Company: TGE
Filing Date: 2025-03-21
Form Type: DRS/A
Source: 0001013762-25-001106
Chunk: 350

Company: Generation Essentials Group
Filing Date: 2025-03-21
Form: DRS/A
Chunk 350
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9million in 2023 to US$13.1 million in 2024, mainly due to the increase in salaries as a result of our business expansion. Share of losses of joint ventures Our share of losses of joint venture decreased from US$2.6million in 2023 to US$0.6 million in 2024. Finance costs Our finance costs increased from US$7.1million in 2023 to US$10.6 million in 2024, mainly due to an increase in our borrowings and the interests payable thereon. Income tax expense Our income tax marginally decreased from US$1.8million in 2023 to US$1.6 million in 2024, mainly due to the decrease in assessable profits in 2024. Profit for the year As a result of the foregoing, our profit increased from US$17.2million in 2023 to US$44.7 million in 2024. Year Ended December 31, 2022 Compared to Year Ended December 31, 2023 Revenue Our revenue increased from US$31.3 million in 2022 to US$42.5 million in 2023. Segment Revenue Our segment revenue from the media and entertainment segment increased from US$7.7 million in 2022 to US$14.4 million in 2023, primarily due to the expansion of L’Officiel into various jurisdictions such as Singapore and Malaysia since 2023, as well as our acquisition of The Art Newspaper in October 2023 which brought in new sources of income. Our segment revenue from the hotel operation, hospitality and VIP services segment increased from US$3.2 million in 2022 to US$5.4 million in 2023, primarily due to the increase in the unit room rate and occupancy rate of our hotels. Our segment revenue from the strategic investment segment increased from US$20.4 million in 2022 to US$22.7 million in 2023, primarily due to (i) the increase in realized gain to the disposed investment from US$1.0 million in 2022 to US$50.5 million in 2023 resulting from the realized gain in derivative contracts of upside participation and profit distribution agreements and future settlement contract (as described in details in note 17 of TGE’s consolidated financial statements included herein), which contracts were terminated in 2023 and (ii) the increase in dividend income from US$6.4 million in