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HONG KONG, Mar 25, 2022 - (ACN Newswire) - Analogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries, collectively the "Group") (stock code: 1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong, today announced its annual results for the year ended 31 December 2021 ("the Year" or "FY2021") with revenue and net profit growth, posting a solid performance amid the pandemic and global uncertainty.
Highlights -- Total revenue reached HK$5,350.7 million, an increase of 10.8% compared with adjusted revenue in FY2020 -- Profit attributable to owners of the Company grew 4.3% year-on-year to HK$314.3 million -- Revenue from maintenance services increased 7.2% to HK$945 million -- High dividend payout ratio maintained at 50.2%
During the Year, the Group's total revenue increased by 4.4% year-on-year to HK$5,350.7 million, mainly driven by both Building Services and Environmental Engineering segments. After adjusting the revenue for FY2020 from Transel Elevator & Electric Inc. ("TEI"), which has been reported as an associate of the Group since August 2020, the Group's total revenue would have increased by 10.8% year-on-year. In particular, revenue from maintenance services, a source of recurring income, increased by 7.2% year-on-year to HK$945 million, accounting for an increased proportion to 17.7% of the total revenue. Gross profit amounted to HK$878.4 million, with gross profit margin at 16.4%. Profit attributable to owners of the Company grew by 4.3% year-on-year to HK$314.3 million, even in the absence of such wage subsidies as the Government's "Employment Support Scheme" in 2020, which is evidence that the Year is most encouraging.
The Board has proposed a second interim dividend of HK7.25 cents per share. Together with the first interim dividend of HK4.02 cents per share, the total dividend for the Year amounted to HK11.27 cents per share, representing a high dividend payout ratio of 50.2%.
The Group has drawn on its exceptional project execution capability to deliver on the order book throughout 2021. Contracts-in-hand reached approximately HK$11,309 million as at 31 December 2021. Tendering activities remained active during the reporting period, with a total of 1,676 tenders valued at over HK$1 million each.
Dr. Otto Poon Lok-to, Chairman of Analogue Holdings Limited, said, "In 2021, although the E&M engineering sector was less affected by COVID-19 when compared with other industries, we still faced various challenges, such as interruptions in tendering for public works projects, high material and labour costs, etc. At Analogue, we upheld our motto 'We commit, We perform, We deliver' while doubling efforts to overcome challenges, which included optimising all facets of operation. In terms of business mix, we intentionally increased the proportion of contributions from maintenance services to ensure a stable source of income. Regarding geographical expansion, we leveraged our successful track record in Hong Kong, Macau and Mainland China to establish footholds overseas. As an advocate of innovation, we continued to direct our efforts towards enriching business operations through applications of new technologies. Our strategies have resulted in increased revenue and profitability in FY2021 despite the testing environment."
With active project delivery throughout the Year, Building Services segment's contracts-in-hand reached HK$4,892 million as of 31 December 2021. As an early adopter of cutting-edge building technologies, the Group pioneered the first high-rise building in Hong Kong using the advanced Modular Integrated Construction ("MiC") method. This track record won it HK$150 million worth of MiC contracts in FY2021. In light of the surging demand for MiC, the Group has been expanding its Multi-trade Integrated Mechanical, Electrical and Plumbing ("MiMEP") facilities and developing its proprietary ATAL Building Services Prefabrication and Modularisation Construction Technology ("ABSPM") to further improve the speed, cost, safety, and quality of construction work. During the Year, the Group participated in the building services work for one of the biggest data centres and secured additional installations and maintenance projects from major data centre operators in Hong Kong. Other key projects secured include a major hospital term contract and seven residential projects worth approximately HK$800 million, as well as a major contract for a Hong Kong racehorse training facility located in Guangzhou.
Environmental Engineering segment's contracts-in-hand amounted to HK$4,977 million. During the Year, the Group won four term contracts for the Hong Kong Government's Water Supplies Department that brings citywide benefits, covering all waterwork installations throughout the territory, such as the maintenance of mechanical and electrical equipment, instrumentation equipment, water quality monitoring equipment and plants. In addition, the Group took part in the iconic project of the Hong Kong Government Drainage Services department to upgrade the existing sewage treatment works to become the effluent polishing plant in Yuen Long which has been upgraded to meet future development needs, including expanding the treatment capacity from 70,000m3/day to 150,000m3/day. The deployment of the most advanced sewage treatment technologies featuring green design and community provisions will create an exemplary community asset and a more sustainable Hong Kong. The Group also commenced the operation and maintenance works for the sewage treatment plants in San Wai and power stations in Castle Peak and Black Point during the Year.
