New industry events span key sectors including aviation, education and architecture, medical sciences, I&T and financial services
HONG KONG SAR – Media OutReach Newswire – 2 August 2024 – The Hong Kong Tourism Board (HKTB) reports a strong rebound for Meetings, incentives, conventions and exhibitions (MICE) tourism in the first half of 2024.
Hong Kong received about 21 million visitors between January and June this year, about half of them stayed overnight. Among overnight visitors, MICE arrivals accounted for 700,000 visitors, which has recovered to about 80% of the level recorded in the same period of 2018, making MICE the fastest recovering visitor segment in Hong Kong.
The MICE sector serves to attract high-yield visitors to the city on top of enhancing Hong Kong’s international image as the world’s meeting place. Each overnight MICE visitor spent an average of HK$8,000 in town, which was about 20–30% higher than the average per-capita spending of all inbound travellers.
In 2023, MICE visitors were longer stayers, staying 3.7 nights on average, compared to the average of 3.2 nights for all overnight visitors. MICE tourism helped attract more international tourists too, evident by the fact that half of the overnight MICE visitors came from international markets, compared to 25% of all overnight visitors.
Over 60 world congresses, region’s first trade shows and mega meetings, bringing in more than 180,000 inbound visitors
The impetus to grow the MICE sector is sustained. The HKTB has facilitated public and private sector bids for regional and international events, and helped secure over 60 large-scale international MICE events for Hong Kong slated for between 2024 and 2026, many of these are first time events for Hong Kong. The line-up of events is expected to attract more than 180,000 Mainland and international visitors.
The events span a wide range of themes and industries. On top of sectors where Hong Kong boasts unique strengths, such as innovation and technology (I&T), medical sciences and financial services, new themes of other sectors such as aviation, architecture, education are also trending among the latest event wins.
Notable wins include the triumphant return of ACM SIGGRAPH Asia 2025 after the last conference held in Hong Kong back in year 2013; and a number of the region’s first conventions and exhibitions across different sectors, including SmartCon 2024 and Consensus Hong Kong 2025 of the I&T sector; and Super Terminal Expo 2024, Routes World 2025 and Airspace Asia Pacific 2025 & 2027 of the aviation sector. Prominent first-ever world congresses to be held in Hong Kong for the first time include World Cancer Congress 2026 and International Federation of Landscape Architects World Congress 2026.
These significant event wins not only solidify Hong Kong’s status as the world’s meeting place but also strengthen the city’s leading status across these industry sectors.
Five strategies to step up promotion of MICE tourism
To maintain the growth momentum, the HKTB will continue to:
Make every effort to secure and bid for major international MICE events to be held in Hong Kong;
offer various funding schemes to support events of different scale and types, benefitting the trade, travel agents, hotels and more;
continue the proven targeted multi-pronged approach to boost MICE tourism growth through tailored programmes including the “Hong Kong Incentive Playbook” and the “Hong Kong Convention Ambassadors” programme;
enhance tourist’ in-town experiences by arranging value added activities, from sightseeing tours to complimentary tickets to museums etc.., to showcase Hong Kong’s tourism appeal on top of business fundamentals;
play up Hong Kong’s unique advantages, especially as a “super-connector” for connecting international businesses with Mainland markets, in bids and publicity and promotions, highlighting the city’s hardware advantages such as world-class venue facilities, and well-connected transport infrastructure.
List of Conventions & Exhibitions Secured
Theme/ Sector
Date
Events (* first-ever in Hong Kong)
Highlights
Innovation & Technology
Oct 2024
* SmartCon 2024
Flagship tech event in blockchain field
Feb 2025
* Consensus Hong Kong 2025
World’s most influential cryptocurrency and Web3 event with the longest history
Mar 2025
* IEEE Electron Devices Technology & Manufacturing Conference 2025
Conference in the field of electronic device technology and manufacturing, held by world’s largest electronics technology and electrical engineering organisation
Dec 2025
ACM SIGGRAPH Asia 2025
World’s largest annual conference for computer professional organisations
Aviation
Nov 2024
* Super Terminal Expo 2024
First edition in Asia of this flagship event gathering the world’s aviation, air transport, transportation and logistics sectors
Sep 2025
* Routes World 2025
Significant international aviation trade event
Dec 2025 & 2027
* Airspace Asia Pacific 2025 & 2027
First edition in Asia for this exhibition on airspace management
Medical sciences
Nov 2024
* Asian Pacific Society of Respirology (APSR) Congress 2024
The largest scale and most influential congress on respirology in APAC region
Jun 2025
* International Society for Stem Cell Research (ISSCR) 2025 Annual Meeting
World’s largest meeting in stem cell research and regenerative medicine across disciplines
Sep 2026
* World Cancer Congress 2026
World’s largest anti-cancer conference
Finance and Insurance
Sep 2024
East Asian Insurance Congress
A significant meeting of insurance industry in East Asia
Oct 2024
GAMA LAMP Asia
Annual flagship event of the financial and insurance industry
2026
Worldwide Chinese Life Insurance Congress & International Dragon Award
The highly anticipated annual conference of the global Chinese insurance industry
Education
2026
Asia-Pacific Association for International Education Conference & Exhibition 2026
World-class exchange and convention for higher education institutions across the APAC region
Architecture
2026
* International Federation of Landscape Architects World Congress 2026
The teachers and the four students at the Lap in the Department of Forest Economics and Wood Technology, National University of Laos (NOUL)
In an effort to reduce plastic and foam usage, first-year students from the National University of Laos (NOUL) have created eco-friendly plates made from banana and teak leaves. The initiative, guided by professors of the Department of Forest Economics and Wood Technology aims to promote environmental conservation, particularly within Laos’ tourism sector.
