Hong Kong's only publicly listed company focused on digital assets, OSL Group (863.HK) (collectively referred to as the "Group" along with its subsidiaries), today announced a positive profit forecast for the year ending December 31, 2024 (the "Current Year"). The Group expects to achieve record high revenue in 2024 and to record a profit for the first time since entering the digital asset space in 2018, marking a historic milestone. The Group's financial performance for the Current Year has significantly improved, demonstrating the effective leadership of the management team and the successful execution of its development strategy.
2024 Financial Performance Highlights
Based on the preliminary review of the unaudited consolidated management accounts for the Current Year and information currently available to the Board, the Group expects:
- Revenue to be between approximately HKD 337 million and HKD 375 million, an increase of about 60% to 79% compared to revenue of approximately HKD 210 million in the same period of 2023.
- Profit from continuing operations to be between approximately HKD 47 million and HKD 52 million, a turnaround from a loss of approximately HKD 250 million in the same period of 2023.
- Comprehensive income to be between approximately HKD 148 million and HKD 165 million, a significant improvement from a comprehensive loss of approximately HKD 266 million in the same period of 2023.
Expected Growth Factors
The Group attributes the expected revenue growth and turnaround to profitability in the Current Year to several factors, including:
- Market Growth: The rise in digital asset market prices this year and the accelerated launch of exchange-traded funds (ETFs) have increased institutional investor participation in the digital asset market, driving demand for the Group's digital asset trading and institutional business.
- Expansion of Management Team: The Group continues to expand its management team, deepening its core strategy and accelerating the execution of its business plans.
- Operational Efficiency: The Group has implemented effective measures to enhance and optimize operational efficiency.
- Appreciation of Digital Assets: The digital assets held by the Group to facilitate trading activities have appreciated in value this year.
Additionally, the Group expects comprehensive income to turn from a loss to a profit this year, primarily benefiting from the appreciation in fair value of the digital assets held for long-term investment.
OSL Group's Executive Director and CEO, Cei Sung, stated: "Achieving profitability is a significant milestone for OSL Group, providing us with a strong advantage to expand into new business areas. We are diligently working to bring more new business developments to our licensed digital asset trading platform and to enter broader new markets, as well as to launch a more diverse product portfolio to better serve our clients. This is just the beginning, and we will continue to strive for even greater success in the future."
The Group is still finalizing its annual performance for the year ending December 31, 2024. Shareholders and potential investors are advised to carefully read the Group's annual performance announcement for the Current Year, which is expected to be published in March 2025.
About OSL Group
OSL Group (863.HK), formerly known as BC Technology Group, is a leading enterprise in the digital asset field, dedicated to providing innovative and superior digital asset solutions for institutions, professionals, and retail investors.
OSL Group has a rich history and experience in the field, with notable achievements in compliance and excellence. OSL offers services including brokerage, custody, exchange, and SaaS, setting the highest standards for the digital asset industry.
The licensed digital asset trading platform OSL under OSL Group is the world's first insured and licensed digital asset platform regulated by the Securities and Futures Commission, with a core service focus on providing the highest standards of compliance and security for clients. The platform offers a user-friendly interface and seamless integration of cutting-edge technology.
At OSL Group, we firmly believe that the future of finance lies in digital assets, and we are committed to assisting clients in navigating this exciting new world. Our expert team brings together extensive experience in traditional finance, technology, and digital assets, ensuring that clients receive the highest level of support and guidance.
For more information, please visit: group.osl.com.
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