Powell Max Limited Announces 2024 Audited Financial Results
Powell Max (Nasdaq: PMAX), a Hong Kong-based financial communications provider, reported significant declines in its 2024 financial performance. The company's revenue dropped 25.7% to HK$36.5 million (US$4.7 million) compared to 2023.
Key financial highlights:
- Net position shifted from a HK$7.1 million profit in 2023 to a HK$18.1 million loss (US$2.3 million) in 2024
- General and administrative expenses more than doubled to HK$24.9 million due to equity line of credit costs and increased professional fees
- Selling expenses rose 55.6% to HK$7.0 million as the company expanded its sales team
- Loss per share was HK$1.37 (US$0.18), compared to earnings of HK$0.56 per share in 2023
The revenue decline was primarily attributed to reduced income from corporate financial communications and IPO printing services. In response to decreased Hong Kong capital market activities, Powell Max has increased investment in sales and marketing to maintain market presence.
Powell Max (Nasdaq: PMAX), un fornitore di servizi di comunicazione finanziaria con sede a Hong Kong, ha registrato un calo significativo delle sue performance finanziarie nel 2024. I ricavi dell'azienda sono diminuiti del 25,7%, attestandosi a 36,5 milioni di HK$ (4,7 milioni di dollari USA) rispetto al 2023.
Punti salienti finanziari:
- La posizione netta è passata da un utile di 7,1 milioni di HK$ nel 2023 a una perdita di 18,1 milioni di HK$ (2,3 milioni di dollari USA) nel 2024
- Le spese generali e amministrative sono più che raddoppiate, raggiungendo 24,9 milioni di HK$, a causa dei costi legati alla linea di credito azionaria e dell’aumento delle spese professionali
- Le spese di vendita sono aumentate del 55,6%, arrivando a 7,0 milioni di HK$ in seguito all'espansione del team commerciale
- La perdita per azione è stata di 1,37 HK$ (0,18 dollari USA), rispetto a un utile di 0,56 HK$ per azione nel 2023
Il calo dei ricavi è stato principalmente attribuito alla riduzione dei guadagni derivanti dai servizi di comunicazione finanziaria aziendale e dalla stampa per IPO. In risposta alla diminuzione delle attività nel mercato dei capitali di Hong Kong, Powell Max ha aumentato gli investimenti in vendite e marketing per mantenere la propria presenza sul mercato.
Powell Max (Nasdaq: PMAX), un proveedor de servicios de comunicaciones financieras con sede en Hong Kong, reportó una caída significativa en su desempeño financiero durante 2024. Los ingresos de la empresa disminuyeron un 25,7%, alcanzando los 36,5 millones de HK$ (4,7 millones de dólares estadounidenses) en comparación con 2023.
Aspectos financieros clave:
- La posición neta cambió de una ganancia de 7,1 millones de HK$ en 2023 a una pérdida de 18,1 millones de HK$ (2,3 millones de dólares) en 2024
- Los gastos generales y administrativos se más que duplicaron, llegando a 24,9 millones de HK$, debido a costos relacionados con la línea de crédito de acciones y mayores honorarios profesionales
- Los gastos de venta aumentaron un 55,6% hasta 7,0 millones de HK$ tras la expansión del equipo de ventas
- La pérdida por acción fue de 1,37 HK$ (0,18 dólares), comparado con ganancias de 0,56 HK$ por acción en 2023
La caída en los ingresos se atribuyó principalmente a la reducción de ingresos provenientes de servicios de comunicaciones financieras corporativas y de impresión para IPOs. En respuesta a la disminución de la actividad en el mercado de capitales de Hong Kong, Powell Max incrementó la inversión en ventas y marketing para mantener su presencia en el mercado.
Powell Max (나스닥: PMAX), 홍콩에 본사를 둔 금융 커뮤니케이션 제공업체가 2024년 재무 성과에서 큰 하락을 보고했습니다. 회사의 매출은 2023년 대비 25.7% 감소하여 3,650만 홍콩 달러(470만 미국 달러)를 기록했습니다.
