Asia Pioneer Entertainment (APE) has turned a profit for the first time since the outbreak of the pandemic, mainly due to improved demand in Macau casinos.
The company reported a net profit of HK$3.8 million for the fiscal year 2024, a significant improvement from a loss of HK$1.9 million in 2023. Revenue increased by 70.9% year-on-year to HK$50.8 million, with most of it coming from the Electronic Gaming Equipment (EGE) division.
Asia Pioneer Entertainment's electronic gaming business, which supplies slot machines to physical casinos, generated revenue of HK$48.5 million. This figure represents a 77% increase from the previous year, with most of the demand coming from operators in Macau.
Chairman Allen Huie expressed pleasure over the company's return to profitability and the clear momentum of market recovery. He added that Asia Pioneer Entertainment's products are not only gaining attention in Macau but also in the Philippines and Southeast Asia.
Macau's Chief Executive, Wu Zhao Wen, noted that the tourism sector in Macau is fully recovering. He said, "Last year, Macau welcomed nearly 35 million visitors, and the situation is recovering to pre-pandemic levels." "We also hope to expand into other Asian markets through trusted partners."
APE also owns a smaller vending machine business, which contributes minimally. However, the company's main focus remains on gaming equipment.
Looking ahead, Huie stated that the group will closely monitor new opportunities in other parts of Asia, such as Abu Dhabi and potential in Thailand, and invest in new technologies for its product line.
