HONG KONG, May 17, 2024 – (ACN Newswire) – H World Group Limited (“H World” or the “Group”, NASDAQ: HTHT.US, HKEX: 1179.HK) announced its unaudited financial results for the first quarter ended March 31, 2024 (Q1).
Revenue, Income from operations, and EBITDA All Increased
Leveraging an efficient regional structure to rapidly expand its hotel network and gradually penetrate resilient lower-tier cities, H World Group continues to secure its leading position in the limited-service market with high-quality products and services. The Group persistently improves the structure of its mid-to-high-end brands and increases market share. In Q1 2024, the Group’s revenue reached RMB 5.3 billion (equivalent to USD 731 million), representing a year-on-year growth of 17.8%. Revenue from the Legacy-Huazhu segment in the first quarter of 2024 was RMB 4.2 billion, which increased 18.1% year-over-year, while Revenue from the Legacy-DH segment in the first quarter of 2024 was RMB 1.0 billion, which increased 16.6% year-over-year. Both the Legacy-Huazhu segment outperformed the previously announced revenue guidance. The Group’s hotel turnover increased by 21.1% YoY to RMB 19.7 billion.
Income from operations in the first quarter of 2024 was RMB 1.0 billion (US$ 139 million), compared to RMB664 million in the first quarter of 2023 and RMB 757 million in the previous quarter. Income from operations from the Legacy-Huazhu segment in the first quarter of 2024 was RMB 1.1 billion, compared to RMB 822 million in the first quarter of 2023 and RMB 821 million in the previous quarter.
To better reflect the profitability of the Group’s core businesses, it announced that the adjusted EBITDA (non-GAAP) for the first quarter of 2024 was RMB 1.4 billion (approximately USD 197 million), compared to RMB 1 million in the first quarter of 2023 and RMB 1.1 billion in the previous quarter.
In the first quarter of 2024, Legacy-Huazhu and Legacy-DH both saw significant improvements in their three core business metrics. Legacy-Huazhu’s average revenue per available room (RevPAR) increased by 3.1% year-on-year, reaching RMB 216. Second, the average daily rate (ADR) rose from RMB 277 in the first quarter of 2023 to RMB 280. The occupancy rate (OCC) for all operating hotels also increased by 1.6% Year-on-Year. In addition, Legacy-DH also performed well. On an international stage, RevPAR increased by 4.5% year-on-year, ADR improved by 0.2% year-on-year, and OCC increased by 2.3 percentage points year-on-year, demonstrating the Group’s growth potential and market competitiveness on a global scale.
These figures not only showcase the Group’s effective pricing strategy but also reflect the market’s strong trust and recognition of the H World brand. H World Group has effectively increased overall revenue, further solidifying its leading position in the market.
A Focus on Economy and Midscale Brands Drives Continuous Market Expansion
As of March 31, 2024, H World’s worldwide hotel network operated 9,817 hotels with 955,657 rooms, including 133 DH hotels. Legacy-Huazhu continued its rapid pace of opening new hotels, with 569 new openings in Q1. H World had a total of 3,172 unopened hotels in the pipeline, including 3,138 hotels from the Legacy-Huazhu business and 34 hotels from the Legacy-DH business.
H World is actively focusing on a lean growth strategy centered on excellent service, intensifying efforts to build a high-quality hotel network. On one hand, Legacy-Huazhu continues to upgrade its “iron triangle” brands— HanTing Hotel, JI Hotel, and Orange Hotel— to better serve the general market’s essential needs. At the same time, the Group is also prioritizing mid-to-high-end brands to meet the diverse consumption demands of different customer groups.
The CEO Jin Hui stated, “The first quarter’s performance was strong, with revenue exceeding our expectations. The total number of hotel openings and hotels in the pipeline for the first quarter reached an all-time high, and our efforts continue to be well-received by the market. Looking ahead, our confidence in the long-term growth of China’s lodging market remains unchanged. We believe that our ‘lean growth strategy on excellent service will help us achieve high-quality store expansion and improve customer satisfaction, thereby gaining a stronger competitive edge. For our international business, we will continue to focus on reducing costs and improving efficiency to achieve better profitability. We will also strive to transform our business into a more asset-light model, strengthen direct sales through the Huazhu Global Loyalty Program, and seek growth opportunities in new regions outside Europe.”
For the second quarter of 2024, Huazhu expects revenue to increase by 7% to 11% compared to the second quarter of 2023, or by 7% to 11% (excluding Legacy-DH).
About H World Group Limited:
Originated in China, H World Group Limited is a key player in the global hotel industry. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.
H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels.
HONG KONG, May 14, 2024 – (ACN Newswire) – On the evening of 13 May 2024, Shanghai Mechanical & Electrical Industry Co., Ltd. (“SMEIC” or the “Company”, stock code: 600835.SH) announced that in order to enhance the sustainable development capability of the Company and to increase the return to shareholders, SMEIC proposed to acquire the 100% equity interests held by Shanghai Electric Group Company Limited (“Shanghai Electric”), Shanghai Electric Hong Kong Co., Ltd. (“SEHK”) and Shanghai Electric Group Hongkong Company Limited (“SEG HK”) jointly in Shanghai Prime Mingyu Machinery Technology Co., Ltd. (hereinafter referred to as “Shanghai Prime”, the “Target Company”), the appraised value of the relevant equity interests was RMB5,318 million, and the final transaction price will be subject to the confirmation by the competent state-owned assets administration department. Upon completion of the transaction, Shanghai Prime will become a wholly-owned subsidiary of SMEIC.
It is understood that Shanghai Prime is a large-scale industrial group specialising in the manufacturing of industrial basic parts and key components and parts and related services, and is a subsidiary of Shanghai Electric, a Chinese equipment manufacturing group, which integrates multiple advantages such as R&D, production and trade and is dedicated to provision of mechanical components and parts and overall solutions for various industrial markets and areas, boasting business segments such as bearings, fasteners, blades and metal cutting tools. Shanghai Prime subdivides its business segments into various sub-segments and cultivates them strenuously, and its main subsidiaries/branches at home have been recognised as “professional, refined, featured and innovative” enterprises at national, provincial and municipal levels, while its blade and industrial fastener segments have been awarded the title of “Championship in Single’s in National Manufacturing Industry” for consecutive times. Through years of development, Shanghai Prime’s business footprint has expanded to over 10 countries, with its products being exported to more than 70 countries and regions around the world, and it has accumulated a rich and high-quality customer base in energy, industrial application and service, automotive, aerospace, rail transit, railway and other industries.
With the accelerating reshaping of global industrial chain, adhering to innovation-driven development and consolidating the independent and controllable capability of the key and core technologies of industrial chain has become increasingly important for the security and stability of manufacturing industry. Furthermore, the rapid development of the digital economy and the promotion of the “dual-carbon” goal have also brought forward new requirement for the development of China’s manufacturing industry. Against such backdrop, the traditional manufacturing industry is accelerating its transformation towards being independent, high-end, intelligent and green, and new development opportunities have been created. SMEIC’s acquisition of Shanghai Prime will significantly enhance SMEIC’s overall business scale and core competitiveness in industrial basic parts business, enabling it to actively grasp the opportunities for transformation and development in the manufacturing industry.
