Image Options has announced the promotion of their Chief Revenue Officer Barry Polan to his newly appointed role as President of the organization. After three and a half years with Image Options, Polan has a proven track record leading the entire client facing side of the organization prior to his promotion. As the company comes up on its 25th anniversary, this change will continue a legacy of excellence in people and product.
Brian Hite, Principal and Cofounder of Image Options said, “At Image Options, we pride ourselves in being fortunate enough to have the best people in our industry. Barry Polan is one of those individuals. His promotion to President of Image Options is a direct result of his dedication and ongoing efforts to evolve Image Options into the company it is today and will be in the future. I am grateful an individual of his caliber has chosen Image Options as his home and are excited to witness the future it ensures.”
“I am delighted to congratulate Barry Polan on his promotion to President of Image Options. Barry’s unique blend of extensive industry and architectural materials knowledge coupled with a financial education have proven to be the tools of a great team builder and business leader and ensures Images Options continues to innovate and fulfill our clients’ branding needs,” said Chairman and Cofounder Tim Bennett of Image Options.
Image Options, on the cusp of its 25th anniversary, is primed for ambitious growth. With targets of expansion in its core sectors – retail, workplace environments, events, and exhibits. Emphasizing technology and strategic partnerships, the firm aims to transform industry standards and broaden its influence. This commitment assures clients and stakeholders of not only growth, but a persistent, transformative impact solidifying Image Options’ industry leadership.
About Barry Polan
Barry Polan joined Image Options in February of 2020. Prior to joining Image Options, he served as a Chief Revenue Officer and SVP and General Manager of Archway Marketing, in Minneapolis as well as the EVP of a SaaS technology start-up, Material Bank. Barry graduated from University at Albany, NY with a Bachelor’s of Science. Later, he earned his MBA in Finance from the University of Redlands.
About Image Options
Since 1999, Image Options has specialized in creating inspirational, high-impact visual solutions, making them a leader in the printing, surface imaging, display and visual communications industry. From initial conception to production, from design and fabrication to installation, Image Options delivers immersive and experiential visual communication solutions for retail, trade-shows, events, corporate environments and more. This unique approach has earned Image Options a reputation for turning the improbable into reality. Envision lives here. Learn more at www.imageoptions.net/.
Image Options Jeff Gray 949-586-7665 www.imageoptions.net
Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Group recorded a revenue of RM32.4 million for the third quarter ended 31 March 2023 (3Q FY2023) compared with a revenue of RM37.5 million for the corresponding quarter of the previous financial year.
En. Rosland Bin Othman, Group Managing Director of Sarawak Consolidated Industries Berhad
For the quarter under review, the Company registered a profit before tax (PBT) of RM0.2 million compared with a loss before tax (LBT) of RM2.0 million in the corresponding quarter 3Q FY2022. For the nine-month period ended 31 March 2023 (9M FY2023), SCIB recorded RM98.7 million in revenue compared with RM102.2 million in the corresponding period of the previous financial year. For 9M FY2023, the Group’s LBT narrowed to RM3.5 million compared with LBT of RM6.0 million in 9M FY2022.
On a segmental basis, the manufacturing division, which produces precast concrete and Industrialised Building System (IBS) building materials, recorded revenue of RM23.2 million in 3Q FY2023 compared with RM22.1 million in 3Q FY2022 and PBT of RM2.7 million compared with RM0.7 million. In 9M FY2023, the manufacturing segment recorded a cumulative revenue of RM68.9 million, as compared to RM64.9 million in 9M FY2022 and PBT RM4.8 million compared with RM0.97 million.
The engineering, procurement, construction, and commissioning (EPCC) division recorded a revenue of RM9.2 million in 3Q FY2023 compared with RM15.1 million in 3Q FY2022 and PBT of RM0.009 million compared with LBT of RM0.66 million. The EPCC segment registered a cumulative revenue of RM29.4 million in 9M FY2023 compared with RM36.6 million with a cumulative LBT of RM1.44 million compared with LBT of RM1.74 million.
