APE Reports 361% Growth Profit And Total Comprehensive Income For 2018

APE Reports 361% Growth Profit And Total Comprehensive Income For 2018

Asia Pioneer Entertainment Holdings Limited (APE), released its financial statement for the year ended 31 December 2018. The company has reported significant growth in profit and total comprehensive income in the fiscal year 2018 with a 361% increase from the previous year.

APE has recorded annual profit and total comprehensive income at HK $20.7 million for 2018, while it was HK HK$4.5 million in the financial year 2017.

Though in figures the profits when compared to 2017 seem ludicrous, it should be noted that the 2017 profits were hit because of the additional listing expenses of HK$14.2 million incurred in 2017.

The total revenue generated also grew by 27% as in 2018 the firm grossed HK$110 million in revenues compared to HK$86.1 million for FY 2017. The increase in revenue is attributed to the growth in sales and distribution of electronic gaming equipment (EGEs). In 2018, APE made two lease sales in Cambodia and the Philippines. Apart from these the company also made revenue from consulting services to equipment suppliers, repair of EGEs, and sales of refurbished machines. Moreover, in terms of business development, the company expanded its business presence in Macau as well.

According to Experts and analysts, APE benefited from the growth in Asia’s mass gaming and slots market. The market registered an estimated 15% year-on-year growth in GGR for 2018.

APE’s Chairman, Allen Huie said: “APE is a proven EGE company in Macau. It is always in our plans to leverage our product knowledge and experience in Macau to access the South East Asian markets. In the coming years, we were able to initiate our Asian expansion with lease sales in Cambodia and the Philippines, the two countries with rapid growth in EGEs.”

Also, Herman Ng, APE’s CEO and Executive Director, said, “Exploring and implementing new products and games are essential to the electronic gaming market. The Group needs to seek new games that suit casinos and players continuously. We feel confident that our experience will put us in a good position to bring new products and games, which will support APE’s sustainable growth.”

“For the year forward ahead, we believe the Macau market will remain strong with continued demand from mass gaming market, as well as two planned new casino openings in Cotai, Macau. We also see bright growth prospects in Asian markets such as the Philippines, Cambodia and Vietnam,” he added.

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