This transaction will boost the strategic upgrade of SMEIC, clarify the positioning of the Company as a “professional, refined, featured and innovative” industrial platform, further broaden its industrial basic parts, key components and parts, sub-system and mechatronics products, build a diversified product portfolio, and give full play to the attribute of SMEIC as a listed company capital platform as well as the advantageous position of Shanghai Prime in the field of industrial basic parts and key components and parts, to help the Company to rapidly realise the product extension for its “professional, refined, featured and innovative” businesses along the current industrial chain, reinforce the industrial basic parts business portfolio, push the “professional, refined, featured and innovative” industrial segment of the Company’s industrial basic parts business to develop towards being high-end, serialised and integrated, and accelerate the upgrade of the domestic industrial basic parts industry, serving the manufacturing power strategy of our country.
Besides, this transaction will help SMEIC to gradually expand its business scope from lift industry with stable development to basic parts aerospace, new energy automobile, robotics, medical equipment and other industries with more promising growth prospects. After the resource integration, SMEIC will strive to achieve the “three new” development, namely new technology, new products and new markets, through continuous technological innovation, the extension of upstream “professional, refined, featured and innovative” business line, and the development of domestic strategic application and overseas “new” markets of the Belt and Road Initiatives, helping SMEIC to build the “second growth curve” based on the “professional, refined, featured and innovative” with the synergy through the diversification of the products and markets while maintaining the healthy and steady development of the primary industry, forming a new development pattern featuring dual-wheel driver.
Furthermore, this transaction will also be conducive to the adjustment and optimisation of the Company’s industrial structure. After the completion of this transaction, SMEIC will become one of the world’s largest comprehensive industrial basic parts conglomerates by virtue of a relatively wide range of products offerings and a relatively large scale of operation, continuously improving its assets quality and profitability, creating further room for its future development as a listed company, further enhancing its value in the capital market and creating more returns to shareholders.
According to the data, Shanghai Prime has sound main business and operating condition. In 2022 and 2023, the revenue of Shanghai Prime amounted to RMB8,980 million and RMB9,585 million, respectively, and its net profit attributable to parent company amounted to RMB349 million and RMB237 million, respectively. As at 31 December 2023, the total assets of Shanghai Prime amounted to RMB11,263 million.
If Shanghai Prime is merged into SMEIC, the earnings per share of SMEIC for 2022 and 2023 will represent an increase of 35.42% and 23.47% respectively over that before the merger. In terms of revenue sources, in 2022 and 2023, the proportion of revenue of SMEIC from its “professional, refined, featured and innovative” related businesses will significantly increase from 1.94% and 2.61% before the merger to 29.00% and 31.87% after the merger, resulting in obvious optimisation of its business structure.
SMEIC said that in the future, the Company will fully leverage the integration and synergy effect with Shanghai Prime, to achieve seamless business connection and consolidate its leading position in the industry. In terms of market development collaboration, it will focus on the common downstream market for the two sides, through joint development, improve the overall performance of products, while expand common customers and services, forming a package of comprehensive solutions, to enhance customer stickiness and improve the value of services. In terms of scientific and technological innovation collaboration, it will strengthen the research on common technologies and processes of the two sides, to deepen the scientific and technological research and development reserves, and enhance the digital and intelligent synergy. In terms of resource allocation, it will actively promote the sharing of high-quality resources between the two sides, and leverage the listing platform to select upstream and downstream strategic investment opportunities for capital operation, etc., to continuously enhance the global competitiveness of the Company’s industrial basic parts business.
HONG KONG, May 13, 2024 – (ACN Newswire) – Nissin Foods Company Limited (“Nissin Foods” or the “Company”, together with its subsidiaries, the “Group”; Stock code: 1475) today announced its unaudited first quarter financial results for the three months ended 31 March 2024 (the “Reporting Period”).
The Group recorded revenue of HK$963.0 million for the Reporting Period. Gross profit reached HK$346.6 million and the gross profit margin increased by 0.8 percentage points to 36.0% from 35.2% (restated) for the corresponding period of 2023. The increase in gross profit margin was mainly attributable to the easing of raw material costs during the Reporting Period. Profit attributable to owners of the Company for the Reporting Period increased by 7.3% to HK$117.9 million, compared with HK$109.9 million (restated) for the corresponding period of 2023.
Revenue from the Hong Kong and other Asian operations (including Vietnam and Taiwan markets) totalled HK$348.4 million. As for the Mainland China operation, revenue of HK$614.6 million was recorded for the Reporting Period due to slower consumption growth momentum in Mainland China and the negative effects of foreign currency translation.
Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “We are pleased to report that our proven premiumisation and diversification strategies have enabled us to maintain profit growth in the first quarter of the new fiscal year, despite the challenging business landscape. We remain cautiously optimistic about the long-term business operating environment. On top of allowing us to expand our revenue sources, venturing into foreign markets gives us the opportunity to broaden our horizons. We are able to gain insights of different cultures and consumer behaviours in different regions. With those knowledge, we can strengthen interaction and mutual trust with local consumers, thereby keep tapping more opportunities in other promising overseas markets. Looking forward, we will continue to implement stringent cost control measures and improve operational efficiency to strengthen our competitiveness.”
About Nissin Foods Company Limited
Nissin Foods Company Limited (“Nissin Foods”, together with its subsidiaries, the “Group”; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China with a diversified portfolio of well-known and highly popular brands, primarily focusing on the premium instant noodle segment. The Group officially established its presence in Hong Kong in 1984 and is the largest instant noodle company in Hong Kong. The Group primarily manufactures and sells instant noodles, high-quality frozen food products, including frozen dim sum and frozen noodles, and also sells and distributes other food and beverage products, including retort pouches, snacks, mineral water, sauce and vegetable products under its two core corporate brands, namely “NISSIN” and “DOLL” together with a diversified portfolio of iconic household premium brands. The Group’s five flagship product brands, namely “Cup Noodles”, “Demae Iccho”, “Doll Instant Noodle”, “Doll Dim Sum” and “Fuku” are also among the most popular choices in their respective food product categories in Hong Kong. In the Mainland China market, the Group has introduced technology innovation through the “ECO Cup” concept and primarily focuses its sales efforts in first-and second-tier cities.
Nissin Foods is a constituent of five Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Composite SmallCap Index, Hang Seng Composite Industry Index – Consumer Staples, Hang Seng SCHK Consumption Index and Hang Seng SCHK Consumer Staples Index. Nissin Foods is eligible for trading under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect. For more information, please visit www.nissingroup.com.hk.
HONG KONG, May 13, 2024 – (ACN Newswire) – Creation Business Consultants, a leading corporate services provider, tax, compliance advisory, and business consultancy firm, is thrilled to announce the opening of its new office in Hong Kong. This strategic expansion marks an exciting milestone for Creation and represents a significant opportunity for Hong Kong and Chinese clients seeking to establish their commercial presence in the Middle East.
With its rich history as a global financial hub, Hong Kong serves as an ideal gateway for businesses looking to expand into new markets. The launch of Creation’s Hong Kong office solidifies the company’s commitment to providing comprehensive support to clients in the region and beyond.
