Pico Far East Holdings Limited announces 2021 Annual Results

Financial Highlights 

  • Revenue increased by 17.9% to HK$4,051.9 million
  • Profit attributable to owners of the Company increased by 171.1% to HK$136.9 million
  • Full year dividend of HK5 cents; Dividend payout ratio is 45.2%
  • Basic earnings per share of HK11.06 cents

Financial Summary

For the 12 months ended 31 October
(HK$' Million)








Gross profit




Gross profit margin (%)




Profit from core operations








Profit attributable to owners of the Company




Net profit margin (%)




Basic earnings per share

HK11.06 cents

HK4.08 cents


Final dividend per share (recommended)

HK5 cents

HK2.5 cents


Full year dividend

HK5 cents

HK2.5 cents


*Before a change in remeasurement of contingent consideration

(Hong Kong, 25 January 2022) Pico Far East Holdings Limited (‘Pico’, ‘the Company’ or ‘the Group’, Stock code: 752.HK), a leading global total brand activation company, today announced its 2021 annual results for the 12 months ended 31 October 2021.

During the 2021 financial year, the Group’s performance recovered momentum, with substantial improvements in both revenue and earnings over the previous year.

The Group reported total revenue of HK$4,051.9 million (2020: HK$3,438.1 million), representing a 17.9% increase compared to the same period of the previous year.

Earnings before interest, taxes, depreciation, amortisation and a change in remeasurement of contingent consideration (EBITDA) increased by 45.5% to HK$260.8 million (2020: HK$179.3 million).

Profit from core operations was HK$165.7 million (2020: HK$115.1 million), a 44% increase compared to the same period last year. Profit for the year attributable to owners of the Company increased by 171.1% to HK$136.9 million (2020: HK$50.5 million).

During the year, China fully re-opened its domestic economy, leading to a resurgence of physical events and exhibitions. The Group’s strong presence in China enabled it to seize these emerging opportunities and, by implementing ambitious strategies, capture a larger share of the recovering market. China’s performance helped to compensate for the weaker markets in other regions.

Internationally, notable projects delivered during the year included the Tokyo Olympics at which the Group’s work included an extensive overlay project for the archery venue, a major digital activation contract for a Worldwide Olympic and Paralympic Partner, and other hospitality services. The World Expo in Dubai opened in October 2021, with the Group designing, building and operating some 20 national, corporate and thematic pavilions. In addition to overlay and wayfinding packages, the Group provided interior fit-out services for a temporary structure at the Dubai Exhibition Centre, and retail outlets across the Expo site. The Group was also appointed by the Expo to manage more than 200 events during its six-month duration of the Expo until March 2022. In terms of contract value, the Group’s involvement with Expo Dubai has been the largest in its 30 years of experience in world expositions.

Having begun its digital transformation some years ago, the Group was and continues to be well placed to meet the increased demand from an increased client base for digital or hybrid digital-physical activations.

Pico continued to transform its business model with these overarching strategies:

  • Building an agile, resilient and sustainable organisation with Go Digital
  • Realising an Experience-Led, Digital-First business model with a Content Creation and Community-Building strategy
  • Assuring its future with talent acquisition and development
  • Strengthening financial management in a challenging business environment

Operations Review

By business segment

For the 12 months ended 31 October



in Revenue

(HK$’ million)

% to
Group’s Revenue

(HK$’ million)

% to
Group’s Revenue

Exhibition, Event and Brand Activation

3,118 76.9% 2,443 71.0% +27.6%

Visual Branding Activation

404 10%


9.4% +24.3%

Museum and Themed Environment

492 12.2% 627
18.3% -21.5%

Meeting Architecture Activation

38 0.9% 43 1.3% -11.6%

**In the period ended 31 October 2021, the Group reorganised the presentation of Visual Branding Activation and Museum and Themed Entertainment businesses based on the management of strategic business units. The comparative figures have been restated accordingly. 

 By geographical region For the 12 months ended 31 October
2021 2020 Change
in Revenue
(HK$’ million)
% to
Group’s Revenue
(HK$’ million)
% to
Group’s Revenue

Greater China

(Mainland China, Hong Kong, Macau and Taiwan)
2,172 53.6% 1,602 46.6% +35.6%

Southeast Asia

(Malaysia, the Philippines, Singapore and Vietnam)

519 12.8% 725 21.1% -28.4%

Middle East

(Bahrain, Oman, Qatar, Saudi Arabia and the UAE)

864 21.3% 536 15.6% +61.2%
UK and US 381 9.4% 466 13.5% -18.2%
Others 116 2.9% 109 3.2% +6.4%


The Group’s continuing success in meeting demand for digital and hybrid events and the overall revival of in-person events underpin its expectation of further improvement in 2022.

The Group therefore moves into another new year with both cautious optimism and a readiness to respond to potential market disruption as the pandemic shows little sign of ending in foreseeable future and the full market impact of the new Omicron variant is yet to be felt.

However, the Group is confident that it will continue to recover its growth impetus amid a rapidly changing business environment.

China’s 14th Five-Year Plan presented a number of policies to boost economic growth which promise even greater opportunity in coming years. In particular, the ‘Digital China’ policy may in due course impact clients’ budget planning in a direction favourable to all segments of the Group’s business.

Similar to 2021, there are huge uncertainties in how the situation will unfold. However, with continuing digital transformation and the implementation of digital strategies in its business operations and business service offerings, the Group is confident and well placed to overcome ongoing and new challenges.

Full announcement is available at: