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Analogue Achieves Revenue and Net Profit Growth to HK$5,351 Million and HK$314 Million Respectively Despite Adverse Market
Highlights
-- Total revenue reached HK$5,350.7 million, an increase of 10.8% compared with adjusted revenue in FY2020
-- Profit attributable to owners of the Company grew 4.3% year-on-year to HK$314.3 million
-- Revenue from maintenance services increased 7.2% to HK$945 million
-- High dividend payout ratio maintained at 50.2%
During the Year, the Group's total revenue increased by 4.4% year-on-year to HK$5,350.7 million, mainly driven by both Building Services and Environmental Engineering segments. After adjusting the revenue for FY2020 from Transel Elevator & Electric Inc. ("TEI"), which has been reported as an associate of the Group since August 2020, the Group's total revenue would have increased by 10.8% year-on-year. In particular, revenue from maintenance services, a source of recurring income, increased by 7.2% year-on-year to HK$945 million, accounting for an increased proportion to 17.7% of the total revenue. Gross profit amounted to HK$878.4 million, with gross profit margin at 16.4%. Profit attributable to owners of the Company grew by 4.3% year-on-year to HK$314.3 million, even in the absence of such wage subsidies as the Government's "Employment Support Scheme" in 2020, which is evidence that the Year is most encouraging.
The Board has proposed a second interim dividend of HK7.25 cents per share. Together with the first interim dividend of HK4.02 cents per share, the total dividend for the Year amounted to HK11.27 cents per share, representing a high dividend payout ratio of 50.2%.
The Group has drawn on its exceptional project execution capability to deliver on the order book throughout 2021. Contracts-in-hand reached approximately HK$11,309 million as at 31 December 2021. Tendering activities remained active during the reporting period, with a total of 1,676 tenders valued at over HK$1 million each.
Dr. Otto Poon Lok-to, Chairman of Analogue Holdings Limited, said, "In 2021, although the E&M engineering sector was less affected by COVID-19 when compared with other industries, we still faced various challenges, such as interruptions in tendering for public works projects, high material and labour costs, etc. At Analogue, we upheld our motto 'We commit, We perform, We deliver' while doubling efforts to overcome challenges, which included optimising all facets of operation. In terms of business mix, we intentionally increased the proportion of contributions from maintenance services to ensure a stable source of income. Regarding geographical expansion, we leveraged our successful track record in Hong Kong, Macau and Mainland China to establish footholds overseas. As an advocate of innovation, we continued to direct our efforts towards enriching business operations through applications of new technologies. Our strategies have resulted in increased revenue and profitability in FY2021 despite the testing environment."
With active project delivery throughout the Year, Building Services segment's contracts-in-hand reached HK$4,892 million as of 31 December 2021. As an early adopter of cutting-edge building technologies, the Group pioneered the first high-rise building in Hong Kong using the advanced Modular Integrated Construction ("MiC") method. This track record won it HK$150 million worth of MiC contracts in FY2021. In light of the surging demand for MiC, the Group has been expanding its Multi-trade Integrated Mechanical, Electrical and Plumbing ("MiMEP") facilities and developing its proprietary ATAL Building Services Prefabrication and Modularisation Construction Technology ("ABSPM") to further improve the speed, cost, safety, and quality of construction work. During the Year, the Group participated in the building services work for one of the biggest data centres and secured additional installations and maintenance projects from major data centre operators in Hong Kong. Other key projects secured include a major hospital term contract and seven residential projects worth approximately HK$800 million, as well as a major contract for a Hong Kong racehorse training facility located in Guangzhou.