“Our decision to open an office in Hong Kong was driven by the increasing demand from our clients in the region and the growing importance of Hong Kong as a business destination,” said Scott Cairns, Managing Director of Creation Business Consultants. “This expansion allows us to better serve our clients by providing localized expertise and support, while also offering a seamless transition for businesses looking to enter the Middle Eastern market.”
The Hong Kong office will offer a wide range of services tailored to the needs of Hong Kong and Chinese companies seeking to expand into the Middle East. These services include company formation, tax advisory, and ongoing business, and compliance support. By establishing a physical presence in Hong Kong, Creation aims to streamline the process for clients and provide them with access to a dedicated team of experts with in-depth knowledge of the Middle Eastern market.
“We believe that our presence in Hong Kong will not only benefit our clients but also contribute to the growth and development of the local business community,” added Cairns. “We are excited about the opportunities that this new office will bring and look forward to helping our clients achieve their business objectives in the Middle East.”
Neil Wilson, Director of Strategy and Commercial at Creation Business Consultants, commented on the timing of the office launch, stating, “This is an excellent time for Hong Kong and Chinese companies to capitalize on the opportunities in the UAE and Saudi markets. By establishing a presence in Hong Kong, we aim to forge stronger partnerships with trade bodies and strategic allies, ultimately streamlining support and fostering stronger business ties for companies from Hong Kong and China in the MENA region”
Gary Hales, Head of International Business, emphasized the significance of the Hong Kong office launch, stating, “This is a part of our on-going expansion to our service offering and delivering exceptional superior service to our clients. The launch of the Hong Kong office will complement the Chinese-speaking team we have working in Dubai and Riyadh, providing a comprehensive suite of services to our clients.”
Creation Business Consultants is dedicated to empowering businesses to succeed in today’s booming global marketplace. The opening of the Hong Kong office underscores Creation’s commitment to providing unparalleled service and support to clients worldwide.
For more information about Creation Business Consultants and its services, please visit www.creationbc.com
ABOUT CREATION BUSINESS CONSULTANTS:
Creation Business Consultants is a leading MENA and APAC corporate services provider, tax, compliance advisory, and management consultancy firm, assisting multinational corporations, family offices, SMEs, and entrepreneurs worldwide. With a team of highly skilled professionals and a client-centric approach, the company offers comprehensive solutions in company structuring, company formation, tax planning, accounting, and other corporate services. Creation safeguards their clients’ corporate entities and maximizes their business returns through the United Arab Emirates, Saudi Arabia, and the wider GCC region. Creation Business Consultants is dedicated to delivering excellence, value, and tailored solutions to empower businesses worldwide.
This press release is issued through AsiaNewswire.Net™ (https://www.asianewswire.net) – a newswire service with press release distribution to media in Asia Pacific, East Asia, South and South East Asian countries.
KUALA LUMPUR, May 9, 2024 – (ACN Newswire) – foundit (formerly Monster APAC & ME), one of the leading talent platforms, today published the foundit Insights Tracker (fit) for March 2024, formerly published as Monster Employment Index (MEI). According to the tracker, e-recruitment in Malaysia has grown impressively by 8% over the past year.
Additionally, the tracker recorded a 5% increase over the past six months, with the index rising to 84 in March 2024 from 78 in March 2023. The tracker showed a slight increase month over month, with an index of 83 in February. These encouraging figures imply that the labour market is improving gradually but steadily and that demand for online jobs will continue to increase in the upcoming months.
Commenting on Malaysia’s job trends for March 2024, Sekhar Garisa, CEO, foundit, said, “The job market in Malaysia has displayed remarkable resilience, showing consistent growth over the past year, reflecting a positive shift in the labour market. The job seekers community of Malaysia have also shown an affinity towards choosing job roles that align with social and environmental values. The retail sector also witnessed substantial growth in hiring for green job role particularly looking for individuals with specialised, high-demand skill sets. With this in mind, it is imperative that job seekers stay up-to-date with industry requirements and focus on building skills that are in demand.”
Retail Sector Top the Charts, while Oil & Gas and BFSI Industries Witness a Drop in Hiring Activity
The fit reveals that the Retail industry continued to dominate the job market in March 2024, with a YoY increase of 173%. The industry’s increased adoption of sustainable solutions has been key in driving hiring demand. Further, the growth is largely seen in e-commerce fuelled by the increasing consumer inclination toward online shopping and the positive impact of tourism-related activities. Engineering, Construction, and Real Estate and Hospitality industries saw a YoY increase in hiring demand in March 2024 with a 76% rise in hiring in the construction and real estate sector, driven by an uptick in warehousing, industrial needs, and the suitable business environment. While the hospitality sector saw a 75% increase driven by the strategic collaborations within the airline sector.
Among others, Logistic, Courier/Freight/Transportation, Shipping/Marine (+75%) demonstrated exceptional growth, with a noteworthy 56% increase over the last six months. Similarly, Advertising, Market Research, Public Relations, Media and Entertainment (+33%) sector along with IT, Telecom/ISP, BPO/ITES (+11%) sector saw a double-digit annual increase in hiring. The latter sector saw a significant upturn, noticing a 12% increase over the last month. The Oil and Gas (-16%) and BFSI (-10%) sectors were the only sectors to mark a subsequent drop annually. However, both sectors rebounded with impressive growth of 5% and 18% respectively over the last month.
Engineering/Production, Real Estate, and Sales & Business Development Lead the Way in Hiring Trends
In terms of functional roles, Engineering/Production and Real Estate saw the most significant demand in March’24 with a growth of 73% YoY, followed by Sales & Business Development, which registered a consecutive uptick in hiring demand of 66% YoY. The Marketing & Communications job roles (particularly, in the retail sector) also saw an increase in hiring employees with skills around content and data analytics, showcasing growth of 59% YoY. With the opening of various manufacturing facilities across Malaysia, the demand for engineering graduates would increase. As the migrant crisis in the country rises, commercial housing requirements would provide employment to many.
Furthermore, HR & Admin (+42%) roles saw substantial gains annually, driven by extensive training and development initiatives within organizations. Also, Software, Hardware & Telecom (+14%), Purchase/ Logistics/ Supply Chain (+10%) and Customer Service (+5%) roles registered an increase in hiring demand annually in March’24. While the latter saw a significant drop of 16% over the last month. Annual data for March 2024 indicates a notable decline in Hospitality & Travel (-11%) and Finance & Accounts (-3%) positions. This drop is attributed to shifting demands for novel roles across various sectors.
The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.
Period for the report
The period considered for the foundit Insights Tracker (fit) data is March 2023 vs March 2024
About foundit – APAC & Middle East
foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has assisted over 75 million registered users across 18 countries in finding jobs, upskilling, and connecting with the right opportunities. Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalized job searches, and precision hiring. foundit strongly believes that a job title doesn’t define one’s potential and leverages technology to dig deeper to curate opportunities central to the needs and aspirations of each user.
SINGAPORE, May 6, 2024 – (ACN Newswire) – CropLife Asia, the regional voice of the plant science industry, today announced a new lineup for the organization’s Office Bearers within the Board of Directors. Following the CropLife Asia 2024 Annual General Meeting, changes include the installation of Mr. Rahoul Vijay Kumar Sawani as President of CropLife Asia with immediate effect.
