Dear Shareholders,
2024 has been a year filled with challenges and new discoveries in which we are encouraged to see the Travel and Tourism (“T&T”) sector virtually recovered from the global health crisis driven in part by a surge in international travellers. As tourism-related activities fully resumed, we have noticed a shift in sector trends where cultural and in-depth experiences taking centre stage.
With tourism plays a significant role in the region’s economic growth under the nation’s development framework, coupled with the Central Government’s recent reiteration of its commitment to supporting private economy, the market is expected to be enriched with new business opportunities. Evidently, the Group is steering in the right direction with the “Tourism+” business strategy. By leveraging our deep industry expertise and extensive business network, we are committed to forging a win-win business framework that creates meaningful tourism experiences aligning with national priorities, while taking pride in building the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”) into a premier global destination for living, working, and traveling.
Meanwhile, we are staying cautious to persistent global challenges — from prolonged high interest rates and rising labour costs, to shifting consumer spending habits and the ever-evolving landscape of technology — which continue to shape the business environment. Nonetheless, our strong presence in the GBA and deep-rooted connections with Mainland China give us the confidence needed to unlock our full potential.
In an eventful year of 2024, we have reached several significant milestones, including the opening of the Artyzen Habitat Hengqin Zhuhai — the Group’s first hospitality landmark in Hengqin — developed in alignment with the national development priorities of the Guangdong-Macao In-depth Cooperation Zone. Additionally, our highly anticipated joint project with long-term adventure tourism partner AJ Hackett International group will bring an all-new Adventure Zone in Ocean Park Hong Kong that is set to become a flagship destination.
As the Group continues to strategically expand its businesses, we remain mindful that these commitments will take time to contribute to our long-term profitability. For the year ended 31 December 2024, the Group recorded an overall loss attributable to shareholders amounted to HK$824 million (2023: HK$677 million), equivalent to a basic loss per share of HK27.3 cents (2023: HK22.4 cents). Therefore, the Board does not recommend the payment of any final dividend (2023:Nil) in respect of the year ended 31 December 2024. No interim dividend was declared by the Board during the year.
From Cultural Appreciation to Seamless Travel – Our Growing Presence within the GBA
The Group takes pride in celebrating ‘Shaping tourism with cultural activities and promoting culture through tourism’ with the nation’s philosophy woven into everything we do. The opening of Artyzen Habitat Hengqin Zhuhai — a modern lifestyle hotel featuring an intriguing graffiti-inspired interior décor — is yet another example of our determination in expanding hospitality footprint in the GBA. As an integral part of the Group’s Hengqin Integrated Development, the 230-room property is strategically located adjacent to Hengqin Port and just steps away from the Hengqin Line, making it an ideal base to explore multi-destination travel for an all-in-one leisure, entertainment, dining, and shopping experiences of Zhuhai, Macao, and Hong Kong.
Transportation serves as the lifeline in tourism development. With the GBA at the forefront of the national development plan, the Group continues to solidify its role as a “Super Connector” in the region by proactively contributing to the enrichment of the Sea-Land-Air three-dimensional cross-border transportation network. Under which, its multimodal operations and services at SkyPier provide seamless global connectivity to transit passengers travelling to Zhuhai or Macao to and from the Hong Kong International Airport. Meanwhile, as part of the Group’s initiative in enhancing the “1-hour living circle” development, CTG Bus has extended its routes from Hong Kong to Zhongshan, Jiangmen, Xinhui, Kaiping, and Heshan, capitalizing on the opportunities brought by the inauguration of the Shenzhen-Zhongshan Link in June 2024.
Setting the Trend for Tourism in the New Era
The rise of technology and AI has transformed the way we live and work across all sectors. Harnessing the power of innovation, the Group aims to enhance operational excellence across its hospitality and leisure, as well as transportation divisions. While TurboJET spearheaded the “Tap to Board” ticketless boarding system, enabling passengers to board directly at the terminal gate using various electronic payment methods, the AI-powered hotline system helps deliver faster, more efficient services to customers. Artyzen Hospitality Group also leveraged on advanced digital solutions to streamline check-in and check-out processes, offer in-room smart controls, and provide a dedicated mobile app for seamless customer service response.
The latest craze for experiential travel is setting a new trend in tourism markets worldwide. Staying at the forefront of the industry, the Group is excited about our joint project set up in October 2024 with world-leading adventure tourism company AJ Hackett International group, to bring the one-of-a-kind Adventure Zone at Ocean Park Hong Kong into the GBA. Nestled along the natural landscapes and coastline of the Southern District, the Zone will span approximately 120,000 square meters and is expected to feature world-class sky-high adventure experiences that blend sensory thrills with personal challenges. The development phase of the project is expected to complete by 2028.
Looking ahead, the Group seeks to lead by staying true to its principles. Through converging our corporate resources, we aim to drive creativity in our future developments as we strive to unlock new quality productive forces within the cultural tourism industry.
On behalf of the Board, I would like to express my sincere gratitude to our shareholders, stakeholders and partners for their steadfast support as we dedicate to reshape the modern tourism landscape. My heartfelt appreciation also goes to our exceptional staff, whose determination, adaptability, and professionalism have been evident throughout what has been a persistently challenging business climate. Together, we will continue to strengthen our position as the GBA’s leading cultural tourism conglomerate, with an unwavering commitment to fully support the country’s development objectives.
Thank you.
By order of the Board
Pansy Ho
Group Executive Chairman and Managing Director
25 March 2025