Environmental Engineering segment's contracts-in-hand amounted to HK$4,977 million. During the Year, the Group won four term contracts for the Hong Kong Government's Water Supplies Department that brings citywide benefits, covering all waterwork installations throughout the territory, such as the maintenance of mechanical and electrical equipment, instrumentation equipment, water quality monitoring equipment and plants. In addition, the Group took part in the iconic project of the Hong Kong Government Drainage Services department to upgrade the existing sewage treatment works to become the effluent polishing plant in Yuen Long which has been upgraded to meet future development needs, including expanding the treatment capacity from 70,000m3/day to 150,000m3/day. The deployment of the most advanced sewage treatment technologies featuring green design and community provisions will create an exemplary community asset and a more sustainable Hong Kong. The Group also commenced the operation and maintenance works for the sewage treatment plants in San Wai and power stations in Castle Peak and Black Point during the Year.
Information, Communications and Building Technologies ("ICBT") segment's contracts-in-hand increased by 2.7% to HK$877 million during the Year. To contribute to the development of Hong Kong's "Smart City" and "Smart Economy" initiatives, the Group rolled out a number of ICBT projects, including its proprietary Internet of Things ("IoT") applications for Smart Washrooms, Retro-commissioning (RCx) of electrical and mechanical systems, Indoor Environmental Quality (IEQ) Monitoring, Indoor Positioning and Video Analytics, as well as its in-house developed Cloud-based AI Energy Management Platform during the Year. In particular, the AI Energy Management Platform, IoT applications and Video Analytics technology have been chosen by more than 20 shopping malls, while its Photovoltaic ("PV") systems will be installed in more than 100 schools and NGOs. Such continuous contributions to streamlining digital processes and applying them will ultimately benefit society and advance the Smart City development in line with the government's blueprint.
The Lifts and Escalators segment's contracts-in-hand amounted to HK$563 million. During the Year, Anlev Elevator Group ("Anlev"), the Group's global brand of lifts, escalators, and moving walkways, completed the installation of Hong Kong's first commercial puzzle-stacking automated parking system, which advances "Smart Mobility" in Hong Kong, with the form of flexible automated parking system (APS). Designed by Anlev, the APS leverages innovative technology to provide 30 to 100 percent more parking spaces within the same footprint to alleviate the shortage of parking space in Hong Kong, enhance traffic planning and bring greater convenience to motorists. Following the success of the first APS project, Anlev was awarded a further contract to provide an APS for the new government building in the Kai Tak Development Area. For overseas markets, the alliance with TEI, one of the largest independent lift and escalator companies in New York, effectively enhanced the Group's operational and technical capabilities, and widened its service offering to international customers. The Group's new market strategy is also evidenced by the establishment of its first lifts and escalators company in the United Kingdom.
"On the green initiatives front, I am pleased that the Group has become the first E&M engineering group in Hong Kong to obtain a Sustainable Finance Certification from the Construction Industry Council and achieve the Green Loan Pre-Issuance Stage Certificate under the Green and Sustainable Finance Certification Scheme launched by the Hong Kong Quality Assurance Agency, as well as issuing a green financing instrument that will go towards enhancing water and wastewater management. In continuing this green journey, we are actively collaborating with prominent universities to develop more green energy and innovative environmental solutions," added Dr Poon.
In 2022, despite the emergence of the fifth wave of COVID-19 in Hong Kong having hampered the pace of economic recovery, on-going significant investments in infrastructure, the "Smart City" initiatives, the rise of IoT, as well as the rapid development of the Greater Bay Area are expected to present tremendous opportunities to Analogue. The outlook remains positive for the Group, which has been able to focus on its well-established foundation and innovative culture to sustain the operation through the uncertainties.
Dr Poon concluded, "Good opportunities arise even amidst challenging times. With strong business fundamentals and a sound financial position, we are well-positioned to grasp the growth opportunities ahead. Apart from organic growth, we will continue our efforts in exploring M&A opportunities in different parts of the world to support our expansion plans, with priorities placed on companies that have synergistic effects. 2022 marks the 45th anniversary of the Group. Over the past decades, we have dealt with numerous challenges, and have grown stronger from such experiences. With our pioneering spirit, utmost determination, wealth of experience and solid foundation, we are confident in achieving our expansion plans and propelling Analogue to new heights."
