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Vietnamese President Relieved From Position, Acting President Steps in

Vietnamese President Relieved From Position, Acting President Steps in
Vietnamese President Vo Van Thuong (photo: AP)

The Communist Party of Vietnam’s 13th Central Committee announced the resignation of Vietnamese President Vo Van Thuong on 20 March after his alleged serious violation of party regulations and corruption allegations.

ETHxCAT Launches: A New Era of Blockchain Gaming for Cat Enthusiasts


HONG KONG SAR – Media OutReach Newswire – 22 March 2024 – Recently, ETHxCAT was launched, blending the excitement of gaming with the lucrative world of finance. It is built on Arbitrum chain, and it is an Ethscriptions empowered web3 game. Players are invited to explore this enchanting universe, where they can raise their own feline companions, embark on thrilling quests, and reap rewards in both TOKEN and NFT forms.

ETHxCAT Launches: A New Era of Blockchain Gaming for Cat Enthusiasts
ETHxCAT Launches: A New Era of Blockchain Gaming for Cat Enthusiasts

Designed to captivate cat lovers and blockchain enthusiasts alike, ETHxCAT stands out with its extensive selection of thousands of distinctively charming cats. Each with their own unique traits and abilities. Players can customize their cats with different outfits, accessories, and skills. Players can also breed their cats to create new and rare ones.

ETHxCAT unveiles the new game model that intertwines strategy, adventure, and competition. Players can join the MINT of the land plots, which are either centralized (controlled by game NPCs) or decentralized (tradable by users). They can use their cats to help other users with their land plots and earn tokens. Players can also form alliances with other users who have adjacent land plots and compete with other alliances for the most valuable TOKEN and NFT in the game.

ETHxCAT is a game that can play and earn. Players can get TOKEN and NFT by participating in various activities, such as planting crops, mining resources, trading with other players, and expanding territory. Players can also use their TOKEN and NFT to upgrade cats, land plots, and buildings.

To learn more, please visit: http://www.ethxcat.io
Hashtag: #ETHxCAT

The issuer is solely responsible for the content of this announcement.

About ETHxCAT

[ETHxCAT] is a pioneering force in the blockchain space, dedicated to creating innovative experiences for cat lovers worldwide. Join in on this magical journey, where players can play, earn, and celebrate the purr-fect blend of technology and cuteness.

Follow us on Twitter, Youtube, and Telegram for real-time updates.

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CR Construction Announces Annual Results, Gross profit increased by nearly 20% YoY

Proposed a final dividend of HK1.8 cents per share


Highlights:

  • Revenue generated from environmental operations increased by 49.8% to approximately HK$213.9 million.
  • Gross profit increased by 19.3% to approximately HK$306.0 million.
  • Basic earnings per share was HK14.38 cents. The Board recommended the payment of final dividend of HK1.8 cents per share.


Financial Highlights:

For the year ended 31 Dec 2023
HK$’000 2023 2022

(Restated)

Change
Revenue 5,445,560 6,409,429 -15.0%
  • Building Construction Works
  • Repair, Maintenance, Alteration and Addition (“RMAA”)
  • Environmental Operations
4,703,000

528,681

213,879

4,995,343

1,271,246

142,840

-5.9%

-58.4%

+49.8%

Gross profit 305,991 256,498 +19.3%
Gross profit margin 5.6% 4.0% +1.6 ppts.
Net profit 72,225 72,940 -1.0%
Earnings per share (HK cents) 14.38 14.42 -0.3%

HONG KONG SAR – Media OutReach Newswire – 22 March 2024 – CR Construction Group Holdings Limited (“CR Construction” or the “Company”, together with its subsidiaries, the “Group”; stock code: 1582.HK), a building contractor in Hong Kong, announced its annual results for the year ended 31 December 2023 (the “Financial Year under Review”).

During the Financial Year under Review, the revenue recorded by the Group amounted to approximately HK$5,445.6 million representing a decrease of approximately 15.0% as compared to approximately HK$6,409.4 million for the year ended 31 December 2022 (the “Corresponding Period Last Year”).

