Modern Dental Group Announces 2024 Annual Results:Profits Rise and Dividend Payout Raised to 40%; Well Diversified Global Operations and Digital Transformation Delivered Solid Results
28.03.25 03:08 Uhr
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Werbung Werbung RESULTS HIGHLIGHTS:
During the year of 2024, although the macro-economic environment remained subdued, the Group has been active in implementing multi-dimensional strategies in order to capture market opportunities, market share and increase its sales volume. With the Group’s latest acquisition of Hexa Ceram Company Limited in January 2025, Thailand’s largest dental laboratory, the Group is expected to further enhance its comprehensive products portfolio and market reach, which will in turn allow the Group to outperform its domestic or international competitors. The Group has shown that it has been an active player in consolidating the dental prosthetics industry, and with its Vietnam production and Dongguan Phase 2 production facilities in full operation, the Group is dedicated in capturing any opportunities that the global digitalization trend may bring. During the year ended 31 December 2024, the double-digit increase in revenue in Europe (+16.1%) clearly represents our outperformance in gaining market share, driven by the digitalization trend in the dental industry. The Group also experienced growth in North America (ex-MicroDental) (+8.7%), Mainland China (+3.0%), Australia (+5.2%) and the Others (+30.1%) markets, reflecting our Group’s competitiveness during a challenging macro-economic environment. The global digitalisation trend continues to accelerate the consolidation of the dental prosthetics industry, allowing the Group to further increase its market share in the industry and our continued digital transformation is expected to improve our customers’ and patients’ experiences, further allowing the Group to differentiate itself from its competitors and outperform the industry peers. European Businesses During the year ended 31 December 2024, the European market recorded a revenue of approximately HK$1,618.4 million, representing an increase of approximately HK$219.1 million as compared with last year. This geographic market accounted for 48.1% of the Group’s total revenue. The increase in revenue from the European market was attributable to the increase in sales order volume driven by the launch of new products, such as digital dentures, and our state-of-the-art digital workflows. The Group continues to aggressively gain market share from international and domestic competitors through our established dental ecosystem solutions with a focus on education and digitalisation, which is available within close proximity to our clients; effectively meeting our clients’ high expectations through our various onshore and offshore resources. The Group is committed and will continue to equip ourselves to provide the state-of-the-art digital solutions offering to the dental community in the market. North American Businesses During the year ended 31 December 2024, the North American market recorded a revenue of approximately HK$752.1 million representing a decrease of approximately HK$1.5 million as compared with last year. This geographic market accounted for approximately 22.3%. However, demand for cosmetic products (higher-end products) was soft in 2024, which contributed to the drop in sales of our domestically manufactured business unit. Despite this, digitalisation continued to grow for our import business, primarily serving mass and general demand, leading to an increase in sales for the import products business unit during the year. A significant portion of our business in the North America region comprises higher-end products manufactured domestically. With our centralised digital workflows and network oversight over our wide coverage of production units within the region, we are well positioned to support the customers needs through their digitalisation journey, focusing on leveraging efficiencies and providing an enhanced customer experience throughout the network. Looking forward, the Group targets to utilise the newly set up Vietnam production facility to establish a new business unit specialised in serving mid/large scale dental clinic chains customers in the North American market. Additionally, the diversified supply bases in the US, China, Vietnam, and Thailand provide the Group with greater flexibility to navigate the challenge of US tariffs, positioning us more advantageously compared to our competitors. Greater China Businesses For the year ended 31 December 2024, the Greater China market recorded a revenue of approximately HK$662.2 million, representing a decrease of approximately HK$51.4 million as compared with last year. This geographic market accounted for approximately 19.7% of the Group’s total revenue. As a result of the increase in sales volume in the Mainland China market following the full implementation of the volume-based procurement policy in the Mainland China market gradually since the second half of 2023, our Mainland China business reported a sales growth of 3.0% in original currency for the year ended 31 December 2024 but is offset by the depreciation of RMB against HK$ by 1.3% compared with last year. However, this also led to aggressive promotions for dental implant treatments by Mainland China dental clinics in Hong Kong (which experienced a notable decrease in patient visits in Hong Kong). The Group is optimistic in its mid/long-term outlook for this market in particular where the latest procurement-related government measures are expected to (i) standardise the pricing of dental prosthetics and develop price transparency, which would level the playing field; (ii) allow the Group’s leading brand name and reputation to be a key consideration for its client and customer; and (iii) have the Group benefit from its large production team and its ability to allocate resources efficiently according to the customer or client. Our substantial market share of government-related orders in Hong Kong gives us confidence and highlights the Group’s competitive advantages in gaining market share under a centralised procurement system - due to our competitive strength in products quality, advance in product offering and financial resources. Australian Businesses For the year ended 31 December 2024, the Australian market recorded a revenue of approximately HK$264.8 million, representing an increase of approximately HK$10.4 million as compared with last year. This geographic market accounted for approximately 7.9% of the Group’s total revenue. The increase of revenue from the Australian market was predominately due to the increase in sales volume as a result of the increase in market share driven by the digitalisation trend in dental industry which is partially offset by the depreciation of AUD against HK$ by 1.1% compared with last year. Through our various brands, which offer onshore-and offshore-made products, at multiple price points ranging from economy and standard to premium/boutique, the Group is able to effectively penetrate the entire Australian market. We have invested in local production capacity to provide faster service to our customers, and to provide choices around where the products are made. The Group is one of the largest players in the Australian market and is a preferred supplier to the major corporate dental groups in the market. Others Other markets primarily include Indian Ocean countries, Malaysia, Taiwan, Singapore and Thailand. For the year ended 31 December 2024, these markets recorded a revenue of approximately HK$66.5 million, representing an increase of approximately HK$15.4 million as compared with last year. This geographic market accounted for approximately 2.0% of the Group’s total revenue. Future Prospects The Group’s solid execution across each of the Group’s markets operationally and financially illustrates our ability to deliver strong financial results in a stable operating environment characterized by consistent volume growth, competitiveness in the industry, and close relationships with its clients and customers. Looking forward, the Group’s underlying fundamentals continue to be solid and we are well-positioned to capture further opportunities going forward. About Modern Dental Group Modern Dental Group Limited (Stock code: 03600.HK) is a leading global dental prosthetics provider, distributor and consultant with a focus on providing custom-made prostheses to customers in the growing prosthetics industry. Our product portfolio is broadly categorized into three product lines: fixed prosthetic devices, such as crowns and bridges; removable prosthetic devices, such as removable dentures; and other devices, such as orthodontic devices, sports guards, clear aligners, and anti-snoring devices. Modern Dental Group has a global portfolio of respected brands, including Labocast, Permadental and Elysee Dental in Western Europe, YZJ Dental in China, Modern Dental Lab in Hong Kong, Modern Dental USA in the United States, and Southern Cross Dental in Australia. We have grown these brands by providing premium and consistent quality products and superior customer service. We have more than 80 service centers in over 23 countries and serve over 30,000 customers. THE END
28/03/2025 Dissemination of a Financial Press Release, transmitted by EQS News. Werbung Werbung |
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