AGBA Group Holding Limited (NASDAQ: 'AGBA') Expects High Growth to Exceed US$160m Revenue with its Market-Leading Franchise

Rhea-AI Summary

AGBA Group Holding Limited clarifies projected revenue, franchise strength, and engagement with investors and analysts. Revenue expected to grow by 533% in 2023. AGBA Tower in Wan Chai serves as headquarters. Forward-looking statements caution investors.

Positive

• AGBA Group expects to achieve approximately US$160 million in revenue for 2023, representing a 533% growth from 2022. The current China's border reopening is expected to drive revenue growth in 2023 and 2024.

Negative

• None.

HONG KONG, May 1, 2023 /PRNewswire/ -- AGBA Group Holding Limited (Nasdaq: "AGBA"), a leading one-stop financial supermarket in Hong Kong makes certain clarifications to their projected revenue, franchise strength, and engagement with investors and analysts.

Revenue:

As previously stated in the disclosure of "AGBA Group Financial Projections 2023-2027 and Valuation Presentation" released on April 14, 2023, AGBA Group expected to achieve approximately US$160 million in revenue for 2023, which is equivalent to a 533% growth from the full year revenue in 2022 as reported in the Form 10-K for the fiscal year ended December 31, 2022. During the three years under COVID-19 impact from 2020 to 2022, the group maintained a solid revenue track record between US$69m to US$88m per annum.  AGBA expects that the current China's border reopening will spur a new wave of revenue growth in 2023 and 2024.  Further disclosures and explanations can be found in the "AGBA Group Financial Projections 2023-2027 and Valuation Presentation" at www.agba.com/ir.

Franchise Strength:

AGBA Group is situated in AGBA Tower in Wan Chai, a prominent business district in Hong Kong, serving as the headquarters of its core financial services business. With over 30 years of track record and a workforce of 2,600+ colleagues, the Group specializes in selling life insurance policies and mutual funds, making AGBA one of the largest and most established companies in the region.

For more information, please visit our website: www.agba.com/ir.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

About AGBA Group:

Established in 1993, AGBA Group Holding Limited (NASDAQ: "AGBA") is a leading one-stop financial supermarket based in Hong Kong offering the broadest set of financial services and healthcare products in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business.

For more information about AGBA, please visit www.agba.com

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SOURCE AGBA Group Holding Ltd

FAQ

What is AGBA Group's projected revenue for 2023?

AGBA Group expects to achieve approximately US$160 million in revenue for 2023, representing a 533% growth from 2022.

Where is AGBA Group headquartered?

AGBA Group is headquartered in AGBA Tower in Wan Chai, Hong Kong.

What is the expected impact of China's border reopening on AGBA Group's revenue?

AGBA Group expects the current China's border reopening to drive a new wave of revenue growth in 2023 and 2024.

What cautionary statement does the press release include?

The press release includes a cautionary statement about forward-looking statements and the risks and uncertainties involved.