Group Managing Director of SCIB, Encik Rosland bin Othman (“En. Rosland”), said, “The contribution to revenue in the quarter was mainly driven by the increase in sales of foundation piles while the improvement in PBT was mainly due to margins from the sales of precast concrete products. We have also seen an improvement over the nine-month period as our LBT has narrowed significantly.”
“The Company will continue to leverage on its EPCC expertise to actively pursue leads for small-to-mid-sized construction projects across Malaysia where it has a niche and supported by our manufacturing division’s ability to supply precast and IBS building materials together with building technology.”
As at the end of 3Q FY2023, the SCIB’s order book stood at a cumulative contract value of RM495.3 million.
In a separate announcement, the Company has appointed Ms. Toh Beng Suan as an independent non-executive director today. As a lawyer with over 20 years of experience, she has advised on the development, construction, financing, operation, and maintenance of some of the largest and most complex infrastructure projects in Malaysia and in the Asian and Middle East regions, as well as construction law and various forms of construction and engineering contracts.
“SCIB is cognisant of the need to be inclusive and will deeply benefit from having Ms. Toh on board, where she is a representative of how capable women can play more important and growing roles in decision-making within the Company,” said En. Rosland.
AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its results for the year ended 28th February 2023 (“FY2022” or the “Reporting Year”).
In FY2022, the Group’s revenue increased by 17.3% year-on-year to HK$1,231.6 million, and operating profit rose by 25.8% to HK$556.7 million. Meanwhile, profit after tax recorded a 9.1% increase to HK$373.6 million during the Reporting Year, with earnings per share rising to 89.22 HK cents (FY2021: 81.81 HK cents). The Board has recommended a final dividend of 22.0 HK cents per share, bringing the total dividend for the Reporting Year to 44.0 HK cents per share, representing a dividend payout ratio of 49.3%.
The solid increase in revenue in FY2022 was mainly attributable to the launch of the Group’s first ever cashback credit card, AEON Card Wakuwaku (the “Wakuwaku Card”), supported by successful mass promotion and brand building activities, which resulted in a significant increase in both credit card and personal loan sales, and thus interest income. The Group achieved an overall sales growth of 32.7% year-on-year, with the total advances and receivables balance at 28th February 2023 recording an increase of 36.5% when compared with the balance at 28th February 2022. The fees and commissions from the credit card business also achieved significant growth, up 38.8% due to the increase in credit card sales and the ‘off-us’ acquiring service for AEON Stores, which contributed to the rise in revenue as well.
The Group implemented a number of initiatives in a timely manner to achieve healthy growth in both sales and receivables and to maintain a quality portfolio during the Reporting Year, as consumer spending rebounded remarkably in Hong Kong in the second half year following the launch of a range of economic stimulus measures and the progressive resumption of overseas travel. In addition to the launch of several mass promotion activities, the Group engaged celebrities to promote personal loans and its “Wakuwaku Card” in a bid to attract a greater number of customers who predominantly shop online and are generally more knowledgeable about spending rewards and incentives.
Separately, for fee business, the Group has significantly increased the scale of its card acquiring business and continued to take on new merchants with relatively sizable transaction volumes and/or with multi-distribution networks. Moreover, the Group entered into a new distribution partnership agreement in the second quarter to expand its offline and online insurance sales channels, allowing the Company’s customers to access and purchase a wide range of insurance products more conveniently.
To accelerate its digital transformation, the Group’s new card and loan system project, net-member and mobile application systems, and data lake project were successfully launched in early March 2023, facilitating new payment solutions and the flexibility in offering product benefits, as well as easy access to even better data analytics tools and services.
On the sustainability front, the Group secured a sustainability-linked loan framework and entered into agreements for sustainability-linked loans (the “Loans”) in the third quarter, with a total carrying amount of HK$320 million and each for a term of three years. The Loans form part of the Group’s first sustainable financing initiative, and demonstrate the Group’s commitment to sustainability by linking the interest margins of the Loans to the Group’s environmental, social and governance (“ESG”) key performance indicators.
