G.H.Y Culture & Media Holding Co (XJB) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 61.0% to S$73.7 million and gross profit increased 30% to S$18.6 million; net loss narrowed to S$9.811 million from S$10.481 million.

• Excluding a S$6.6 million credit loss allowance and S$4.0 million net foreign exchange loss, FY2023 would have generated net profit of ~S$0.7 million.

• TV & Film, Concert Production and Others all grew as operations recovered following the PRC’s January 2023 reopening.

Financial highlights

• Revenue increased S$27.9 million to S$73.7 million; gross profit rose S$4.3 million to S$18.6 million.

• Loss before income tax was S$11.0 million versus S$11.1 million; income tax credit was S$1.2 million versus S$0.7 million.

• Basic and diluted loss per share was 0.90 cents versus 0.88 cents in FY2022.

• Total assets were ~S$174.2 million and total liabilities were S$50.5 million at 31 December 2023.

Key financial ratios and metrics

• Gross margin was 25.2%, down 6.0 percentage points from 31.2% in FY2022.

• Net working capital was S$106.5 million and net assets were ~S$123.7 million at 31 December 2023.

• Cash and cash equivalents were S$51.1 million at 31 December 2023.