The Group continues to achieve profit,
final dividend up for fifth consecutive year
(HONG KONG, CHINA, 20 March 2025) PAX Global Technology Limited (“PAX” or the “Group”, HKSE stock code: 00327.HK), one of the world’s leading providers of electronic payment terminal (“E-payment terminal”) solutions and related services, is pleased to announce the audited annual results for the year ended 31 December 2024.
In 2024, the global economy maintained a slow recovery phase, with high interest rates and a strong U.S. dollar resulting in more cautious payment terminal deployments among international clients. With its long-term strategic vision, PAX proactively navigated market dynamics by driving payment technology innovation through Android smart payment terminals and Software as a Service (“SaaS”) solutions. While strengthening our global business footprint, PAX has adhered to implementing U.S. dollar settlement strategy to overseas businesses, effectively mitigated foreign exchange risks and strengthened the Group’s risk management capabilities. Moreover, PAX reinforced its financial resilience through stringent credit management strategy and shipment optimization.
During the year, the Group recorded revenue of HK$6,044.9 million and profit for the year of HK$720.9 million, with net profit margin of 11.9%. Net cash generated from operating activities reached HK$1,162.7 million, reflecting our strong cash flow generation capability even amidst global market challenges. The Board has recommended to declare a final dividend of HK$0.25 per ordinary share for the year ended 31 December 2024.
Mr. Jack LU, Chief Executive Officer of PAX, commented, “As cashless payments gradually become the global commercial standard, PAX is dedicated to continuous innovation, precisely addressing market needs and delivering smarter, more efficient and high-quality payment solutions to clients worldwide. The Group continues to strengthen its footprint in key markets, focusing on value creation along the payment chain and collaborating with partners to capitalize on emerging business opportunities.”
Commencement of PAX Smart Terminals Industrial Park and the new headquarters building
As the world’s leading electronic payment terminal enterprise, PAX is steadfast in its commitment to investing in the future, driving long-term business development. During the year, the Group achieved a major milestone with the commencement of two core infrastructures: the PAX Smart Terminals Industrial Park and the new headquarters building. The Smart Terminals Industrial Park in Huizhou (China), now serves as PAX’s key production hub, enhancing the Group’s supply chain efficiency and delivery capabilities. Meanwhile, the commencement of the new headquarters marks a new milestone in the Group’s development, laying a solid foundation for the Group’s global expansion and innovation.
Continuously creating versatile smart payment experience across multiple market segments
With a strong focus on innovation and high-quality products, the Group holds a leading position in the global Android smart payment terminal market, effectively meeting the needs of diverse sectors, including retail, hospitality, transportation, parking, electric vehicle charging stations, sports venues and tourism hotspots, creating great commercial values.
In 2024, PAX continued to strengthen its global market presence, with sales of Android smart terminals surpassing 60%. Flagship model A920Pro continues to be the most popular payment terminal, widely acclaimed by global acquiring banks and PSPs for its uniquely elegant design and robust features. PAX has maintained its commitment to product innovation, introducing a series of new smart payment terminals including the handheld models A8900 and A99 which will cater to retail and hospitality needs, and the unattended payment terminal model IM25, designed for self-service environments, providing robust support for diverse payment scenarios.
Steady sales growth of Android commercial POS (“EPOS”) business
Recognising the increasing demand for integrated business solutions across retail and hospitality, the Group is expanding into the Android EPOS market. The Elys series leverages the Android operating system to achieve seamless device synchronisation. This enables retailers and restaurants to optimise operations across the entire value chain – from front-end transactions to back-end management – significantly improving operation efficiency.
The Elys series has garnered strong market attention and demonstrated steady sales growth in North America. Moving forward, PAX is committed to increasing R&D investment and accelerating the global expansion of the Elys series, fueling new momentum for the Group’s long-term growth.
Harnessing the power of SaaS to create synergies across the payment ecosystem
The Group continues to unlock the potential of the payment market by offering cutting-edge SaaS solutions including terminal management platform, Remote Key Injection (RKI), and value-added operational services for acquiring banks, PSPs and merchants.
In 2024, revenue from our SaaS solutions reached HK$138.2 million, showing a year-on-year growth of 30.5%. As of 31 December 2024, over 14 million payment terminals were connected to the MAXSTORE platform, enabling merchants to access more than 14,000 diverse software applications and value-added operational services.
Europe, the Middle East and Africa (EMEA)
In 2024, Europe, the Middle East and Africa emerged as the Group’s largest revenue region, with annual sales reaching HK$2,202.9 million. With years of strategic investment and commitment to the EMEA region, the PAX brand and its reputation for superior product quality have earned high praise and market recognition. The A920Pro smart payment terminals have been deployed en masse across most of the region’s countries, with growing market penetration.
