Asia Pioneer Entertainment returns to profit in FY24
Electronic gaming product distributor Asia Pioneer Entertainment (APE) posted a profit of HK$3.76 million ($483,300), returning to profitability after experiencing loss of HK$1.9 million in 2023. This financial success can be attributed to a significant 70.9 percent increase in its revenue, which soared to approximately HK$50.75 million.
The revenue and profit growth were driven primarily by the growth in the company’s electronic gaming equipment (EGE) business. This reflects the strong demand for APE’s products, particularly from casinos in Macau, according to the filing on Hong Kong Stock Exchange (HKEX).
Driven by EGE business
The EGE business accounted for approximately HK$48.5 million of APE’s total revenue in 2024, marking a 77.3 percent increase year-on-year. A significant contributor to APE’s revenue growth was its technical sales and distribution business. This segment saw a remarkable increase in revenue, rising by 178 percent year-on-year to HK$38.97 million. While APE’s overall financial performance was strong, its consultancy and technical services segment experienced a decline in revenue. The segment generated HK$8.77 million in 2024, a decrease of approximately 25.6 percent compared to the previous year.
Looking at geographical market performance, the majority of the company’s EGE revenue came from Macau, generating HK$43.26 million in 2024. This marked an increase from the HK$26.31 million registered in 2023. On the other hand, Malaysia emerged as the second-highest performing market, contributing HK$6.93 million in revenue.
Resurging growth to continue in 2025: Chairman
APEC chairman Allen Tat Yan Huie said, “We expect this resurging growth to continue in 2025 and beyond as casinos continue to strengthen their financial positions […] Strategically, the Group continues to seek opportunities to grow our overall business. We believe the gaming industry as a whole has ample room for growth. We believe the Group can leverage off its Macau SAR background and gaming industry experience to expand its business for our Shareholders.” The chairman also noted there might be new casino opportunities in Abu Dhabi and Thailand in the future.
In the first half of 2024, APE had reported a surge in revenue. The company’s revenue rose by 159.6 percent year-on-year, reaching HKD19.9 million compared to HKD7.7 million in the same period the previous year. APE had then maintained that it remained confident about achieving full-year profitability in 2024. The company noted that macroeconomic trends in the Macau casino industry are positive and expected to drive demand for APE’s products.
In October last year, APE welcomed Maria Garcia to its Board of Directors. This appointment, effective 30 September 2024, marked a milestone for the company, as Garcia becomes the first female director since APE‘s listing on the Hong Kong Stock Exchange in 2017.
