Financial Performance - In 2024, Jinhui Holdings reported a significant increase in operating revenue from freight and chartering, reaching HKD 1,239,419,000, a 94% increase compared to HKD 638,573,000 in 2023[6] - The company recorded a net profit of HKD 142,183,000 in 2024, a turnaround from a net loss of HKD 461,805,000 in 2023[7] - Basic earnings per share for 2024 were HKD 0.112, compared to a loss per share of HKD 0.512 in 2023[7] - Operating revenue for 2024 reached HKD 1,239,419,000, a significant increase from HKD 638,573,000 in 2023, representing a growth of approximately 94%[31] - The net profit for the year 2024 was HKD 142,183,000, a turnaround from a loss of HKD 461,805,000 in 2023[31] - Basic earnings per share for 2024 was HKD 0.112, compared to a loss of HKD 0.512 per share in 2023[32] - The company achieved a comprehensive operating profit before depreciation and amortization of HKD 543,361,000 in 2024, compared to a loss of HKD 115,784,000 in 2023[181] - Other operating income rose from HKD 61,018,000 in 2023 to HKD 136,608,000 in 2024, primarily due to compensation from a lease contract dispute and realized gains from financial assets[193] Fleet and Operations - The total deadweight tonnage of the fleet increased by 61% from 1.4 million tons to 2.3 million tons[6] - The company has a fleet consisting of 25 owned vessels and 8 chartered vessels as of December 31, 2024[8] - The company operates a fleet of 25 owned vessels and employs 590 crew members as of December 31, 2024[18] - The fleet consisted of 25 owned vessels and 8 chartered vessels, with a total carrying capacity of approximately 2,276,000 tons as of December 31, 2024[185] - The average utilization rate of the fleet slightly decreased to 98% in 2024 from 99% in 2023[183] - The company plans to maintain financial flexibility while enhancing operational competitiveness through the acquisition or leasing of vessels[186] - The company entered into several long-term charter agreements, enhancing fleet flexibility while limiting capital expenditure on vessel acquisitions[190] Charter Rates and Market Conditions - The average daily charter rate improved by 63%, rising from USD 9,063 (approximately HKD 71,000) in 2023 to USD 14,741 (approximately HKD 115,000) in 2024[6] - The Baltic Dry Index averaged a 27% increase year-on-year, reflecting a recovery in the global shipping market[6] - The Baltic Dry Index averaged 1,755 points in 2024, up from 1,378 points in 2023, indicating a recovery in shipping rates[175] Corporate Governance - The company maintained compliance with corporate governance codes as per the listing rules throughout the fiscal year ending December 31, 2024[33] - The board of directors held a minimum of four meetings in 2024, ensuring active participation and oversight of company operations[34] - Independent non-executive directors attended 14 out of 15 board meetings, demonstrating strong engagement in governance[36] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition[40] - The chairman and the managing director have clearly defined roles, with the chairman responsible for strategic planning and overall operations oversight[38] - The company adheres to corporate governance code provisions, ensuring that independent non-executive directors constitute more than one-third of the board[41] - The board will regularly review the effectiveness of its arrangements and the distribution of responsibilities to enhance overall corporate governance[38] Risk Management and Internal Controls - The company has established risk management and internal control systems to identify and assess risks, ensuring assets are protected and transactions are authorized by management[65] - An external professional firm conducted a review of the effectiveness of the company's risk management and internal control systems, identifying weaknesses and improvement suggestions[63] - The board is responsible for risk management strategies, including obtaining appropriate insurance coverage to mitigate financial impacts[51] - The board of directors regularly reviews and strengthens its risk management and internal control systems to ensure effective implementation[67] Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social, and Governance (ESG) report for 2024 focuses on the company's international shipping business and its commitment to sustainable development[92] - The company aims to reduce carbon emissions by at least 40% per transport work by 2030 compared to 2008 levels, as per the revised 2023 IMO greenhouse gas strategy[108] - The company is committed to complying with applicable environmental laws and regulations to minimize adverse environmental impacts[99] - The board is responsible for the ESG strategy and regularly reviews risks, opportunities, performance, and goals related to ESG[99] - The company aims to reduce carbon emissions by 70% in carbon emission density and 50% in greenhouse gases by 2050 compared to 2008 levels[109] Employee Relations and Workforce - As of December 31, 2024, the company employed 74 full-time employees, with 55% being male and 