Unity Group Expects a Profit Turnaround by Recording an Adjusted Net Profit of Not Less Than HK$35 Million for FY2024

EQS Newswire / 20/06/2024 / 09:40 UTC+8

Will Continue to Grow With Sustainability Tech Innovation and Overseas Business Expansion in Middle East and Southeast Asia Regions

 

(Hong Kong, 20 June 2024) Unity Group Holdings International Limited (stock code: 1539.HK) (including its subsidiaries “Unity Group” or the “Group”), a leading comprehensive energy-saving and GreenTech solution provider with headquarters in Hong Kong, is pleased to announce that, based on the preliminary review of the unaudited consolidated management accounts of the Group, the Group is expected to record an adjusted net profit of not less than HK$35 million for the year ended 31 March 2024 (the “FY2024”).

 

Adjustments include the exclusion of: (i) fair value change in equity investment at fair value through profit or loss; (ii) gain or loss on modification or derecognition of financial liabilities; (iii) exchange gain or losses; and (iv) share options expenses for share options grant to directors and certain employees of Unity Group. Excluding the abovementioned adjustments, the Group is expected to record a net profit of not less than HK$10 million for FY2024 as compared to an adjusted net loss of approximately HK$64 million and a net loss of approximately HK$24 million respectively for the year ended 31 March 2023 (“FY2023”).

 

The increase in both the net profit and adjusted net profit was mainly attributable to the increase of not less than 90% in turnover and the change in expected credit losses of trade and finance lease receivables, net of the tax effect. This change was from a loss of approximately HK$38 million in FY2023 to a reversal of approximately HK$17 million in FY2024.

 

Mr. Mansfield Wong, Chairman of the Group said: “The Group has proactively responded to the evolving trends in overseas markets, particularly in the Middle East and Southeast Asia regions. We have established strategic partnerships with reputable companies and organizations to develop and promote our innovative technologies for the sustainability and energy-efficiency sectors. The recent collaboration with Nestlé has further motivated us to address the pressing climate challenges through the implementation of trials for our new system and model, with the aim of promoting advanced agricultural technology and securing food supply. Unity Group is committed to leveraging green practices and expanding our global business network to strengthen our industry leadership position.”

 

– Ends –

 

About Unity Group Holdings International Limited

 

Founded in 2008, Unity Group became the first energy service company to be listed on the Hong Kong Stock Exchange. At the core of its operations is the Energy Management Contract (EMC) business model, which implements customized solutions designed to achieve optimal energy efficiency and maximize returns for clients. Unity Group employs industry-leading, effective, and practical research methodologies. These methodologies span innovative green technologies, data analysis, and machine learning. The outcomes of its research and development efforts manifest in its uniquely versatile, appropriate, and actionable green technology solutions. Currently, Unity Group operates in Mainland China, Malaysia, and the Middle East.

 

This press release is distributed by LBS Communications Consulting Limited. 

 

Joanne Chan

(852) 3679 3671

jchan@lbs-comm.com

Jason Ho

(852) 3752 2675

jho@lbs-comm.com

 

20/06/2024 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.

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