Located near Kyoto Station in the heart of Japan’s ancient former capital, Dusit’s first luxury hotel in the country has been officially recognised for offering ‘A very special stay.’
BANGKOK, THAILAND – Media OutReach Newswire – 2 August 2024 – Dusit Thani Kyoto, a luxury urban oasis operated by Dusit International, one of Thailand’s leading hotel and property development companies, has been named among the first hotels in the world to receive a coveted Michelin Key from the Michelin Guide 2024.
Dusit Thani Kyoto is the first Thai-branded hotel in Japan to receive a Michelin Key.
Similar to the Michelin Star system for exceptional culinary experiences, the Michelin Key acknowledges hotels that deliver outstanding stays with One, Two, and Three Key distinctions. Introduced by the Michelin Guide in April 2024, Michelin Keys are awarded only to establishments demonstrating the ‘best of the best’ across five key areas – excellence in architecture and interior design, quality and consistency of service, overall personality and character, value for the price, and a significant contribution to the neighbourhood or setting.
To date, Michelin Keys have been awarded to hotels in France, Italy, Spain, and select locations in the United States. Japan is the first Asian country to receive Michelin Keys, and Dusit Thani Kyoto is one of only 85 hotels in the country to be named a One Michelin Key establishment. It is also the first Thai-branded hotel in Japan to receive this accolade.
Opened in September 2023, Dusit Thani Kyoto is located in the ancient former capital’s peaceful Hanganji Monzen-machi district, only 850 metres from the bustling Kyoto Station. Uniquely blending Thai-inspired gracious hospitality with Japan’s deep-rooted culture of omotenashi (meaning to wholeheartedly look after guests), the elegant hotel also features a distinctive design that masterfully blends the rich heritage of Kyoto with subtle Thai influences. This includes chedi-inspired motifs referencing the ancient Thai city of Ayutthaya, alongside the clean lines, natural materials, and subtle colour palette for which Kyoto is renowned. This unique fusion extends to the 147 meticulously appointed guest rooms, offering a harmonious balance of timeless elegance and contemporary charm.
Set around a serene and beautiful courtyard, Dusit Thani Kyoto offers a tranquil oasis for business and leisure travellers alike. Alongside elegant event spaces accommodating up to 240 guests, the hotel features the signature Devarana Wellness centre, where expert therapists deliver a unique fusion of ancient Thai massage therapies and traditional Japanese rituals. Additional well-being focused facilities include a well-equipped fitness centre and an inviting indoor swimming pool.
Contributing to the hotel’s ‘outstanding’ Michelin Key distinction is a diverse range of unique culinary experiences. Guests can embark on a vibrant and interactive omakase journey at Kōyō, where the finest ingredients celebrate Kyoto’s unique 24 ‘micro-seasons.’ For a sophisticated evening experience, Den Kyoto beckons with its handcrafted cocktails served in a stylish ambience.
A truly one-of-a-kind experience awaits at Ayatana, the hotel’s signature Thai fine-dining restaurant, which features a unique multi-sensory culinary journey inspired by the rich cultures of both Thailand and Japan. This immersive concept was created exclusively for the hotel by acclaimed Thai chefs Duangporn ‘Bo’ Songvisava and Dylan Jones – a husband-and-wife team who earned global recognition, including a Michelin Star, at their former Bangkok restaurant, Bo.Ian.
The hotel’s dining experiences are further elevated by Dusit’s commitment to supporting local suppliers and destination-specific initiatives. This includes collaborating with TeaRoom Inc., a renowned sustainability-focused tea manufacturer, to set up the Dusit Tea Garden in Wazuka, a town on the southern edge of Kyoto Prefecture, to produce organic tea for the hotel’s restaurants. Dusit has also teamed up with OHARA FARMY, which supports the development of organic farms and sustainable land use, to create Dusit Farm, an expansive organic farm just 20 minutes by car from Kyoto. Alongside growing vegetables for use in the hotel’s restaurants, it also serves as a venue for memorable and meaningful guest activities, including hands-on vegetable harvesting experiences.