45% being female[88] - The employee turnover rate for 2024 is 1.57%, with male turnover at 0.63% and female turnover at 0.94%[146][147] - The company has a gender equality policy, with 74 full-time employees as of December 31, 2024, compared to 66 in 2023[144] - The average training hours for employees in 2024 are 24.56 hours for males and 24.90 hours for females, with 95% of seafarers receiving training[161] - The company provides various employee benefits, including medical and life insurance, retirement plans, and paid leave[150] Charitable Contributions - The company made charitable donations of HKD 510,000 in 2024, a significant increase from HKD 79,000 in 2023[167] - There were no reports of corruption against the company or its employees in 2023 and 2024, indicating a strong commitment to anti-corruption measures[166]

Financial Performance - Total revenue for 2024 reached HKD 1,239,419,000, a 94% increase from HKD 638,573,000 in 2023[7] - EBITDA for 2024 was HKD 543,361,000, compared to an EBITDA loss of HKD 115,784,000 in 2023[7] - Net profit for 2024 amounted to HKD 142,183,000, a significant recovery from a net loss of HKD 461,805,000 in 2023[7] - Basic earnings per share for 2024 were HKD 0.112, compared to a loss per share of HKD 0.512 in 2023[7] - The company achieved operating revenue of HKD 1,239,419,000 in 2024, a significant increase of 94% compared to HKD 638,573,000 in 2023, driven by an increase in the number of vessels and improved average daily charter rates[25] - The company recorded a net profit attributable to shareholders of HKD 59,217,000 in 2024, compared to a net loss of HKD 271,527,000 in 2023, with basic earnings per share of HKD 0.112[26] - Total comprehensive income for the year amounted to HKD 123,844,000, recovering from a loss of HKD 475,104,000 in 2023[82] - The company reported a net loss of HKD 271,527,000 for the year ended December 31, 2023, compared to a net loss of HKD 190,278,000 from non-controlling interests, resulting in a total comprehensive loss of HKD 475,104,000[87] Fleet and Operations - The fleet's total deadweight tonnage capacity increased by 61% year-on-year, from 1.4 million tons to 2.3 million tons[6] - Average daily charter rates improved by 63% to USD 14,741 (approximately HKD 115,000) in 2024, up from USD 9,063 (approximately HKD 71,000) in 2023[7] - The company operates a fleet of 33 bulk carriers, consisting of 25 owned vessels and 8 leased vessels, with a total deadweight capacity of approximately 2,276,000 tons as of December 31, 2024[16] - The company completed the acquisition of four second-hand vessels and committed to purchasing two newbuild vessels during the year[19] - The company signed contracts to build two new ultra-large handymax vessels at a price of USD 34,000,000 each, with delivery scheduled for 2026 and 2027[21] - The company entered into several long-term charter agreements for leased vessels, enhancing fleet flexibility while limiting capital expenditure[22] - The company aims to modernize its fleet by replacing older vessels with newer, more efficient ones, while maintaining financial flexibility and operational competitiveness[24] Financial Position and Cash Flow - As of December 31, 2024, the capital-to-debt ratio stood at 19%[4] - The company's total equity increased to HKD 2,942,152,000 in 2024, up from HKD 2,818,308,000 in 2023, showing a strengthening balance sheet[85] - The net cash from operating activities for 2024 was HKD 587,319,000, compared to HKD 113,853,000 in 2023[45] - The net cash used in investing activities was HKD 665,262,000, significantly higher than HKD 39,340,000 in 2023[45] - The total amount of secured bank loans increased from HKD 808,682,000 on December 31, 2023, to HKD 882,766,000 on December 31, 2024[46] - The company's cash and cash equivalents were HKD 189,908,000 as of December 31, 2024, down from HKD 329,449,000 in 2023[45] - The total cash outflow for leasing in the year was HKD 305,878,000, compared to HKD 38,051,000 in 2023[40] Expenses and Liabilities - Shipping-related expenses increased significantly from HKD 456,225,000 in 2023 to HKD 658,353,000 in 2024, primarily due to an increase in short-term chartered vessels[30] - Daily operating costs for the fleet rose from USD 5,569 (approximately HKD 43,000) in 2023 to USD 5,606 (approximately HKD 44,000) in 2024, attributed to initial operating costs of newly delivered vessels[30] - Depreciation and amortization increased from HKD 290,875,000 in 2023 to HKD 346,919,000 in 2024, mainly due to the depreciation of right-of-use assets for long-term chartered vessels[33] - The carrying amount of right-of-use assets and lease liabilities as of December 31, 2024, was HKD 234,168,000 and HKD 252,598,000, respectively, compared to HKD 164,541,000 and HKD 227,281,000 in 2023[22] - The total lease liabilities due within one year increased significantly to HKD 145,796,000 in 2024 from HKD 39,476,000 in 2023[111] Legal and Governance - The company has been involved in a long-standing legal dispute regarding the vessel "CANTON TRADER," with a confirmed arbitration award