Hong Kong Television Network ( (HKTVY) ) has released its Q4 earnings. Here is a breakdown of the information Hong Kong Television Network presented to its investors.
Hong Kong Technology Venture Company Limited, known for its leading role in the ecommerce sector through its platform HKTVmall, has reported its annual results for the year ending December 31, 2024. The company, which also engages in new ventures and technology projects, continues to navigate the challenges of a shifting economic landscape in Hong Kong.
In 2024, Hong Kong Television Network demonstrated resilience in its ecommerce operations, achieving a Gross Merchandise Value (GMV) on order intake of HK$8,589.8 million, marking a 2% year-on-year growth. Despite a net loss of HK$66.7 million, attributed to startup losses in new ventures and technology, the company maintained a strong balance sheet with net cash and liquidity of HK$712.5 million. The ecommerce segment, including HKTVmall, showed stable performance with an adjusted EBITDA of HK$329.2 million, driven by improved gross profit margins and increased multimedia advertising income.
The company’s new ventures, such as Wet Market Express and Everuts, saw significant growth in GMV, although they contributed to an adjusted EBITDA loss of HK$186.5 million. The Wet Market Express service, in particular, recorded a 166.3% increase in GMV, highlighting its potential in the fresh produce delivery market. However, the Fully Automated Retail Store and System in the UK faced technical challenges, leading to an impairment loss and a reassessment of its future course.
Looking forward, Hong Kong Television Network remains committed to innovation and long-term growth. The company plans to enhance its competitive edge by recruiting Mainland talents and expanding its market reach. Additionally, it aims to continue developing its new ventures and technology projects, despite the challenges, to ensure sustainable development and value creation for shareholders.