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YesAsia Holdings 2024 Interim Net Profit Rises Sixfold to US$11.1 Million Total Revenue Up by 80.2% to US$163.35 Million
ACCESS Newswire · YesAsia
YesAsia
7 min read

In This Article:

Sustaining Momentum Fueled by Robust Global Demand for K-Beauty Products

HONG KONG, SAR / ACCESSWIRE / August 30, 2024 / YesAsia Holdings Limited:

Results Highlights

  • Revenue and net profit grew 80.2% to US$163.35 million and 610.6% year-on-year to US$11.1 million respectively, hitting first-half year historical high

  • Revenue from beauty products, in particular Korean beauty ("K-Beauty") products, increased 113.9% to US$149.4 million, contributing 91.4% of the Group's total revenue

  • While the US remained as the largest market, European Union became the largest contributor to the revenue growth of the Group with a growth rate of 114.1%; sales in the EU contributed 30.5% to the Group's revenue, reaching US$49.8 million

  • The Middle East and Latin America also demonstrated strong growth momentum, with growth rate of 204.0% and 587.1%, reaching US$9.7 million and US$5.2 million, respectively

  • The Business-to-Customer (B2C) YesStyle Platforms recorded revenue of US$125.1 million, up 75.1%, contributing 76.6% of the Group's total revenue and ranked as No.1 most visit website for Asian beauty products in many major overseas markets

  • The Business-to-Business (B2B) platform AsianBeautyWholesale continued its rapid growth trajectory, with revenue up by 112.1% to US$37.0 million, contributing 22.6% of the Group's total revenue

  • The YesStyle Influencer Program exhibited robust growth, with approximately 365,000 unique influencers across various social media platforms, as at the end of June 2024, contributing 27.2% of revenue to YesStyle Platforms

YesAsia Holdings Limited ("YesAsia Holdings", and together with its subsidiaries, the "Group") (stock code: 2209), a leading e-commerce platform operator recognized for its expertise in identifying and procuring quality Asian beauty and lifestyle products, today announced its unaudited interim results for the six months ended 30 June 2024 (the "Period" or "1H 2024").

For 1H 2024, the Group recorded historical high first-half revenue of US$163.35 million, up by 80.2%, mainly driven by the rise in sales of beauty products via the YesStyle and AsianBeautyWholesale platforms. Gross profit rose by 78.1% to approximately US$50.2 million and gross profit margin was 30.7%. As a result, profit for the Period reached US$11.1 million, an increase of 610.6%, and net profit margin steadily improved by 5.1 percentage points to reach 6.8%. The basic earnings per share was US2.80 cents (1H2023: US0.39 cent).

Enhance K-Beauty Portfolio with Expanded Offerings

Beauty products were the primary source of revenue for the Group in the Period, with revenue doubling that in the same period last year to US$149.4 million, accounting for 91.4% of the Group's total revenue. Also, the Group onboarded few more prestigious brands, Mamonde and B.READY under Amorepacific Corporation, CARE PLUS under CJ Olive Young Corporation, plus Belief and CNP Laboratory under LG Household & Health Care. In addition, the Group became the exclusive distributor of a well-known K-Beauty brand -- Too Cool for School, in the US market, operating across both B2C and B2B channels. Positioned as an authorized distributor of 466 K-Beauty brands for global B2B and B2C channels, the Group has strengthened its position as a premier destination for capturing a burgeoning consumer base, as well as for overseas enterprises to seek high-quality Asian beauty products to grow their business.

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