Pico Far East Holdings Limited announces 2023 Annual Results

Group Revenue Surpasses Pre-COVID Levels Reaching a New Record High


Financial Highlights 

  • Revenue increased by 17.3% to HK$5,327.9 million
  • Gross profit increased by 17.0% to HK$1,590.6 million
  • Profit from core operations increased by 72.3% to HK$360.0 million
  • Recommended final dividend of HK7.0 cents; Full year dividend of HK9.0 cents; Dividend payout ratio is 48.9%
  • Basic earnings per share of HK18.41 cents

Financial Summary

For the 12 months ended 31 October
(HK$' Million)








Gross profit




Gross profit margin (%)




Profit from core operations








Profit attributable to owners of the Company




Net profit margin (%)



+0.7 ppt

Basic earnings per share

HK18.41 cents

HK13.13 cents


Final dividend per share (recommended)

HK7.0 cents

HK6.0 cents


Full year dividend per share (recommended)

HK9.0 cents

HK6.0 cents


*Before a change in remeasurement of contingent consideration


(Hong Kong, 23 January 2024) Pico Far East Holdings Limited (‘Pico’, ‘the Company’ or ‘the Group’, Stock code: 752.HK), a leading global total brand activation company, today announced its 2023 annual results for the 12 months ended 31 October 2023.

During the year under review, the Group’s business strategies and resilience enabled it to expand its portfolio and seize growth opportunities. Revenue surpassed pre-COVID levels to reach a new record high, despite geopolitical conflicts and tightening monetary conditions globally. The Group reported total revenue of HK$5,327.9 million (2022: HK$4,541.0 million), representing a 17.3% increase compared to the same period of the previous year. Profit from core operations was HK$360.0 million (2022: HK$208.9 million), a 72.3% increase compared to the same period last year.

The Directors recommend payment of a final dividend of HK7.0 cents (2022: HK6.0 cents) per ordinary share. Together with an interim dividend of HK2.0 cents (2022: nil) per ordinary share, the total dividend for the year amounts to HK9.0 cents (2022: HK6.0 cents) per ordinary share, representing 48.9% of the year’s basic earnings per share of HK18.41 cents (2022: HK13.13 cents).

During 2023, major markets around the world were recovering at a varied pace. The Group’s established market presence and ongoing transformation of integrating data, digital and technological services into all events enabled it to build greater resilience, add value to the Group’s business offerings, capture emerging demands and enhance profitability.

Though mainland China lifted its strict COVID measures in December 2022, business only began to return to normalcy by April 2023. Despite having only approximately seven months of ‘normal’ operational conditions, the Group’s strong presence in the country and deep customer relationships enabled it to capitalise on the revived activities and promptly restore business to pre-COVID levels.

In Southeast Asia, the Group’s effective strategies and inherent resilience gave it the ability to capture a growing share of all recovering key markets.

In the Middle East, the slight drop in revenue is largely attributable to the completion of certain non-repeated mega projects in the previous year, including Expo 2020 Dubai and the Oman Across Ages Museum. During the year, the Group also secured and delivered major projects such as the opening and closing ceremonies of the Arabian Gulf Cup in Iraq and FIFA museum during FIFA World Cup Qatar. Furthermore, the Group was able to seize the opportunities arising from the Kingdom of Saudi Arabia’s ‘Saudi Vision 2030’ programme, which has stimulated major business activity and tremendous investment. The Group has and continues to deliver multiple projects for the NEOM city project, the Saudia Airlines rebrand, and Noor Riyadh, the world’s largest light art festival.

In the USA and Europe, the Group’s ability to provide new integrated brand activation campaign solutions with experiential marketing at their core enabled it to sustain revenue and profit growth in this mature market.

Much of the Group’s exceptional resilience stems from our Integrated Brand Experience business model. By incorporating our Content, Community, Creative and Data strategy into cross-platform campaigns, we can create engaging personalised content for brands to interact within communities. This approach separates the Group from its competitors, aids us in tapping into up- or cross-selling opportunities, and creates better value for brands.

The Group has implemented robust financial discipline and practices to protect mid- to long-term profits, particularly under the adverse economic conditions of the past few years. By monitoring and prudently managing its working capital, liquidity and cash flow, the Group has established a foundation for growth, expansion and financial health, and its net cash position has been improved. The Group’s gearing ratio was also further improved as both long- and short-term bank borrowing were lowered substantially.

In summary, the Group’s adaptive strategies and approaches allowed it to not just survive but thrive during the COVID pandemic and the ensuing challenging economic conditions, endowing it with the ability to quickly capture a bigger share of a post-COVID recovering market.

Operations Review

By business segment

For the 12 months ended 31 October



in Revenue

(HK$’ million)

% to
Group’s Revenue

(HK$’ million)

% to
Group’s Revenue

Exhibition, Event and Brand Activation

 4,413 82.8% 3,689 81.3% +19.6%

Visual Branding Activation

 383 7.2%  364 8.0% +5.2%

Museum and Themed Entertainment

 397 7.5%  395 8.7% +0.5%

Meeting Architecture Activation

 135 2.5%  93 2.0% +45.2%

 By geographical region For the 12 months ended 31 October
2023 2022 Change
in Revenue
(HK$’ million)
% to
Group’s Revenue
(HK$’ million)
% to
Group’s Revenue

Greater China

(Mainland China, Hong Kong, Macau and Taiwan)
 2,545 47.8% 2,060 45.3% +23.5%

Southeast Asia

(Malaysia, Singapore, the Philippines and Vietnam)

1,147 21.5% 953 20.9% +20.4%

Middle East

(Bahrain, Oman, Qatar, Saudi Arabia and the UAE)

 615 11.5% 670 14.8% -8.2%
UK and US  808 15.2% 715 15.8% +13.0%
Others  213 4.0% 143 3.2% +49.0%


According to the International Monetary Fund’s World Economic Outlook in October 2023, the global economic forecast indicates generally slow growth for 2024.

Despite this and increasing geoeconomic fragmentation, the Group is cautiously optimistic for many regions where it operates.

Among these, Greater China and Southeast Asia have demonstrated resilience, with business activities – especially international – swiftly rebounding. These conditions will enable the Group to continue its growth.

The Saudi market will provide growth impetus for much of the Middle East, catered to by the Group’s expansion of office and production facilities in Kingdom of Saudi Arabia.

In the USA, fundamental changes in consumer behaviour in the post-COVID world, clients’ increasing demands for integrated campaigns, agile processes and a 360-degree approach to marketing planning will continue to increase.

The Group’s continuing transition to a data-driven enterprise and Integrated Brand Experience business model constitute a unique advantage for capturing more opportunities and sustaining growth.

Integrating new technologies such as AI, data and web3 with the Group’s Integrated Brand Experience business model enables it to improve operational efficiency, add depth and breadth to the Group’s service offerings, cater to changing market expectations, and sustain revenue and profit margin growth.