Net profit of the Group during the Financial Year under Review was approximately HK$72.2 million, representing a decrease of 1.0% as compared to the Corresponding Period Last Year. During the Financial Year under Review, gross profit of the Group was approximately HK$306.0 million, representing an increase of approximately 19.3% as compared to approximately HK$256.5 million for the Corresponding Period Last Year. The Group’s gross profit margin was approximately 5.6% and 4.0% for the year ended 31 December 2023 and 2022, respectively.

During the Financial Year under Review, earnings per share of the Group was approximately HK14.38 cents (for the year ended 31 December 2022: HK14.42 cents). The Board recommended the payment of final dividend of HK1.8 cents per share.

BUSINESS REVIEW

Construction Operations

Building Construction Works
For the year ended 31 December 2023, the revenue generated from the building construction works was HK$4,703.0 million, representing a decrease of approximately 5.9% as compared to approximately HK$4,995.3 million for the year ended 31 December 2022.

During the Financial Year under Review, the gross profit of building construction works was approximately HK$204.4 million, representing an increase of approximately 38.9% as compared to approximately HK$147.2 million for the Corresponding Period Last Year. The gross profit margin increased to approximately 4.3% for the year ended 31 December 2023.

Repair, Maintenance, Alteration and Addition (“RMAA”)
The revenue generated from the RMAA works decreased by approximately 58.4% from approximately HK$1,271.3 million for the year ended 31 December 2022 to approximately HK$528.7 million for the year ended 31 December 2023. The decrease was mainly attributable to existing projects were closed to completion during the Financial Year under Review.

During the Financial Year under Review, the gross profit of RMAA works was approximately HK$61.7 million, representing a decrease of approximately HK$11.7 million from the gross profit of approximately HK$73.4 million for the year ended 31 December 2022. The gross profit margin increased to approximately 11.7% for the year ended 31 December 2023. The decrease in the gross profit and increase in gross profit margin was mainly due to decrease in revenue from RMAA works projects with higher gross profit margin during the Financial Year under Review.

Environmental Operations
For the year ended 31 December 2023, the revenue generated from the environmental operations was approximately HK$213.9 million, representing an increase of approximately 49.8% as compared to approximately HK$142.8 million for the year ended 31 December 2022. The increase was mainly attributable to increase in revenue from new and existing projects from construction and rehabilitation services during the Financial Year under Review.

During the Financial Year under Review, the respective gross profit was approximately HK$39.9 million, representing an increase of approximately HK$4.0 million as compared to approximately HK$35.9 million for the year ended 31 December 2022. The gross profit margin decreased to approximately 18.7% for the year ended 31 December 2023. The increase in the gross profit and decrease in gross profit margin for the year ended 31 December 2023 was mainly due to increase in revenue from construction and rehabilitation services which contributed lower gross profit margin during the Financial Year under Review.

CONTRACT COSTS
The Group’s contract costs primarily consisted of subcontracting costs, material costs, direct staff costs, site overheads and provision for rectification works and claims. For the year ended 31 December 2023, the contract costs recorded by the Group were approximately HK$5,139.6 million, representing a decrease of 16.5% compared to approximately HK$6,152.9 million for the year ended 31 December 2022.

PROSPECTS
Subsequent to 31 December 2023, the Group has been further awarded 4 new projects relating to 3 building construction contracts with original contract sum of approximately HK$96.4 million and 1 RMAA contract with original contract sum of approximately HK$599.0 million.

The Group has also placed significant emphasis on technological innovation to enhance its core competitiveness in the construction industry. The total expenditure for the research and development was approximately HK$17.5 million. Our self-developed “CR Smart Site Safety System” (tentative name) has integrated various systems, including environmental sensors, Enertainers, gate monitoring systems, Building Information Modeling (BIM), artificial intelligence-based safety monitoring systems and IoT system. Managerial staffs can comprehensively and in real-time monitor the construction site through a mobile and web portal, ensuring the safety of construction activities. At the same time, the Group implements smart helmets in certain construction sites, which can detect the heart rate, blood pressure, and body temperature of site workers, as well as provide real-time location tracking. These smart helmets also incorporate Radio Frequency Identification (RFID) tags for correspondence with the heavy machines equipped with RFID sensors on the site. If any workers enter unauthorized restricted areas, the alarm system will be triggered, ensuring safety for workers.