of approximately $41,250,000[54] - The company has received a settlement of $3,500,000 to resolve legal actions in Hong Kong, paving the way to conclude global litigation[57] - The company has confirmed the delivery of three long-term leased vessels in 2024, with varying weights and lease terms[116] - The company has been compliant with the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the fiscal year ending December 31, 2024[65] - The board of directors has noted that all independent non-executive directors have served for over nine years, and the company is in the process of appointing a new independent non-executive director[67] Market Outlook and Strategy - The company anticipates increased volatility in the freight market due to geopolitical events and high interest rates, which are expected to be major sources of instability[62] - The supply of new vessels remains tight, while the supply level of newbuilds is moderate, indicating potential challenges in fleet expansion[62] - The management emphasizes the importance of maintaining a solid financial position while pursuing growth amidst economic and geopolitical uncertainties[63] - The company is actively seeking opportunities to renew its fleet when reasonable prices arise[62] Other Key Information - The company will not declare any final dividends for the year ending December 31, 2024[11] - The company did not purchase, sell, or redeem any of its listed securities during the year[77] - The annual general meeting is scheduled for June 3, 2025, with a suspension of share transfer registration from May 29 to June 3, 2025[78] - The audit committee reviewed the financial reports and confirmed compliance with applicable accounting standards and legal requirements[75] - The company has adopted revised Hong Kong Financial Reporting Standards effective January 1, 2024, with no significant impact on financial performance or position reported[90]

Financial Performance - The company reported a revenue of HKD 539,284,000 for the first half of 2024, an increase of 86% compared to HKD 290,370,000 in the same period of 2023[6]. - The net profit for the period was HKD 66,900,000, a significant turnaround from a net loss of HKD 162,477,000 in the first half of 2023[6]. - Basic earnings per share for the first half of 2024 were HKD 0.053, compared to a loss per share of HKD 0.181 in the same period last year[6]. - Operating revenue from freight and chartering increased by 86% to HKD 539,284,000 in the first half of 2024, compared to HKD 290,370,000 in the same period of 2023[17]. - The consolidated operating profit before depreciation and amortization for the first half of 2024 was HKD 247,630,000, compared to a loss of HKD 7,791,000 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2024 was HKD 28,117,000, a significant recovery from a net loss of HKD 95,911,000 in the first half of 2023[17]. - Total comprehensive income for the period amounted to HKD 57,292,000, a significant improvement from a loss of HKD 163,648,000 in the same period last year[45]. - The company achieved an operating profit of HKD 93,365,000, compared to an operating loss of HKD 140,811,000 in the prior year, indicating a turnaround in operational performance[45]. Fleet and Operations - The company operates a fleet of 23 owned vessels and 10 chartered vessels, with a total carrying capacity of approximately 2,020,000 tons as of June 30, 2024[11]. - The average daily charter rate for the fleet increased by 66% to USD 13,939 (approximately HKD 109,000) compared to USD 8,379 (approximately HKD 65,000) in the first half of 2023[6]. - The average daily charter rates for the Panama fleet and the ultra-large/very large flexible fleet were USD 17,478 (approximately HKD 136,000) and USD 13,560 (approximately HKD 106,000) respectively[17]. - The strong demand for bulk dry cargo and limited vessel supply contributed to the recovery of freight rates in the bulk shipping market[6]. - The company signed agreements to acquire two second-hand vessels and committed to purchase two new vessels in the first quarter of 2024, with a total purchase price of approximately USD 62,072,000[13]. - Two new shipbuilding contracts were signed in the second quarter of 2024, each costing USD 34,000,000, with delivery scheduled for 2026 and 2027[14]. Financial Position - The company's total assets increased to HKD 3,498,203,000 as of June 30, 2024, up from HKD 3,213,591,000 at the end of 2023[47]. - The company’s equity attributable to shareholders rose to HKD 1,236,641,000, compared to HKD 1,213,875,000 at the end of 2023, indicating a strengthening balance sheet[50]. - The company’s capital-to-debt ratio as of June 30, 2024, was 10%[4]. - The total amount of secured bank loans decreased from HKD 808,682,000 as of December 31, 2023, to HKD 624,438,000 as of June 30, 2024[23]. - The group has entered into agreements to acquire a Capesize vessel for $30,950,000, approximately HKD 241,410,000, which was delivered in August 2024[24]. - The total capital expenditure commitments, net of deposits paid, amounted to $122,867,000, approximately