Information, Communications and Building Technologies ("ICBT") segment's contracts-in-hand increased by 2.7% to HK$877 million during the Year. To contribute to the development of Hong Kong's "Smart City" and "Smart Economy" initiatives, the Group rolled out a number of ICBT projects, including its proprietary Internet of Things ("IoT") applications for Smart Washrooms, Retro-commissioning (RCx) of electrical and mechanical systems, Indoor Environmental Quality (IEQ) Monitoring, Indoor Positioning and Video Analytics, as well as its in-house developed Cloud-based AI Energy Management Platform during the Year. In particular, the AI Energy Management Platform, IoT applications and Video Analytics technology have been chosen by more than 20 shopping malls, while its Photovoltaic ("PV") systems will be installed in more than 100 schools and NGOs. Such continuous contributions to streamlining digital processes and applying them will ultimately benefit society and advance the Smart City development in line with the government's blueprint.
The Lifts and Escalators segment's contracts-in-hand amounted to HK$563 million. During the Year, Anlev Elevator Group ("Anlev"), the Group's global brand of lifts, escalators, and moving walkways, completed the installation of Hong Kong's first commercial puzzle-stacking automated parking system, which advances "Smart Mobility" in Hong Kong, with the form of flexible automated parking system (APS). Designed by Anlev, the APS leverages innovative technology to provide 30 to 100 percent more parking spaces within the same footprint to alleviate the shortage of parking space in Hong Kong, enhance traffic planning and bring greater convenience to motorists. Following the success of the first APS project, Anlev was awarded a further contract to provide an APS for the new government building in the Kai Tak Development Area. For overseas markets, the alliance with TEI, one of the largest independent lift and escalator companies in New York, effectively enhanced the Group's operational and technical capabilities, and widened its service offering to international customers. The Group's new market strategy is also evidenced by the establishment of its first lifts and escalators company in the United Kingdom.
"On the green initiatives front, I am pleased that the Group has become the first E&M engineering group in Hong Kong to obtain a Sustainable Finance Certification from the Construction Industry Council and achieve the Green Loan Pre-Issuance Stage Certificate under the Green and Sustainable Finance Certification Scheme launched by the Hong Kong Quality Assurance Agency, as well as issuing a green financing instrument that will go towards enhancing water and wastewater management. In continuing this green journey, we are actively collaborating with prominent universities to develop more green energy and innovative environmental solutions," added Dr Poon.
In 2022, despite the emergence of the fifth wave of COVID-19 in Hong Kong having hampered the pace of economic recovery, on-going significant investments in infrastructure, the "Smart City" initiatives, the rise of IoT, as well as the rapid development of the Greater Bay Area are expected to present tremendous opportunities to Analogue. The outlook remains positive for the Group, which has been able to focus on its well-established foundation and innovative culture to sustain the operation through the uncertainties.
Dr Poon concluded, "Good opportunities arise even amidst challenging times. With strong business fundamentals and a sound financial position, we are well-positioned to grasp the growth opportunities ahead. Apart from organic growth, we will continue our efforts in exploring M&A opportunities in different parts of the world to support our expansion plans, with priorities placed on companies that have synergistic effects. 2022 marks the 45th anniversary of the Group. Over the past decades, we have dealt with numerous challenges, and have grown stronger from such experiences. With our pioneering spirit, utmost determination, wealth of experience and solid foundation, we are confident in achieving our expansion plans and propelling Analogue to new heights."
About Analogue Holdings Limited Established in 1977, Analogue Holdings Limited is a leading electrical and mechanical engineering service provider headquartered in Hong Kong, with operations in Macau, Mainland China, the United States and the United Kingdom. Serving a wide spectrum of customers from public and private sectors, the Group provides multi-disciplinary and comprehensive E&M engineering and technology services in four major segments, including Building Services, Environmental Engineering, Information, Communications and Building Technologies ("ICBT") and Lifts & Escalators.
The Group also manufactures and sells Anlev lifts and escalators internationally and has entered into an alliance with Transel Elevator & Electric Inc. ("TEI Group"), one of the largest independent lifts and escalators companies in New York, the United States. The Group's associate partner, Nanjing Canatal Data Centre Environmental Tech Company Limited (603912.SS), is specialised in manufacturing of precision air conditioners.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAnalogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries, collectively the "Group") (stock code: 1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong, today announced its annual results for the year ended 31 December 2021 ("the Year" or "FY2021") with revenue and net profit growth, posting a solid performance amid the pandemic and global uncertainty.