Looking ahead, with the regulatory changes in the interest rate cap and the threshold of extortionate rate under the Money Lenders Ordinance, the Group is presented with opportunities to leverage its strong capital base to pursue business expansion and to acquire asset portfolios from competitors in the coming year.
In response to the evolving consumer finance behaviour in the wake of the Pandemic, the Group will continue to offer enhanced digital experiences and create more “value” for online purchases by offering cash rebates. It will also revamp its branch network to meet the needs of customers who seek face-to-face advisory services. Following the completion of upgrades to the card and loan systems and the launch of new mobile applications and a net-member platform; new services and rewards, including mobile wallets and virtual card solutions, will be continuously offered in the coming year to manage market changes and new customer needs.
As both the US Federal Funds Rate and the Hong Kong Prime Rate are expected to remain high in 2023/24, the Group will expand its other sources of revenue, namely fee income, to help mitigate the impact on net interest income from a declining interest spread. For the card acquiring business, the Group will upgrade its acquiring system platform and work with other payment solution providers to extend the merchant network and to add in new services. Regarding the insurance agency business, the Group will expand its direct sales team and explore new insurance products to meet the needs of its customers.
In terms of technology development, with the completion of the card and loan system replacement project, the Group can promote new product benefits by enhancing digital marketing and providing premium user experiences or new payment solutions to its customers. Moreover, the effectiveness of the Group’s marketing, credit assessment and credit management activities are expected to improve with the support of data analytics tools.
Mr. Tomoharu Fukayama, Managing Director of AEON Credit, said, “The Group is pleased to have achieved robust growth over the past year through the implementation of timely initiatives that have capitalised on the improving market sentiment. While it is difficult to predict the time frame for a full economic recovery, with the Group’s responsiveness and strong business relations with its partners, as well as its solid liquidity position and balance sheet, we remain confident in our future growth prospects and look forward to performing satisfactorily in the coming year.”
About AEON Credit Service (Asia) Company Limited (Stock Code: 00900) AEON Credit Service (Asia) Company Limited, a subsidiary of AEON Financial Service Co., Ltd. (TSE: 8570) and a member of the AEON Group, was set up in 1987 and listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1995. The Group is principally engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance agency and brokerage business in Hong Kong and microfinance business in Mainland China.
For more information, please visit the company’s website at www.aeon.com.hk.
Yuexiu Real Estate Investment Trust (“Yuexiu REIT” or the “REIT”; stock code: 00405) announced today its 2022 annual results for the year ended 31 December 2022.
Mr. LIN Deliang, Chairman, Chief Executive Officer & Executive Director
2022 Annual Results Highlights: Overall operation remained stable, with 100% distribution rate for the 17th consecutive year: — Revenue for 2022 was RMB1,873 million, representing a 4.2% growth over last year. — Declared final distribution of approximately RMB0.0399 per unit, equals to approximately HK$0.0453. Distribution per Unit for the Reporting Year is approximately RMB0.1133, equal to approximately HK$0.1306. Distribution yield was approximately 6.63%. — For 17 years since it was listed in 2005, the REIT has distributed 100% of its distributable income to Unitholders.
Guangzhou International Finance Center (GZIFC) office rental business was developing steadily. Average occupancy rate and room rate of The Ascott Serviced Apartments increased steadily: — Operating revenue of GZIFC was RMB880.2million, accounting for 47.0% of the total revenue of the REIT. — Overall performance of the Hotel and serviced apartment remained as market benchmarks. The Ascott Serviced Apartments recorded increase in both average occupancy rate and average room rate. Long-term leasing business was stable, short-term rental business recorded a 10.7% increase in revenue year-on-year.
Actively managed due borrowings, effectively lowering financing cost: — The Manager secured 3-year term syndicated loan of HK$3.8 billion in 2022 to refinance mature loans, thereby ensure effective monitoring and control of liquidity risk. — Seized the favorable window in the RMB interest rate market, the Manager completed the onshore financing of approximately RMB1,284 million in July 2022, effectively reducing the financing cost.