“Dusit Thani Kyoto is honoured to be among the first hotels in the world and the first Thai-branded hotel in Japan to receive One Michelin Key for the quality of service and experiences offered,” said Mr Gilles Cretallaz, Chief Operating Officer, Dusit International. “This recognition is a tribute to the dedication of the hotel team and our unwavering commitment to exceeding guest expectations at every touchpoint. This award also serves as a testament to the refreshed Dusit Thani brand, and a promise of the same high standards to be expected at our reimagined flagship Dusit Thani Bangkok, reopening on 27 September 2024, and other luxury Dusit Thani properties worldwide. As we follow our vision to uniquely deliver Thai-inspired gracious hospitality to the world, we look forward to pursuing further Michelin Key success at other Dusit destinations in the future.”
Dusit’s portfolio now includes 301 properties operating across 18 countries, including 57 properties operating under Dusit Hotels and Resorts and 244 luxury villas under Elite Havens, the leading provider of luxury villa rentals in Asia, which Dusit acquired in September 2018. More than 60 Dusit Hotels and Resorts are in the pipeline.
Hashtag: #DusitThani #Bangkok
The issuer is solely responsible for the content of this announcement.
About Dusit Hotels and Resorts
Dusit Hotels and Resorts is the hotel arm of Dusit International, one of Thailand’s leading hotel and property development companies. With a heartfelt belief and commitment to introducing Thai-inspired gracious hospitality to the world, Dusit Hotels and Resorts offers guests a uniquely special stay in high-style surroundings and a personalised approach to service. The group’s portfolio of hotels, resorts and luxury villas includes more than 300 properties operating under a total of eight brands (Devarana – Dusit Retreats, Dusit Thani, Dusit Suites, Dusit Collection, dusitD2, Dusit Princess, ASAI Hotels, and Elite Havens) across 18 countries worldwide.
Established in 1948, Dusit International or Dusit Thani Public Company Limited (DUSIT) is a leading hospitality group listed on the Stock Exchange of Thailand. Its operations comprise five distinct yet complementary business units: Dusit Hotels and Resorts, Dusit Hospitality Education, Dusit Foods, Dusit Estate, and Hospitality-Related Services.
Dusit International’s diversified investments in real estate development, hospitality-related services, and the food sector are part of its long-term strategy for sustainable growth, which focuses on three key areas: balance, expansion and diversification.
HONG KONG SAR – Media OutReach Newswire – 1 August 2024 – Hong Kong is on a mission to deepen bilateral relations with Cambodia and the wider Association of Southeast Asian Nations (ASEAN) region. John Lee, Chief Executive of the Hong Kong Special Administrative Region, led a high-level business delegation to Cambodia (July 30-31, 2024) to explore new opportunities for closer co-operation.
During the visit, Mr Lee met top officials including Cambodia’s Prime Minister Hun Manet and Deputy Prime Minister and Minister of Interior Sar Sokha to discuss issues of common interest.
Hong Kong’s Chief Executive, Mr John Lee (left), meets with the Prime Minister of Cambodia, Mr Hun Manet (right), in Cambodia.
“We are here to explore the immense opportunities for trade and investment co-operation between Hong Kong and Cambodia, for mutual prosperity and economic development as well as business promotion,” Mr Lee said, noting that Cambodia is a rapidly developing market with a remarkable economic potential.
Mr Lee (left) meets with the Deputy Prime Minister and Minister of Interior of Cambodia, Mr Sar Sokha (right), in Cambodia.
During the visit, a total of 13 memoranda of understanding were exchanged between various organisations and enterprises from Hong Kong and Cambodia covering areas such as economic co-operation, trade, investment promotion, aviation, information and technology, and financial services.
Mr Lee (second left) and Mr Hun (second right) witness the exchange of a memorandum of understanding between Invest Hong Kong and the Council for the Development of Cambodia.
“We certainly make it easy to do business together,” Mr Lee said, during a business luncheon in Phnom Penh. “Under the unique ‘one country, two systems’ principle, Hong Kong enjoys both the China advantage and the global advantage. We enjoy free flow of information, capital, goods and people, sophisticated infrastructure, and boundless opportunities, thanks to the unfailing support of our country and strong international connectivity.”
Mr Lee speaks at a business luncheon in Cambodia co-organised by the Hong Kong Economic and Trade Office in Bangkok and the Hong Kong Trade Development Council.
Hong Kong is also the prime connection point for overseas enterprises to tap into vast growth markets in the Guangdong-Hong Kong-Macao Greater Bay Area and throughout China and beyond.
“Hong Kong brings to the Greater Bay Area international experience and expertise in finance and trade, as well as world-class professional services, transport, logistics and more,” Mr Lee said. “I welcome Cambodian enterprises and entrepreneurs to partner with Hong Kong and, together with us, tap into the area’s far-reaching business and investment opportunities.”
These are some of the reasons why Cambodian finance professional Robert Lay decided to relocate to Hong Kong with his family in 2023.
“In terms of professional work for me, Hong Kong has access to Greater China,” said Mr Lay, a successful applicant under the city’s Top Talent Pass Scheme.
“Hong Kong has been the headquarters for a lot of the key capital market players. As long as you have the capability to bridge between all of these players, I think it’s definitely the right place to be.”