As construction digitalization continues to accelerate, the Group is keeping pace with the industry by adopting more digital tools to enhance management and construction safety, aligning with the government’s development of Smart site.

In addition, ZCIEE collaborates with various universities for technological research. This includes conducting research and development of the technology for rural wastewater treatment with Zhejiang University of Technology, as well as conducting research on Fly Ash melting technology in partnership with Zhejiang Gongshang University. These research outcomes contribute to enhancing the technological level of the environmental industry.

The outlook for 2024 should remain stable. The government has recently announced in the Hong Kong Budget 2024-2025 that they have cancelled all demand-side management measures for residential properties, namely the Special Stamp Duty (SSD), Buyer’s Stamp Duty (BSD), and New Residential Stamp Duty (NRSD). Additionally, with ongoing projects in new development areas like the Northern Metropolis, they are anticipated to have a positive impact on the Group’s business. However, the Group will still face challenges such as talent shortages in the construction industry. To address these challenges, the Group will enhance the utilization of the Labour Importation Scheme and Top Talent Pass Scheme for the Construction Sector, continuing to dedicate efforts to seek out new and potential construction opportunities for profitable growth. Additionally, leveraging the industry experience and expertise, the Group is keen to explore suitable business opportunities in the construction sector both locally and overseas.

Hashtag: #CRConstruction

The issuer is solely responsible for the content of this announcement.

CR Construction Group Holdings Limited

CR Construction Group Holdings Limited, which is carrying out construction business for over 55 years locally, is one of the leading building contractors in Hong Kong. The Group principally act as a main contractor in building construction works and RMAA works projects across public and private sectors in Hong Kong. As a main contractor, the Group is responsible for (i) overall management of the projects; (ii) formulating work programmes; (iii) engaging subcontractors and supervising their works; (iv) sourcing construction materials; (v) communication and coordination with the customers and their consultant teams; and (vi) safeguarding compliance with safety, environmental and other contractual requirements.

SIBUR undergoing business transformation to focus on Russian market


MOSCOW, RUSSIA – Media OutReach Newswire – 22 March 2024 – In order to further develop industries that consume polypropylene, polyethylene and synthetic rubbers, SIBUR plans to transform its business management model starting in April 2024, transitioning from a structure focused on product divisions to an industry-based model. To replace its Basic Polymers, Plastics and Organic Synthesis, and Synthetic Rubbers divisions, the company is going to create the following industry-based divisions instead:

  • Agribusiness
  • Recycling
  • Flexible Packaging
  • Rigid Packaging
  • Engineering and Transport Infrastructure
  • Healthcare
  • Oil and Gas Processing and Production
  • Consumer Goods
  • Construction
  • Transport
  • E-commerce and Partnerships

SIBUR’s primary goal is to satisfy demand from Russian customers that are meeting the needs of socially important industries. The company has been consistently building up its capacities since 2014, more than doubling its production of core products in that time. Thanks to an intense R&D effort to develop its product line, SIBUR has been bringing innovative products to market every year to replace alternative solutions that are less eco-friendly and less energy-efficient, as well as to replace imports and to expand niches for the use of tried-and-tested products. These initiatives have enabled the company to facilitate growth in local production in various industries. In 2023 alone, SIBUR launched 27 new grades of petrochemical products with potential for sales of 111 thousand tonnes per year. Over the past 10 years, the consumption of polypropylene and polyethylene has increased by 35%. Thanks to SIBUR’s efforts to boost demand for polymers and its customer support programmes, imports of polymers as well as finished products made from polymers have been consistently declining. Imports of polymers into the Russian Federation have decreased by more than 30% since 2014.

The gradual ramp-up to design capacity at the Amur Gas Chemical Complex and a new polypropylene production facility in Tobolsk (DGP-2), which is expected to begin operating in the next few years, will help further increase polymer consumption in Russia and facilitate the development of import substitution programmes for finished products made from the latest synthetic materials.

SIBUR’s vision is to support the comprehensive development of every petrochemical-consuming industry, to meet growing demand and to promote the use of high-tech materials.

