Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 151

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 151
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expenses

Our other operating expenses
increased from US$5.7 million in 2023 to US$15.5 million in 2024, mainly due to an increase in depreciation of our hotel properties
and other corporate expenses arising from the additional contribution recognized from our hotel operations during 2024.

Staff costs

Our staff costs increased
from US$7.9 million 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$2.6 million in 2023 to US$0.6 million in 2024.

Finance costs

Our finance costs increased
from US$7.1 million in 2023 to US$10.6 million in 2024, mainly due to an increase in our borrowings and the interests payable thereon.

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Income tax expense

Our income tax marginally
decreased from US$1.8 million 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$17.2 million 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