Mr Lay’s wife is employed by an asset management company while his two children attend an international school in the city. The flexible and international education system was another factor in choosing Hong Kong over other cities. “Our children were born in New Zealand. Coming to this international city, they could learn in English, Cantonese and Mandarin,” Mr Lay said.
SINGAPORE – Media OutReach Newswire – 1 August 2024 – The Institute of Singapore Chartered Accountants (ISCA) has set aside $5 million to organise the inaugural World Accountancy Forum (WAF) in Singapore in 2025, bringing together around 3,000 top business and accountancy leaders worldwide to discuss key issues and trends in business and accountancy. The theme of the World Accountancy Forum is slated to be “Business Transformations amid Megatrends: Professional Accountants Lead the Way” and it will be held in November 2025.
Announced at ISCA’s Annual Dinner on 1 August 2024, the WAF aims to be the premier global platform to facilitate a meeting of minds between global leaders in business and accountancy such as international standard-setters, professional accountancy associations, and regulators. Accountancy is increasingly playing a proactive role in the most pressing business issues of the day. This includes advising on business strategy, reporting on sustainability, and incorporating the uses and governance of new technologies, like artificial intelligence, into business processes. Increasingly, business and accountancy ecosystems are aligning to achieve universally beneficial objectives. As global issues intensify, the need for strengthened international collaboration has become greater.
As such, Singapore hopes to play a conduit role for businesses and our profession. Prominent international accountancy and business leaders will be invited to share their thoughts and expertise at the forum. In addition, ISCA will welcome global organisations and institutions in business and accountancy, including leading international alliances, professional bodies and business firm networks, to hold their annual meetings and conferences in Singapore, in conjunction with the forum.
ISCA President Mr Teo Ser Luck said: “ISCA is proud to spearhead the World Accountancy Forum. We are hosting this forum to foster dynamic dialogue and the exchange of ideas on pressing issues facing the industry. We hope that this forum will become a cornerstone for future editions that will continue to enhance the business landscape.”
At the Annual Dinner, ISCA also honoured leaders in the accountancy profession with the Distinguished Lifetime Membership (DLM) and Special Appreciation Awards. The DLM, which is conferred to esteemed individuals who have contributed to the accountancy profession, the business community and public service, was awarded to Mr Chaly Mah.
Mr Mah, Chairman of Surbana Jurong Group and Netlink NBN Management Pte Ltd, said: “I am deeply honoured to receive the DLM, joining an esteemed group of DLMs who have contributed extensively to the industry. I hope that the accountancy profession will continue to flourish and inspire future generations of leaders in this field.”
Mr Ong Khiaw Hong, the Singapore Chartered Accountant Qualification (SCAQ) Advisory Panel (represented by Ms Lai Chin Yee, Chairperson of the panel), and the Accountancy Workforce Review Committee (represented by Mr Chaly Mah, Co-Chair of the committee) received the ISCA Special Appreciation Awards.These awards recognise their significant contributions to Singapore’s accountancy and business sectors.
ISCA President Mr Teo Ser Luck said: “The conferment of the Distinguished Lifetime Membership and Special Appreciation Awards is ISCA’s way of recognising trailblazers who have made a profound impact on the accountancy profession. We thank them for their exemplary leadership which will serve as a beacon for future professionals and inspire continued excellence in this industry.”
The DLM is part of ISCA’s efforts to honour individuals who have made significant, long-term contributions to the accounting profession and have played a pivotal role in shaping its future. Since the start of the year, ISCA has seen signs of healthy growth within the profession, with around 1,000 new SCAQ candidate enrolments as of June — more than double the number from the same period last year. ISCA anticipates to close 2024 with the highest enrolment numbers since the programme’s inception.
The issuer is solely responsible for the content of this announcement.
Institute of Singapore Chartered Accountants
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 36,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.
Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.
ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
CHENGDU, CHINA – Media OutReach Newswire – 1 August 2024 – From July 20th to July 26th, a delegation of 30 students and teachers from renowned high schools and universities across the United States visited Chengdu, Dujiangyan, and the Sanxingdui Museum in Guanghan, Sichuan.
The American student delegation was invited by Southwest Jiaotong University to engage in an 18-day study tour centered around “Chinese Cultural Heritage and Sustainability” in southwest China.
Professor Li Haichao talked with the American students at Sanxingdui Museum.
During this visit, the students explored topics such as “Maglev and Future Transportation,” “Dujiangyan and Ecological Irrigation Project,” “Pandas and Environmental Protection,” “Sanxingdui and the Ancient Shu Civilization,” “Traditional Folk Houses and Custom” “Traditional Costume and Sichuan Opera,” “River Management and Urban Development ,” and etc. They engaged in face-to-face discussions with experts in maglev technology, hydrology, panda conservation, artifact restoration, archaeology, residential landscape and urban planning architecture, Sichuan opera, and intangible cultural heritage.
Chinese and American students collaborated on an art project themed “Pandas and Friends,” expressing their shared commitment to panda conservation and sustainability through artistic creation.
