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Powell Max Limited Announces First Half 2024 Unaudited Financial Results

/EIN News/ -- HONG KONG, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced its unaudited financial results for the six months ended June 30, 2024.

Overview:

  Revenue was HK$22.7 million (US$2.9 million) for the six months ended June 30, 2024, representing a decrease of 11.0% from the same period in 2023.
     
  Net income was HK$0.8 million (US$98,456) for the six months ended June 30, 2024, as compared with HK$3.6 million for the same period in 2023.
     

Six Month Financial Results Ended June 30, 2024

Revenue. Revenue decreased by 11.0% from HK$25.2 million for the six months ended June 30, 2023 to HK$22.7 million (US$2.9 million) for the six months ended June 30, 2024, which was mainly due to a reduction in capital market activities in Hong Kong, which in turn has resulted in the postponement of many public offerings and other transactions of our customers. As a result of which, the demands for our financial communications services have reduced.

General and administrative expenses. General and administrative expenses increased by 12.7% from HK$5.4 million for the six months ended June 30, 2023 to HK$6.2 million (US$0.8 million) for the six months ended June 30, 2024, which was mainly due to an increase in the number of staff in our production team, an increase in the professional fee and an increase in expenses on expected credit loss.

Selling and distribution expenses. Selling and distribution expenses increased by 38.5% from HK$1.8 million for the six months ended June 30, 2023 to HK$3.0 million (US$0.4 million) for the six months ended June 30, 2024, which was mainly due to an increase in the number of staff in our sales team and an increase in other expenses on business development and marketing. In light of the reduction of capital market activities in Hong Kong, we have engaged extra resources on sales and marketing with the view to maintain our market presence.

Net income. Net income decreased by HK$2.8 million to HK$0.8 million (US$98,456), which was mainly due to the decrease in revenue and increase in general and administrative expenses, and selling and distribution expenses.

Basic and diluted EPS. Basic EPS was HK$0.062 (US$0.008) per ordinary share for the six months ended June 30, 2024, as compared to HK$0.285 per ordinary share for the six months ended June 30, 2023. Diluted EPS was the same as basic EPS for each period.

About Powell Max Limited

Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

Exchange Rate Information

The Company is a holding company with operations conducted in Hong Kong through JAN Financial Press Limited (“JAN Financial”), its sole operating subsidiary. JAN Financial’s reporting currency is Hong Kong dollars. The Hong Kong dollar is pegged to the U.S. dollar at a range of HK$7.75 to HK$7.85 to US$1. Unless otherwise noted, all translations from Hong Kong dollars to United States Dollars in this press release were calculated the noon middle rate of US$1 — HK$7.8083, as published in the H.10 statistical release of the Board of Governors of the Federal Reserve System on June 28, 2024, respectively. No representation is made that the HK$ amount represents or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Rounding Amounts and Percentages

Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.

For investor and media inquiries, please contact:

Company Info:

Powell Max Limited

Investor Relations

ir@janfp.com

(852) 2158 2888


POWELL MAX LIMITED AND ITS SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

    As of
December 31,

2023
    As of
June 30,
2024
(unaudited)
 
    HK$     HK$     US$  
ASSETS                  
Non-current assets                  
Property, plant and equipment     5,819,230       3,777,893       483,830  
Total non-current assets     5,819,230       3,777,893       483,830  
                         
Current assets                        
Trade and other receivables     12,547,210       16,040,646       2,054,307  
Deferred IPO expense1     962,822       6,734,370       862,464  
Cash and bank balances     3,660,213       2,075,667       265,828  
Total current assets     17,170,245       24,850,683       3,182,599  
                         
Total assets     22,989,475       28,628,576       3,666,429  
                         
LIABILITIES AND EQUITY                        
Current liabilities                        
Trade and other payables     27,376,032       35,332,530       4,524,996  
Contract liabilities     1,524,761       612,761       78,476  
Bank borrowings     4,767,829       4,311,625       552,185  
Lease liabilities     3,361,230       2,765,854       354,220  
Total current liabilities     37,029,852       43,022,770       5,509,877  
                         
Non-current liabilities                        
Trade and other payables     150,000       150,000       19,210  
Lease liabilities     1,122,591       -       -  
Total non-current liabilities     1,272,591       150,000       19,210  
                         
Total liabilities     38,302,443       43,172,770       5,529,087  
                         
Equity attributable to owners of the Company                        
Share capital     9,750       9,750       1,249  
Accumulated losses     (15,680,728 )     (14,899,592 )     (1,908,174 )
Reserve     358,010       345,648       44,267  
Total equity     (15,312,968 )     (14,544,194 )     (1,862,658 )
                         
Total liabilities and equity     22,989,475       28,628,576       3,666,429  


  1 Prior to our initial public offering, we had recorded certain legal, accounting and other third party fees that are directly associated with our initial public offering as deferred IPO expense. Nasdaq Capital Market and would be charged against the gross proceeds of the offering as a reduction of share capital..

As at June 30, 2024, the Company has not completed its IPO on Nasdaq Capital Market.


POWELL MAX LIMITED AND ITS SUBSIDIARY
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME

    Six months ended June 30,  
    2023
(unaudited)
    2024
(unaudited)
 
    HK$     HK$     US$  
Revenue     25,236,693       22,732,219       2,911,289  
Cost of sales     (13,985,762 )     (12,549,020 )     (1,607,139 )
Gross profit     11,250,931       10,183,199       1,304,150  
                         
Other income     2,929       26,247       3,361  
General and administrative expenses     (5,438,461 )     (6,228,824 )     (797,718 )
Selling and distribution expenses     (1,848,224 )     (3,005,905 )     (384,963 )
                         
Profit from operations     3,967,175       974,717       124,830  
Finance costs     (300,428 )     (193,581 )     (24,791 )
                         
Profit before income tax     3,666,747       781,136       100,039  
Income tax expense     -       -       -  
Profit for the period     3,666,747       781,136       100,039  
                         
Other comprehensive income:                        
Exchange differences on translation of foreign operations     (98,157 )     (12,362 )     (1,583 )
Total comprehensive income for the period     3,568,590       768,774       98,456  
                         
Earnings per share attributable to owners of the Company                        
Basic and diluted     0.285       0.062       0.008  
                         
Weighted average number of ordinary shares                        
Basic and diluted     12,500,000       12,500,000       12,500,000  

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