Russia has excellent potential when it comes to developing the use of polymer products. For example, polymers are used in 37% of packaging in the Russian Federation, while this figure reaches 50% on average in other countries. The use of polymer solutions in the housing and utilities sector in the Russian Federation is no higher than 40%; this figure is 85% in Europe. At the same time, per capita consumption of polymers in developed countries, such as Turkey (52 kg per capita), is ahead of consumption in the Russian Federation (30 kg per capita).

The transition to an industry-based model will expand opportunities for Russian manufacturers to sell their products by encouraging the use of domestic solutions, finding new niches for their use and.

Over the past 10 years, SIBUR has carried out an array of projects aimed at developing a customer-oriented business model. It has a well-developed network of R&D centres that enable it to quickly find solutions in response to customer requests for support in launching new products and formulas. SIBUR’s new model will enable its customers to work alongside the company to test ideas and hypotheses for the development of product lines and applications.

Hashtag: #SIBUR

The issuer is solely responsible for the content of this announcement.

Subsidiary of Singapore-owned Powerplus Group awarded licence to explore and mine copper, gold and manganese in Papua New Guinea


SINGAPORE – Media OutReach Newswire – 22 March 2024 – In late 2023, one of Powerplus Group Pte Ltd’s (“Powerplus Group”) subsidiaries, Niugini Resources and Investments Pte Ltd (“NRI”), a Singapore-based mineral exploration and development company, secured a concession as large as the country it is headquartered in for copper, gold and manganese.

Powerplus Excavators are robust equipment used for mining operations globally.
Powerplus Excavators are robust equipment used for mining operations globally.

The size of the concession which NRI was awarded with on 31 October 2023, by the grant of Minister, spans a land area of 202 sub-blocks which translates to approximately 700 square kilometers. This award is a culmination of a Warden’s Hearing conducted on 30 August 2022 and an intensive deliberation by the Mining Advisory Council from the Mineral Resources Authority of Papua New Guinea. Substantial anomalies of copper, gold and manganese deposits have been observed in its initial phase of investigations and further feasibility studies are underway. Based on the workplan, NRI is scheduled to commence full scale operations by the end of 2024.

Comparison between the total land area of Singapore vs total land area of NRI’s mining concession.
Comparison between the total land area of Singapore vs total land area of NRI’s mining concession.

NRI’s parent company, Powerplus Group, is a leading global manufacturer of heavy construction and mining equipment, with a history dating back to more than half a century ago. Powerplus Group offers a wide spectrum of products with its core product range revolving around earthmoving and transportation equipment, which is essential for any mining operation.

With the industry knowledge and technical expertise amassed over the decades from supplying equipment to established mining operations in Australia, Chile, Georgia, Ghana, Indonesia, South Africa and Tanzania, to the likes of Georgian Manganese Holding, Newmont Corporation, Vale S.A., PT Bukit Asam Tbk, etc, just to name a few, this venture is considered to be a natural extension of Powerplus Group’s business as equipment supply will definitely not be an issue.

A fleet of Powerplus Excavators, Bulldozers & Articulated Dump Trucks which are used for general mining applications.
A fleet of Powerplus Excavators, Bulldozers & Articulated Dump Trucks which are used for general mining applications.

NRI has since brought onboard a team of specialists from Australia, Indonesia and Papua New Guinea to perform in-depth studies of the mineral reserves of this mine, located in Rigo District, which is about an hour’s drive of the nation’s capital, Port Moresby. By applying modern mineral systems concepts with advanced desktop analytical techniques coupled with its prowess in heavy equipment, NRI intends to secure several further licences surrounding its current concession for further field work.

NRI’s chief geologist, Mr Chris Wamugl, has recently reported that the findings of mineral composition have proven to be highly exceptional and the resources discovered are not limited to just copper, gold and manganese. Other minerals such as silver, cobalt and even nickel were also sighted and samples have already been sent for laboratory testing to determine their respective grades.

Powerplus Group remains committed and reassures the communities affected by this mining project that it will strictly adhere to safe and responsible operating procedures so as to minimize the impact to the environment and improve the standard of living of the people.

