HONG KONG, Mar 29, 2022 - (ACN Newswire) - Tai Hing Group Holdings Limited ("Tai Hing Group" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of around 220 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2021 (the "Review Year" or "FY2021").
RESULTS HIGHLIGHTS -- The Group's revenue increased by 13.4% to HK$3,173.0 million (FY2020: HK$2,797.9 million), turning around the decline last year by strengthening resilience of its businesses as well as reducing costs and increasing profits -- Gross profit and gross profit margin were HK$2,294.7 million (FY2020: HK$1,976.3 million) and 72.3% (FY2020: 70.6%), respectively -- Profit attributable to owners of the Company amounted to HK$99.7 million (FY2020: HK$119.0 million) -- The Board recommended a final dividend of HK4.95 cents per share; hence total dividend for FY2021 was HK7.45 cents per share, representing a dividend payout ratio of 75% -- "Men Wah Bing Teng" recorded a significant revenue growth of 54.2% to HK$760.5 million; "Asam Chicken Rice" also achieved an impressive revenue growth of 414.9% to HK$145.2 million -- Excluding the allowances from the Hong Kong Government's "Employment Support Scheme", other government subsidies and rent reduction, the Group's performance saw significant improvement against FY2020, showing clearly the greater resilience of the Group's business model
Amid the pandemic, the Group proactively optimised internal and restaurant management, strived to maintain stable business operations as well as reduced costs and increased profits in order to strengthen its resiliency, which consequently enabled the Group to achieve satisfactory overall results during the Review Year. The Group recorded overall revenue growth of 13.4% to HK$3,173.0 million (FY2020: HK$2,797.9 million). Gross profit and gross profit margin were HK$2,294.7 million (FY2020: HK$1,976.3 million) and 72.3% (FY2020: 70.6%), respectively. Profit attributable to owners of the Company amounted to HK$99.7 million (FY2020: HK$119.0 million). Excluding the allowances from the Hong Kong Government's "Employment Support Scheme", other government subsidies and rent reduction, the Group's performance for FY2021 saw significant improvement against FY2020. Basic earnings per share were HK9.94 cents (FY2020: HK11.89 cents).
In addition, implementing prudent financial management policies, the Group managed to maintain a healthy financial position with sufficient cash on hand and steady operating cash flow, allowing it to weather ongoing adversities as well as drive business growth. As at 31 December 2021, the Group had fully repaid all bank loans, and had cash and cash equivalents of HK$452.6 million (as at 31 December 2020: HK$562.1 million).
The Board has resolved to propose a final dividend of HK4.95 cents per ordinary share for the year ended 31 December 2021. Together with the interim dividend of HK2.50 cents already paid, the total dividend for FY2021 will be HK7.45 cents.
Business Review As at 31 December 2021, the Group had a network of 217 restaurants in Hong Kong, Mainland China, Macau and Taiwan, under casual dining brands.
"Men Wah Bing Teng" continued to be a key revenue growth driver and the second largest revenue source of the Group, recording a significant revenue growth of 54.2% to HK$760.5 million (FY2020: HK$493.2 million) during the Review Year, accounting for 24.0% (FY2020: 17.6%) of total revenue. That shows to the resilience of this brand amid the pandemic. The brand had the most restaurants added during the Review Year. The Group strategically added 7 and 13 new restaurants in Hong Kong and Mainland China respectively, bringing the total number to 58, to optimise the performance of this brand.
During the Review Year, in terms of revenue growth, the Southeast Asian gourmet brand "Asam Chicken Rice" stood out among the different brands, with impressive growth of 414.9% year-on-year, to HK$145.2 million (FY2020: HK$28.2 million). Offering generic menu options, relatively less manpower is required to operate "Asam Chicken Rice". The Group believes the development prospect and competitiveness of the operation model are not to be underestimated. Heeding the enthusiastic market response to the brand, the Group took the opportune time to open 7 additional restaurants in core business and residential areas in Hong Kong. The Group opened the first "Asam Chicken Rice" in Mainland China in September, a move reflective its hope to build a restaurant network for the brand in the Mainland market.
The Group's flagship brand "Tai Hing" has continued to deliver strong and steady performance. During the Review Year, "Tai Hing" recorded revenue of HK$1,464.0 million (FY2020: HK$1,472.1 million), accounting for 46.1% of total revenue, and continued to be the largest revenue source of the Group. In the second half year of 2021, the Group launched marketing and promotional activities for the brand, including the new "Excellent BBQ Pork, Excellent Taste" TV commercial and the new limited-time upgraded version of BBQ pork dish called "Golden Foil BBQ Pork", which attracted consumer attention as well as enhanced the image of the brand. The marketing initiatives were highly effective at low costs.
