AGBA - AGBA Group updates on Financial Projections showing Acceleration to Profitability within Months | Benzinga
HONG KONG, Aug. 30, 2023 (GLOBE NEWSWIRE) -- NASDAQ-listed, AGBA Group Holding Limited ("AGBA", "The Group"), the leading one-stop financial supermarket in Hong Kong, today released an update to its financial projections.
The revised financial projections take into account external factors, such as the global slowdown and its impact on Hong Kong's growth trajectory, as well as strategic management actions aimed at driving revenue growth and improving platform efficiencies through material cost cuts.
With the global economic landscape presenting challenges, AGBA Group's management has proactively reevaluated its financial projections to ensure resilience and adaptability. The Group recognizes the need to navigate the evolving market conditions and has adjusted its forecasts which were originally published on April 14, 2023 accordingly.
The updated financial projections incorporate the management's focused initiatives to drive scale and efficiency, while continuing to build capacity. AGBA Group aims to continue the upward trajectory of revenue growth by concentrating on core distribution channels, leveraging its strengths, and capitalizing on emerging opportunities. Simultaneously, the group has implemented material cost cuts to enhance platform efficiencies and ensure sustainable profitability.
Wing-Fai Ng, Group President, AGBA Group Holding Limited said "We maintain our commitment to delivering value to our stakeholders, even amidst external uncertainties." He added, "Through strategic alignment aimed at mitigating the effects of the current economic slowdown and optimizing our operations, we possess the confidence to achieve enhanced margins and expedite our journey towards reaching break-even."
As a result of the current economic slowdown in the region, we have revised our financial projections but now expect we will deliver a lower loss for the fiscal year 2023 compared to previous forecasts. The strategic initiatives undertaken by the management team are anticipated to yield favorable results, enabling the group to achieve profitability sooner ...