Magic Empire Global Limited Announces First Half 2024 Unaudited Financial Results
Magic Empire Global (MEGL) reported its unaudited financial results for H1 2024. Revenue increased by 26.9% to HK$7.7 million (US$1.0 million), primarily driven by successful completion of two Nasdaq listing advisory projects. However, net income decreased by 13.6% to HK$0.6 million (US$80,000). The company's financial advisory services revenue significantly increased to HK$6.9 million, while compliance advisory services revenue decreased to HK$0.5 million. Selling, general and administrative expenses rose 27.6% to HK$9.2 million due to increased staff costs and business development expenses. Basic and diluted EPS decreased to HK$0.03 from HK$0.04 in the previous year.
Magic Empire Global (MEGL) ha riportato i risultati finanziari non auditati per il primo semestre del 2024. I ricavi sono aumentati del 26,9% raggiungendo HK$7,7 milioni (US$1,0 milione), principalmente grazie al completamento con successo di due progetti di consulenza per la quotazione su Nasdaq. Tuttavia, l'utile netto è diminuito del 13,6%, attestandosi a HK$0,6 milioni (US$80.000). I ricavi dei servizi di consulenza finanziaria dell'azienda sono aumentati significativamente a HK$6,9 milioni, mentre i ricavi dai servizi di consulenza per la conformità sono diminuiti a HK$0,5 milioni. Le spese di vendita, generali e amministrative sono aumentate del 27,6% a HK$9,2 milioni a causa dell'aumento dei costi del personale e delle spese per lo sviluppo aziendale. L'utile per azione (EPS) base e diluito è diminuito a HK$0,03 rispetto a HK$0,04 dell'anno precedente.
Magic Empire Global (MEGL) informó sus resultados financieros no auditados para el primer semestre de 2024. Los ingresos aumentaron un 26,9% alcanzando HK$7,7 millones (US$1,0 millones), impulsados principalmente por la exitosa finalización de dos proyectos de asesoría para la cotización en Nasdaq. Sin embargo, el ingreso neto disminuyó un 13,6% a HK$0,6 millones (US$80,000). Los ingresos de los servicios de asesoría financiera de la empresa aumentaron significativamente a HK$6,9 millones, mientras que los ingresos de los servicios de asesoría en conformidad disminuyeron a HK$0,5 millones. Los gastos de venta, generales y administrativos aumentaron un 27,6% a HK$9,2 millones debido al aumento de los costos de personal y los gastos de desarrollo empresarial. La utilidad por acción (EPS) básica y diluida disminuyó a HK$0,03 desde HK$0,04 del año anterior.
매직 엠파이어 글로벌 (MEGL)은 2024년 상반기 비감사 재무 결과를 보고했습니다. 수익은 26.9% 증가하여 HK$7.7백만(US$1.0백만)에 달했으며, 이는 주로 두 개의 나스닥 상장 자문 프로젝트의 성공적인 완료 덕분입니다. 그러나 순이익은 13.6% 감소하여 HK$0.6백만(US$80,000)에 그쳤습니다. 회사의 재무 자문 서비스 수익은 HK$6.9백만으로 크게 증가했지만, 컴플라이언스 자문 서비스 수익은 HK$0.5백만으로 감소했습니다. 판매, 일반 및 관리 비용은 인건비 및 사업 개발 비용 증가로 인해 27.6% 증가한 HK$9.2백만으로 증가했습니다. 기본 및 희석 EPS는 전년의 HK$0.04에서 HK$0.03으로 감소했습니다.
Magic Empire Global (MEGL) a publié ses résultats financiers non audités pour le premier semestre 2024. Le chiffre d'affaires a augmenté de 26,9% pour atteindre 7,7 millions de HK$ (1,0 million de dollars US), principalement grâce à l'achèvement réussi de deux projets de conseil pour l'inscription au Nasdaq. Cependant, le revenu net a diminué de 13,6%, tombant à 0,6 million de HK$ (80 000 dollars US). Les revenus des services de conseil financier de l'entreprise ont considérablement augmenté pour atteindre 6,9 millions de HK$, tandis que les revenus des services de conseil en conformité ont diminué à 0,5 million de HK$. Les dépenses de vente, générales et administratives ont augmenté de 27,6% pour atteindre 9,2 millions de HK$ en raison de l'augmentation des coûts de personnel et des dépenses de développement commercial. Le bénéfice par action de base et dilué est tombé à 0,03 HK$ contre 0,04 HK$ l'année précédente.
Magic Empire Global (MEGL) hat seine ungeprüften Finanzdaten für das erste Halbjahr 2024 veröffentlicht. Der Umsatz ist um 26,9% auf HK$7,7 Millionen (US$1,0 Millionen) gestiegen, was hauptsächlich durch den erfolgreichen Abschluss von zwei Beratungsprojekten zur Nasdaq-Notierung bedingt ist. Allerdings sank der Nettogewinn um 13,6% auf HK$0,6 Millionen (US$80.000). Der Umsatz aus den Finanzberatungsdiensten des Unternehmens stieg signifikant auf HK$6,9 Millionen, während der Umsatz aus den Compliance-Beratungstätigkeiten auf HK$0,5 Millionen zurückging. Die Verkaufs-, Verwaltungs- und Gemeinkosten stiegen um 27,6% auf HK$9,2 Millionen aufgrund steigender Personalkosten und Ausgaben für Geschäftsentwicklung. Der Basis- und verwässerte Gewinn pro Aktie (EPS) fiel von HK$0,04 auf HK$0,03 im Vorjahr.