For more details of the 2021 Annual Results, please refer to the announcement that has been filed with The Stock Exchange of Hong Kong Limited.
https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0325/2022032501168.pdf
About Analogue Holdings Limited
Established in 1977, Analogue Holdings Limited is a leading electrical and mechanical engineering service provider headquartered in Hong Kong, with operations in Macau, Mainland China, the United States and the United Kingdom. Serving a wide spectrum of customers from public and private sectors, the Group provides multi-disciplinary and comprehensive E&M engineering and technology services in four major segments, including Building Services, Environmental Engineering, Information, Communications and Building Technologies ("ICBT") and Lifts & Escalators.
The Group also manufactures and sells Anlev lifts and escalators internationally and has entered into an alliance with Transel Elevator & Electric Inc. ("TEI Group"), one of the largest independent lifts and escalators companies in New York, the United States. The Group's associate partner, Nanjing Canatal Data Centre Environmental Tech Company Limited (603912.SS), is specialised in manufacturing of precision air conditioners.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAnalogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries, collectively the "Group") (stock code: 1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong, today announced its annual results for the year ended 31 December 2021 ("the Year" or "FY2021") with revenue and net profit growth, posting a solid performance amid the pandemic and global uncertainty.
ANZ Becomes First Bank to Mint Australian Digital Dollar
ANZ said the coins were transferred between the family office and the fund manager before it was later redeemed back into fiat.
The post ANZ Becomes First Bank to Mint Australian Digital Dollar appeared first on Blockworks.
FTX Announces Foray into Web3 Gaming, To Prioritize ‘Great Games’
FTX acquires Good Luck Games in its foray into the Web3 Gaming market. On March 22, Sam Bankman-Fried announced the ... FTX Acquires Good Luck Games In Its Quest For NFT Gaming
Bahamian-based FTX, one of the biggest cryptocurrency exchange platforms in the world, has announced the acquisition of Good Luck Games in a bid to attract gamers into the world of NFTs and blockchain. According to FTX’s CEO, in its mission to study the convergence of NFTs, cryptocurrency, and gaming, the company has found the ideal partner in the team at Good Luck Games. This acquisition represents the company’s first venture into in-house game production, as well as a significant step forward in its continuing endeavor to establish blockchain-based virtual assets as a widely recognized business plan in the gaming industry. As part of FTX’s broader commitment to climate and carbon neutrality, FTX’s Gaming team will concentrate on incorporating environmentally friendly blockchain technology into its operations. Why is FTX acquiring Good Luck Games? Good Luck Games (GLG) is an independent game development studio that is responsible for the development and publication of the famous upcoming card auto battle game Storybook Brawl. It was launched in 2019 by a group of seasoned card game designers and former professional card game players who wanted to do something different. FTX is now aiming to assist the team in developing as many games as they possibly can, with the goal of integrating the games as much as possible with FTX. As part of the advancement, FTX’s booth at this week’s Game Developers Conference in San Francisco will have an art-based NFT demo of Storybook Brawl on display for attendees. Crypto firms are attempting to capitalize on the expanding gaming sector by implementing NFTs and blockchain technology into their operations. A decentralized gaming future might be realized with the introduction of blockchain technology to the gaming industry, in which assets earned or bought in one game could be transferred and utilized in another game. It is FTX’s intention to take the lead in this new initiative, and the company believes that bringing on board the Storybook Brawl and the Good Luck Games team is a significant first step toward attaining widespread adoption of NFTs and blockchain technology across the gaming industry.
The post FTX Acquires Good Luck Games In Its Quest For NFT Gaming appeared first on Cryptoknowmics-Crypto News and Media Platform.
