YesAsia Holdings 2024 Interim Net Profit Rises Sixfold to US$11.1 Million Total Revenue Up by 80.2% to US$163.35 Million
Sustaining Momentum Fueled by Robust Global Demand for K-Beauty Products
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