- Revenue growth of 26.9% to HK$7.7 million
- Financial advisory services revenue increased significantly to HK$6.9 million
- Other income increased by 13.7% to HK$2.1 million
- Successful diversification into US market with two Nasdaq listing advisory projects
- Net income declined by 13.6% to HK$0.6 million
- Selling, general and administrative expenses increased by 27.6% to HK$9.2 million
- Compliance advisory services revenue decreased to HK$0.5 million
- EPS decreased from HK$0.04 to HK$0.03
Insights
The financial results reveal a mixed performance for MEGL. While revenue grew by
The company's shift in business focus appears necessary given the challenging Hong Kong market conditions, but rising costs are eating into profitability. The
HONG KONG, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Magic Empire Global Limited (“MEGL” or the “Company”) (NASDAQ: MEGL), a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services, today announced its unaudited financial results for the six months ended June 30, 2024.
Overview:
| ● | Revenue increased by approximately | |
| ● | Net income decreased by approximately | |
Six Month Financial Results Ended June 30, 2024
Revenue. Revenue increased by approximately
Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately
Other income, net. Other net income increased by approximately
Income tax expense. Income tax expense was nil for the six months ended June 30, 2024 (six months ended June 30, 2023: nil) as we have available tax losses brought forward.
Net income. Net income decreased by
Basic and diluted EPS. Basic and diluted EPS were approximately HK
About Magic Empire Global Limited
Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; and (iv) underwriting services. For more information, visit the Company’s website at http://www.meglmagic.com.
Exchange Rate Information
This announcement contains translations of certain HK$ amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK
Safe Harbor Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.
Hong Kong:
Magic Empire Global Limited
Ms. Vivien Tai
Tel: +852 3577 8770
E-mail: meglir@giraffecap.com
MAGIC EMPIRE GLOBAL LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||||||||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | ||||||||||
| HK$ | HK$ | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash | 92,407,813 | 92,659,337 | 11,866,775 | |||||||||
| Accounts receivable | 2,302,436 | 1,656,000 | 212,082 | |||||||||
| Interest receivables | 449,550 | 346,457 | 44,370 | |||||||||
| Deposits and prepayments | 1,096,249 | 1,055,783 | 135,213 | |||||||||
| Total current assets | 96,256,048 | 95,717,577 | 12,258,440 | |||||||||
| Non-current assets: | ||||||||||||
| Property and equipment, net | 1,695,006 | 1,504,509 | 192,681 | |||||||||
| Right-of-use assets | 1,658,382 | 710,735 | 91,023 | |||||||||
| Long-term investment | 38,647,738 | 38,647,738 | 4,949,571 | |||||||||
| Total non-current assets | 42,001,126 | 40,862,982 | 5,233,275 | |||||||||
| Total assets | 138,257,174 | 136,580,559 | 17,491,715 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accruals and other payables | 1,079,000 | 263,003 | 33,682 | |||||||||
| Contract liabilities | 1,164,000 | 664,000 | 85,038 | |||||||||
| Operating lease liabilities | 1,746,317 | 757,717 | 97,040 | |||||||||
| Total current liabilities | 3,989,317 | 1,684,720 | 215,760 | |||||||||
| Total liabilities | 3,989,317 | 1,684,720 | 215,760 | |||||||||
| COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY | ||||||||||||
| Ordinary shares, US | 15,826 | 15,826 | 2,027 | |||||||||
| Additional paid-in capital | 138,662,858 | 138,662,858 | 17,758,393 | |||||||||
| Accumulated deficits | (4,410,827 | ) | (3,782,845 | ) | (484,465 | ) | ||||||
| Total shareholders’ equity | 134,267,857 | 134,895,839 | 17,275,955 | |||||||||
| Total liabilities and shareholders’ equity | 138,257,174 | 136,580,559 | 17,491,715 | |||||||||
MAGIC EMPIRE GLOBAL LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| For the six months ended | ||||||||||||
| June 30, 2023 | June 30, 2024 | June 30, 2024 | ||||||||||
| HK$ | HK$ | US$ | ||||||||||
| REVENUE | 6,081,430 | 7,719,600 | 988,640 | |||||||||
| OPERATING EXPENSES: | ||||||||||||
| Selling, general and administrative expenses | (7,230,225 | ) | (9,224,710 | ) | (1,181,399 | ) | ||||||
| Total operating expenses | (7,230,225 | ) | (9,224,710 | ) | (1,181,399 | ) | ||||||
| INCOME FROM OPERATIONS | (1,148,795 | ) | (1,505,110 | ) | (192,759 | ) | ||||||
| OTHER INCOME (EXPENSE) | ||||||||||||
| Interest income | 1,957,509 | 2,166,502 | 277,461 | |||||||||
| Other expenses | (81,527 | ) | (33,410 | ) | (4,279 | ) | ||||||
| Total other income, net | 1,875,982 | 2,133,092 | 273,182 | |||||||||
| INCOME BEFORE INCOME TAXES | 727,187 | 627,982 | 80,423 | |||||||||
| INCOME TAX EXPENSES | - | - | - | |||||||||
| NET INCOME | 727,187 | 627,982 | 80,423 | |||||||||
| WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES | ||||||||||||
| Basic and diluted | 20,256,099 | 20,256,099 | 20,256,099 | |||||||||
| EARNINGS PER SHARE | ||||||||||||
| Basic and diluted | 0.04 | 0.03 | 0.004 | |||||||||
FAQ
What was MEGL's revenue growth in H1 2024?
How did MEGL's net income perform in H1 2024?
What was MEGL's earnings per share (EPS) for H1 2024?
