Yahoo Finance Kingsmen Creatives reports lower net profit of $2.9 mil for FY2023 due to impairment losses
The company’s earnings per share comes in at 1.41 cents, a 38.7% y-o-y decrease.
Impacted by impairment losses, Kingsmen Creatives 5mz has reported a net profit of $2.9 million for the FY2023 ended Dec 31, 2023, a 38.4% y-o-y decrease from the previous year.
The company’s earnings per share comes in at 1.41 cents, a 38.7% y-o-y decrease from 2.3 cents last year.
Kingsmen’s revenue increased 10.1% y-o-y from $328.4 million in FY2022, to $361.5 million in FY2023.
Likewise, its gross profit increased 11.2% y-o-y from $70.3 million in FY2022, to $78.2 million in FY2023.
Andrew Cheng, group CEO of Kingsmen says that the “good performance” of its divisions in FY2023 was affected by the impairment of receivables due from several projects secured prior and up to the Covid-19 pandemic.
“As these matters get resolved, we see a return to sustainable profitability and expect our performance to improve. Our teams are busy and our focus is now on ensuring we continue to build on our capabilities in creating and delivering experiences, while managing costs and efficiency,” he adds.
Meanwhile, the group says that its exhibition and events business continue to grow, and the thematic attractions market remains buoyant with a strong pipeline of projects coming on-stream across the region.
Its retail and corporate interiors division has strong demand from global brands, and research and design division continues to fulfill enquiries for new experiences and engagement concepts,
The group says that the attractions industry is seeing a strong recovery in the US, Europe and North Asia, and a number of their intellectual property (IP) branded attractions, including the Nerf Action Xperience and Planet PlaySkool, will be opening in the US and/or China in 2024 and 2025.
Kingsmen overall sees good opportunities across all sectors of its business, but says that it will continue to adopt a prudent approach to managing operations ahead of uncertain market conditions.
As at Jan 31, Kingsmen has secured contracts of $171 million, of which $152 million is expected to be recognised in 2024.
The group is recommending a final dividend of 1 cent per ordinary share.
Shares in Kingsmen Creatives closed 0.5 cents higher or 1.85% up at 28 cents on Feb 22.
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