Extracted from the Annual Report 2024
OVERVIEW
The Group recorded a net profit of $27.22 million in FY2024, 6% higher compared to FY2023. Group revenue was $81.50 million, 0.8% lower than FY2023, as revenues from our two aquariums were impacted by relatively lower visitor arrivals amid a challenging economic and operating environment. The economic slowdown had caused a shift in consumption trends and tourist’s spending behaviour, with most opting for cost effective and free public attractions during the peak summer holiday season. The persistently high temperature in Shanghai during the months of July and August had also impeded tourists’ mobility. At Singapore Flyer, there was a 2.5 weeks ride suspension for scheduled cable replacement during the year. Overall visitor arrivals to all the Group’s attractions were 3.35 million, 0.2% lower than FY2023.
The Group’s operating assets during FY2024 included:- Shanghai Ocean Aquarium (SOA), situated in the Lujiazui Financial District of Pudong, Shanghai.
- Underwater World Xiamen (UWX), located on the scenic Gulangyu Island in Xiamen City.
- Lintong Lixing Cable Car (LCC), a cable car service at the historic Mount Lishan in Xi’an.
- Singapore Flyer, one of the world’s largest observation wheels located in the Marina Bay Precinct, Singapore.
In FY2024, SOA, the Group’s premier attraction, recorded single-digit declines in revenue and visitor arrivals amid the country’s economic slowdown. Throughout the year, SOA successfully executed targeted marketing campaigns during major holiday periods. Most notably, during the Spring Festival, the “Greet the Year of Dragon (七个''锵-游龙迎 新春)” campaign successfully leveraged dragon-themed exhibits and activities and included extensive media coverage across mainstream platforms; which saw revenue increase by 39%, while visitor arrivals increased 32% year-on-year.
In May 2024, SOA launched a Labour Day exhibition of “Top 20 Star Fishes”, incorporating an online interaction for the selection of the top 20 stars of “鱼乐圈”, attracting the attention and participation of tourists.
To commensurate the 20th Anniversary during the year, SOA unveiled a commemorative history wall in June and generated significant media coverage across major outlets. The design also integrated nostalgia elements into brand messaging for the company.
The Polar zone exhibition was upgraded and officially opened during the summer vacation period. A series of marketing activities called “New Polar Regions, explore a Summer (新极地, 探一夏)” was launched. The upgraded zone attracted more than half a million visitors, and generated more than 2.26 million views across social media platforms.
During China’s National Day in October 2024, SOA planned a popular science activity with the theme of “October Golden Autumn festival Schooling Fishes of the Aquatic World (十月'秋, 一起出游)”. Interesting stamp collection activities with science educational content and online group fish photography contest activities, as well as wide publicity and exposure on self-media and public media platforms attracted visitors. The week long holiday saw an increase of 13.7% in visitor numbers over the corresponding period in 2023.
Social media engagement was enhanced in 2024 across several platforms, namely, WeChat, Weibo and Douyin, which will continue to be key marketing channels going forward.
With the Covid-19 pandemic abated, community engagement was revived with continued support for disabled and disadvantaged groups, renewed partnership with the Pudong Blind People’s Association, and included regular charitable initiatives throughout the year.
SOA management demonstrated strong execution of integrated marketing campaigns, effectively leveraging both traditional and digital channels while maintaining strong community engagement. The exceptional success of the Spring Festival and summer campaigns particularly highlights SOA’s ability to create compelling, seasonally appropriate programming that drives both attendance and revenue.
At UWX, visitor numbers for FY2024 declined 26% when compared to FY2023. New attractions of the same type such as “Zhongyu Vision- 中鱼视界” and “Quanzhou Ocean Park- 泉州海洋公园” diverted tourist traffic, while more tour groups on the island had resulted in a decrease in capture rate of tourists to UWX. Other factors that affected visitors’ arrival included typhoons during the National Day golden week as well as a re-routing of ferry route at Gulangyu Sanqiutian Pier.
During the year, UWX successfully executed five major themed exhibitions, driving consistent visitor engagement and educational impact.
- January 2024 - Fish and Dragons Playing in the Water to Celebrate the New Year - Goldfish Themed Exhibition (鱼龙戏水贺新年 - '鱼主题展)
- May 2024 - Fun Popular Science Themed Exhibition - ‘Unique Fishes’ series 3 (趣''普主题 展 — “鱼众不同3”)
- June 2024 - Meet the Sea Lion Cub ‘Mobao’ Themed Activity (海狮宝宝 “墨宝” 见面会主题活动)
- July 2024 - Unique Fishes - Water Carnival Themed Activity (鱼众不同 -水上嘉年华主题活动)
- September 2024 - National Popular Science Day activities (九月全国'普日活动)
- October 2024 - Whales Traveling through the World Heritage - Special Themed Exhibition on Cetacean Popular Science (大鲸游世遗—鲸豚'普主题特展)
Digital partnerships proved particularly successful, with the Ctrip platform携程平台 achieving significant year-over-year growth. Additional partnerships with Yujian Xiamen, Yunkezan '客赞, and xialv.com侠侣' generated substantial supplementary revenue through specialized ticket offerings and digital marketing initiatives.