On July 26th, Chinese and American students collaborated on an art project themed “Pandas and Friends,” expressing their shared commitment to panda conservation and sustainability through artistic creation. The American students,together with volunteers from Southwest Jiaotong University and high school students from Wanhui Academy Dujiangyan, produced nearly 30 prints and jointly created a collaborative art work. This artwork was exhibited at the Chengdu Art Museum on the same day. At the opening ceremony, Xiao Feige, the Deputy Director of the Chengdu Art Museum, Dr. John Flower, the Founder of China Folk House in the USA, and Associate Professor Liu Bo, the Deputy Director of the International Communication Center at School of Foreign Languages, Southwest Jiaotong University delivered speeches acknowledging the significant impact of this cultural exchange event. American student Myles King commented,
“Learning woodblock printing was an incredible experience, but more importantly, this exhibition gave us the opportunity to interact with Chinese students and create art together, making us truly becoming a bridge (of friendship) between China and the USA.”
From July 27th to August 6th, the visiting delegation will continue their educational tour in Yunnan with a theme of “Intangible Cultural Heritage and Craftsmanship Inheritance.”
The visit of the American youth to Southwest China is organized under the “YOUTH LINK” project by the International Communication Center of Southwest Jiaotong University.
In 2021, the International Communication Center at the School of Foreign Languages, Southwest Jiaotong University launched the “YOUTH LINK” project which has been committed to promoting international cultural exchanges among youth. YOUTH LINK has organized several events such as “Online Dialogues between International Youth,” “China Tour and Chengdu Trips for Global Youth” and “China-US Youth Exchange Forum.”
Hashtag: #SouthwestJiaotongUniversity
The issuer is solely responsible for the content of this announcement.
Hong Kong SAR- Media OutReach Newswire – 1 August 2024 – The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.
Highlights
Underlying Group profit attributable to shareholders of US$76 million, up from US$33 million in the prior year
Good profit growth in Food and Convenience
Health and Beauty profit contribution grew 3%
Continued net debt reduction
Interim dividend of US¢3.50 per share
“We are pleased to report strong first half underlying profit growth to US$76 million. Despite a challenging retail backdrop, our Hong Kong food business continued to see market share gain with improving profitability. Good underlying profit growth in the Convenience segment and robust profit contribution from Health and Beauty demonstrate the benefit of our diversified portfolio as we continue to navigate the evolving consumer landscape effectively with our strategic initiatives and accelerating omnichannel presence.”
Scott Price Group Chief Executive
OVERVIEW
The Group reported first half underlying profit of US$76 million, up from US$33 million in the same period last year, primarily driven by the Convenience and Food divisions. Associates’ performance also improved due to reduced loss from Yonghui.
Total first half revenue for the Group, including 100% of associates and joint ventures, declined by 6% year-on-year to US$12.6 billion, primarily driven by lower sales in Yonghui. Subsidiary sales, excluding the impact of the divestment of the Group’s Malaysia food business in March 2023, came in 2% below the prior year.
The underlying profit of subsidiaries was US$73 million for the first half, up over 80% year-on-year. The Group’s associates reported an underlying profit of US$3 million, an improvement of US$10 million from the same period last year, resulting in an underlying profit attributable to shareholders of US$76 million for the first half.
Operating cash flow, after lease payments, for the period was a net inflow of US$155 million, compared with US$149 million in the first half of 2023. As at 30th June 2024, the Group’s net debt was US$549 million, down from US$618 million at 31st December 2023.
The Group declared an interim dividend of US¢3.50 per share, representing an increase of 17% compared to the same period last year.
OPERATING PERFORMANCE
Subsidiaries
Revenue for the Group’s Food division in the first half reduced marginally to US$1.6 billion, after excluding the impact of the divestment of the Group’s Malaysia food business last year. Divisional profit increased to US$26 million driven by improved sales mix and disciplined cost control. Hong Kong sales remained largely stable year-on-year, despite the outflow of residents to the Chinese mainland at weekends and pent-up demand for outbound travel during holiday periods. This sales performance has been supported by continued market share gain, strong in-store execution and some growth in basket sizes. The Wellcome team continues to evolve its range and assortment by introducing new local brands to appeal to evolving customer needs and leveraging data to assist in the decision-making process. To expand its channels to market, Wellcome also launched a partnership with Foodpanda in May to provide a 45-minute click-and-deliver service for both fresh product and everyday essentials with encouraging sales momentum. While Singapore food like-for-like (‘LFL’) sales performance continued to be affected by challenging consumer sentiment, a better product margin mix and strong cost control significantly improved profitability.
Revenue for the Convenience division was marginally lower compared to the corresponding period in 2023. In Hong Kong, LFL sales performance was affected by reduced cigarette volumes following tax increases that came into effect at the end of February, while 7-Eleven Singapore and South China reported robust LFL sales growth, driven by increased foot traffic and strong performance in non-cigarette categories led by ready-to-eat (‘RTE’). Overall, non-cigarette LFL sales increased by approximately 4% for the period, with RTE sales growing 13%. Favourable product mix shift towards non-cigarette categories supported margin accretion and profit growth across all markets. As a result, Convenience profit grew 73% in the first half compared to the same period last year.