"TeaWood" remained the Group's third largest revenue contributor, with revenue amounting to HK$364.6 million (FY2020: HK$398.2 million), accounting for 11.5% (FY2020: 14.2%) of total revenue. During the Review Year, the Group actively mounted online and offline marketing activities to boost promotion of the "Teawood" brand. To ensure the brand is in sync with market trend, the Group will design for it a new menu and adjust related marketing strategy, with the aim of presenting a brand new image of "Teawood" to customers.
During the Review Year, the first and second restaurant of the new brand "Dumpling Station" opened in Hong Kong and, in one short year, they started contributing revenue to the Group. For "Dimpot", which performance exceeded expectations, the Group will strive to realise its market potential with the aim of nurturing it into another new "star brand".
Prospects The Group, via its multi-brand business model and adopting heedful marketing strategy, is well-geared to maintain and seize opportunities to expand its market share. In Hong Kong, drawing on its outstanding experience in creating such high-return and high-growth brands as "Men Wah Bing Teng" and "Asam Chicken Rice", the Group will nurture more unique and potential-rich brands to widen its customer base. In addition, the Group will optimise its restaurant network, thereby increase market penetration. In Mainland China, to meet new consumer demands amid the pandemic, the Group will gradually improve and consolidate its restaurant network, with a focus on the Greater Bay Area. To capitalise on the booming fast food trend, the Group will strategically develop its own model of restaurant network, targeting high customer traffic locations and choosing smaller shop spaces to provide takeaway services which are in rising demand.
Well-aware of technology trends in the catering industry such as digitalisation and integrating innovative technologies into different operations, the Group will invest more resources in introducing advanced technology systems and equipment to upgrade its existing information technology systems. It will also enhance big data application, so as to identify potential business opportunities, enhance operational efficiency and efficiently control costs, all conducive to maintaining its leadership and competitiveness in the casual dining industry in the region. In particular, the Group's first integrated mobile application will be launched shortly, which will not only be a platform that provides customers with one-stop takeaway ordering service, but one that can also help foster customer loyalty to the Group and strengthen customer relations management. It can also allow the Group to swiftly deliver latest news of its different brands directly to customers, thus help build up their image.
Mr. Chan Wing On, Chairman and Executive Director of Tai Hing, said, "With prudence and a pragmatic attitude, we will continue to enhance internal operation and management, re-examine restaurant network strategy as well as stringently control costs to strengthen the Group's resilience. In addition, we will closely watch the impacts of the pandemic on the Group's operations and changes in consumers' catering patterns. That will allow us to seize opportunities to steadily consolidate and expand business, and be ready to achieve brilliant results post-pandemic."
About Tai Hing Group Holdings Limited (stock code: 6811) Tai Hing Group Holdings Limited ("Tai Hing Group") is a multi-brand casual dining restaurant group with roots in Hong Kong. In addition to its flagship "Tai Hing" brand, the Group has a growing brand portfolio comprising of self-developed brands, and acquired and licensed brands, including "TeaWood", "Trusty Congee King", "Men Wah Bing Teng", "Pho Le", "Rice Rule", "King Fong Bing Teng", "Asam Chicken Rice", "Dao Cheng", "Dimpot", "Dumpling Station", "Hing Ye Dai Pai Dong", "Lu Bistro" and "Yung Fong Cafe". Currently, it has a network of around 220 restaurants in Hong Kong, Mainland China, Macau and Taiwan.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comTai Hing Group Holdings Limited ("Tai Hing Group" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of around 220 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2021 (the "Review Year" or "FY2021").
HONG KONG, Mar 27, 2022 - (ACN Newswire) - Janco Holdings Limited ("Janco" or the "Group"; Stock Code: 8035), a well-established freight forwarding and logistics one-stop service provider founded and based in Hong Kong with a strategic focus on Asia, announced its 2021 unaudited* preliminary annual results for the year ended 31 December 2021. The Group reported profit attributable to shareholders of HK$17.4 million, representing a year-on-year surge of 55.4%.
The Group predominately generates revenue from freight forwarding services, logistics services and e-commerce and fulfillment services. With the growth in revenue from ocean freight forwarding and e-commerce fulfillment services, the Group's total revenue amounted to approximately HK$566 million, representing a year-on-year increase of 16.1%. Furthermore, gross profit increased by 17.8% to approximately HK$76.2 million during the year.
