MOG Digitech Holdings reports increased loss in 2024

MOG Digitech Holdings (HKEX:1942) announced its final results for the year ended December 31, 2024, revealing a loss of RMB142.486 million, significantly increased from a loss of RMB74.380 million in 2023. The increase in loss was largely attributed to a non-cash impairment loss on goodwill, intangible assets, and investment in an associate. Revenue decreased to RMB1,253.462 million from RMB1,419.769 million the previous year. The company's digital payment solutions segment contributed the most to revenue, although its gross profit margin declined. Impairment on goodwill amounted to RMB37.556 million. As of December 31, 2024, the Group's cash and bank balances totaled RMB54.2 million, and net assets were valued at RMB624.478 million. The board did not recommend the payment of a final dividend. MOG Digitech is expanding its money lending business and continues asset-light strategies.