주요 재무 하이라이트:
- 순이익이 2023년 710만 홍콩 달러 흑자에서 2024년 1,810만 홍콩 달러 적자(230만 미국 달러)로 전환
- 주식 신용 한도 비용과 전문 수수료 증가로 인해 일반 및 관리비가 2배 이상 증가하여 2,490만 홍콩 달러에 달함
- 판매 비용이 55.6% 증가하여 700만 홍콩 달러가 되었으며, 이는 영업팀 확장에 따른 것임
- 주당 손실은 1.37 홍콩 달러(0.18 미국 달러)로, 2023년 주당 0.56 홍콩 달러 이익과 비교됨
매출 감소는 주로 기업 금융 커뮤니케이션 및 IPO 인쇄 서비스 수입 감소에 기인합니다. 홍콩 자본시장 활동 감소에 대응하여 Powell Max는 시장 점유율 유지를 위해 영업 및 마케팅 투자를 늘렸습니다.
Powell Max (Nasdaq : PMAX), un fournisseur de services de communication financière basé à Hong Kong, a annoncé une baisse significative de ses performances financières en 2024. Le chiffre d'affaires de la société a chuté de 25,7% pour atteindre 36,5 millions de HK$ (4,7 millions de dollars US) par rapport à 2023.
Points financiers clés :
- La position nette est passée d'un bénéfice de 7,1 millions de HK$ en 2023 à une perte de 18,1 millions de HK$ (2,3 millions de dollars US) en 2024
- Les frais généraux et administratifs ont plus que doublé, atteignant 24,9 millions de HK$ en raison des coûts liés à la ligne de crédit en actions et à l'augmentation des honoraires professionnels
- Les frais de vente ont augmenté de 55,6 % pour atteindre 7,0 millions de HK$ suite à l'expansion de l'équipe commerciale
- La perte par action s'est élevée à 1,37 HK$ (0,18 dollar US), contre un bénéfice de 0,56 HK$ par action en 2023
La baisse du chiffre d'affaires est principalement due à une diminution des revenus provenant des services de communication financière d'entreprise et d'impression pour les introductions en bourse. En réponse à la baisse des activités sur le marché des capitaux de Hong Kong, Powell Max a accru ses investissements en ventes et marketing pour maintenir sa présence sur le marché.
Powell Max (Nasdaq: PMAX), ein in Hongkong ansässiger Anbieter von Finanzkommunikationsdienstleistungen, meldete erhebliche Rückgänge in seiner Finanzleistung für 2024. Der Umsatz des Unternehmens sank um 25,7% auf 36,5 Millionen HK$ (4,7 Millionen US-Dollar) im Vergleich zu 2023.
Wichtige finanzielle Highlights:
- Die Nettoposition änderte sich von einem Gewinn von 7,1 Millionen HK$ im Jahr 2023 zu einem Verlust von 18,1 Millionen HK$ (2,3 Millionen US-Dollar) im Jahr 2024
- Allgemeine und Verwaltungskosten mehr als verdoppelt auf 24,9 Millionen HK$ aufgrund von Kosten für die Aktienkreditlinie und gestiegenen Beratungskosten
- Vertriebskosten stiegen um 55,6% auf 7,0 Millionen HK$, da das Unternehmen sein Vertriebsteam erweiterte
- Der Verlust je Aktie betrug 1,37 HK$ (0,18 US-Dollar) im Vergleich zu einem Gewinn von 0,56 HK$ pro Aktie im Jahr 2023
Der Umsatzrückgang wurde hauptsächlich auf geringere Einnahmen aus Unternehmensfinanzkommunikation und IPO-Druckdienstleistungen zurückgeführt. Als Reaktion auf die rückläufigen Aktivitäten am Kapitalmarkt in Hongkong hat Powell Max die Investitionen in Vertrieb und Marketing erhöht, um seine Marktpräsenz aufrechtzuerhalten.
- Increased investment in sales team and marketing to maintain market presence
- Secured equity line of credit through standby equity purchase agreement with YA II PN
- Revenue decreased 25.7% to HK$36.5M in 2024 vs 2023
- Net loss of HK$18.1M in 2024 vs profit of HK$7.1M in 2023
- General and administrative expenses increased 128% to HK$24.9M
- Selling and distribution expenses rose 55.6% to HK$7.0M
- Earnings per share declined to -HK$1.37 from +HK$0.56
- Decreased revenue from both corporate financial communications and IPO printing services
Insights
Powell Max reports significant financial deterioration with 25.7% revenue decline, swinging to an HK$18.1M loss while expenses balloon by over 100%.
Powell Max Limited (PMAX) reported deeply concerning financial results for FY 2024, revealing fundamental deterioration across all key metrics. Revenue fell
The most significant concern is the company's dramatic swing to a net loss of
The financial deterioration stems largely from substantial expense increases. General and administrative expenses surged by
Simultaneously, selling and distribution expenses rose
The combination of falling revenue and rising expenses creates a particularly troubling financial trajectory. The company is spending significantly more while generating substantially less revenue – a fundamental business equation that requires urgent correction to avoid further financial deterioration.
HONG KONG, April 28, 2025 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the audited financial results of the Company and its subsidiary for the financial year ended December 31, 2024.
Overview:
- Revenue was HK
$36.5 million (US$4.7 million ) for the year ended December 31, 2024, representing a decrease of25.7% for the year ended December 31, 2023. - Net loss was HK
$18.1 million (US$2.3 million ) for the year ended December 31, 2024, as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.
Financial Results for the year ended December 31, 2024
Revenue. Revenue decreased by
General and administrative expenses. General and administrative expenses increased by 1.28 times from HK
Selling and distribution expenses. Selling and distribution expenses increased by
Net loss. Net loss for the year ended December 31, 2024 was HK
Basic and diluted loss per share. Basic and diluted loss per share was HK
About Powell Max Limited
Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.
Exchange Rate Information
The Company is a holding company with operations conducted in Hong Kong through JAN Financial Press Limited and Miracle Media Production Limited (which was acquired after the reporting period), its direct wholly-owned operating subsidiaries. The operating subsidiaries’ reporting currency is Hong Kong dollars. Unless otherwise noted, all translations from Hong Kong dollars to United States Dollars in this press release were calculated the noon middle rate of US
Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Rounding Amounts and Percentages
Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.
For investor and media inquiries, please contact:
Company Info:
Powell Max Limited
Investor Relations
ir@janfp.com
(852) 2158 2888
| POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||||
| As of December 31 | ||||||||||||
| 2023 | 2024 | |||||||||||
| HK$ | HK$ | US$ | ||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment | 5,819,230 | 4,253,686 | 547,612 | |||||||||
| Total non-current assets | 5,819,230 | 4,253,686 | 547,612 | |||||||||
| Current assets | ||||||||||||
| Trade and other receivables | 13,510,032 | 16,096,160 | 2,072,191 | |||||||||