Essex Bio-Technology Announces 2021 Financial Results
Highlights
-- The group's turnover surged 67.4% to HK$1,637.7 million, Profit-After-Tax lifted 58% to HK$346.0 million;
-- Sales coverage increased to around 10,500 hospitals and 2,110 pharmaceutical stores in the PRC;
-- Obtained an approval for the registration and commercialisation of the preservative-free unit-dose Moxifloxacin Hydrochloride Eye Drops in the PRC;
-- Significant progress in R&D program, 15 R&D programs in the pre-clinical to clinical stage, out of which 3 ophthalmology programs are in clinical stage as the below:
SkQ1 eye drops, second phase 3 clinical trial (US FDA) (VISTA-2) topline data released on 24 February 2021;
Azithromycin eye drops, ongoing review by external key opinion leaders (National Medical Products Administration ("NMPA") in the PRC);
Bevacizumab intravitreal injection for wet-AMD, phase 3 clinical trial (US FDA, European Medicines Agency, Therapeutic Goods Administration and NMPA in the PRC);
-- Holds a total of 44 patent certificates or authorisation letters: 35 invention patents, 4 utility model patents and 5 design patents;
-- Completed the acquisition of IP rights relating to R&D, production and MAH of Shilishun Iodized Lecithin Capsules.
Significant progression in Financial Performances
Essex achieved significant progression and encouraging performances amid the COVID-19 pandemic and macro uncertainties. For the year ended 31 December 2021, the Group recorded a turnover growth of 67.4% to approximately HK$1,637.7 million as compared to approximately HK$978.1 million in 2020, indicating a strong recovery to the pre-COVID-19 operating level. In tandem with the increase of turnover, the Group achieved an increase of 58% in after-tax profit to approximately HK$346.0 million as compared to approximately HK$218.9 million in 2020.
Turnover of Ophthalmology and Surgical Segments Surged 60.6% and 72.6% respectively
The Group's turnover is primarily made up from the segments of Ophthalmology and Surgical (wound care and healing). The core products that are of current growth driver under each segment are:
1. Ophthalmology - Beifushu series (Beifushu eye drops, Beifushu eye gel and Beifushu unit-dose eye drops), Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops, Moxifloxacin Hydrochloride Eye Drops and Shilishun(Iodized Lecithin Capsules); and
2. Surgical (Wound care and healing) - Beifuji series (Beifuji spray, Beifuji lyophilised powder and Beifuxin gel), Carisolv dental caries removal gel, Dr. YaDian mouth wash and Yi Xue An Granules.
The sectoral turnover of Ophthalmology and Surgical is approximately 41.1% and 58.9% of the Group's turnover, respectively. The combined turnover of the Group's flagship biologics, Beifushu series and Beifuji series, the basic fibroblast growth factor (bFGF) based biologic drugs, represented about 84.3% of the Group's total turnover, of which Beifushu series and Beifuji series accounted for 26.1% and 58.2% of the Group's turnover, respectively. The remaining 15.7% of the Group's turnover is mainly contributed from sales of Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops, Moxifloxacin Hydrochloride Eye Drops, Shilishun Iodized Lecithin Capsules, Carisolv dental caries removal gel, Dr. YaDian mouth wash and Yi Xue An Granules, collectively. Ophthalmology segment contributed approximately HK$673.3 million to the Group's turnover for the year ended 31 December 2021, representing an increase of 60.6% as compared to approximately HK$419.2 million in 2020. Surgical segment recorded a total turnover of approximately HK$964.4 million for the year ended 31 December 2021, representing an increase of 72.6% as compared to approximately HK$558.9 million in 2020. The increase was attributable to the resumption of clinical operations in hospitals to normalcy in the PRC and the expansion of sales.
The selling of Xalatan Eye Drops and Xalacom Eye Drops would be discontinued in 2022 that contributed approximately 2% to the Group's gross profit for the year ended 31 December 2021.
The Board proposed a final dividend of HK$0.055 (2020: HK$0.05) per ordinary share to be approved at the upcoming annual general meeting of the Company.
