Company: TGE
Filing Date: 2025-05-06
Form Type: F-4/A
Source: 0001213900-25-040058
Chunk: 351

Company: Generation Essentials Group
Filing Date: 2025-05-06
Form: F-4/A
Chunk 351
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 hotel operation increased from US$2.1million in 2023 to US$8.5 million in 2024, mainly due to the additional costs recognized from our hotels in line with the increase in segment revenue generated from our hotel operation. Other income Our other income increased from US$1.2million in 2023 to US$24.8 million in 2024, mainly due to the disposal of the entire equity interests in certain of our subsidiaries which were not conducting the core business of our company, during 2024.

219 Other operating expenses Our other operating expenses increased from US$5.7million 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$7.9million 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