Wuhan Yuexiu Fortune Center obtained LEED O+M platinum certification for the first time whereas Yuexiu REIT continues to build up ESG capability: — Wuhan Yuexiu Fortune Center obtained LEED O+M platinum certification for the first time, which is the third property under the REIT to be LEED O+M platinum certified. Currently, the REIT has three LEED Platinum certified properties, constituting up to 68% of the property area it owns. — The REIT also sealed its first sustainability-linked loan of total amount HK$3.8 billion, effectively raising the proportion of green buildings under it, as well as that of green and sustainable financing.
Its revenue for 2022 full year amounted to RMB1,872.86 million, representing a 4.2% increase when compared with the same period last year. Net Property Income amounted to RMB1,355.87 million, representing a 4.4% increase compared with the same period last year.
Yuexiu REIT Asset Management Limited (the “Manager”) has declared a final distribution of approximately RMB0.0399 per unit, equivalent to approximately HK$0.0453. Distribution per Unit (“DPU”) for the Reporting Year is approximately RMB0.1133, equivalent to approximately HK$0.1306, based on the closing price of HK$1.97 per Unit as at 31 December 2022, representing a yield of approximately 6.63%. The REIT has been distributing no less than 100% of its Total Distributable Income for 17 consecutive years since listing in 2005.
Mr. Lin Deliang, Chairman, Chief Executive Officer and Executive Director of Yuexiu REIT, said, “In 2022, Yuexiu REIT adopted a prudent approach in operation and realized steady increase in revenue. Its aim is to provide Unitholders with stable returns. Since 2005, for 17 years in a row, we have distributed all of our distributable income. The REIT has also started to extend its reach to cover overseas properties. It acquired its first overseas properties, which are the 17th and 23rd floor of Yue Xiu Building in Hong Kong, to create additional growth potential. The international environment will still be complex in 2023 with the risk of global economic stagflation rising. However, with the Chinese government having optimized and adjusted her anti-epidemic policies, the mainland economy has picked up steadily, and the financing environment has been improved. Yuexiu REIT will seize favorable opportunities, make progress in firm strides and present satisfactory returns to Unitholders. “
Guangzhou International Finance Center (GZIFC) GZIFC is committed to optimizing its customer structure and enhancing service quality. It grasped the opportunity to rent out sizeable high-quality units, as well as optimize its long-term customer structure through bringing in quality customers and expanding its customer base, and eventually, reshaped its image as a landmark project. Insisting on adopting high international operation and management standards, GZIFC passed relevant revaluations at the end of 2022 and obtained BOMA CHINA COE renewal certifications, with 15 items well above international standards.
GZIFC Mall took the initiative to adjust and renovate, completed the re-positioning of B1 floor as “Landmark Parlor”, resulting in optimized asset positioning. Moreover, via resource integration and multi-channel tenant recruitment, it was able to sign leases with new tenants taking up spaces of more than 3,000 sq.m. during the year, further enhancing the awareness of brands and enriching its brand portfolio. Combined with the scenario-based marketing supported by its brands, it was able to enhance overall customer experience and increased support to tenants’ operations.
Four Seasons Hotel actively participated in live events and major promotions on leading media platforms to boost its exposure and seize high net worth leisure travelers, and thus increase the overall revenue of its hotels. For the eighth consecutive year, the hotel has earned the “Forbes Travel Guide 2022 Five-Star Award” for its consistently excellent services. As for Ascott Serviced Apartments, its long-term rental business remained stable, while short-term rental business recorded a year-on-year increase of 10.7%, giving an effective pull to the overall operational performance of the project. In 2022, its average occupancy rate rose by 1.3 percentage points year-on-year. The average room rate increased by 1.5% year-on-year. RevPAR was RMB874, representing an increase of 3.1% year-on-year. Thanks to the stabilizing effect of the long-term rental business, the annual RevPAR competitive index of Ascott Serviced Apartments reached 156.3, a historical high. The project has for seven years from 2016 topped all Ascott China projects in terms of operating revenue and GOP.