Sales for the Health and Beauty division were broadly in line with the same period last year, with profit up 3% year-on-year. The division reported good LFL sales performance in the first quarter which then decelerated in the second quarter, particularly in Hong Kong. Mannings Hong Kong performance in the second quarter was affected by a strong comparable period last year due to consumption voucher disbursements which occurred in April 2023, outbound travel during the extended holiday period of Easter and Ching Ming Festival, and to a lesser extent, weaker performance from tourist cluster stores due to adverse weather conditions for the majority of the second quarter. Mannings Macau LFL sales performance was adversely affected by a strong comparable in the prior year, with profits reducing as a result. Guardian reported solid LFL sales growth for the first half, driven by effective in-store execution and promotions, particularly in Indonesia, with continued market share gain across key South East Asian markets. Guardian also reported good profit growth in the first half, driven predominantly by strong performance in Indonesia and Singapore. The integration of the Own Brand team for Food and Health and Beauty is expected to further strengthen the Group’s competitive advantage through synergy, scalability and cost optimisation.
Challenging residential property market activity remains an overhang on the sales performance and profitability of the Home Furnishings division. Sales in Hong Kong and Indonesia were adversely impacted by subdued property market sentiment and reduced customer traffic. IKEA Taiwan reported slightly lower LFL sales than the prior year, due to temporary disruption caused by the Hualien earthquake in early April, with a quick business recovery thereafter. Despite strong cost control measures in place, the challenging sales environment materially affected IKEA’s profit during the reporting period.
Digital
As part of the Group’s digital strategy reset, we have relaunched a Wellcome app and website in Hong Kong and will also be relaunching apps for our other major brands in the second half. We have also expanded our quick commerce service in our Food and Convenience networks, providing a refined omnichannel experience for customers. The Group’s daily e-commerce order volume reached over 52,000 in the first half of the year, growing by close to 40% relative to the same period last year. Growing e-commerce volumes sustainably has been a key priority for the management team, with the e-commerce profit contribution also seeing substantial improvement in the first half.
The yuu Rewards programme continues to grow with over 5 million members and is close to 3 million monthly active members in Hong Kong, in addition to 1.7 million members in Singapore. The Group is beginning to leverage the rich data from the loyalty programme to enhance in-store operations, particularly in areas such as improving range and assortment. During the first half, the Group expanded its own Retail Media network and successfully executed more than ten targeted marketing campaigns on the yuu platform in Hong Kong. These initiatives drove improved sales performance for the Group’s retail businesses and generated incremental advertising revenue.
Associates
The Group’s share of Maxim’s underlying profit was US$8 million for the first half, a year-on-year decline of 31%. The performance of Maxim’s was adversely affected by challenging trading conditions due to increased outbound travel and reduced weekend dining out in Hong Kong as well as weak consumer sentiment on the Chinese mainland.
The Group’s share of Yonghui’s underlying loss was US$8 million, a significant improvement from US$17 million loss during the same period last year, driven by ongoing optimisation efforts in relation to costs and store footprints.
The Group’s share of Robinsons Retail’s underlying profit increased 14% to US$8 million in the first half, driven by improved sales mix and disciplined cost control.
PEOPLE
Clem Constantine will retire from his role as Group Chief Financial Officer on 1st October 2024. Clem has been instrumental in shaping the financial and strategic landscape of the organisation, overseeing improvements in financial performance and playing a pivotal role in defining and executing DFI’s long-term strategic initiatives, driving sustained growth and value creation. Tom van der Lee will succeed Clem as Group Chief Financial Officer with effect from 1st October 2024. Tom joined DFI in January 2016 and has held a range of senior financial roles within the organisation over the past eight years, including Finance Director for Singapore, Finance Director for South East Asia, and Finance Director for DFI Retail Group.
After years of exemplary service and invaluable contributions to our organisation, Choo Peng Chee will retire from his role as Chief Executive Officer, Food on 1st September 2024. With Choo’s retirement, Curtis Liu will succeed as Chief Executive Officer, Food. Curtis has over 24 years of retail experience across Chinese mainland and Taiwan, having previously served as Merchandise and Marketing Director for Wellcome Taiwan from 2004 to 2013. Curtis’ recent roles at JD.com, Meicai, and Walmart China have equipped him with significant expertise in O2O omnichannel strategies and data-driven customer analysis.
The Group thanks both Clem and Choo for their years of service and significant contributions to the organisation.
BUSINESS DEVELOPMENTS
The disposal of the Group’s Hero supermarket business in Indonesia was completed at the end of June. The transaction aligns with the Group’s strategic framework. Post-completion, DFI’s operations in Indonesia will fully pivot to the Guardian and IKEA businesses. The Group remains confident in the long-term prospects of these two businesses and the opportunity for future market share gain.
