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AMTD IDEA Group Achieved a 22.74% Increase in Core Revenue and Successfully Announced the First Set of Consolidated Annual Financials Including AMTD Digital Inc. and L’Officiel Inc. SAS
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
AMTD IDEA Group (NYSE: AMTD), a dual-listed company in Hong Kong and New York, announced its audited financial results for the fiscal year ending December 31, 2022. The company reported a core revenue increase of 22.74% and a net profit margin rise from 69.0% to approximately 91.6%. Finance costs were reduced by over 75.7% since 2019, and net assets grew by 35% to HK$7.8 billion. The Debt to Equity ratio decreased to 2.1% in 2022, showcasing enhanced operational efficiency. Significant developments post-year-end include the successful injection of AMTD Assets valued at approximately US$500 million and a US$93.6 million capital raise through share subscriptions. The management expressed optimism for future growth amid global economic recovery.
Positive
Core revenue increased by 22.74% from 2021 to 2022.
Net profit margin improved to approximately 91.6% in 2022 from 69.0% in 2019.
Finance costs reduced over 75.7% since 2019, enhancing financial management.
Net assets increased by 35% to HK$7.8 billion as of December 31, 2022.
Debt to Equity ratio improved from 8.7% to 2.1% in 2022.
Negative
None.
NEW YORK & HONG KONG & SINGAPORE--(BUSINESS WIRE)--
AMTD IDEA Group (“AMTD IDEA” or the “Company”, NYSE: AMTD; SGX: HKB), a NYSE and SGX-ST dual listed company and a subsidiary of AMTD Group Inc. (“AMTD Group” or the “Group”), today announced its audited financial results for the fiscal year ended December 31, 2022.
AMTD Group is a Hong Kong headquartered conglomerate focusing on the “IDEA” strategy to develop the four pillars of core businesses, namely “I” : international connectors and business services, “D”: digital media and solutions, “E”: education and training, and “A”: premium assets and hospitality.
AMTD IDEA, a subsidiary of AMTD Group, includes the “I”, “D” and “A” pillars of businesses in a listed holding platform to support synergies, create values and empower ecosystem of resources and network to develop and enable ongoing opportunities and sustainable developments.
For the year ended December 31, 2022, in summary, the Company has had significant achievements in the following key parameters in the midst of global economic uncertainties and volatility of global markets:
Core revenue, excluding net fair value changes on financial assets at fair value through profit and loss and derivatives, has increased by 22.74% from 2021 to 2022;
Net profit margin after tax has increased from 69.0% for the year of listing in 2019 to approximately 91.6% for 2022;
Finance costs decreased for four consecutive years by over 75.7% from our year of listing in 2019, reflecting the very successful outcome of the Company’s asset and liability management on an ongoing basis; and
Net assets as of the end of 2022 amounted to HK$7.8 billion, representing approximately 35% increase from prior year.
On an overall basis, the Company enhanced many aspect of its operating efficiency and quality of fundamentals, including a drop of the Debt to Equity ratio from 8.7% in 2021 to 2.1% in 2022; and a Quick ratio of 13.95 in 2022 compared to 5.03 in 2021.
In addition, the following represents a summary of the major developments and successful business expansion subsequent to December 31, 2022:
The previously announced transaction of injecting AMTD Assets Group (“AMTD Assets”) into AMTD IDEA has been consummated successfully in February 2023. AMTD Assets represents the letter “A” of AMTD Group’s “IDEA” strategy, and holds a global portfolio of premium whole building properties, with a fair market value of approximately US$500 million.
AMTD IDEA’s subsidiary was granted a clean facility line amounting to US$15 million from an international financial institution in February 2023.
The Company entered into share subscription agreements with certain selected investors in April 2023. The investors agreed to subscribe for and purchase from the Company a total of 90,000,000 newly issued Class A ordinary shares (equivalent to 45 million ADRs) of the Company with total proceeds of US$93.6 million, at a 23.08% premium above yesterday’s closing price.
Dr. Feridun Hamdullahpur, Chairman of the board and audit committee, commented, “I am very pleased with AMTD IDEA Group’s annual financial results for FY2022. The results not only show solid earnings performance and resilience in these turbulent times but also exhibit great confidence for the future. On behalf of the Board of Directors of the AMTD IDEA Group, I congratulate and thank the leadership and the management team for their outstanding work and dedication. I share the desire, conviction and commitment of the team to achieve even higher results in the years ahead.”
Mr. William Fung, CEO of the Company, commented, “The management team is proud to have achieved a stable and sustainable set of financial results for FY2022, as the global economies were still in recovery mode for most part of 2022. We were able to achieve a good balance of generating profits and strengthening our capital base by reducing finance costs and raising new capital. Furthermore, business and assets diversifications has been one of the key objectives for the management team and we have made significant progress by completing the injection of global premium fixed assets into the Company and the consolidation of AMTD Digital Inc. and L’Officiel Inc. SAS. On behalf of the management team, I would like to thank the board for its continued support and guidance, as well as express our gratitude to our investors and business partners for their trust and partnership. We are seeing positive signs and trends on both the economic and business fronts, so we remain optimistic and enthusiastic about 2023 and onwards.”
Mr. Xavier Zee, CFO of the Company, commented, “The management and fellow business teams have delivered another year of solid performance and results in 2022. This year, we successfully integrated and consolidated AMTD Digital and L’Officiel into AMTD IDEA Group, further broadening our service offerings and enriching our SpiderNet ecosystem. We see a much broader set of business opportunities and markets for the enlarged group to explore, leveraging our unique soft power strengths when East meets West. We will continue to showcasing our new ID (International plus Digital) to the world.”
About AMTD IDEA Group
AMTD IDEA Group (NYSE: AMTD; SGX: HKB) is a premier Hong Kong-headquartered financial institution group connecting companies and investors from Asia, including China and Hong Kong as well as the ASEAN markets with global capital markets. Its comprehensive one-stop capital market solutions strategy addresses different clients’ diverse and inter-connected financial needs across all phases of their life cycles. Leveraging its deep roots in Asia and its unique eco-system — the “AMTD SpiderNet” — the Company is uniquely positioned as an active super-connector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on Twitter at “@AMTDGroup.” For the Company’s announcements, please visit https://ir.amtdinc.com/News.
About AMTD Digital Inc.
AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform in Asia. Its one-stop digital solutions platform operates four main business lines including digital financial services, SpiderNet ecosystem solutions, digital media, content and marketing, as well as digital investments. It is the fusion reactor at the core of the AMTD SpiderNet ecosystem and empowers and integrates the various digital businesses within its ecosystem. For AMTD Digital’s announcements, please visit https://ir.amtdigital.net/investor-news.
About L’OFFICIEL
L’Officiel (www.lofficiel.com) is a global leading media company built on a centennial brand legacy, based in Paris since 1921. Present in 80 countries, with 32 in-language international media, L’Officiel is today visible by fashion enthusiast worldwide through its extensive, omni-platform digital presence. Recognized as a leading luxury and fashion brand, L’Officiel is an international reference for French style and pioneer in fashion, beauty, lifestyle and contemporary society.
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 AMTD’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 AMTD’s filings with the SEC. All information provided in this press release is as of the date of this press release, and AMTD does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