Due to a rebound of the shipment volume to normal after a significant drop due to COVID-19 during the previous year, revenue from the ocean freight forwarding services has increased by approximately HK$34.3 million. Revenue from e-commerce fulfillment services increased by approximately HK$77.4 million, which was mainly attributable to an increase in orders placed by both new and existing customers during this year. However, this growth was partially offset by a decline in air freight forwarding services, ancillary logistics services and e-commerce trading services.
The increase in gross profit was mainly attributable to the increase in e-commerce courier services income which outweighed the increase in e-commerce courier services costs and the decrease in warehouse direct costs which outweighed the decrease in logistics service income.
The emerging technology and innovation applications have taken the Logistics Industry to ever challenging advances. The Group has taken steps in different stages developing appropriate products and services currently and for the near future, including 8035 Tennichi Active Water for civilian hygiene and combating COVID-19, the Group invested in a proprietary conversion and packaging facilities to cater for the marketing and sales of 8035 Tennichi Active Water, which is already available in the market from spring 2022, and creating revenues to the Group. For Cold Chain Logistics which is a high-end reliable temperature and environmental controlled movement and storage for pharmaceutical, comestible, and beauty care products, the solution and demand are hugely sought after, whereas the Group has started procuring the required technology. As for Fintech Logistics, the Group has committed to establish a Logistical Funding Resources to be able to attach into new era of products, and to be prepared for big data solutions, artificial intelligence applications and blockchain composites.
While being ready for the above, the Group is investing huge effort in further developing and securing a higher market share in the e-Commerce and Fulfilment Services division, where the Group sees solid positive growth. Complementing the Logistics and Warehousing Services, the Group is always looking for investments into appropriate logistic hubs for the purpose. The Group is also constantly improving the selection of solutions, to cater for different needs, while improving efficiency and customer satisfaction ratings. Constant improvement and market attention will bring the Group to capture opportunities arising from cross border e-Commerce traffic from China and overseas; and this would be the cornerstone to build the Group being the major Logistics Services Provider in the region.
As a responsible corporate citizen, the Group have been accommodating the authority's initiatives in helping out COVID-19-stricken Hongkongers. A strong testimony to their reliability and capabilities, Janco's fulfilment team has made possible dynamic provisioning efforts and home deliveries at short notice or lead time.
Other than the above, Mr. Po Kam Hi John and Mr. Tsang Zee Ho Paul have been appointed as non-executive Directors with effect from 15 March 2022.
* Due to the escalation of the COVID-19 pandemic and the interruptions arising from both the quarantine and/or work from home arrangements occurred in recent months, additional time is required for the Company and the Auditor to complete their review and audit of the financial information of the Group. Following completion of the auditing process by the Auditor, the Company expects to issue further announcement(s) in relation to, among other matters, the audited consolidated financial results of the Group for the Year.
About Janco Holdings Limited (Stock code: 8035) Established in 1990, Janco Holdings Limited is a Hong Kong-based 3PL company that principally engages in freight forwarding and the provision of one-stop logistics services. The Company has become a global freight forwarder, providing innovative and technology-driven end-to-end solutions consistent with being an integrated logistics specialist. Its business covers five segments, including cross-border e-commerce logistics solutions, freight forwarding, contract logistics, pharmaceutical and healthcare, and express. In addition, the Company is able to offer a truly global logistics network to customers. For details, please visit: www.jancofreight.com
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comJanco Holdings Limited ("Janco" or the "Group"; Stock Code: 8035), a well-established freight forwarding and logistics one-stop service provider founded and based in Hong Kong with a strategic focus on Asia, announced its 2021 unaudited* preliminary annual results for the year ended 31 December 2021.
RingFi, an innovative auto-staking protocol platform, once again shakes the market by announcing the launch of Risk-Free Notes NFTs, a system which allows long-term investments and ensures funds are released on the exit.
Although it provides a similar service to Libero and Titano, the platform has gone a step ahead by unveiling its wRING token. RingFi multiplied by 20 the value of its $RING token by being the first to develop a wrapped token, $wRING, which in contraposition to its competitors, is an ERC-20 compatible token. This feature allows users to get the API (392,537%) while staking $wRING in other protocols, thus achieving the possibility of obtaining double rewards with a single token and a single investment.
About Risk-Free Notes NFT
RingFi will issue the first Risk-Free Notes NFTs next week, and they can only be minted by locking $wRING. This new financial product works like a guaranteed check that accumulates interest.
The smart contract contains the assets invested at the time of purchase plus rewards in $BUSD and $wRING that act as backing and interest, respectively. In addition, these NFTs may be traded on secondary markets.
The RFN NFTs allow long-term investment to obtain high interest or be sold on the secondary market for the current value of the invested tokens plus rewards. In both cases, it is profitable and not subject to risk since payment is guaranteed (assets are self-contained in the contract).
