OSL Group (863.HK), the only listed company in Hong Kong that focuses on digital assets (together with its subsidiaries, the Group), today announced a profit forecast for the year ending December 31, 2024 (the Year). The Group expects to achieve record revenue in 2024 and to record profit for the first time since entering the digital asset market in 2018, marking a historic milestone. The Groups financial performance has improved significantly this year, demonstrating the effective leadership of the management team and the successful execution of the development strategy.
2024 Financial Performance Highlights
Based on the preliminary review of the unaudited consolidated management accounts for the year and the information currently available to the Board, the Group expects that:
- It will record revenue between approximately HK$337 million and HK$375 million, an increase of approximately 60% to 79% compared to the revenue of approximately HK$210 million in the same period of 2023.
- Profit from continuing operations ranged from approximately HK$47 million to HK$52 million, turning from a loss of approximately HK$250 million in the same period of 2023 to a profit.
- Comprehensive income ranged from approximately HK$148 million to HK$165 million, a significant improvement from the comprehensive loss of approximately HK$266 million in the same period of 2023.
Expected growth factors
The Group expects the increase in revenue and turnaround in the current year to be attributable to a number of factors, including:
- Market growth: The price of digital assets in the market has risen this year. The launch of digital asset exchange-traded funds (ETFs) has accelerated the participation of institutional investors in the digital asset market, driving the growth of the Groups digital asset trading and institutional business demand.
- Expanding the management team: The Group continues to expand its management team to deepen its core strategies and accelerate the execution of its business plans.
- Operational efficiency: The Group has taken effective measures to improve and optimize operational efficiency.
- Appreciation of digital assets: The digital assets held by the Group to facilitate its trading business appreciated in value during the year.
In addition, the Group expects its comprehensive income to turn from loss to profit this year, mainly benefiting from the appreciation in fair value of digital assets held by the Group for long-term investment.
Cui Song, Executive Director and CEO of OSL Group, said: Achieving profitability is a very important milestone for OSL Group, which has given us a strong advantage in expanding into new business areas. We are working hard to bring more new business development to the Groups licensed digital asset trading platform, enter new markets, and launch a more diversified product portfolio to better serve our customers. This is just the beginning, and we will continue to work hard and pursue greater success in the future.
The Group is still finalising its annual results for the year ending 31 December 2024. Shareholders and potential investors of the Group are advised to read carefully the Group’s annual results announcement for this 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 company in the digital asset space, committed to providing innovative and superior digital asset solutions to institutions, professionals and retail investors.
OSL Group has a rich history and experience in the field, with a strong track record of compliance and excellence. OSL offers brokerage, custody, exchange and SaaS, setting the highest standards for the digital asset industry.
OSL Groups licensed digital asset trading platform OSL is the worlds first insured and SFC-licensed digital asset platform. Providing customers with the highest standards of compliance and security is the core of the groups services. The platform provides a user-friendly interface and seamlessly integrates cutting-edge technology.
At OSL Group, we believe that the future of finance lies in digital assets, and we are committed to helping our clients navigate this exciting new world. Our team of experts brings together extensive experience in traditional finance, technology, and digital assets to ensure that our clients receive the highest levels of support and guidance.
For more information, please visit: group.osl.com .
