APE returns to profit
Asia Pioneer Entertainment has reported a net profit of HK$3.8m.
Macau.- The gaming technology supplier Asia Pioneer Entertainment Holdings (APE) has shared its financial results for the year 2024. It reported a net profit of HK$3.76m (US$483,300), compared to a loss of HK$1.9m (US$244,000) in 2023.
The company attributed the profit to a 70.9 per cent year-on-year increase in revenue to HK$50.75m (US$6.52m). The majority of the group’s revenues and profits were derived from its electronic gaming equipment (EGE) business, driven by casino orders mainly from Macau.
Revenue from the EGE business was HK$48.5m (US$6.23m), an increase of 77.3 per cent in year-on-year terms. Revenue from the technical sales and distribution of EGE amounted to HK$38.97m (US$5m), up 178 per cent. The group also derived revenue of HK$8.77m (US$1.13m) from its consultancy and technical services segment, a decrease of 25.6 per cent year-on-year.
Allen Tat Yan Huie, APE’s chairman and executive director, said: “We expect this resurging growth to continue in 2025 and beyond as casinos continue to strengthen their financial positions. In our core EGE business, we expect customers to continue to order new EGE machines from the group as our machines have proven to be both attractive and reliable. On the EGE development front, we are working with suppliers to introduce new machines and products to meet the growing demands of the mass gaming market. Some of these developments will involve new technologies that are affecting the gaming industry. The group is committed to new technologies and developments in the gaming industry.
“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. In this regard, in year-end 2024, we made a minor 3.57 per cent share capital investment in a new manufacturing and technology company in Macau SAR. This new company is expecting to produce products suitable for the gaming industry. If successful, the group has the potential option to increase its share capital of this new company up to 50 per cent. We hope to talk more about this new venture as it develops in the coming year.
“Overall, we look forward to 2025 and beyond with optimism. We see steady gross gaming revenue growth for the Macau SAR. We hear of new casino opportunities in Abu Dhabi and Thailand in the future. We see new technologies and developments in the gaming industry overall. We believe the group is well-positioned for these developments and growth.”
