Boyaa Interactive announced its third quarter results of 2023Approximately 126.2% YoY Increase in Net Profit for the Nine Months Ended 30 September 2023, with Further Efforts to Develop Business in the Web3 Field and Develop Web3 Games
FINANCIAL HIGHLIGHTS | For the three months ended 30 September 2023(RMB, in millions) | For the nine months ended 30 September 2023(RMB, in millions) |
Revenue | 100.0 | 294.3 |
Gross profit | 68.7 | 198.4 |
Profit attributable to owners of the Company | 29.5 | 85.1 |
Unaudited non-IFRS adjusted net profit | 30.1 | 87.1 |
(23 November 2023) Boyaa Interactive International Limited (“Boyaa Interactive” or the “Company”, together with its subsidiaries, the “Group”, stock code: 0434), a top-ranking developer and operator of online card and board games in China, has announced its unaudited consolidated results for the three and nine months ended 30 September 2023 (the “Reporting Period”) (the “Third Quarterly Results”).
Revenue and net profit for the nine months ended 30 September 2023 were up by approximately 4.8% and 126.2% respectively as compared to the same period in 2022
The Group recorded revenue of approximately RMB294.3 million for the nine months ended 30 September 2023, representing a year-on-year increase of approximately 4.8% as compared to the same period in 2022. In the third quarter of 2023, it recorded revenue of approximately RMB100.0 million, representing a year-on-year increase of approximately 5.9% as compared to the third quarter of 2022 and a quarter-on-quarter increase of approximately 1.0% as compared to the second quarter of 2023.
The Group’s revenue has maintained a steady increase, primarily due to its holding of certain online operational activities and continuous optimization of its gaming products and gameplay during the Reporting Period.
The Group recorded an unaudited non-IFRS adjusted net profit of approximately RMB87.1 million for the nine months ended 30 September 2023, representing a year-on-year increase of approximately 126.2% as compared to the same period in 2022.
The Group’s net profit for the nine months ended 30 September 2023 increased considerably as compared to the same period in 2022, mainly due to the increase in revenue recorded for the nine months ended 30 September 2023 as compared to the same period in 2022; the reduction in the decrease in fair value of the financial assets such as equity investment partnerships for the nine months ended 30 September 2023 as compared to the same period in 2022; the impairment of frozen sum recorded for the nine months ended 30 September 2022, while no impairment of frozen sum was recorded in 2023; and the increase in interest income for the nine months ended 30 September 2023 as compared to the same period in 2022.
The ARPPU grew in major games and BPT branded competitions series were successfully held
In terms of the operating data performance, the Group recorded a decrease in the number of paying players and users in the third quarter of 2023 as compared to the second quarter of 2023, of which the number of paying players decreased by approximately 3.2% from approximately 0.22 million in the second quarter of 2023 to approximately 0.21 million in the third quarter of 2023. The number of DAUs decreased by approximately 5.0% from approximately 1.24 million in the second quarter of 2023 to approximately 1.18 million in the third quarter of 2023. The number of MAUs decreased by approximately 9.0% from approximately 4.3 million in the second quarter of 2023 to approximately 3.9 million in the third quarter of 2023.
However, the ARPPU grew in both mobile versions of other card and board games and the overseas Texas Hold’em mobile and web-based games.
During the third quarter of 2023, the Group successfully held BPT branded competitions series – 2023 BPT Competition in Asia, which attracted approximately 38.8 thousand participants from various countries and regions across Asia. This event further strengthened its brand influence and propelled it forward in establishing its international, premier poker tournament brand.
Further efforts to develop business in the Web3 field and create and develop industry-leading Web3 games
Moving forward, the Company will continue to intensify in-depth market research and enrich and innovate the gameplay, while striving to improve the players’ gaming experience, further refine its products and diversify its operation to improve the game quality in an all-round way and make every effort to build its brand for online and offline high-quality intellectual competitive card and board games and competition products. On top of consolidating its existing market, more efforts will be made to further expand the Group’s overseas markets as well as other card and board games business.
With the development of Web3 industry in Hong Kong and the promulgation of relevant regulating policies by the Hong Kong government to create a favorable business environment for the sustainable development of the Web3 industry, the Group is optimistic about the future of the Web3 industry. As a globalised Internet operator, the Group has introduced multi-lingual gaming products in hundreds of countries and regions. Additionally, its extensive involvement in the Internet gaming industry over several years has provided it with robust and advanced expertise in internet gaming and network security maintenance, as well as other related technologies. The Group intends to create and develop industry-leading Web3 games by combining existing online games and Web3 technology, and to further develop its business in the Web3 field.
According to its management, the Company will strictly comply with various laws and regulations in various jurisdictions that it has operations and be committed to developing high-quality intellectual competitivecard and board games, competition products and Web3 games related products. It will continue the journey to forge a century-old brand for online card and board games.