mm2 Asia (1B0) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 49% YoY to S$197.6m, gross profit increased 88% to S$52.1m, and profit before tax turned positive at S$0.8m from a S$22.8m loss.

• Loss attributable to equity holders from continuing operations narrowed to S$6.8m; excluding S$10.4m of cinema-operation losses, the Group would have recorded a S$3.6m profit.

Financial highlights

• Revenue was S$197.6m versus S$132.8m in FY2023; gross profit was S$52.1m versus S$27.7m.

• Profit before tax was S$0.8m versus a S$22.8m loss; excluding Cinema Operations, profit before tax was S$11.2m versus a S$22.8m loss.

• EBITDA, as defined using SFRS (I) 16, increased to S$37.2m from S$24.8m; adjusted EBITDA was reported as up more than 50% YoY.

• Loss attributable to equity holders from continuing operations was S$6.8m; the FY2023 loss attributable to equity holders was S$21.4m.

Outlook and guidance

• FY2025 and beyond priorities are rebuilding shareholder value and market trust, implementing strategic changes, and accelerating the recovery toward full profitability.