Educational outreach remained robust, with 11 marine science programs reaching over 1,000 students. 137 digital educational pieces of articles and videos garnering more than 46,000 views were released on popular social media platforms notably WeChat 微信 and Douyin 抖音. UWX’s commitment to excellence was recognized through multiple accolades, including a yet another A- rating as a Popular Science Base in Siming District Xiamen and membership acceptance into the Fujian Aquatic Wild Animal Rescue Alliance.
The successful integration of digital platforms, expansion of educational programming, and strengthening of commercial partnerships provides a solid foundation for continued growth in the coming year. Management recommends maintaining current strategic initiatives while exploring opportunities for enhanced visitor experiences and digital infrastructure improvements. This balanced approach to address commercial and educational objectives further positions UWX well for sustained success in its role as a leading marine education institution in the Fujian Province, China.
Amid a challenging year for domestic tourism, LCC achieved significant results, recording double-digit growth in passengers with zero safety incidents or customer complaints in 2024. It emerged as one of only two tourism enterprises showing growth in the Lintong district in Xi’an, alongside the Terracotta Warriors Museum.
Strategic infrastructure investments significantly enhanced the passenger experience, including comprehensive upgrade of the cable car station, new restroom facilities, and the successful development of the Wangjing Tower platform as a photo spot. These improvements proved crucial in counteracting the broader tourism decline in the Lishan scenic area.
Service excellence was achieved through staff training in historical interpretation and storytelling, garnering 100% positive feedback for guide services. This initiative particularly strengthened the tour group segment, offsetting declines in walk-in tourist traffic.
The company successfully managed intensified regulatory oversight from multiple government bodies, implementing robust safety systems including a triple-tier prevention protocol and dual power supply infrastructure. These measures ensured uninterrupted regular operations.
This balanced approach to facility modernization, service enhancement, and safety compliance positioned LCC as a resilient performer in the local tourism sector, demonstrating strong operational execution amid challenging market conditions.
Singapore Flyer demonstrated exceptional performance in 2024, reinforcing its position as an iconic attraction through significant industry recognition and innovative programming. It achieved a 15% growth in revenue and more than 60% increase in net profit over 2023.
Singapore Flyer earned the prestigious Tripadvisor Travelers’ Choice Awards Best of the Best for the second consecutive year, placing it among the top one percent of global attractions. This achievement was complemented by Trip.com’s Trip Best 2024 Global Nightlife award, further validating its excellence in service delivery and guest experience.
Throughout the year, Singapore Flyer successfully executed several strategic initiatives that enhanced its market presence and guest offerings. The introduction of unique experiences such as “Picnic in the Sky” afternoon tea and the family-oriented Skyline Lunch Experience showcased its ability to create compelling, targeted offerings. A historic milestone was achieved during National Day with Singapore’s first overnight observation wheel operation, which proved particularly successful through its partnership with local night market bazaar event organizer, TLK.
The Singapore Grand Prix season was leveraged effectively through the “Happy Half Hour Experience,” capitalizing on tremendous Formula 1 tourism opportunities during the night race held in Singapore.
The launch of the FLYER360 mobile app marked a significant advancement in digital guest engagement, incorporating augmented reality features, interactive landmark guides, and Singapore-related games. A complementary HiFlyer web app was also launched, providing access to real-time information such as queue status, on-site services, promotions, and tenant offers. This digital transformation enhanced the visitor experience while streamlining operational efficiency.
Community engagement remained a key focus, with successful initiatives including collaborative events with local artist Ah Guo in June and a meaningful partnership with SPD (Society for the Physically Disabled) Ability Centre in November. Senior citizens from SPD were invited to experience the Singapore Flyer and Time Capsule, gathered for a fully sponsored lunch, and a lively karaoke session at the Event Hall.
The year concluded with the launch of an innovative in-capsule gaming experience in partnership with SEGA, Sony, and United International Pictures, demonstrating the attraction’s ability to create contemporary, trendy, and appealing collaborations.
These achievements collectively reflect Singapore Flyer’s successful execution across multiple strategic priorities: maintaining international recognition, developing innovative guest experiences, advancing digital capabilities, and strengthening community connections. The momentum generated in 2024 positions Singapore Flyer well for continued growth and innovation in the coming year.
FINANCIAL COMMENTARY
The Group reported a net profit before tax of $36.2 million in FY2024, compared to a profit before tax of $34.6 million in FY2023. This improvement was due to the one-off $3.0 million settlement fee received, and the absence of exchange losses as in last year.
The Group’s net cash inflow from operating activities amounted to $37.3 million, a marginal increase compared to FY2023. During the year, the Group paid out dividends and made loan repayments totalling $18.2 million, an increase of $7.2 million compared to FY2023. As of 31 December 2024, the Group’s cash and cash equivalent balance stood at $187.0 million, marking a 10% increase from the previous year.