Pionauts, one of the most unique and groundbreaking NFT art collections, is set to launch on 28 April 2022, announced Johan Van Asperen Vervenne, the founder and visionary behind the team that created the series.
Today, Pionauts is the world's first company to create large-scale photorealistic appearances of historical pioneers, such as Leonardo Da Vinci, Nefertiti, Aristotle, Cleopatra, and so many more.
"Pionauts began as an idea for an NFT collection. Most NFT collections have about six different backgrounds," Johan said. "My team used 84 different 17th and 18th-century paintings to create many of the backgrounds used."
The 150 original pioneers selected by Van Asperen Vervenne and his team mostly lived before the invention of the camera. The team behind Pionauts are artificial intelligence, 2D and 3D graphic design specialists from nine countries.
“People of all ages are fascinated by pioneers that lived before the invention of the camera,” Van Asperen Vervenne said. “Before Pionauts came to life, we only saw old paintings and could only imagine what they looked like when they were alive.”
Van Asperen Vervenne felt it was time to bring them back to life today and go beyond the “stories we read about what they accomplished and go beyond imagining what stories they would tell about themselves if they were alive today.”
With that in mind, Van Asperen Vervenne and his team brought to life “the best-known pioneers with the latest 3D and artificial intelligence (AI) technology.” Applying Deep Learning technology and months of manual retouching, a collection of 8,500 unique variations was created with modified characteristics such as age, facial features and expressions.
Each of these NFTs comes with voting powers that grant holders of the breath-taking digital art collectibles the right to voice how they want the Pionauts comic stories told. They also come with copyrights and many of the photorealistic pioneers' portraits are already trademarked, said Van Asperen Vervenne.
“These portrait trademarks safeguard against infringement of copyrights increasing the value of the Pionauts project,” he added. “Pionauts owns the copyrights for commercial and non-commercial use.
The Pionauts team sees a positive future in collaborating in various entertainment, marketing and educational projects. Johan and his team's goal is to create more 3D models of pioneer's faces and explore collaborations with Metaverse games, brands, educational- and the movie industry.
“Our goal for Pionauts NFT holders is to share in our future success as the Pionauts brand expands. Pionauts will share 25% of its royalty income with its NFT holders that are KYC (Know Your Customers) compliant,” Johan said.
Pionauts allows all Pionaut NFT holders to exclusively co-create new storylines about breathtaking interplanetary journeys and have a voice in choosing where the story goes next, Johan said.
"The ambition of the Pionauts team is to create a series of pilots, blockbuster movies, similarly as Pixar's Toy Story franchise and the Marvel cinematic universe," Van Asperen Vervenne said. "Pionauts has some very exciting announcements in the pipeline," he said.
The Pionaut's inception
Van Asperen Vervenne one day became intrigued by musician George Aquilla Hardy's depiction of what the first US President would look like today. But Johan went further. He dove into the topic of facial recognition and researched facial reconstruction techniques for digital illustration.
After he concluded his investigation, he decided to see if he could recreate the faces of a few famous people throughout history. After forming a dedicated team of international designers, he looked at historic pioneers regarded as some of the world's greatest minds.
With the help of some of the world's best artificial intelligence (AI) experts, including the founding father of the AI Gan source code, Johan added movements to the face of the ancient Greek philosopher Aristotle from the image of a statue representing his likeness.
Patience paid off, and it enticed Johan and his colleagues to continue with more restorations. They chose several more famous personalities of the past, that also include Socrates, Beethoven and William Shakespeare.
After many hours of meticulous attention to detail, the talented group transformed the faces of several of the most renowned pioneers worldwide into a photorealistic likeness of them thanks to groundbreaking AI. And then the decision to make them Pionauts.
"Earth is explored by the greatest minds in history. Imagine the progress we can make if these brilliant people help us explore space?" Johan asked. "And thus, the pioneers from history became Pionauts."
Each of the 8,500 NFTs comes with great utility. They come with voting rights on comic stories with the pioneer characters, their stories, the possibility for holders to input their stories, royalties from their sales, and future movie deals from which we like each NFT holder to profit.
“The goal is that holders of any Pionauts NFT will enjoy passive income as the Pionauts brand expands,” and “This 'army' of thousands of Pionauts NFT holders will undoubtedly help signal, prevent and protect Pionauts portrait rights for the benefit of all those invested in the collection.”
The unique Pionauts NFT collection launches on 28 April 2022
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