Warden’s Hearing conducted at Kwikila Station by Mineral Resources Authority on 30 August 2022. Left: Photo of Mr Marcus Ong, CEO of Powerplus Group, with PNG Mineral Resources Authority Officer. Right: Photo of local communities surrounding EL2744 who will benefit from the new jobs created and economic growth
Warden’s Hearing conducted at Kwikila Station by Mineral Resources Authority on 30 August 2022. Left: Photo of Mr Marcus Ong, CEO of Powerplus Group, with PNG Mineral Resources Authority Officer. Right: Photo of local communities surrounding EL2744 who will benefit from the new jobs created and economic growth

“We are fully committed to operating in a safe and responsible manner to uphold the quality of living standards for the communities and to ensure the long-term sustainability of this project.” As emphasised by Mr Marcus Ong, CEO of Powerplus Group regarding the plans on the mining and exploration licence awarded.

Due to the large scale of this project, Powerplus Group welcomes interested parties to enter into joint ventures with its subsidiary NRI to hasten the development of this mine. For more information, visit Powerplus Group’s page at www.powerplus.us/png2024 or write in to inquiry@powerplus.us.

Hashtag: #mining #construction #heavymachinery #mineral #exploration







The issuer is solely responsible for the content of this announcement.

Powerplus Group Pte Ltd

Powerplus Group Inc., USA, a leading global manufacturer of a comprehensive range of construction and mining equipment, is part of Worldwide Techno-Equipment Group (1973) Pte Ltd. Established more than 50 years ago, Powerplus Group has evolved into a world-renowned organization that offers machinery unparalleled in price, quality and performance.

Powerplus machinery are manufactured with enhanced capacities to exceed even the most stringent international standards of quality and safety. With the aim of producing machinery that is able to withstand even the most extreme climatic conditions and rugged terrains, Powerplus Research & Development team which has its Headquarters in the United States, has been the backbone behind all its innovative engineering solutions.

Optimizing the best of technology from the United States, Europe and Japan, Powerplus machinery is configured to its ideal technical capabilities. A multinational team of engineers analyzes the data collected from our network of distributors worldwide and are on the constant lookout for ways to maximize the life-span of Powerplus machinery.

Today the Company’s clientele spans over 100 countries across 6 continents.

Gaudí’s legacy shines at NFT Korea Festival

Gaudí World Foundation affirms its presence at the NFT Korea Festival, marking a significant milestone for the Foundation and highlighting its extensive commitment to sharing Gaudí’s expertise


SEOUL, SOUTH KOREA – Media OutReach Newswire – 22 March 2024 – Gaudí World Foundation, renowned for its dedication to preserving the artistic legacy of Antoni Gaudí, eagerly anticipates its participation in the highly anticipated NFT Korea Festival 2024, commencing tomorrow in Seoul. As Asia’s leading event for NFTs, this festival, themed “Diversity: Manifold,” promises to captivate audiences with a diverse array of digital artworks and immersive experiences.

Gaudí's legacy shines at NFT Korea Festival

This occasion holds profound significance for the Foundation, representing the culmination of its recent transition from an Association to a Foundation, a strategic move reflecting years of international knowledge dissemination and legacy expansion. The NFT Korea Festival heralds a new chapter for the Foundation, underscoring its pivotal role in promoting Gaudí’s rich heritage amidst a backdrop of technological innovation and artistic exploration.

Teaming up with Moon Labs, a respected authority in blockchain technology, the Gaudí World Foundation pledges festival attendees an unparalleled journey into Gaudí’s visionary world. Through interactive showcases and engaging exhibits, visitors will gain unique insights into Gaudí’s creative process, witnessing the seamless fusion of art and technology. “We’re excited to present Gaudí’s masterpieces on a global stage,” remarks Carlos Canals, the Foundation’s esteemed president.

Among the Foundation’s esteemed projects is JoyBo, an innovative initiative paying homage to Gaudí’s architectural genius through meticulously crafted limited edition figures. Under the creative direction of Ivan Casabó, JoyBo captures the essence of Gaudí’s aesthetic, attracting widespread acclaim and demand. Moreover, the Gaudí World Foundation is set to host the highly anticipated Gaudí Mosaic Workshop at the festival, providing participants with a rare opportunity to delve into the intricacies of mosaic art and its digital reinterpretation.

