TGE Assets Rise 23.3% to $1.8 Billion in First Half of 2026
Key Facts
TGE, which was jointly founded by AMTD IDEA, AMTD Group and AMTD Digital, reported unaudited financial results for the six months ended June 30, 2026, with total assets rising 23.3% to $1.8 billion from $1.5 billion on December 31, 2025. The company attributed part of the increase to hotel acquisitions as it expanded its operations across multiple markets. The results showed divergent trends, with revenue from contracts with customers growing while total revenue declined from the year-earlier period. Profit also rose to $22.8 million, though the year-on-year comparison was affected by an exceptional expense in the first half of 2025. These figures put asset and hospitality expansion at the forefront of the company's results for the period.
TGE's revenue from contracts with customers rose 35.8% to $30.8 million in the first half of 2026, while total revenue fell to $65.9 million from $87.4 million a year earlier. The divergence reflects improvement in the contracts-with-customers line alongside a decline in total revenue, according to figures in the company's filing. Profit was $22.8 million, compared with $2.1 million in the first half of 2025. The company said profit in the year-earlier period was affected by a one-time share-based payments expense of $58.9 million. The sharp annual increase in profit is therefore largely linked to the comparison base, which was weighed down by that expense, according to the company's explanation.
Revenue from hotels, hospitality and VIP services grew 59.8% to $20.2 million in the first half of 2026, from $12.7 million in the same period a year earlier. The growth in this business coincided with an expansion of the hotel portfolio, while the value of property, plant and equipment rose by $384 million to $980.1 million on June 30. The company attributed part of the increase in assets to the acquisition of four hotels in New York, Perth, Kuala Lumpur and London. The deals included the Ritz-Carlton Perth for 100 million Australian dollars and the New York Tribeca hotel for $69 million. It also acquired the Upper View Regalia hotel in Malaysia for $38 million and the Dao by Dorsett Hornsey hotel in London for $30 million.
Liabilities rose to $872.4 million on June 30, 2026, from $625 million at the end of 2025, while total equity increased to $932.5 million from $839.1 million. Cash balances, meanwhile, fell to $10 million from $17.7 million at the end of last year. Net cash generated from operating activities was $0.3 million in the first half. The board decided not to declare an interim dividend. Alongside the expansion in assets, these figures show movements in liabilities, cash and equity during the period.
TGE director Feredoun Hamdullahpour said the company had completed strategic, long-term acquisitions and investments, adding that "the addition of new hotels and the new L’Officiel café expands TGE’s global presence." The company said it had completed operational preparations to launch L’Officiel Taiwan and L’Officiel Singapore ShiZhuang during 2026. The board also said the group had sufficient resources to continue operating for at least the next twelve months from the date the financial statements were approved. The company said the interim results were unaudited. In trading, AMTD shares closed at $29.6 on October 22, 2026, compared with a close of $30.51 in the previous session on October 21. EL7 published a story on October 7 about AMTD IDEA's announcement on October 6 of a change to its depositary share ratio to comply with New York Stock Exchange requirements.