| Cash and bank balances | 3,660,213 | 42,222,014 | 5,435,588 | |||||||||
| Total current assets | 17,170,245 | 58,318,174 | 7,507,779 | |||||||||
| Total assets | 22,989,475 | 62,571,860 | 8,055,391 | |||||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 27,376,032 | 12,990,458 | 1,672,368 | |||||||||
| Contract liabilities | 1,524,761 | 1,310,435 | 168,703 | |||||||||
| Bank borrowings | 4,767,829 | 3,845,863 | 495,110 | |||||||||
| Lease liabilities | 3,361,230 | 1,376,122 | 177,159 | |||||||||
| Derivative | — | 6,756,516 | 869,822 | |||||||||
| Convertible promissory notes | — | 13,860,647 | 1,784,395 | |||||||||
| Total current liabilities | 37,029,852 | 40,140,041 | 5,167,557 | |||||||||
| Non-current liabilities | ||||||||||||
| Trade and other payables | 150,000 | 150,000 | 19,311 | |||||||||
| Lease liabilities | 1,122,591 | 1,014,182 | 130,564 | |||||||||
| Total non-current liabilities | 1,272,591 | 1,164,182 | 149,875 | |||||||||
| Total liabilities | 38,302,443 | 41,304,223 | 5,317,432 | |||||||||
| Equity attributable to owners of the Company | ||||||||||||
| Share capital | 9,750 | 11,457 | 1,475 | |||||||||
| Accumulated losses | (15,680,728 | ) | (33,754,822 | ) | (4,345,537 | ) | ||||||
| Reserves | 358,010 | 55,011,002 | 7,082,021 | |||||||||
| Total equity | (15,312,968 | ) | 21,267,637 | 2,737,959 | ||||||||
| Total liabilities and equity | 22,989,475 | 62,571,860 | 8,055,391 | |||||||||
| POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||||||||||||
| Year ended December 31, | ||||||||||||||||
| 2022 | 2023 | 2024 | ||||||||||||||
| HK$ | HK$ | HK$ | US$ | |||||||||||||
| Revenue | 37,772,821 | 49,121,839 | 36,461,260 | 4,693,958 | ||||||||||||
| Cost of sales | (22,217,680 | ) | (25,238,821 | ) | (22,081,030 | ) | (2,842,673 | ) | ||||||||
| Gross profit | 15,555,141 | 23,883,018 | 14,380,230 | 1,851,285 | ||||||||||||
| Other income and gain | 1,851,815 | 54,116 | 1,952,986 | 251,425 | ||||||||||||
| General and administrative expenses | (10,723,611 | ) | (10,862,255 | ) | (24,854,036 | ) | (3,199,665 | ) | ||||||||
| Selling and distribution expenses | (5,250,421 | ) | (4,530,134 | ) | (7,049,538 | ) | (907,545 | ) | ||||||||
| Allowance of expected credit loss - trade receivables | (841,051 | ) | (914,788 | ) | (488,640 | ) | (62,908 | ) | ||||||||
| Profit/(Loss) from operations | 591,873 | 7,629,957 | (16,058,998 | ) | (2,067,408 | ) | ||||||||||
| Finance costs | (690,476 | ) | (550,714 | ) | (2,015,096 | ) | (259,418 | ) | ||||||||
| (Loss)/Profit before income tax | (98,603 | ) | 7,079,243 | (18,074,094 | ) | (2,326,826 | ) | |||||||||
| Income tax expense | — | — | — | — | ||||||||||||
| (Loss)/Profit for the year | (98,603 | ) | 7,079,243 | (18,074,094 | ) | (2,326,826 | ) | |||||||||
| Other comprehensive (loss)/income: | ||||||||||||||||
| Exchange differences on foreign currency translations | 25,138 | (47,378 | ) | 48,424 | 6,234 | |||||||||||
| Total comprehensive (loss)/income for the year | (73,465 | ) | 7,031,865 | (18,025,670 | ) | (2,320,592 | ) | |||||||||
| (Loss)/Earnings per share attributable to owners of the Company | ||||||||||||||||
| Basic and diluted | (0.01 | ) | 0.56 | (1.37 | ) | (0.18 | ) | |||||||||
| Weighted average number of ordinary shares | ||||||||||||||||
| Basic and diluted | 12,500,000 | 12,500,000 | 13,178,314 | 13,178,314 | ||||||||||||
FAQ
What caused Powell Max (PMAX) revenue to drop 25.7% in 2024?
How much did Powell Max (PMAX) lose in 2024?
Why did PMAX administrative expenses increase in 2024?
What is PMAX's earnings per share for 2024?
Why did PMAX increase its sales and marketing spending in 2024?
