AQUAWALK GROUP BERHAD (0380.KL)
- Sector
- Consumer Products & Services
- Price
- RM 0.130 (4.00%)
- Market cap
- 239.6M MYR
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About AQUAWALK GROUP BERHAD
Company Description
Aquawalk Group Berhad, incorporated in 2001, is a leading developer and operator of public aquaria in Southeast Asia. The Group owns and operates Aquaria KLCC in Malaysia and Aquaria Phuket in Thailand, and holds a 40% stake in Jakarta Aquarium & Safari (JAQS) in Indonesia. It operates in the consumer discretionary sector, focusing on tourism and leisure attractions. Through its subsidiary Aquablu Technologies, established in 2009, the Group also offers design, development, and maintenance services for third-party aquaria. The Group has garnered multiple awards, including the TripAdvisor Travellers' Choice Awards for Aquaria KLCC and the Thailand Tourism Silver Award for Aquaria Phuket.
Business Model
Aquawalk operates a dual-segment business model comprising the operations and development of its own aquaria, which generates recurring revenue, and the design, development, and maintenance of new or third-party aquaria, which provides project-based income. The Group utilizes a predominantly fixed-cost structure for aquarium operations, encompassing rental, maintenance, and staffing, which results in high operating leverage where incremental ticket sales flow directly to the bottom line once fixed costs are covered. The breakeven visitorship is estimated at 200,000 to 300,000 annually. Revenue is primarily driven by ticketing sales using a tiered pricing strategy based on visitor origin and age, supplemented by retail sales, miscellaneous income, and third-party aquarium project fees.
Revenue Segment
For FY2024, the revenue breakdown by business segment was: Ticketing Sales at 81.0%, Retail Sales at 16.3%, Miscellaneous Sales at 1.8%, and Design, development and maintenance of third-party aquaria at 0.9%. The operations and development of the Group's own aquaria collectively accounted for 99.1% of total revenue.
Geographic Segment
For FY2024, the geographic revenue breakdown was: Malaysia at 77.7% (derived from Aquaria KLCC), Thailand at 21.4% (derived from Aquaria Phuket), and Others at 0.9% (representing project fees from the United Arab Emirates, Germany, and Indonesia via Aquablu Technologies).
Top Client
The Group partners with travel agencies and online ticketing platforms such as Klook, GlobalTix, and KKday as distribution partners, with its top five partners contributing between 20.0% and 28.6% of revenue historically. Major contracting parties include PTMBB (PT Mitra Agung) for the Java aquarium joint venture and Qhazanah Sabah Berhad for the Kota Kinabalu aquarium project.
Operational Scale
As of FY2024, Aquaria KLCC spans 72,584 sq ft and houses approximately 5,000 aquatic species, featuring a 90-metre underwater tunnel with a capacity of 2,920,000 visitors, welcoming 1,293,645 visitors. Aquaria Phuket spans 103,843 sq ft, houses 6,000 species, and welcomed 293,533 visitors in FY2024 out of a capacity of 4,380,000. The Group collectively welcomed over 1.5 million visitors. Future capacity targets include a Java aquarium spanning approximately 40,000 sq ft with a daily capacity of 8,000 visitors, and the Aquaria Kota Kinabalu, leased at approximately 73,054 sq ft.
Associate Companies
The Group holds a 40% stake in PT Jakarta Akuarium Indonesia (JAQS), which operates the Jakarta Aquarium & Safari, through its 75%-owned subsidiary Aquawalk Singapore. Key subsidiaries include Aquablu Technologies Sdn Bhd, which handles third-party aquarium design and maintenance, and Aquawalk Thailand Co Ltd. For new developments, the Group formed a 60:40 joint venture with PTMBB (PT Mitra Agung) for the Java aquarium project. The Kota Kinabalu project, originally a 60:40 JV with Qhazanah Sabah Berhad, is now proceeding on a wholly owned basis.