OUTLOOK
The Group expects second half outlook to remain challenging given macro uncertainties, shifting customer behaviours and increased levels of outbound travel, particularly into the Chinese mainland from Hong Kong. Nevertheless, our streamlined, format-focussed organisation provides us with the agility needed to respond swiftly to the evolving consumer landscape. These actions include improving the local relevance across our assortment, tapping into larger addressable markets where we see earnings accretive opportunities, strengthening our omnichannel experience and accelerating monetisation initiatives from our yuu Rewards loyalty programme. With our diversified business portfolio, strong brand equity, a sharpening focus on operating efficiency and our revamped digital strategy, we are confident that the Group is well-positioned to deliver sustained, profitable growth and shareholder returns in the long term.
The Group reiterates its guidance for 2024 underlying profit attributable to shareholders to be between US$180 million and US$220 million.
Scott Price Group Chief Executive
For the full detail of financial results, please refer to the 2024 Half-year Results announcement posted on the Investors section of the DFI Retail Group website. Hashtag: #DFIRetailGroup #ColdStorage #Giant #Wellcome #Yonghui #7-Eleven #Guardian #Mannings #IKEA #yuu #Maxim’s #Robinsons
The issuer is solely responsible for the content of this announcement.
About DFI Retail Group
DFI Retail Group (the ‘Group’) is a leading pan-Asian retailer. At 30th June 2024, the Group and its associates and joint ventures operated some 11,000 outlets with more than 5,000 stores operated by subsidiaries. The Group together with associates and joint ventures employed over 200,000 people with some 47,000 people employed by subsidiaries. The Group had total annual revenue in 2023 exceeding US$26 billion and reported revenue exceeding US$9 billion.
The Group provides quality and value to Asian consumers by offering leading brands, a compelling retail experience and great service; all delivered through a strong store network supported by efficient supply chains.
The Group (including associates and joint ventures) operates under a number of well-known brands across six divisions. The principal brands are:
Food Wellcome in Hong Kong S.A.R.; Yonghui on the Chinese mainland; Cold Storage and Giant in Singapore; and Robinsons in the Philippines.
Convenience 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.
Health and Beauty Mannings on the Chinese mainland, Hong Kong and Macau S.A.R.; Guardian in Brunei, Cambodia, Indonesia, Malaysia, Singapore and Vietnam.
Home Furnishings IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.
Restaurants Hong Kong Maxim’s group on the Chinese mainland, Hong Kong and Macau S.A.R., Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam.
Other Retailing Robinsons in the Philippines operating department stores, specialty and DIY stores.
The Group’s parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong by DFI Retail Group Management Services Limited through its regional offices. DFI Retail Group is a member of the Jardine Matheson Group.
Saudia Group leads the aviation industry in the MENA region with the first eVTOL jets agreement
Munich, Germany – Newsfile Corp. – August 1, 2024 – Saudia Group and Lilium N.V. (NASDAQ: LILM), a leading electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM), today signed a binding sales agreement for 50 Lilium Jets, with options for 50 more. The signature ceremony was held at Lilium’s HQ in Gauting near Munich. The contract was signed by Fahd Al-Jarbou, CEO of Saudia Private, representing Saudia Group, and Lilium’s CEO Klaus Roewe, in the presence of several distinguished guests including HRH Prince Abdullah bin Khalid bin Sultan bin Abdulaziz, Ambassador of the Kingdom of Saudi Arabia to Germany; Michael Kindsgrab, the German Ambassador to the Kingdom of Saudi Arabia; H.E. Engr. Ibrahim Al-Omar, Director General of Saudia Group; H.E. Abdulaziz Al-Duailej, President of Saudi Arabia’s General Authority of Civil Aviation (GACA); and Lilium Chairman Tom Enders.
This sales agreement, which follows the Memorandum of Understanding between Saudia Group and Lilium signed in October 2022, marks the largest of its kind in the MENA region and represents an important industry milestone as the largest firm order of eVTOL aircraft by an airline that plans to operate the aircraft. It signals unparalleled commitment to electric aviation from a world-leading operator, as well as a clear preference towards the superior performance, economics, and passenger experience provided by the Lilium Jet.
The agreement includes a schedule of deposit and pre-delivery payments, timeline of future deliveries, guarantees on aircraft performance, and provisions on spare parts, maintenance, and repairs. In addition, the parties intend to sign a comprehensive “Lilium POWER ON” agreement for aircraft fleet maintenance and support services.
H.E. Engr. Ibrahim Al-Omar, Director General of Saudia Group, commented at the signing event: “Saudia Group is proud to pioneer the MENA region as the first company to acquire all-electric eVTOL jets, which reflects our commitment to continuously reducing its carbon footprint and becoming an industry leader in regional electric aviation. We recognize the critical role that Lilium is positioned to play in enabling us to deliver a sustainable premium aviation experience and transport our guests even closer to their destination. This agreement amplifies our commitment to the Saudi Vision 2030 and is the result of a collaborative effort over the past years between Lilium and Saudia Group to explore how we can best bring eVTOL to the skies of Saudi Arabia. We are looking forward to the journey ahead.”