Since its inception last year, Depthowl has emerged as a key ally, fueling the Gaudí World Foundation’s growth trajectory with its expertise in project incubation and strategic consulting. With a focus on family law, tax consultancy, and business development, Depthowl has played an instrumental role in advancing the Foundation’s mission. The NFT Korea Festival serves as a fitting platform to celebrate this fruitful partnership and showcase the collective achievements of both entities.

For the latest updates on the Gaudí World Foundation’s initiatives and collaborations, connect us on social media or visit our official website.
Hashtag: #GaudíWorldFoundation

The issuer is solely responsible for the content of this announcement.

2024 Taipei 101 Run Up Sign-up to Start


TAIPEI, TAIWAN – Media OutReach Newswire – 21 March 2024 – A ceremony to mark the start of sign-up for the 2024 TAIPEI 101 Run Up Towerrunning World Championships was held on March 14, 2024. This event officially announced the holding of this international vertical marathon race yet again this year; online registration began at 12 noon on March 15, and the race will be held on May 4.

Sign-up launch ceremony (from left): Runner Chao Jui-chuan, Taipei 101 President Lillian Chu, Minister Without Portfolio Chang Jing-sen, Taipei 101 Chairman Chang Hsueh-shun, Investment Media Chairman Hsieh Chin-ho, CTCB SVP Lin Hui-chun
Sign-up launch ceremony (from left): Runner Chao Jui-chuan, Taipei 101 President Lillian Chu, Minister Without Portfolio Chang Jing-sen, Taipei 101 Chairman Chang Hsueh-shun, Investment Media Chairman Hsieh Chin-ho, CTCB SVP Lin Hui-chun

Ranking among the world’s most difficult vertical marathons, the TAIPEI 101 Run Up is famous worldwide for its formidable 91 floors, 2,046 steps, and a vertical distance of 390m. The theme of this year’s race is “We are the Champions,” and runners are encouraged to challenge themselves and seek to excel. The race will be an extremely tough challenge to all, but everyone who completes it will be a champion.

The TAIPEI 101 Run Up will partner with title sponsor CTBC for the sixth time this year, and CTBC will be providing awards to competitors in the Self-Challenge Section. In addition, holders of CTBC credit cards and debit cards will receive a 10% discount on the entry fee when signing up, and CTBC will contribute 5% of registration fees to social welfare causes via the CTBC Charity Foundation. Last year’s partner Nan Ya Plastics Corp. will also be on board this year, and will make this year’s race a green event by providing environmentally friendly recycled functional jerseys to runners.

There will be a maximum of 5,000 participants at this year’s race, and they will be divided into TWA Elite, General Elite, Self-Challenge, and Team categories. Among these categories, TWA Elite participants must first complete running from the 1st floor to the 91st floor before proceeding to the second round of running from the 1st floor to the 59th floor. This will greatly increase the race’s difficulty, and top runners from all around the world are cordially invited to sign up. Participating athletes will enjoy a 20% discount on tickets to the observatory at the top of the TAIPEI 101 building, and a discount code will be provided upon registering (limited to one-time use and to be used before June 30, 2024). The discount code may be used to purchase tickets via the TAIPEI 101’s website (limited to one-time purchase before June 30, 2024 and use for a maximum of 4 foreign and domestic full tickets). We look forward to runners challenging themselves, and also bringing their families and friends up to the TAIPEI 101 observatory to enjoy the wonderful view.Hashtag: #TaipeiWorldFinancialCenter

The issuer is solely responsible for the content of this announcement.

Stella Well Ahead of Schedule in Meeting Growth and Margin Expansion Targets in 2023

Well-Positioned to Capture Opportunities with Strong Net Cash Position

Highlights:

  • Well ahead of schedule in meeting operating margin and profit after tax CAGR target levels set out under our Three-Year Plan (2023 – 2025)
  • Average selling price (“ASP) increased by 4.2%
  • Further enhancement of customer portfolio, led by Luxury and high-end Fashion categories
  • Rationalisation of the Group’s retail operation in Mainland China and exited all other physical points-of-sales worldwide
  • Gross profit margin expanded by 3.0 percentage points to 24.6%
  • Operating profit US$159.4m saw an increase of 18.2% year-on-year
  • Operating profit margin increased to 10.7% from 8.3% last year
  • Adjusted net profit increased by 23.5% to US$147.6 million
  • Strong net cash position of US$287.4 million (2022: US$206.1 million). About US$140.0 million is earmarked for delayed capacity expansion in Bangladesh and Indonesia
  • Declared final dividend of HK61 cents per share, representing a full-year dividend of HK103 cents per share (70% payout ratio based on adjusted net profit)

