OSL Group (863) H2 2024 earnings summary

Executive summary

• Achieved record-high revenue of HKD 375m (IFRS income HK$374.7 million), marking a 78.6% year-over-year increase from 2023.

• Reached profitability for the first time since transitioning to digital assets in 2018, with net profit from continuing operations of HKD 55m (HK$54.8 million) versus a loss of HK$249.8 million last year.

• Total comprehensive income for 2024 was HKD 168m, reversing a loss of HKD 266m in 2023.

• Expanded product offerings, including Asia’s first spot digital asset ETFs, and accelerated international expansion with acquisitions in Japan and Europe.

• Strengthened management team and completed a strategic brand refresh to support global growth.

Financial highlights

• Digital Assets Markets Business revenue rose 73.3% year-over-year to HKD 283.1m.

• Digital Assets Technology Infrastructure Business revenue increased 414.9% year-over-year to HKD 91.6m.

• Net gain from digital assets used in trading was HK$161.7 million, up from HK$72.1 million last year.

• Cash positions increased 3.8x to HKD 621.4m; house coin positions rose 2.2x to HKD 406.6m.

• Total assets increased to HK$1,863.7 million, with total liabilities reduced to HK$579.4 million and shareholder equity rising to HK$1,284.4 million.

Outlook and guidance

• Plans to strengthen market leadership in Hong Kong, scale overseas operations, pursue global M&A, expand product offerings, and drive operational efficiency.

• Focus on PayFi ecosystem development, new product launches, and further international expansion, especially in Japan and Australia.

• Accelerating roll-out of new products, with US$30m earmarked for PayFi investments.

• Anticipates increased digital asset adoption due to regulatory clarity and ETF approvals in major markets.