Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 150

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 150
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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.

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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.