Mr. Rahoul Sawani serves as President, Asia Pacific with Corteva Agriscience. Appointed to this position in 2022, Mr. Sawani is responsible for delivering the company’s regional strategy and overseeing the growth of the business in the Asia-Pacific region. Highly experienced in the agricultural sector, Mr. Sawani has held various positions in across the plant science industry in his 18-year career and was previously Vice-President, South Asia with Corteva Agriscience.
The new roster for the CropLife Asia Office Bearers is as follows:
Rahoul Sawani, President, Asia-Pacific, Corteva Agriscience – President
Pramod Thota, President FMC Asia-Pacific, Vice-President, FMC Corporation – Vice-President
Alexander Berkovskiy, Regional Director, AMEA, Syngenta – Treasurer
“As climate change intensifies and farmers in Asia face increasing challenges with crop production, plant science plays an important role in ensuring a robust, resilient and sustainable food system for the region. We’re grateful to have experienced and strong leaders comprising our CropLife Asia Board of Directors at such a consequential time for our region,” said Dr. Siang Hee Tan, Executive Director of CropLife Asia.
About CropLife Asia
CropLife Asia is a non-profit society and the regional organization of CropLife International, the voice of the global plant science industry. We advocate a safe, secure food supply, and our vision is food security enabled by innovative agriculture. CropLife Asia supports the work of 15 member associations across the continent and is led by six member companies at the forefront of crop protection, seeds and/or biotechnology research and development. For more information, visit us at www.croplifeasia.org.
For more information please contact: Duke Hipp Director, Public Affairs & Strategic Partnerships CropLife Asia Tel: (65) 6221 1615 duke.hipp@croplifeasia.org
HANOI, Vietnam, Apr 30, 2024 – (ACN Newswire) – The 16th Annual Global CSR & ESG Summit and Awards™ 2024 came to a triumphal close, marking another milestone in the realm of achievable corporate social responsibility (CSR) and environmental, social, and governance (ESG) initiatives.
Mr Matthias Gelber, known as the ‘Green Man,’ recognizable for his strong commitment to sustainability as well as his iconic green batak shirt, officially opened the Summit.
Hosted by The Pinnacle Group International in collaboration with co-organizer the Sustainable Technology Centre, this year’s summit brought together industry leaders, experts and policymakers to explore innovative strategies and solutions towards a sustainable future.
Ms Aparna Rajesh, Consultant to Sustainability & Academic Interface at Tata Consultancy Services, shares insights on leveraging employee talent, business models and assets for impactful transformation.
The event witnessed insightful discussions, engaging panels, and thought-provoking keynotes, delving into pressing issues such as climate action, diversity and inclusion, ethical governance, and community engagement. Attendees gained invaluable perspectives and actionable insights, fostering collaborations to drive positive change across sectors.
Mr Aru David, Director of Assist in the Mekong Region, moderates a panel on Efficient ESG Governance, Transforming Commitments into Measurable Actions. The panel features Mr Pham Hai Au, PwC Vietnam, Mr David Jackson, Avison Young, and Ms Mai Thi Thanh Huong, Sanofi. (L to R)Dr Stefan Phang, Global Director of Sustainability & Creating Shared Value at Solenis, moderates a panel on “Elevating Governance from Good to Exceptional, Advocating for Diverse Talent through Actions, Not Just Words”. The panel features Dr Ir William L Nolten from ReXil Asia, Ms Nusheen Nalwala from Tata Consultancy Services, Mr Florian Johannes Beranek from the Central & Eastern European Chamber of Commerce in Viet Nam, and Mr Victor Dulait from the Belgian-Luxembourg Chamber of Commerce in Viet Nam. (Left to Right)Prof Dr Geoffrey Williams, Founder of Williams Business Consultancy, moderates a panel on “Opportunity and Risk: Linking ESG to Strategy for the Creation and Preservation of Sustainable Long-Term Value”. The panel features Mr Andika Dwi Saputra from Evermos, Mr Ts. Mahmood Long from Sarawak Energy, Ms Vu Tra My from Home Credit Vietnam, and Mr Rahul Gupta from McKinsey & Company. (Left to Right)
Highlights of the Summit:
Keynote Address: Ms Aparna Rajesh, Consultant, Sustainability & Academic Interface, APAC, Tata Consultancy Services, delivered an inspiring keynote on “How Corporates Can Leverage Their Employee Talent, Business Models, And Assets to Create Deep Impact That Drives Transformational Change.”
Topic: “Enhancing Healthcare Accessibility and Sustainability” featured Ms Le Thuy Anh, CEO of Vinmec Healthcare System, who shared insights into Vinmec’s dedication to CSR & ESG principles.
Panel Discussion: “Opportunity and Risk: Linking ESG To Strategy for the Creation and Preservation of Sustainable Long-Term Value,” moderated by Prof. Dr Geoffrey Williams, Founder and Director of Williams Business Consultancy Sdn Bhd, featured panelists including Mr Ts. Mahmood Long from Sarawak Energy, Mr Andika Dwi Saputra from Evermos, Ms Vu Tra My from Home Credit Vietnam, and Mr Rahul Gupta from McKinsey & Company.
Topic: Ms Rohini Samtani, Sustainability Solutions Manager at S&P Global Sustainable1, led a discussion on “ESG Ratings and Transparency: Advancing Sustainable Finance.”
Panel Discussion: “Elevating Governance from Good to Exceptional: Advocating for Diverse Talent through Actions, Not Just Words,” moderated by Dr Stefan Phang, Global Director of Sustainability & Creating Shared Value at Solenis, with panelists including Dr Ir. William L Nolten from ReXil Asia, Ms Nusheen Masters from Tata Consultancy Services, Mr Florian Johannes Beranek from the Central and Eastern European Chamber of Commerce in Vietnam, and Mr Victor Dulait from the Belgian-Luxembourg Chamber of Commerce in Vietnam (BeluxCham).
Topic: Mr Lokender Singh and Mr Desmond Soh, Co-founders of Nutri-Buddy Pte Ltd, shared their expertise on “Sustainable Food Practices: Essential ESG Factors for the Food & Beverages Industry.”
Final Thoughts: The event ended with a final thought by Guest Speaker and Advisor Prof. Dr. Richard David Hames, Founder & Executive Director of the Centre for The Future and Fellow of the World Academy of Art & Science, Advisor to Sustainable Technology Centre. He encouraged attendees to continue their good efforts in CSR and ESG initiatives, emphasizing that continuous efforts will contribute to making the world a better place.
We extend our gratitude to our co-organizer, the Sustainable Technology Centre, for their unwavering support and dedication in making this summit a resounding success. Their commitment to sustainability and technological innovation has been instrumental in advancing our shared mission.
S&P Global’s Sustainability Solutions Manager, Ms Rohini Samtani, leads a discussion on “ESG Ratings and Transparency: Advancing Sustainable Finance.”Co-founders of Nutri-Buddy Pte Ltd, Mr Lokender Singh and Mr Desmond Soh, share expertise on “Sustainable Food Practices: Essential ESG Factors for the Food & Beverages Industry.”
We are also indebted to our sponsors, S&P Global Market Intelligence and Nutri-Buddy Private Limited, whose generous support has played a pivotal role in bringing this event to fruition. Their commitment to promoting sustainable practices and corporate responsibility exemplifies the spirit of the summit.
