OSL Group announces expected record-high revenue in 2024 and positive profitability
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OSL Group announces expected record-high revenue in 2024 and positive profitability
OSL Group expects to achieve record-high revenue in 2024 and record its first profit since entering the digital asset space in 2018.
Navigating Web3 tides with focused insightsOSL Group (863.HK), Hong Kong's only publicly listed company focused on digital assets (together with its subsidiaries, the "Group"), today announced a profit warning for the year ended December 31, 2024 ("the current year"). The Group expects to achieve record-high revenue in 2024 and record its first annual profit since entering the digital asset sector in 2018, marking a historic milestone. This significant improvement in financial performance reflects effective leadership by the management team and successful execution of its strategic initiatives.
Key Financial Highlights for 2024
Based on preliminary reviews of the unaudited consolidated management accounts for the current year and information currently available to the Board, the Group expects:
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Revenue between approximately HK$337 million and HK$375 million, representing an increase of about 60% to 79% compared to approximately HK$210 million in the same period of 2023.
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Profit from continuing operations between approximately HK$47 million and HK$52 million, a significant turnaround from a loss of approximately HK$250 million in the same period of 2023.
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Total comprehensive income between approximately HK$148 million and HK$165 million, a substantial improvement compared to total comprehensive loss of approximately HK$266 million in the same period of 2023.
Factors Driving Expected Growth
The Group attributes the expected revenue growth and return to profitability during the current year to several factors, including:
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Market expansion: Rising digital asset prices and the launch of digital asset exchange-traded funds (ETFs) accelerated institutional investor participation in the digital asset market, driving demand for the Group’s digital asset trading and institutional services.
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Management team expansion: The Group has continued strengthening its management team, deepening its core strategy, and accelerating the execution of business plans.
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Operational efficiency: The Group has implemented effective measures to enhance and optimize operational efficiency.
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Digital asset appreciation: The value of digital assets held by the Group to facilitate trading activities increased during the year.
In addition, the expected shift from total comprehensive loss to total comprehensive income is primarily due to fair value gains on digital assets held by the Group as long-term investments.
Cui Song, Executive Director and Chief Executive Officer of OSL Group, said: "Achieving profitability is a significant milestone for OSL Group, giving us strong momentum as we expand into new business areas. We are actively advancing new developments for our licensed digital asset trading platform, entering broader markets, and launching a more diversified product suite to better serve our clients. This is just the beginning—we will continue striving for even greater success in the future."
The Group is still finalizing its annual results for the year ended December 31, 2024. Shareholders and potential investors are advised to read the Group’s full-year earnings announcement for the current year, which is expected to be published in March 2025.
About OSL Group
OSL Group (863.HK), formerly known as BC Technology Group, is a leading enterprise in the digital asset space, dedicated to providing innovative and premium digital asset solutions for institutional, professional, and retail investors.
With a rich history and extensive experience in the industry, OSL Group has established an outstanding track record in compliance and excellence. OSL offers brokerage, custody, exchange, and SaaS services, setting the highest standards across the digital asset industry.
OSL, the Group’s licensed digital asset trading platform, is the world’s first insured and Securities and Futures Commission (SFC)-licensed digital asset platform. Delivering the highest standards of compliance and security lies at the heart of the Group’s service offering. The platform features a user-friendly interface seamlessly integrated with cutting-edge technology.
At OSL Group, we believe the future of finance lies in digital assets, and we are committed to helping our clients navigate this exciting new world. Our expert team brings together deep experience in traditional finance, technology, and digital assets, ensuring clients receive the highest level of support and guidance.
For more information, please visit: group.osl.com.
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