HONG KONG SAR – Media OutReach Newswire – 21 March 2024 – Stella International Holdings Limited (“Stella” or the “Group”; SEHK: 1836), a leading developer, manufacturer and retailer of quality footwear and leather goods products, today announced its annual results for the year ended 31 December 2023.

In 2023, we were well ahead of schedule in reaching the growth targets set out under our Three-Year Plan (2023-2025), namely achieving an operating margin of 10% and a low-teens annualised growth rate on profit after tax by the end of 2025.

ASP and Margin Expansion driven by Much-Enhanced Customer and Product Mix

A much-enhanced customer and product mix, driven by customers in our Luxury and high-end Fashion categories introducing new premium products, offset the impact of destocking by some Sports customers and contributed to the 300 basic point increase in our gross profit margin. Our average selling price (“ASP”) increased, even as revenue and volume declined as expected. At the same time, our relentless focus on improving our operational efficiency, while maintaining tight cost controls, steadily enhanced our operating margin which expanded to 10.7% compared to 8.3% in 2022.

Due to the factors outlined above, the Group recorded a net profit of US$140.3 million. Excluding a net fair value change from its investment in Lanvin Group, the Group recorded an adjusted net profit of US$147.6 million (2022: US$119.5 million). Our adjusted net profit margin was 9.9% (2022: 7.3%).

Maintained Normal Payout Ratio of about 70%

After considering the Group’s free cash flow situation, the Board has resolved to declare a final dividend of HK61 cents per ordinary share, representing a full-year dividend of HK103 cents per ordinary share for the year ended 31 December 2023, and maintaining our normal payout ratio of about 70% set against our adjusted net profit.

Outlook: Optimistic about Continued Margin Expansion with Further Enhancement of Customer and Product Mix and Improving Production Efficiency under the Three-Year Plan

We expect to maintain our strong gross profit margin and operating margin levels in 2024 and to continue meeting the targets set out in the Three-Year Plan.

We expect our non-Sports manufacturing facilities to continue operating at close to full utilisation as we further enhance our product category mix as part of our Three-Year Plan. As such, we plan to transition more production from our factories in Vietnam to the factory we are ramping up in Solo, Indonesia, including the production of some Fashion products, as workers’ skills improve. We also expect our Sports order book to improve in 2024.

Push Forward Capacity Expansion in Indonesia and Bangladesh

As we become more confident about our outlook, we plan to push forward our long-term capacity expansion projects. This includes the start of building a new manufacturing facility in Indonesia for our major Sports customer, and further progressing the buildout of an additional production facility in Bangladesh that we are already undertaking.

Mr. Chi Lo-Jen, Chief Executive Officer of the Group said, “We are optimistic about continued margin expansion as we enhance our customer and product mix, increase our production efficiency, and further strengthen our operational management through digitalisation and other measures under our Three-Year Plan. Even with the global retail environment remaining subdued, we remain firmly on the path to delivering improved profit and strong performance.”

Mr. Lawrence Chen, Chairman of the Group, said, “We will continue to cultivate our relationships with new customers in the Luxury and high-end Fashion categories, which are seeking to expand or add premium lifestyle and athleisure footwear into their collections, to enhance our product mix and provide increasing returns for our shareholders.”
Hashtag: #Stella

The issuer is solely responsible for the content of this announcement.

About Stella International Holdings Limited

Stella International (SEHK: 1836) is a leading developer and manufacturer of quality footwear and leather goods. A trusted partner to many of the world’s most sought-after brands, it offers a unique proposition of unparalleled craftsmanship, production flexibility, and strong speed-to-market and commercialization capability, supported by a broad, diverse and proven manufacturing base across China and Southeast Asia.

Stella International was listed on the Hong Kong Stock Exchange in 2007 and is a constituent of the MSCI Hong Kong Small Cap Index.