Mr. Patrick Ngiam, Chairman of Essex, said, "2021 has been a year full of diverse challenges. Our part of the world has been affected by extended lockdowns and border closures under COVID zero regime, even as other regions begun to reopen. Despite yet another difficult year inflicted by the pandemic of COVID-19 on us all, the tenacity, drive and leadership in our DNA was able to deliver greater stakeholder value. The Group has achieved significantly improved financial performances in the financial year ended 31 December 2021. This is a testament that the Group's business is resilient and was able to recover swiftly to the pre-COVID-19 level after the normalcy of the clinical operations of hospitals resumed in the PRC since September 2020."
Significant Business Development Activities
The Group is committed to pragmatically investing in new products and technologies to strengthen the Group's product and R&D pipeline as near to mid-term growth driver in ophthalmology and long-term plan for new therapeutics in oncology. During the year under review, major investments in ophthalmic products are outlined as follows:
Investment in Ophthalmology
Significant progress for SkQ1's second phase 3 clinical trial
In 2018, the Group entered into a co-development agreement with Mitotech S.A. ("Mitotech") and Mitotech LLC for the United States Food and Drug Administration (the "US FDA") phase 3 clinical trial of an ophthalmic solution containing SkQ1 for dry eye disease. As disclosed in the announcement of the Company dated 24 February 2021, positive outcome was achieved during second phase 3 clinical trial (VISTA-2). The clinical trial study repeated statistically significant positive results on key predefined secondary end-point (Central Corneal Fluorescein Staining). The Board is enthusiastic about the read-out of clearing of central staining of the cornea (defined as zero staining in central cornea), which reveals the potential of SkQ1 in addressing oxidative stress in dry eye diseases. Following the positive trial outcome of VISTA-2, Mitotech has planned a pivotal trial (VISTA-3), which will commence once Mitotech's management team has fully assessed there is no potential disruption to trial centres and patient recruitment during the ongoing COVID-19 pandemic. However, recent developments in Ukraine have led to governments and industries reacting to business relationships with Russia in a way that could potentially induce delays in Mitotech's VISTA clinical trial program.
HLX04-O approved for phase 3 clinical trial
In 2020, the Group entered into a co-development and exclusive license agreement with Shanghai Henlius Biotech, Inc. to co-develop a pharmaceutical product that contains an anti-vascular endothelial growth factor ("anti-VEGF") as a drug substance, which is intended for the treatment of exudative (wet) age-related macular degeneration ("wet-AMD"). As at the date of 22 March 2022, the recombinant anti-VEGF humanised monoclonal antibody injection HLX04-O ("HLX04-O") for the treatment of wet-AMD has been approved to commence the phase 3 clinical trial in Australia, the United States, Singapore, Russia, Serbia and European Union countries such as Hungary, Spain, Latvia, the Czech Republic and Poland. Also, the first patient has been dosed in a phase 3 clinical study for HLX04-O for the treatment of wet-AMD in the PRC.
Ophthalmology business is expected to be further strengthened by the acquisition of Shilishun Iodized Lecithin Capsules
The successful acquisition of IP rights relating to R&D, production and MAH of Shilishun Iodized Lecithin Capsules will enable the Group to strengthen its ophthalmology business.
Market Development
Robust Market Access Capability
Over the years, the Group has been relentlessly investing in establishing and strengthening its market access capability. As at 31 December 2021, the Group maintains a network of 43 regional sales offices in the PRC and a total number of about 1,265 sales and marketing representatives, out of which 64% are full-time employees and 36% are on contract basis or from appointed agents.
More Extensive Healthcare Network for Product Prescription
During the year under review, the Group's therapeutic products are being prescribed in more than 10,500 hospitals and medical providers, coupled with approximately 2,110 pharmaceutical stores, which are mainly located in the major cities, provinces and county cities in the PRC.