Mr Pham The Dung, Deputy Director General, the State Agency for Technology Innovation (SATI) at the Ministry of Science and Technology of Vietnam (MOST), honoured the 16th Annual Global CSR & ESG Summit and Awards with his presence, inaugurating the awards with an address.
The summit ended with the awards segment The Global CSR & ESG Awards™, graced by Guest of Honour, Mr Pham The Dung, Deputy Director General, State Agency for Technology Innovation (SATI), Ministry Of Science And Technology Of Vietnam (MOST), and Ms Dang Ngoc Han, crowned Miss Vietnam 2010, a renowned beauty queen, Ao Dai designer and businesswoman in Vietnam. She serves as Deputy Director of Ninh Van Bay JSC and is the Founder and CEO of Ao Dai Ngoc Han.
The award categories for this year are:
– Best Environmental Excellence Award – Best Community Programme Award – Excellence In Provision Of Literacy & Education Award – Empowerment Of Women Award – Best Workplace Practises – CSR & ESG Leadership Award – Product Excellence Award – Best CEO – Best Corporate Communications & Investors Relations Team
This year, we also have award categories recognizing the companies at the forefront of their respective industries and countries. The award categories are:
– Best In Thailand – Best In Indonesia – Best In Cambodia – Best In Viet Nam – Best In Philippines
Winners of the 16th Annual Global CSR & ESG Awards – 2014, are:
Best Environmental Excellence Award
o Market Cap: USD 1 Billion and Above – Platinum: Kuala Lumpur Kepong Berhad, MY – Gold: PT Pertamina Hulu Energi Offshore North West Java, ID – Silver: PT Chandra Asri Pacific Tbk, ID – Bronze: PT Astra International Tbk, ID
o Market Cap: USD 500 Million to USD 1 Billion – Platinum: PT Pertamina Patra Niaga Fuel Terminal Sanggaran, ID – Gold: PT TEP Indonesia, ID
o Market Cap: Less than USD 500 Million – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning, ID – Gold: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap, ID – Silver: PT Pertamina Patra Niaga Integrated Terminal Wayame, ID – Bronze: Hope Foundation, MY
Best Community Programme Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: PT Pertamina Patra Niaga Regional Sumbagsel, PT Adaro Minerals Indonesia, Sanofi, PT Chandra Asri Pacific Tbk, PT Pertamina Patra Niaga AFT Supadio – Silver: San Miguel Corporation, PT Pertamina DPPU Juanda, PT Pertamina Hulu Energi Offshore North West Java, Sarawak Energy Berhad – Bronze: Pertamina EP Sukowati Field Corp, PT Pertamina Patra Niaga Integrated Terminal Pontianak, PT Pertamina Patra Niaga Integrated Terminal Surabaya
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: PT Pertamina Patra Niaga Integrated Terminal Balikpapan– Gold: PT Kalimantan Prima Persada– Silver: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)– Bronze: Samsung Electronics Vietnam Co., Ltd
o Less Than USD 500 Million Market Capitalization – Platinum: PT Badak NGL – Gold: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning, Smilegate Foundation, Diversey Viet Nam, PT Kilang Pertamina Internasional Refinery Unit VI Balongan, PT Pertamina Patra Niaga Fuel Terminal Maos – Silver: PT Pertamina Patra Niaga Integrated Terminal Cilacap, PT Pertamina Patra Niaga Fuel Terminal Ternate, PT Pertamina Patra Niaga Fuel Terminal Rewulu, PT Pertamina Patra Niaga Integrated Terminal Semarang, PT PLN Nusantara Power Up Gresik – Bronze: Indonesia Infrastructure Guarantee Fund, Central Retail Thailand, PT Pertamina Patra Niaga Regional Jawa Bagian Tengah DPPU Ahmad Yani
Excellence In Provisional Of Literacy & Education Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Samsung Electronics Indonesia – Gold: Bridgestone Asia Pacific – Silver: PT Pertamina Hulu Mahakam – Bronze: Kuala Lumpur Kepong Berhad
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Samsung Electronics Vietnam Co., Ltd – Gold: PT Kalimantan Prima Persada
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Gold: PT Kilang Pertamina Internasional Refinery Unit III Plaju
Best Workplace Practises
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: Danone Indonesia
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning
Best CEO
o Less than USD 500 Million in Market Capitalization – Platinum: Indonesia Infrastructure Guarantee Fund – Gold: BHG Retail Trust Management Pte Ltd
Empowerment Of Women Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: Sarawak Energy Berhad – Silver: San Miguel Corporation – Bronze: Pt Agincourt Resources
o USD 500 Million to USD 1 Billion in Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: Bridgestone Asia Pacific – Gold: EVERMOS – Silver: Mahkota Medical Centre
Product Excellence Award
o USD 1 Billion and above in Market Capitalization – Platinum: Danone Indonesia
o USD 500 Million to USD 1 Billion in Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less than USD 500 Million in Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Gold: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning – Silver: PT Kilang Pertamina Internasional Refinery Unit III Plaju – Bronze: PT Kilang Pertamina Internasional Refinery Unit V Balikpapan
CSR & ESG Leadership Award
o USD 1 Billion And Above in Market Capitalization – Platinum: PT. Chandra Asri Pacific Tbk – Gold: TBS Energi Utama – Silver: PT Bank BTPN Tbk – Bronze: Tata Consultancy Services
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong Bien Hoa Joint Stock Company – Gold: Samsung Electronics Vietnam Co., Ltd – Silver: BHG Retail Trust Management Pte Ltd
o Less Than USD 500 Million Market Capitalization – Platinum: Bank Rakyat – Gold: Diageo Vietnam – Silver: Home Credit Viet Nam
Best Corporate Communications & Investor Relations Team Award
o USD 1 Billion and above in Market Capitalization – Platinum: Danone Indonesia
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: BHG Retail Trust Management Pte Ltd
Best Country Excellence – Best in Cambodia
o USD 1 Billion And Above in Market Capitalization – Platinum: NagaWorld Limited
o Less Than USD 500 Million Market Capitalization – Platinum: Prince Holding Group
Best Country Excellence – Best in Thailand
o Less Than USD 500 Million Market Capitalization – Platinum: Tata Consultancy Services
Best Country Excellence – Best In Philippines
o USD 1 Billion And Above in Market Capitalization – Platinum: Tata Consultancy Services
Best Country Award – Best In Indonesia
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning – Gold: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Silver: PT Langgeng Kreasi Jayaprima (Diageo Indonesia) – Bronze: PT Kilang Pertamina Internasional Refinery Unit V Balikpapan
o USD 1 Billion And Above in Market Capitalization – Platinum: PT Astra International TBK – Gold: PT Pertamina Hulu Energi Offshore North West Java – Silver: PT Pertamina Patra Niaga SHAFTHI
Best Country Excellence – Best in Vietnam
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS) – Gold: Samsung Electronics Vietnam Co., Ltd
o Less Than USD 500 Million Market Capitalization – Gold: Hope Foundation Platinum: FPT Digital
As we reflect on the success of the 16th Annual Global CSR & ESG Summit and Awards, we are inspired and energized to continue our collective efforts towards building a more sustainable and inclusive world. Together, we can create positive change that benefits present and future generations.