RingFi Main Concept
RingFi seems to be looking for the investors' welfare and allows them to liquidate their long-term position without losing the investment by allowing RFN NFTs to be traded on secondary markets or NFTs Marketplaces.
Although RingFi is new in the DeFi industry, it has achieved tremendous progress within a short period. Currently, it is ranked third only behind Titano and Libero.
According to the team, "The goal for RingFi is simple, to build a Crypto Reserve Currency that will still exist in the years to come and become the base for a future ecosystem that offers a range of crypto products and services, all built from a strong foundation of consistent high APY rewards.”
One of the biggest buzzwords in the technology space at the moment has to be Cryptocurrency. So big, the entire cryptocurrency space is currently worth $1.89 Trillion as of the time of writing the article. If the cryptocurrency market was a stock market operated by a country, it would be the 18th largest stock exchange by market cap in the world. But very few know how cryptocurrency works or what it’s used for. According to a recent survey done by Cardify, only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.” Even fewer know about the larger ecosystem that exists beyond the cryptocurrency space which includes Blockchain, Decentralised Finance, Web3, Smart Contract and so much more. In this article, we will break down all the terminologies and jargon around the cryptocurrency space into much simpler and more digestible bits using related anecdotes. Let’s go! Crypto and Blockchain Predictions for 2022 1. Satoshi Nakamoto What better way to start than with the man who is presumed to be the brains behind the creation of Bitcoin, the first cryptocurrency. Many folks in the crypto space believe he’s a pseudonym that represents the original creator(s) of Bitcoin. Whatever and wherever he is, dead or alive, the name has made history as being the pioneer of the most disruptive technology innovation at the moment. Given the price of BTC today, Satoshi would be a billionaire. In addition, the poor (rich) lad also exists as a token called Satoshi and currently trades on the Coinmarketcap with the price set at $0.000412. 2. Blockchain Blockchain is a combination of computer networks that transparently stores all the information about a crypto transaction. Visualize several series of blocks that contain the information in a space connected by endless chains. Blockchain is the technology that powers all cryptocurrency transactions, for without it there won’t be any cryptocurrencies in existence. Its mission is to ‘wrestle power’ from centralized and opaque organizations like banks, government, lawyers, Insurance companies, etc and put it in the safe and transparent hands of ordinary folks like you and me, hence decentralizing the whole process of money exchange (a classic tale of Robinhood). 3. Bitcoin As you probably have noticed, decentralization is ironically the central theme for cryptocurrency, and no other token, coin, or terminology represents this theme like Bitcoin. Bitcoin is a virtual or digital token that can only be used on the internet. Unlike the physical currencies e.g the US dollar and UK Pound Sterling which are controlled by the government, Bitcoin is controlled by anyone. And like the traditional currencies which are stored in physical wallets, Bitcoin can also be stored in wallets called digital wallets (We will talk more about this). Bitcoin is the first and most valuable cryptocurrency with the price currently at $38,230. 4. Ethereum Ethereum is the second most popular and valuable cryptocurrency but it has a more unique usage than Bitcoin. The former serves as a medium of exchange and technology within the blockchain where other decentralized applications like Defi, Smart Contracts, NFT can be built on while the latter is only used as a medium of exchange. Think of Ethereum as the Gold of cryptocurrency and Bitcoin as the dollar. Ethereum can also be referred to as an alternative coin to Bitcoin. 5. Blockchain wallet The blockchain wallet acts the same way as your physical wallet which is used to store cash and cards except it is used online to store digital currencies like Bitcoin. It is very secure and can only be accessed by a key unique only to the wallet online (unlike the physical wallet that can be ‘accessed’ by boys under the bridge). 6. Address An Address is a string of characters in a wallet that can send and receive cryptocurrency. It is synonymous with a real-life address or an email. Just like a physical address where no two houses can share the same numbers, each address on the blockchain is unique and marks the location of a wallet. 7. Altcoins Short form for alternative coins, Altcoins refer to any type of cryptocurrencies other than Bitcoin. Altcoins were created to serve a much better purpose to cryptocurrency users than Bitcoin. Ethereum was the first-ever altcoin created. Other examples of altcoin include Solana, Bitcoin Cash (which is the 3rd most valuable cryptocurrency), XRP, Cardano, etc. 8. Shitcoins Shitcoins are altcoins that are fraudulently created and serve no intrinsic value to users. They are truly shitty by every definition of the word. Examples of shitcoins include Dogecoin, Shiba Inu, Safe Moon, Magic Internet Money, etc. 9. Cryptocurrency Exchanges Crypto Exchanges are platforms where digital currency owners can buy or sell cryptocurrency … Continued