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Ocean Park Corporation (OPC) today announced its financial results for the fiscal year from 1 July 2023 to 30 June 2024. Total revenue increased by 41% year-on-year to HK$1.181 billion, while visitor numbers rose by 33%, from 2.36 million to 3.14 million, both reaching a five-year high.
OPC has effectively implemented its development strategy announced in 2021, adjusting the operational model and reshaping the overall visitor experience. It is actively pursuing business opportunities and expanding revenue sources while creating synergies and enhancing cost efficiency through various partnerships. Additionally, the inbound tourism market has shown continued recovery post-pandemic, leading to ongoing improvements in OPC’s overall business performance. As of 30 June 2024, OPC's bank balance and cash totalled approximately HK$1.66 billion, indicating a strong financial position.
During the period, the growth of inbound tourists was particularly notable, with non-local visitors rising more than threefold. Visitors from Mainland China increased by 355%, while those from India and the Philippines recorded increases of 412% and 226%, respectively.
Benefiting from the increase in visitor numbers, admission ticket revenue rose by 54%, while merchandise and catering revenue increased by 27% and 32% respectively. Per capita spending also rose by 6% compared to the previous year.
The increasing demand for events and their scale, following the resumption of normal activities post-pandemic, led to OPC’s operating costs amounting to HK$1.4782 billion. This represented an increase of 17% compared to the previous year. However, the increase was significantly lower than the revenue growth of 41%. Spending on conservation and education reached HK$437.6 million, accounting for nearly 30% of the total operating costs.
Paulo Pong, Chairman of the Board of Ocean Park Corporation, said, “Despite the ongoing challenges in the market following the pandemic, Ocean Park Corporation has seen significant growth in both visitor numbers and revenue, with a continuous influx of visitors. We will continue to pursue diverse revenue sources and aim for continued improvement in our financial performance over the medium to long term, despite prevailing external economic uncertainties. Through our operating income, we seek to contribute to society, future generations, and environmental conservation, thereby reducing reliance on public finances.”
In view of ongoing business rebound and significant improvements in revenue generation, there was a net reversal of impairment for properties, machinery, equipment and right-of-use assets amounting to HK$275.5 million for the fiscal year 2023–2024. The total depreciation was HK$405.4 million. Government subsidies decreased from HK$849.5 million in the previous fiscal year to HK$280 million.
OPC recorded a deficit of HK$71.6 million in the financial statement for the fiscal year 2023–2024. Excluding government subsidies, depreciation, impairment reversals and investment income, the net operating deficit narrowed for the third consecutive year, decreasing by 30% to HK$297.2 million compared to the previous year. This reflects sustained upward momentum in operations and business performance with effective cost-saving and revenue-generating measures in place.
“As a non-profit organisation, Ocean Park Corporation plays many roles in Hong Kong. Not only are we an important tourist destination, but also an essential driver of conservation and education. Additionally, we are committed to promoting the integrated development of tourism, culture and sports. For the fiscal year 2024–2025, we will capitalise on the presence of six giant pandas in the park to drive citywide excitement, thereby increasing visitor numbers and revenue while promoting panda tourism and ecological conservation in Hong Kong,” continued Pong.
Expanding revenue streams through diverse avenues
In addition to seizing business opportunities presented by panda fever, OPC will continue to advance various initiatives under its development strategy by utilising diverse operating models to enhance operational efficiency. These initiatives include driving new development projects and organising large-scale festive events through partnerships, providing corporate team-building programmes, consultancy services, and venue rentals to enterprises and organisations, as well as organising study tours for overseas students. OPC also introduces new visitor experiences and retail concepts while seeking sponsorships and donations from like-minded organisations and brands to develop diverse revenue streams. Donations and sponsorships received by OPC in the fiscal year 2023–2024 increased by 39% year-on-year.
Strategic partnerships bring new experiences to visitors
During the year, OPC completed the bidding process for the new Adventure Zone at Ocean Park, with results announced in October. Preparations are now underway, and the new zone is expected to open in 2028. It is anticipated to attract a broader visitor demographic for the Ocean Park resort, creating synergies with existing facilities, including animal exhibits, Water World and the two hotels, to provide travellers with a rich and diverse experience.
Deepening conservation and education impact
Upholding conservation and education as the cornerstone of its future development, OPC evolved its mission and vision during the fiscal year. It continued to contribute to conservation and education in Hong Kong and beyond while enhancing visitor experiences and expanding revenue sources.
OPC has achieved two world-first records in the breeding of precious species. Following the birth of the world's first artificially inseminated cownose ray – an endangered species – in April last year, giant panda Ying Ying successfully gave birth to two adorable cubs in this August, making her the oldest giant panda to give birth for the first time globally.
In the area of education, OPC established the Ocean Park Conservation Alliance in 2023–2024, which soon became the largest school-led conservation group in Hong Kong. Under the Alliance framework, the Seahorse Rangers programme recruited over 10,000 students from primary, secondary and kindergarten levels within one year. This initiative effectively unites academic resources to promote conservation efforts at both the school and community levels. Besides, a total of 90 educational activities targeting schools, families, the public, and corporations was launched, representing a 36% increase over the previous fiscal year. OPC also introduced a flagship conservation advocacy initiative titled Mission R. With three core action pillars including Saving Species and Habitats, Eat Local, and Plastic Challenge, it encourages everyone to take an extra step in their daily lives to promote sustainable development, aligning with the Hong Kong Government's nature conservation policies.
