Pico Far East Holdings Sees 14-percent Increase in Turnover for Year-end Oct. 31
February 5, 2012
Despite a tough global economic climate, Pico Far East Holdings had a successful year, reporting earnings results for year-end Oct. 31 of not only turnover that increased 14.1percent to a record HK$3.5 million, but also profit attributable to owners of the company that increased 29.2 percent to a record HK$248 million.
In addition, gross profit jumped from HK$880,352 to $HK1.04 million.
“The improvements in our results are due to our entrepreneurial and creative culture that enables our people to pursue initiatives swiftly and develop them into business opportunities and revenue,” said Lawrence Chia, chairman of Pico.
He added “The strong results we have achieved this year would not have been possible without the leadership and dedication of our staff.”
The biggest turnover by segment came from Pico’s conference and management division from $HK99,244 to $HK300,193 a 202-percent increase.
Pico’s brand signage and visual communication division grew 50 percent from HK$282,929 to HK$424,272, with the companies Museum, Themed Environment, Interior & Retail division seeing a 27.3-percent increase from HK$299,386 to $HK381,138.
The division with the smallest increase but the most amount of business, exhibition and event marketing services, went from $2.39 million to just more than HK$2.4 million, a 0.4-percent increase.
Regionally, Pico business in China saw the biggest contribution to the turnover, with 50 percent, with Southeast Asia contributing 20 percent. Other regions where Pico does business includes the Middle East, United States, United Kingdom and Spain and others.
“The Group is in a better position now than at any time since its inception. Our core competencies enhance our brand name and give the Group a strong competitive edge and a dominant presence in the industry,” Chia said.
He added, “Looking ahead, China is still a very important market in Asia for the Group. Besides investing and improving our competitiveness in China, we will continue to expand our business into emerging markets like India and most recently, Brazil. To remain competitive and profitable we have and will continue to innovate our services. We also look at ways of extending a broader range of services to existing customers by leveraging our extensive network.”
In 2012, Pico has two big projects coming up – the Yeosu World Expo 2012 in Korea, where the company will create the Yeosu Expo Marine Life Pavilion, Cambodia Pavilion, Singapore Pavilion, Sri Lanka Pavilion, Jeonbuk Pavilion and the UN Joint Pavilion.
At the London Olympics 2012, the company will build the showcase, pavilion and lounges for the Acer group.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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