About Pinnacle Group
The Pinnacle Group International is a leader in the conference industry in Asia, designing and launching ground-breaking conferences and events. We pride ourselves in our ability to anticipate and read underlying socio-economic and investment trends in emerging and developed markets, creating brands and events to capture these opportunities and launching them with our clients and partners in regional and international markets. Our relentless pursuit of excellence in the business of connecting people and businesses across nations is derived from our core beliefs in improving lives, welfare and the status of societies. We are committed to supporting charitable ministries and projects for the betterment of humanity, while our staff and management commit time and resources to annual global missions and charities. To learn more, visit https://globalcsr.pinnaclegroup.global.
For media inquiries or further information: Ms Cyan Lee, Conference Manager, The Pinnacle Group International Email: cyan@pinnaclegroup.global Tel: +65 8222 2344
KUALA LUMPUR, Apr 26, 2024 – (ACN Newswire) – Malaysians had an extraordinary experience today as Spritzer, Malaysia’s leading mineral water brand, hosted an exclusive “Meet the Red Legends” lunch. The meet-and-greet event, held ahead of the historic “Battle of the Reds” (BOTR) game on 27 April 2024, brought together renowned former Manchester United and Liverpool players for an unforgettable encounter.
From left to right: The legends at the lunch Quinton Fortune, Florent Sinama, Dion Dublin and Patrick Berger
The “Meet the Red Legends Lunch” provided Malaysian football fans with a rare opportunity to get up close and personal with the Premier League legends including Patrick Berger and Florent Sinama from Liverpool and from Manchester United, Dion Dublin and Quinton Fortune.
The legends shared and exchanged stories about their challenges, motivations, and most memorable moments during their time as professional athletes of the ‘beautiful game’. After lunch, the session continued in a question-and-answer session, sharing career anecdotes. This was followed by an autograph and photography session, allowing fans to interact with the players and secure memorabilia.
The private lunch was an unforgettable experience and attendees had the chance to create and capture moments with their favourite Premier League icons, as a prelude to the highly anticipated “BOTR” friendly match between Manchester United and Liverpool legends, happening the next day at the Bukit Jalil National Stadium.
Spritzer aims to bring these football heroes closer to home to create unique experiences. Both BOTR and their “Meet the Red Legends” exclusive lunch celebrate sporting greatness while underscoring Spritzer’s commitment to long-term and meaningful community engagement.
“Spritzer champions excellence, just like these football legends who have embodied dedication, perseverance, and leadership throughout their illustrious careers. Inspired by the game, football transcends borders to unite people and nations, by fostering a shared sense of belonging. At Spritzer, we share these values, and we are thrilled to provide a platform for fans to connect with their idols and draw inspiration from their remarkable achievements. Through events like these, we strive to create memorable experiences that bring joy to our communities and inspire others to pursue their passions with unwavering determination,” said Winnie Chin, Spritzer’s Head of Public Relations.
As Spritzer continues to cement its position as a catalyst for fresh new experiences amongst Malaysians, initiatives like the “Meet the Red Legends Lunch” reaffirm the brand’s dedication to cultivating active lifestyles, fostering community spirit, and sparking a desire to achieve our potential.
Please download the high-res images from this link.
About Spritzer:
Established in 1989, Spritzer Group has been a pioneer in providing Malaysians with natural mineral water sourced from a 440-acre green rainforest. Committed to innovation, Spritzer Group leads the Malaysian bottled water industry through manufacturing, distribution, marketing, and sales of its diverse product line. From renowned natural mineral water to refreshing non-carbonated fruit-flavoured drinks, each product is carefully crafted to meet consumer needs.
Comprising eight business subsidiaries, Spritzer Group specializes in the production and distribution of silica-rich natural mineral water, sparkling natural mineral water, distilled drinking water, carbonated fruit-flavoured drinks, and non-carbonated fruit-flavoured drinks.
With over 30 years of experience, Spritzer Group is Malaysia’s largest and only listed bottled water producer. For more information, please visit www.spritzer.com.my.
HONG KONG, Apr 26, 2024 – (ACN Newswire) – TIME Interconnect Technology Limited (“TIME Interconnect”, Stock Code: 1729.HK, with its subsidiaries collectively referred to as the “Group”) is pleased to announce its final results for the nine months ended 31 December 2023 (the “Review Period”).
During the Review Period, the global economy has recovered from the COVID-19 epidemic and the Russia-Ukraine war, but the pace has been slower than expected. The divergences between countries have continued to increase. Meanwhile, China’s economic recovery was also slower than expected, partly due to high borrowing problems in the real estate industry. Despite these challenges and difficulties posed by the macroeconomic environment, the Group strives to improve its business operations and financial position by proactively seeking potential investment opportunities that would diversify the Group’s existing business portfolio, broaden its source of income and enhance value to the shareholders of the Company. For example, last year, the Group expanded its business to server business with go-to-market strategy and JDM/ODM business model. In addition to contributing a substantial increase in revenue, the server business also contributed a significant increase in profits this year by adjusting its customer/product portfolio and selling price structure to improve profitability.
For the Review Period, the Group recorded revenue amounting to HK$4,826.3 million, represented a decrease of HK$938.5 million or 16.3% as compared with HK$5,764.8 million for the Previous Year. Operating profit for the Review Period was HK$433.4 million, represented an increase of HK$118.1 million or 37.5%, as compared with HK$315.3 million for the Previous Year, with the operating profit margin raised from 5.5% to 9.0% for the Review Period. The increase of operating profit was mainly attributable to the profitability improvement of server business. Net profit of the Review Period was HK$277.6 million, represented an increase of HK$61.7 million or 28.6%, as compared with HK$215.9 million for the Previous Year, with the net profit margin raised from 3.7% to 5.8% for the Review Period*.
Basic earnings per share for the Review Period was HK14.2 cents as compared to the basic earnings per share of HK11.1 cents in the Previous Year.
Business Review
The Group’s turnover by market sector is as follows:
Market Sector
Turnover (HK$ million)
Share of Turnover
Nine months ended 31 December 2023
Year ended 31 March 2023
Changes
Nine months ended 31 December 2023
Year ended 31 March 2023
Cable assembly
Data centre
791.0
790.9
0.0%
16.4%
13.7%
Telecommunication
555.4
644.0
-13.8%
11.5%
11.2%
Medical equipment
258.0
245.6
5.0%
5.3%
4.3%
Industrial equipment
24.4
47.4
-48.5%
0.5%
0.8%
Automotive
100.4
162.0
-38.0%
2.1%
2.8%
Digital cable
Networking cable
788.7
1,254.7
-37.1%
16.4%
21.8%
Specialty cable
77.0
92.4
-16.7%
1.6%
1.6%
Server
2,231.4
2,527.8
-11.7%
46.2%
43.8%
Total
4,826.3
5,764.8
-16.3%
100%
100%
Data centre sector
The revenue of data centre sector increased by HK$0.1 million to HK$791.0 million for the Review Period as compared to HK$790.9 million for the Previous Year. Orders from this sector maintained at a high shipment level during the Review Period, and remained the highest revenue sector in the cable assembly business.
