainably Serve Asia for Generations with Everyday Moments'. The Group's parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group's businesses are managed from Hong Kong. DFI Retail Group is a member of the Jardine Matheson Group. Investors Karen Chan karen.chan@dfiretailgroup.com Media Christine Chung christine.chung@dfiretailgroup.com
STUART, Fla., March 8, 2025 /PRNewswire/ -- Health In Tech (NASDAQ: HIT), an Insurtech platform company backed by third-party AI technology, today announced that it will release financial results for the fourth quarter and full year ended December 31, 2024, following the close of market on Monday, March 17, 2025. Health In Tech will host a conference call and live webcast to discuss the Company's financial results, recent development and business outlook. Event: Health In Tech's 2024 Fourth Quarter and Full Year Earnings Conference Call When: Monday, March 17, 2025, at 5:00 p.m. ET Live Call: PARTICIPANT DIAL IN (TOLL FREE): 1-888-346-8982PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-4272Hong Kong Toll Free: 800-905945Hong Kong-Local Toll: 852-301-84992 Webcast Link:https://event.choruscall.com/mediaframe/webcast.html?webcastid=D0BJw8tJ Replay: A webcast replay will be available on Health In Tech's investor relations website at https://healthintech.investorroom.com/ shortly after the completion of the call, and will remain available for approximately 90 day. About Health In Tech Health In Tech (Nasdaq: HIT) is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com. Forward-Looking Statements Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. Investor Contact Investor Relations:ir@healthintech.com
WUHAN, China, March 7, 2025 /PRNewswire/ -- DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced that it plans to release its unaudited financial results for the fourth quarter and full year of 2024 before the U.S. market opens on Friday, March 14, 2025. The earnings release will be available on the Company's investor relations website at http://ir.douyu.com/. DouYu's management will hold a conference call on Friday, March 14, 2025, at 7:00 a.m. Eastern Time or 7:00 p.m. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International: +1-412-317-6061 United States Toll Free: +1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Singapore Toll Free: 800-120-5863 Conference ID: 7678857 The replay will be accessible through March 21, 2025, by dialing the following numbers: International: +1-412-317-0088 United States Toll Free: +1-877-344-7529 Access Code: 2353891 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.douyu.com/. About DouYu International Holdings Limited Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com/. Investor Relations Contact In China: Lingling KongDouYu International Holdings LimitedEmail: ir@douyu.tv Tel: +86 (10) 6508-0677 Andrea GuoPiacente Financial CommunicationsEmail: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 In the United States: Brandi PiacentePiacente Financial CommunicationsEmail: douyu@tpg-ir.com Tel: +1-212-481-2050 Media Relations Contact Lingling KongDouYu International Holdings LimitedEmail: pr_douyu@douyu.tv Tel: +86 (10) 6508-0677
Earnings
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