The PAX business maintained strong momentum across Europe, however demand in a few countries such as Germany and Spain were volatile. During the year, significant sales were achieved in Italy, the United Kingdom, France and South Eastern Europe, the Group continued to achieve notable breakthroughs, with adoption of smart payment terminals across retail, transportation and sports venues, highlighting our strong brand recognition and growth potential in the market.
In the Middle East, sales in Saudi Arabia and other GCC countries continued to generate significant revenue contribution for PAX. In Africa, the Group is focusing on expanding its footprint in the UEMOA (The West African Economic and Monetary Union) region, with growing number of PSPs adopting the A920 payment terminal, certified to regional standards. As PAX accelerates the certification of other models, we expect that shipments in West Africa will see positive growth in the future.
Latin America and the Commonwealth of Independent States (LACIS)
PAX performance in the LACIS region was affected by the sales slowdown in Brazil, while other South American markets delivered promising development. As Brazil’s payment terminal industry transitioned from a high-growth period to a more stable development phase, compounded by macroeconomic pressures such as high-level of interest rate, resulting in overall procurement decline and posing challenges to PAX business in Brazil.
In other South American countries with growth potential, the Group has further strengthened cooperation with channel partners and PSPs, driving steady business expansion. Notably, Mexico and Argentina have emerged as new key contributors in Latin America.
In Mexico, market demand is gradually shifting from traditional terminals to Android smart payment solutions. The market showed growing demand for PAX A-series Android smart payment terminals, with the A910 proving to be the best-selling model with substantial shipments, expanding into diverse segments such as vending machines, self-service airport kiosks and public transit systems.
In the future, the Group will further strengthen its presence in Mexico and Argentina, with product portfolio enhancement and closer collaboration with local channel partners and PSPs. Meanwhile, PAX will devote more resources in South American countries such as Chile and Panama, striving to transform these potential markets into new business growth engines in the region.
Asia Pacific Region (APAC)
The Group continues to strengthen its business presence across the Asia-Pacific region, achieving robust sales growth in India, Japan and Indonesia. However, macroeconomic uncertainties have caused market demand slowdown across certain Southeast Asian markets. In India, PAX has maintained its leading position as local banks’ preferred payment terminal provider, with sustained year-on-year sales growth. To capitalise on the surging demand for UPI QR code payments, PAX has introduced the soundbox CS70 and CS75, and successfully secured large-scale orders from leading acquiring banks and PSPs.
The Group’s market expansion in Japan and Indonesia has achieved remarkable results, with record-high sales in both markets during the year. In Japan, the continued shift towards cashless payments fuelled robust demand for PAX Android smart payment terminals. The PAX A920 has gained widespread market adoption, while the new model A920MAX was successfully introduced for commercial use this year. In Indonesia, PAX maintains its market-leading position, with its A920Pro and A930 earning high recognition among acquiring banks, driving order volumes continue to rise.
To enhance our market share and brand presence in Australia and New Zealand, the Group fully acquired an Australian distributor Pax Technology Australia during the year. This acquisition will strengthen our ability to deliver localized solutions and value-added services, scaling up the deployment of Android payment terminals, driving business expansion in Australia and New Zealand.
The United States of America and Canada (USCA)
In the first half of 2024, cautious investment strategies among retailers, ISOs and financial institutions resulted in slower payment terminal deployments, leading to a temporary slowdown in market demand. As market gradually recovered in the second half of the year, propelling a resurgence in orders and fueling sales growth in North America.
Leveraging a robust portfolio of Android smart payment terminals, the Group continues to strengthen its strategic partnerships with banks while actively expanding direct-to-retail sales channels. These efforts have extended segments, including cinemas, telecom providers, convenience stores, and quick-service restaurant chains, delivering efficient payment solutions tailored to diverse business needs. Flagship products such as A920Pro, A3700 and A80 have gained widespread market recognition. Meanwhile, significant progress was made in product certifications with banks, laying a strong foundation for future deployment.
The Group has accelerated its strategic expansion in the Android-based EPOS market, facilitating the digital transformation of the retail and hospitality industries. PAX Elys series has gained strong traction among PSPs, with increasing deployment of the Elys Workstation, driving sustained sales growth.
Mr. Jack LU, Chief Executive Officer of PAX, commented, “Amid the ongoing wave of evolution in the global payment landscape, PAX leverages its superior Android smart payment terminal technology to empower acquiring banks, PSPs and ISOs to enhance their merchant service capabilities. The Group will remain committed in strengthening its strategic presence in key markets, while driving digital transformation and business innovation through its cutting-edge Android smart payment terminals and SaaS solutions.”
For more information, please refer to the announcement.