Telecommunication sector
It recorded a decrease of revenue from HK$644.0 million for the Previous Year to HK$555.4 million for the Review Period, represented a decrease of HK$88.6 million or 13.8%. The order volume was stable, new models are constantly being introduced and the profit margin was improved as these new products carry a better margin.
Medical equipment sector
The revenue of medical equipment sector for the Review Period was HK$258.0 million, represented an increase of HK$12.4 million or 5.0% as compared with HK$245.6 million for the Previous Year. Although the COVID-19 epidemic has gradually alleviated, there is still a risk of the virus mutating, and may be a rebound phenomenon. Meanwhile, people have paid more attention to health, the Group believe that the demand for medical equipment will continue to increase and high demand in medical equipment cables orders will been maintained.
Industrial equipment sector
Under the influence of macroeconomic factors like the slower-than-expected economy recovery and the divergences between countries have continued to increase, global economic activities have been suppressed to a certain extent. The revenue of industrial equipment sector decreased by HK$23.0 million or 48.5% from HK$47.4 million for the Previous Year to HK$24.4 million for the Review Period.
Automotive sector
Affected by geopolitics and trading war, the sales orders of automotive wire harness products decreased during the Review Period. The revenue of automotive sector was HK$100.4 million for the Review Period, which compared with the revenue for the Previous Year of HK$162.0 million, represented a decrease of HK$61.6 million or 38.0%. But the Group still believes that the automotive wiring products can help the Group to provide its customers with a broader product portfolio, and to step into a new business sector by enriching the Group’s business portfolio and broadening its unique customer base, which can capture opportunities brought by the booming electric vehicle market.
Networking cable sector
During the Review Period, the global macroeconomic environment is still under pressure, causing severe damage to overseas orders for networking cable business. The revenue of networking cable for the Review Period was HK$788.7 million, represented a decrease of HK$466.0 million or 37.1% as compared with HK$1,254.7 million for the Previous Year.
Specialty cable sector
Specialty cable sector includes Industrial Communication Cables, Rail Transit Cables, HDBT Hi-Res Data Communication Cables and etc. For the Review Period, the revenue of specialty cable was HK$77.0 million, represented a decrease of HK$15.4 million or 16.7% as compared with HK$92.4 million for the Previous Year.
Server sector
For the Review Period, the revenue of server was HK$2,231.4 million, represented a decrease of HK$296.4 million or 11.7% as compared with HK$2,527.8 million for the Previous Year. Since the development of server business in last year, a large number of orders were accepted in the initial stage, and as the factory’s production capacity climbed, it created a sales peak. With the emergence of ChatGPT in 2023, the server industry also set off a craze for artificial intelligence servers. During the Review Period, the focus was on the development and delivery of new products with AIGC (Artificial Intelligence Generated Content), and the profitability was relatively improved
Prospect
Looking ahead, the macroeconomic environment is full of challenges. The global recovery from the COVID-19 pandemic and Russia’s invasion of Ukraine remains slow and uneven. Economic activity still falls short of its prepandemic path, especially in emerging market and developing economies, and there are widening divergences among regions. Several forces are holding back the recovery. However, even the Group is facing such challenges and difficulties in the macro-economic environment, the management remains confident in its future business. With the support of Luxshare Group, the Group enjoys advantages in both product manufacturing capabilities and financial strength. The Group will continue to develop strategic businesses and markets, strengthen its business foundation and achieve impressive results during the economic downturn.
The Group believes that the PRC’s continued acceleration of 5G technology research and development, as well as the new social normals caused by the epidemic, including work-from-home and online meetings, are expected to drive the demand of cable assembly products and telecommunication sector and benefit the Group’s business growth.In light of this, the management remains confident in 5G-related business. During the Review Period, the Group has set up a new wholly-owned subsidiary, Linkz Cables Mexico, S. de R.L. de C.V., in Mexico to increase its market share in markets outside China and Asia. A new plant is under construction by Luxshare Group which is expected to be put into production in 2024. By then, the Group will set up the new factory and produce digital cables and automotive wire harness products, which can protect supply chains and export markets against geopolitical tensions and unforeseen disruptions and enable the Group to capture market opportunities upon the arrival of this generation 5G network.
Moreover, the utilisation rate of cloud technology in the companies around the world is continuously increasing. In cloud computing, the computing storage network must be placed in the data centre, therefore, the growing cloud technology is expected to drive the development of data centre. Meanwhile, the development of 5G will boost the application of big data, IoT, internet gaming and video streaming through cloud platform. The Group remains very positive on the continuous growth of the business of data centre sector. Currently, the products offered by the Group under this business are mainly applied in data centres, which includes rack-mounted computing servers, edge servers, AI smart servers, storage servers, smart network cards, GPU cards, complete cabinet products, etc. Having considered that (i) China is actively conducting investment activities to build digital infrastructure; (ii) the PRC manufacturers continue to increase the share of local supply chain due to geopolitics relationship; and (iii) Luxshare Precision has extensive technological knowhow and good customers’ relationships, the Group is optimistic on the future potential growth of server business. The Group believes the development of server business is a good opportunity for the Group to further develop its business and will help diversify the Group’s business as well as the Group’s income stream.
As for the medical equipment sector, the Group expects the demand for medical equipment cables will continue to bring positive impact to the Group’s medical equipment cables orders this year. To catch up with the trend, the Group has established two wholly-owned subsidiaries, Time Interconnect Technology (Kunshan) Limited and Time Interconnect Technology (Jiangxi) Limited during the Review Period, to expand production capacity and R&D capabilities for medical equipment cables products, and production has been started in September 2023. Moving ahead, the Group will pay more attention and efforts in this sector and continue to enhance its medical equipment customers base, as well as to strengthen its R&D capabilities to seize the opportunity arise from increasing demand in market.
Besides, considering the vigorous development of the automotive and electric vehicle markets, China has remained the world’s largest automotive market and automotive producer in the past few years. The Group believes that the automotive wire harness products can help the Group to provide its customers with a broader product portfolio, and to step in new business sector by enriching the Group’s business portfolio and broadening its unique customer base, helping the Group to capture opportunities brought by the booming electric vehicle market.
At the same time, after the acquisition by Luxshare Precision, the Group entered into a diversified business integration with Luxshare Group. Luxshare Precision is conducting a strategic review of the operations and financial position of the Company, and actively exploring business opportunities for the growth and development, in both organic and inorganic manners, for the Group. Luxshare Precision will deploy the platform advantages and market position of the Luxshare Group and introduce strategic resources to the Group with intention to further strengthen the Group’s potential for continuous growth and core competitiveness in its market and to enable the Group to develop strategically to become an all-rounded network solutions and infrastructure provider, so as to create greater value for the shareholders. In the future, with the support of Luxshare Precision, the Group will create more and more possibilities.
About TIME Interconnect Technology Limited
TIME Interconnect Technology Limited is a well-established supplier of customised interconnect solutions with over 30 years’ experience in the industry. The Group is headquartered in Hong Kong, and has manufacturing facilities in Shanghai, Suzhou, Huizhou, Jiangxi, the People’s Republic of China (“PRC”) and Mexico. The Group currently manufactures and supplies a wide variety of copper & optical fiber cable assemblies, digital cable products and servers which are produced to the specifications and designs of its individual customer partners. Its products are used by a number of established PRC and international customers in a variety of market sectors, including telecommunication, data centre, industrial equipment, medical equipment, automotive wire harness and digital cables.
