YesAsia Holdings (2209) H2 2024 earnings summary

Executive summary

• Achieved record revenue of US$345.8 million in 2024, up 71.7% year-over-year, with net profit rising 151.5% to US$19.0 million and net profit margin improving to 5.5% from 3.8% in 2023.

• Growth driven by global expansion, B2B development, and strong performance in non-core markets, with Europe overtaking the US as the major revenue growth driver.

• Non-core markets contributed 50.2% of revenue, outpacing core English-speaking markets for the second consecutive year.

• Beauty products revenue nearly doubled, supported by localization efforts such as new offices in Berlin and Seoul and an eight-language website.

• The Board recommended a final dividend of HK7.5 cents per share.

Financial highlights

• Revenue rose 71.7% year-over-year to US$345.78 million; net profit increased 151.5% to US$19.04 million.

• Gross profit grew 68.1% to US$105.39 million; gross margin slightly decreased to 30.5% from 31.1%.

• Basic EPS increased 148.2% to 4.74 US cents; diluted EPS up 140.8% to 4.60 US cents.

• Proposed/declared dividend per share rose 50% to HK7.5 cents.

• B2C platform sales up 67.4% to US$265.64 million; B2B platform sales up 100.2% to US$77.67 million.

Outlook and guidance

• Continued focus on global expansion, especially in non-core markets and offline retail partnerships.

• K-Beauty market expected to grow from US$13.59 billion in 2024 to US$25.98 billion in 2032, CAGR 8.4%.

• Europe anticipated to surpass US as largest revenue source in 2025.

• Second AMR warehouse in Hong Kong to be operational by April 2025, enhancing logistics efficiency.

• Nine seasonal campaigns planned for 2025 to boost sales.