Further Investments to Strengthen Competitiveness and Customer Base
For achieving a sustainable traction on growth for currently marketed products as well as for near-term to mid-term new products being commercialised, the Group initiated investments to improve its competitiveness and widen its customer base under the following plans:
-- Investing in clinical observation programs for affirming additional clinical indications of its commercialised products;
-- Reaching out to market in lower-tier cities;
-- Cultivating pharmaceutical stores, where possible, as complementary sales channel; and
-- Building on-line platform for medical consultation and e-prescription for patients with chronic diseases under its healthtech initiative.
The Group has initiated its market access expansion to Southeast Asian countries by setting up a base and expanded its presence in Singapore since 2020.
Research and Development
The Group renewed its R&D's vision, emphasising the dedication to science and innovation, with a mission to develop therapeutics that would meet unmet clinical and/or commercial needs. The Group concurrently kick-started a 5-year (2021 to 2025) R&D's development plan to further strengthen its R&D capability and its position in Ophthalmology.
As at 31 December 2021, there are 15 R&D programs in the pre-clinical to clinical stage, out of which 3 ophthalmology programs are in clinical stage. The 3 ophthalmology programs listed below are targeted as mid-term growth driver.
1. EB11-18136P: SkQ1 eye drops, second phase 3 clinical trial (US FDA) (VISTA-2) topline data released on 24 February 2021
2. EB11-15120P: Azithromycin eye drops, ongoing review by external key opinion leaders (National Medical Products Administration ("NMPA") in the PRC)
3. EB12-20145P: Bevacizumab intravitreal injection for wet-AMD, phase 3 clinical trial (US FDA, European Medicines Agency, Therapeutic Goods Administration and NMPA in the PRC)
As at the date of this announcement, the Group has obtained a total of 44 patent certificates or authorisation letters: 35 invention patents, 4 utility model patents and 5 design patents.
The Group currently has diversified its R&D resources to multiple research sites in Zhuhai (PRC), Boston (United States), London (United Kingdom) and Singapore which supports not only our pursuit for new therapeutics but also our acquisition of global talent.
Prospects
Looking ahead, the Group will continue to monitor the circumstances under the uncertainty of COVID-19 in 2022. Its strong team spirit and dynamic leadership have provided it with the capacity to navigate these turbulent times, and capture any opportunities in the ever changing world. The Group remains highly dynamic in delivering positive results in the coming year.
"COVID-19 remains a major concern in 2022 globally. We continue to monitor the situation and will take appropriate actions to overcome any unforeseen challenges. Barring the unforeseen circumstance, the Group remains focus on executing its plans and delivering progressive results. I would like to take this opportunity to express my sincere gratitude to all stakeholders, business associates and valued customers for the trust, support and cooperation accorded to us, and each and every member of the Group for their relentless efforts rendered in shaping the Group into being a progressive and promising pharmaceutical player.", said Mr. Patrick Ngiam.
Full version of Essex's FY2021 Annual Results Announcement can be downloaded at: https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0322/2022032200780.pdf
About Essex Bio-Technology Limited (Stock Code: 1061.HK)
Essex Bio-Technology Limited is a bio-pharmaceutical company that develops, manufactures and commercialises genetically engineered therapeutic rb-bFGF (FGF-2), having six commercialised biologics marketed in China since 1998. Additionally, it has a portfolio of commercialised products of preservative-free unit-dose eye drops and Shilishun Iodized Lecithin Capsules etc.. The products of the Company are principally prescribed for the treatment of wounds healing and diseases in Ophthalmology and Dermatology, which are marketed and sold through approximately 10,500 hospitals and managed directly by its 43 regional sales offices in China. Leveraging on its in-house R&D platform in growth factor and antibody, the Company maintains a pipeline of projects in various clinical stages, covering a wide range of fields and indications.
Media Enquiry:
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Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comEssex Bio-Technology Ltd ("Essex" or the "Group", Stock Code: 1061.HK) today announced the annual results for the year ended 31 December 2021.
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