Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 151

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 151
---
.9 million in 2023 to US$15.6 million in 2024.

Our cost of production increased
from US$3.8 million in 2023 to US$7.1 million in 2024, mainly due to the additional costs incurred as a result of the expansion of the
operation of L’Officiel and the full year impact in 2024 of our acquisition of The Art Newspaper in October 2023.

Our cost of hotel operation
increased from US$2.1 million 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$1.2 million 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.

Other operating
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.

<div align='center'>97</div>

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