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AMTD Digital Recorded Solid Half Yearly Performance

AMTD Digital Inc. (“AMTD Digital” or the “Company”, NYSE: HKD), a NYSE-listed company and also a comprehensive digital solutions and global hospitality and VIP services platform headquartered in France, today announced its unaudited financial results for the six months ended October 31, 2023.

Highlights of Half Year Financial Results

  • During the six months ended October 31, 2023, despite the global economic slowdown and rising geopolitical uncertainties which led to volatile world markets, the Company demonstrated strong resilience and achieved solid financial performance.
  • We generated US$6.9 million in revenue from hotel operations, hospitality and VIP services after the injection of AMTD Assets Group into the Company.
  • Fair value gain on financial assets measured at fair value for the six months ended October 31, 2023 amounted to US$16.3 million.
  • We recorded other gains of US$14.3 million as a result of disposal of certain subsidiaries for the six months ended October 31, 2023.

Statements from the Board Members:

Dr. Timothy Tong, the Chairman of the board of directors and an independent director of AMTD Digital, commented, “Similar to the year before, the six-month period that ended on October 31, 2023 was filled with challenges. Although the COVID pandemic has officially ended, the global economy in the post-COVID period has yet to fully recover. Geopolitical tensions around the world continue to post serious uncertainties about investments in all sectors of the economy. I thank the management team and continue to be cautiously optimistic about the prospect for future performance growth of AMTD Digital.”

Ms. Joanne Shoveller, the Co-Chair of the board of directors and an independent director of AMTD Digital, commented, “The AMTD Digital strategy in diversifying assets and timing of strategic decisions has resulted in these strong interim results and a resilient, innovative and exciting foundation for future growth. The AMTD Digital board of directors expresses their appreciation to the leadership team for their hard work and impressive results.”

Financial Results for the Six Months Ended October 31, 2023 Revenue

Our revenue for the six months ended October 31, 2023 was US$8.7 million as compared to US$13.9 million for the six months ended October 31, 2022. Hotel operations, hospitality and VIP services income was US$6.9 million and has become a new revenue driver for us after the successful acquisition of AMTD Assets Group, the real estate arm of AMTD Group Inc., focusing on and specializing in hospitality and lifestyle concepts globally.

Employee benefits expenses

Staff costs for the six months ended October 31, 2023 decreased by 18.2% as compared to the same period in prior year to US$3.1 million. This was due to the tightened cost control in connection with the global economic slowdown and rising geopolitical uncertainties.

Premises and office expenses

Premises and office expenses for the six months ended October 31, 2023 increased by 208.5% as compared to the same period in prior year to US$1.5 million. This was due to the incremental costs attributable to the post-acquisition operations of AMTD Assets Group.

Depreciation and amortization

Depreciation and amortization for the six months ended October 31, 2023 increased by 407.6% as compared to the same period in prior year to US$2.1 million, primarily attributable to the hotel properties of AMTD Assets Group.

Finance costs

Finance costs for the six months ended October 31, 2023 increased by US$3.4 million as compared to the same period in prior year, primarily attributable to the incremental borrowings by the Company, and due to the consolidation of AMTD Assets Group which had outstanding bank loans to finance the underlying real estate properties.

Other expenses

Other expenses for the six months ended October 31, 2023 increased by 821.5% as compared to the same period in prior year to US$4.6 million, primarily attributable to (i) the addition of hotel operation expenses of US$2.8 million incurred by AMTD Assets Group, and (ii) the share of losses of joint ventures of US$1.4 million.

Change in fair value on financial assets measured at fair value through profit or loss (“FVTPL”)

Change in fair value on financial assets measured at FVTPL for the six months ended October 31, 2023 was US$16.3 million, primarily attributable to the realisation from gain of entertainment projects during the period.

Other Income

Other income increased by 85.3% as compared to the same period in prior year to US$9.0 million, primarily due to (i) an increase in bank interest income as the Company had generated additional interest income from deposits with banks, and (ii) an increase in the net average outstanding balance due from our ultimate holding company, which was interest bearing.

Income Tax Expense

Income tax expense for the six months ended October 31, 2023 increased by 15.1% as compared to the same period in prior year to US$2.0 million, primarily due to an increase in tax assessable income.

Profit For The Period

Profit for the six months ended October 31, 2023 increased to US$30.1 million.

About AMTD Digital Inc.

AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform headquartered in France. Its one-stop digital solutions platform operates four main business lines including digital solutions services, digital media, content and marketing services, digital investments as well as hospitality and VIP services. 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.

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 the beliefs, plans, and expectations of AMTD Digital Inc. are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD Digital Inc. with the SEC. All information provided in this press release is as of the date of this press release, and AMTD Digital Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

AMTD DIGITAL INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

FOR THE SIX MONTHS ENDED OCTOBER 31, 2022 AND 2023

 

 

Six months ended October 31,

 

2022

 

2023

 

US$’000

 

US$’000

 

(Unaudited)

 

(Unaudited)

Revenue from contracts with customers

13,918

 

 

8,677

 

Employee benefits expenses

(3,761

)

 

(3,075

)

Advertising and promotion expense

(318

)

 

(177

)

Premises and office expenses

(482

)

 

(1,487

)

Legal and professional fee

(1,199

)

 

(1,339

)

Depreciation and amortization

(421

)

 

(2,137

)

Finance costs

-

 

 

(3,404

)

Other expenses

(498

)

 

(4,589

)

Changes in fair value on financial assets measured at fair value through profit or loss (“FVTPL”)

351

 

 

16,287

 

Other income

4,852

 

 

8,992

 

Other gains and losses, net

(42

)

 

14,349

 

Profit before tax

12,400

 

 

32,097

 

Income tax expense

(1,731

)

 

(1,992

)

Profit for the period

10,669

 

 

30,105

 

Profit (loss) for the period attributable to:

 

 

 

- Owners of the Company

11,086

 

 

31,889

 

- Non-controlling interests

(417

)

 

(1,784

)

 

10,669

 

 

30,105

 

Earnings per share

 

 

 

- Basic (US$)

0.15

 

 

0.41

 

- Diluted (US$)

0.15

 

 

0.41

 

 

AMTD DIGITAL INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS AT APRIL 30, 2023 AND OCTOBER 31, 2023

 

 

As of April 30,

 

As of October 31,

 

2023

 

2023

 

US$’000

 

US$’000

 

(Audited)

 

(Unaudited)

ASSETS

 

 

 

Non-current assets:

 

 

 

Property, plant and equipment

238,600

 

 

175,112

 

Intangible assets

311

 

 

279

 

Financial assets at FVTPL

5,170

 

 

288

 

Interests in joint ventures

98,092

 

 

90,652

 

Total non-current assets

342,173

 

 

266,331

 

Current assets:

 

 

 

Accounts receivable

9,803

 

 

934

 

Prepayments, deposits and other receivables

7,678

 

 

35,827

 

Amount due from AMTD Group

126,444

 

 

195,278

 

Amount due from a non-controlling shareholder

539

 

 

-

 

Financial assets at FVTPL

9,243

 

 

5,723

 

Fiduciary bank balances

785

 

 

913

 

Cash and cash equivalents

152,930

 

 

134,843

 

 

307,422

 

 

373,518

 

Assets classified as held for sale

12,081

 

 

79,947

 

Total current assets

319,503

 

 

453,465

 

Total assets

661,676

 

 

719,796

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Current liabilities:

 

 

 

Clients’ monies held on trust

428

 

 

814

 

Accounts payable

493

 

 

69

 

Other payables and accruals

3,253

 

 

18,913

 

Bank borrowings

15,000

 

 

15,000

 

Amount due to a non-controlling shareholder

53,803

 

 

53,389

 

Contract liabilities

10,162

 

 

-

 

Income tax payable

4,571

 

 

2,638

 

 

87,710

 

 

90,823

 

Liabilities associated with assets classified as held for sale

1,030

 

 

17,912

 

Total current liabilities

88,740

 

 

108,735

 

Non-current liabilities:

 

 

 

Bank borrowings

50,803

 

 

50,565

 

Contract liabilities

1,031

 

 

-

 

Total non-current liabilities

51,834

 

 

50,565

 

Total liabilities

140,574

 

 

159,300

 

Capital and reserves:

 

 

 

Share capital

8

 

 

8

 

Treasury shares

(52,235

)

 

(52,235

)

Reserves

510,174

 

 

562,859

 

Equity attributable to owners of the Company

457,947

 

 

510,632

 

Non-controlling interests

63,155

 

 

49,864

 

Total equity

521,102

 

 

560,496

 

Total equity and liabilities

661,676

 

 

719,796

 

 

 

 

 

 

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