Pico Far East Posts Record-high Revenues

March 5, 2019

Hong Kong-listed Pico Far East reported its annual results for the year ended 31st October 2018. The company posted record-high revenues of US$590 million, up 16% year-on-year. However, the company’s net profit dropped 3.5% during the year down to US$35 million. Diluted earnings per share for the year were HK$0.2198 (US$0.028).

The company attributed the growth in revenue to the effectiveness of its Pico+ strategies which successfully mitigated the knock-on effect created by rising global trade tensions and weakening economic conditions in some key markets. The decrease in profit was attributed to higher costs for operating some new businesses.

More than 82% of Pico’s revenues were generated from its exhibition & event marketing services amounting to US$487 million. This represents year-on-year growth of 20%. The remaining revenues were generated from its visual branding and experiences business (US$47 million), its museum, themed environment, interior & retail business generated US$46 million, and its conference & show management business recorded US$11 million.

In terms of geographic regions, Pico’s business in Greater China generated 59% of total revenues (US$349 million). The next largest region, South & Southeast Asia (India, Malaysia, the Philippines, Singapore and Vietnam) generated revenues of US$143 million or 24% of total. The Middle East recorded revenues of US$36.6 million. The UK & US generated US$36.4 million. All other regions recorded revenues of US$25 million.

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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.