Yuexiu Financial Tower Yuexiu Financial Tower negotiated with key tenants in advance for lease renewal, while fortifying relationship with customers via multiple channels and proactively exploring customers’ potential need to lease bigger spaces. For the year, it renewed leases with key tenants, such as isuwang.com and Easylink Payment Co. Ltd., with total area leased out reaching 15,000 sq.m., laying a solid foundation for the stable operation of Yuexiu Financial Tower. Key customers such as Kaiyue Hotel Consulting Service (Guangzhou) Co., Ltd. and CR Assets, leased bigger spaces during the year, with the new contracted area reaching 18,000 sq.m.
White Horse Building White House Building had to close three times amid the pandemic. Its operation team, while working hard to stabilize and retain merchants, also pushed to innovate and change in the face of market competition. The team actively explored high-quality external customers, comprehensively engaged leading brand customers in major competitive markets in Guangzhou. As such, it signed leases with two top fast fashion brands, has engaged a total of 702 potential customers and introduced in 104 high-quality customers. It also actively facilitated breakthrough in tenant portfolio and drove innovation of business model. For example, it introduced a number of well-known catering brands to the atrium on the first floor, which boosted market traffic significantly. On the second floor, in the standalone area of passage 25, it adopted an innovative joint operation leasing model, allowing it to introduce a good number of high-quality designer brand customers from Guangzhou and Shenzhen. Furthermore, it continued to carry out marketing activities to attract customers for tenants and facilitate transactions.
Fortune Plaza and City Development Plaza Fortune Plaza adjusted the business positioning of its podium building. By letting parts of the area with lease expired to introduce a number of stable customers and having the Fortune 500 company COSCO Logistics to expand its lease area to the entire floor, the proportion of high-quality customers of the project has kept increasing. As for City Development Plaza, it actively eliminated the risk of lease termination by swiftly introducing high-quality customers such as WUYIGE Certified Public Accountants LLP, and at the same time vigorously promoted product upgrade to optimize the layout of rental units and user experience.
Victory Plaza With at the impact of the resurging epidemic, Victory Plaza continued to experience early lease termination by struggling tenants. In response, the operation team took the initiative to adjust the project’s positioning and brand and terminated timely leases with high-risk customers, and seamlessly introduced the popular Cantonese cuisine brand Xiao Li Yuan and the well-known hair care brand Hairology as tenants. Furthermore, through pooling internal and external resources, a number of impressive large-scale events were organized, empowering well-rounded tenants and project operations. In 2022, Victory Plaza earned the titles “Top 10 Fashion Shops in Flower City” and “Caring Charity Unit”, reflective of it being fully recognized by the industry.
Shanghai Yue Xiu Tower Shanghai Yuexiu Tower has unique lease renewal plans drawn up for its high-quality customers, with the primary goal of retaining customers with all efforts. By enriching its range of office ancillary products and offering flexible leasing terms and conditions, plus various value-added services, it achieved an annual renewal rate exceeding 78% for the year, hitting a new high in the last three years. It kept its eye on the quality of new tenant companies, introduced five target customers during the year, resulting in a more reasonable tenant structure and improved risk resistance. Taking into account market demand, some long vacant units were renovated and reconstructed, and most of them with refined d?cor were leased out quickly. The sell-through rate of renovated units reached 91%.
Wuhan Properties The operation team of Wuhan Yuexiu Fortune Center stepped up efforts to recruit tenants, mounting activities targeting different industry circles to attract customers and restructuring products according to market demand, as such, achieving new contracted lease area of approximately 16,000 sq.m. At the same time, it carried out lease renewal negotiations in advance to build up reserve of potential customers. In 2022, Yuexiu Fortune Center won the “Model Property of Wuhan” title. With the Manager taking building ESG capability as a strategic priority, Fortune Center received its first LEED O+M Platinum certification and became the third property under the Trust to obtain the accreditation.