Through this agreement, Saudia Group continues its ambitious objective to bring the world to the Kingdom by deploying its fleet of advanced eVLOT jets. This initiative enhances connectivity by providing seamless first and last leg connections into Saudia Group’s regional hubs and new point-to-point city connections, such as Jeddah to Makkah, reducing regional travel times by up to 90%. These jets support Hajj and Umrah pilgrimages, offer faster access to key sports and entertainment events in Riyadh, and unlock new possibilities for exploring hard-to-reach tourist destinations across the Kingdom. Additionally, business travelers attending conferences and events will benefit from improved access and swift transportation. The eVLOT jets will increase flight frequencies and decrease traffic congestion, providing a fast and convenient alternative for reaching various destinations within the Kingdom.
Saudia Group expects to receive the first jet in 2026, for which operations will be managed and run by Saudia Private, a subsidiary of Saudia Group. The Lilium jet will feature large, premium cabins with capacity for up to six passengers plus luggage. It will deliver the Saudia premium experience that is deeply valued by the airline’s guests.
Prior to commercialization, Saudia Group will provide strategic support in Lilium’s certification process with the General Authority of Civil Aviation (GACA), Saudi Arabia’s aviation regulatory agency.
Klaus Roewe, CEO of Lilium, said: “We are proud of our partnership with a five-star airline such as Saudia. And we are thrilled to be pioneering progress in the eVTOL industry as the eVTOL manufacturer with the largest firm purchase order from an international airline that plans to operate the aircraft. The Middle East is a priority for Lilium, and Saudi Arabia will be a very large and exciting market for electric, high-speed regional air mobility. Our partnership will combine Saudia Group’s unrivalled market knowledge with our unique eVTOL technology to transform premium class air travel in the GCC region.”
This purchase agreement with Saudia Group marks the latest addition to Lilium’s extensive order pipeline that now consists of 106 firm orders and reservations, 76 options, and roughly 600 aircraft under MOU. Lilium is in advanced discussions with additional global carriers that are looking to reduce carbon emissions and electrify regional air travel.
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About Lilium Lilium (NASDAQ: LILM) is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing jet, designed to offer leading capacity, low noise, and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. Working with aerospace, technology, and infrastructure leaders, and with announced sales and indications of interest in Europe, the United States, China, Brazil, UK, and the Kingdom of Saudi Arabia, Lilium’s 1000+ strong team includes approximately 500 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history. Founded in 2015, Lilium’s headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S. To learn more, visit www.lilium.com.
About Saudia Group: Saudia Group is one of the largest aviation conglomerates in the MENA region. The Group drives industry development with its 12 subsidiaries and strategic business units, and offers world-class air transport, cargo services, ground services, logistics, maintenance, catering, private aviation, real estate, training, and medical services.
Its most prominent subsidiary is Saudi Arabian Airlines “Saudia”, the national flag carrier of Saudi Arabia and a leading airline in the Middle East with a fleet of 144 aircraft and servicing more than 100 destinations to and from the Jeddah (JDH) and Riyadh (RUH) airports.
Saudia Group also caters to diverse passenger segments through entities like flyadeal for economy travelers, Saudia Private for elite travelers, and the Saudia Royal Fleet for the Saudi Arabia Royal Family. Saudia Technic, the Maintenance, Repair, and Overhaul (MRO) division, provides aircraft maintenance and manufacturing across continents, operating across the MENA region. Saudia Academy, the training arm of the group, is the largest aviation training academy in the MENA region.
Lilium Forward-Looking Statements: This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws, including, but not limited to, statements regarding (i) Lilium N.V.’s and its subsidiaries (collectively, the “Lilium Group”) proposed business and business model, (ii) the markets and industry in which the Lilium Group operates or intend to operates, (iii) the expected features and specifications of the Lilium Jet, (iv) the anticipated timing of the commercialization and launch of the Lilium Group’s business in phases, including the expected timing for the first manned flight, receiving type certification, and initial deliveries of the Lilium Jet, and (v) the Lilium Group’s agreement with Saudia for the purchase of 50 Lilium Jets, with an option for SAUDIA to purchase an additional 50 Lilium Jets, and the proposed development and operation of an eVTOL network in the Kingdom of Saudi Arabia. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “could,” “expect,” “estimate,” “future,” “intend,” “may,” “on track,” “plan,” “project,” “should,” “strategy,” “will,” “would” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on management’s current expectations with respect to future events and are based on assumptions and subject to risks and uncertainties that are subject to change at any time. Actual events or results may differ materially from those contained in the forward-looking statements. Factors that could cause actual future events to differ materially from the forward-looking statements in this press release include (but are not limited to) the risk that Lilium experiences delays in obtaining, or fails to obtain, type certification for the Lilium Jet in Europe, the United States, the Kingdom of Saudi Arabia and/or the other markets that it conducts or intends to conduct sales activities, as well as those risks and uncertainties discussed in Lilium N.V.’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the section titled “Risk Factors” in Lilium N.V.’s Annual Report on Form 20-F for the year ended December 31, 2022, on file with the SEC, and similarly titled sections in Lilium’s other SEC filings, all of which are available at www.sec.gov. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation to, and does not intend to, update, or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
The issuer is solely responsible for the content of this announcement.