This press release is disseminated by Bright Communications International Limited on behalf of TIME Interconnect Technology Limited.
For further enquiries, please contact Bright Communications International Limited:
Highlights（Unaudited relevant data for the six months ended 29 February 2024）
Revenue increased by 19.3% YoY to approximately RMB1,160.2 million;
Gross profit rose by 17.5% YoY to approximately RMB578.0 million;
Profit for the period attributable to owners of the Company rose by 13.2% YoY to approximately RMB338.2 million;
Number of student enrolments increased by 12.3% over the corresponding period of last year to 96,100;
Cash and cash equivalents amounted to RMB1,491.0 million, indicating ample liquidity;
Interim dividend per share of 9.6 HK cents with a dividend payout ratio of 30%.
HONG KONG, Apr 26, 2024 – (ACN Newswire) – Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK) has announced its unaudited FY2024 Interim Results for the six months ended 29 February 2024 (the “Reporting Period”). During the Reporting Period, by actively responding to national policies and closely following the market demand and industry development trends, the Group continued to increase its investment in school operations, deepened the integration of industry and education and school-enterprise cooperation, and continuously optimized the layout of vocational education disciplines, so as to realize sustainable development in the seamless connection of education and employment, thereby achieving steady improvement in results.
During the Reporting Period, the Group’s revenue was approximately RMB1,160.2 million, representing an increase of 19.3% over the corresponding period of the preceding year, mainly due to the increase in the number of students enrolled in the Group’s domestic schools. Profit for the period attributable to owners of the Company rose by 13.2% YoY to approximately RMB338.2 million. The Group’s cash and cash equivalents amounted to RMB1,491.0 million, indicating ample liquidity. The number of students enrolled in the Group’s schools continued to rise to new heights, reaching approximately 96,000. The Board of Directors of the Group has recommended the payment of an interim dividend of HK9.6 cents per share for the six months ended 29 February 2024, representing a dividend payout ratio of 30%.
From left to right: Mr. Yan Kwok Ting Sunny, Director of Investment, Corporate Finance & Investor Relations Department; Ms. Liu Wenqi, Chief Operating Officer; Ms. Liu Yi Man, Executive Director and Chief Executive Officer; Mr. Liu Yuk Tung, Chief Financial Officer.
Optimizing the layout of vocational education disciplines and realizing the seamless integration of education and employment
In recent years, the Group has established its presence in the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle, and expanded across the country and around the world. In line with the current trend and taking into consideration the industrial development and market demand, the Group has actively explored the new collaborative education model between “schools, communities and enterprises” to cultivate inter-disciplinary skilled application-oriented talents in high demand in the market. To address the talent demands of national strategic emerging industries and emerging innovative industries, the Group fully leveraged the advantages of its schools in multi-disciplinary development, covering economics, management, liberal arts, engineering, arts, education, science, and medicine, and improved the discipline layout by actively offering market-needed disciplines, such as artificial intelligence, cloud computing, big data, new energy, dentistry, animation and design, digital economics, etc. Meanwhile, with the aim of achieving a “seamless transition” from academics to employment and bridging the gap between on-campus education and internship, the Group has newly established digital commerce and industrial college, animation and gaming industry college, Guangdong rural leisure industry college and other colleges, etc., and has forged school-enterprise cooperation with over 1,000 large enterprises, including Huawei, CMGE, Bosch, Oracle, JD.com and iFLYTEK during the Reporting Period.
Closely following national policies and focusing on connotation development
Recognition of outstanding educational achievements
Since its establishment, the Group has actively responded to national policies, kept abreast of market demand and industry development trends, and continued to increase its investment in the running of schools. During the Reporting Period, Guangzhou Huashang Vocational College was successfully approved to set up the Doctoral Workstation of Guangdong Province, making it the only private higher vocational college among the batch of approved organizations. Meanwhile, by strengthening teacher training, raising teacher remuneration, optimizing teacher appraisal mechanisms and other measures, the Group provides solid guarantees for the high-quality development of its schools. In addition, the Group has also embarked on campus construction, renovation and upgrading of training facilities and equipment to create a high-quality educational environment and realize a steady improvement in benefits. With optimized connotation development, the operational strengths of the Group’s colleges has also improved significantly, enabling the Group to deliver outstanding educational performance. During the Reporting Period, a new breakthrough was achieved again in the construction of first-class program at Guangzhou Huashang College, with a total of seven programs selected as first-class undergraduate programs at the provincial level. Guangzhou Huashang Vocational College was awarded the “National Exemplary Vocational College of 2023” by Tencent News on the basis of unique teaching concepts and outstanding educational achievements, and Urban Vocational College of Sichuan was ranked fourth in China and first in Sichuan in the 2024 GDI Top 100 Private Higher Vocational Colleges, and ranked ninth in China and first in Sichuan in terms of the number of scientific research projects launched by higher vocational education colleges in 2023. Therefore, it can be seen that through the continuous improvement in connotation development, the Group’s colleges have been able to reap greater synergies and build a stronger reputation for school operations. High-quality education has also become a strong driver for promoting sustainable and healthy growth in the Group’s results.
Future Prospects
Looking ahead, with strong government policy support and over 20 years of experience in private education, the Group will continue to deepen the integration of industry and education and school-enterprise cooperation, and keep pace with the development of the country’s strategic emerging industry clusters. Driven by the development of core disciplines and discipline groups, the Group will vigorously develop new and cross-disciplines, such as artificial intelligence, digital economy, financial science and technology, healthcare and elderly care, etc. In order to promote the optimization and upgrading of the schools’ disciplines and cultivate a new generation of high-quality and application-oriented talents with international vision, thus making positive contributions to laying a solid foundation of talents for the realization of national strategic goals and promoting the high-quality development of vocational education.
About Edvantage Group Holdings Limited
Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK) is the largest private business higher education and vocational education group in the Greater Bay Area, and an early mover in education sector in pursuing international expansion, listed in Hong Kong Main Board on 16 July 2019. The total number of full-time student enrolments of the Group was approximately 96,100 as of 29 February 2024. Operated 9 private education institutions, namely, Guangzhou Huashang College (Applied Undergraduate), Guangzhou Huashang Vocational College (Higher Vocational Education) and Guangdong Huashang Technical School (Secondary Vocational Education) located in Guangdong Province, the PRC; Urban Vocational College of Sichuan (Higher Vocational Education) and Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan Province, the PRC; GBA Business School (GBABS) in Hong Kong, the PRC; Global Business College of Australia (GBCA) and Edvantage Institute Australia (EIA) in Australia; as well as Edvantage Institute (Singapore) (EIS) in the downtown of Singapore.
While focusing on school operations, the Group also actively fulfil corporate social responsibility, extensively contributing to social welfare programmes including charity, poverty alleviation, education and revitalisation, in order to take the initiative in repaying society through action. Since its listing, the Group has made outstanding contributions in the field of ESG and has won the “Best ESG Innovation Award” from Zhitong Finance, the “ESG Leader Award” from Gelonghui, and the “Highest Investor Attention Award” from Huashengtong in 2023.
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