Starry Victoria Shopping Centre saw a decline in sales and many tenants terminating their lease. In response, the operation team strived to expand various channels in building up tenant reserve and raising contract conversion rate. During the year, it signed contracts with brand customers including “Chow Tai Fook”, “Luckin Coffee” and “Pizza Hut” which helped foster overall retail sentiment and attracted more family customers. In 2022, Starry Victoria Shopping Centre offered two rounds of rental concessions to tenants affected by the pandemic and, with a “specific tactic for specific shop” support mechanism established, it effectively stabilized tenants’ operation.
Hangzhou Victory Hangzhou Victory proactively exited high-risk customers and engaged potential customers in advance to shorten the vacancy period. It secured a number of quality enterprises including the Fortune 500 company China Railway 15th Bureau, and powerful state-owned enterprises with strong renting ability, such as Shanxi Road & Bridge and Yuexiu Financial Leasing expanding their lease areas, as such vacant units were quickly leased out. As at the end of 2022, Hangzhou Victory boasted a 100% occupancy rate.
Sustainable Development The Manager sees building up ESG capability as a strategic priority, regarding it as an important leverage to enhance the REIT’s core competitiveness. Thus, with guidance from the Board, it has devoted full effort to helping the REIT achieve its sustainable development goals. On top of having its annual MSCI ESG rating raised to “BB”, the REIT’s Global Real Estate Sustainability Benchmark (GRESB) rating was raised to the green “Four Star”, and it also scored the highest “A” rating for public disclosure for the second consecutive year. Its sustainalytics ESG risk rating improved to “low risk”, and S&P Global ESG score also increased, by 13.3%, against last year.
Prospects Regarding the economic trend in 2023, the global environment remains complex and challenging, and the risk of global stagflation is rising. However, the Chinese economy has been steadily recovering since the country optimized and adjusted her anti-pandemic policies. Against this backdrop, the Manager, staying true to its original aspiration of maximizing asset value, will implement leasing strategies actively yet with prudence, grasp potential investment opportunities quickly and carefully and expand financing opportunities in the capital market to effectively reduce financing costs, thereby continuously generate stable returns to Unitholders.
Taking into account situations such as interest rate hikes overseas, RMB exchange rate fluctuation and market development expectations, the Manager will continue to review and make reasonable adjustments to the REIT’s financing structure, looking into such as introducing low-cost RMB capital through onshore bond issuance or cross-border financing, so as to enjoy more favorable financing costs and mitigate interest rate and exchange risks.
The Manager will take to greater depth the REIT’s energy saving and carbon reduction plan. It will push to deepen development in the areas of green building, green and sustainable finance, and ESG rating. At the same time, the Manager will seize opportunities brought by the country’s high-quality development, consolidate its sustainable development mechanism and enhance ESG management capabilities, and collaborate with all stakeholders to generate greater economic and social benefits.
About Yuexiu REIT Yuexiu Real Estate Investment Trust (“Yuexiu REIT”, HKEX stock code: 00405) was listed on The Stock Exchange of Hong Kong Limited on 21 December 2005. It is the first listed real estate investment trust in the world that invests in properties on the mainland of the People’s Republic of China. Its property portfolio consists of ten high-quality properties namely Guangzhou International Finance Center, White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Yuexiu Financial Tower, Shanghai Yue Xiu Tower, Wuhan Properties (including Yuexiu Fortune Centre and Starry Victoria Shopping Centre) and Hangzhou Victory, with total area owned spanning approximately 1,184,000 square meters.
The Inland Revenue Department today (March 7) alerted members of the public to fraudulent emails purportedly issued by the department, which invite recipients to claim tax refunds. Each email provides a hyperlink to a website which seeks to obtain the recipient’s personal particulars and credit card information.
The department has no connection with the fraudulent emails and will report the case to the Police for further investigation. Members of the public are reminded not to open any suspicious email.
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