HKD 958,349,000 as of the report date[25]. Cash Flow and Investments - The net cash generated from operating activities for the first half of 2024 was HKD 236,521,000, significantly up from HKD 30,029,000 for the same period in 2023[22]. - The net cash used in investing activities amounted to HKD (190,796,000), compared to HKD (9,657,000) in the previous period[57]. - The net cash used in financing activities was HKD (235,838,000), compared to HKD (60,646,000) last year[58]. - The total cash outflow for leases was HKD 52,848,000 in the first half of 2024, compared to HKD 17,694,000 in the first half of 2023[20]. - The company committed to invest USD 10,000,000 (approximately HKD 78,000,000) in a property project in Shanghai, China[20]. Corporate Governance - The company has complied with the corporate governance code during the six months ending June 30, 2024, with deviations noted in specific sections[35]. - Three independent non-executive directors have served for over nine years, necessitating the appointment of a new independent non-executive director[38]. - The roles of the Chairman and the CEO are not clearly separated, which deviates from the corporate governance code[39]. - The company has not established an internal audit department due to its size and operational structure, with the audit committee performing internal audit functions as needed[41]. - All directors confirmed compliance with the trading standards for securities during the six months ending June 30, 2024[42]. Market Outlook - The company expects strong freight market conditions for the remainder of 2024 due to stable dry bulk shipping trade demand and favorable supply-demand dynamics[28]. - The company noted a significant disconnect between freight rates and vessel values, with limited berthing and increasing delivery times making new vessel orders more expensive[28]. - The company remains vigilant regarding economic, geopolitical, and unforeseen events that may impact business performance and asset valuations[28]. - The company will continue to seek opportunities to renew its fleet at reasonable prices to meet market and customer demands[28]. - The company emphasizes maintaining a solid financial position while pursuing growth strategies[28].

Financial Performance - The group recorded operating revenue of HKD 539,284,000 for the first half of 2024, an increase of 86% compared to HKD 290,370,000 in the same period of 2023[3]. - The net profit for the period was HKD 66,900,000, a significant recovery from a net loss of HKD 162,477,000 in the first half of 2023[3]. - Basic earnings per share for the period were HKD 0.053, compared to a basic loss per share of HKD 0.181 in the same period of 2023[3]. - Operating revenue from freight and chartering increased by 86% to HKD 539,284,000 compared to HKD 290,370,000 in the first half of 2023[13]. - The company reported a net profit attributable to shareholders of HKD 28,117,000 in the first half of 2024, compared to a net loss of HKD 95,911,000 in the same period of 2023[13]. - Total comprehensive income for the period amounted to HKD 57,292,000, a turnaround from a comprehensive loss of HKD 163,648,000 in the prior year[38]. - The company achieved a net profit of HKD 66,900,000 for the six months ended June 30, 2024, compared to a net loss of HKD 162,477,000 in the same period last year[39]. - The net profit for the six months ended June 30, 2024, was HKD 28,117,000, compared to HKD 38,783,000 for the same period in 2023, representing a decrease of 27.4%[43]. Operational Metrics - The average daily charter rate for the fleet increased by 66% to USD 13,939 (approximately HKD 109,000) compared to USD 8,379 (approximately HKD 65,000) in the first half of 2023[3]. - The Baltic Dry Index averaged 1,836 points in the first half of 2024, compared to 1,157 points in the same period of 2023[5]. - The daily operating cost of owned vessels decreased from USD 5,436 (approximately HKD 43,000) in the first half of 2023 to USD 5,115 (approximately HKD 40,000) in the first half of 2024[7]. - The group operated a fleet of 23 owned vessels and 10 chartered vessels, with a total carrying capacity of approximately 2,020,000 tons as of June 30, 2024[8]. - The average daily charter rates for the Panama fleet and the ultra-large/super-large fleet were reported at $17,478 (about HKD 136,000) and $13,560 (about HKD 106,000) respectively, with an overall average of $13,939 (about HKD 109,000)[13]. Capital Expenditures and Investments - The company acquired two second-hand vessels for a total price of approximately $62,072,000 (about HKD 484,165,000) and committed to purchasing two new vessels at $34,000,000 each (about HKD 265,200,000) for delivery in 2026 and 2027[10]. - The capital expenditure for new vessels and dry-docking was HKD 253,874,000 in the first half of 2024, compared to HKD 17,197,000 in the same period of 2023[23]. - The group has entered into agreements to acquire a Capesize vessel for approximately HKD 241,410,000, which was delivered in August 2024[24]. - The group has entered into a contract to acquire another Capesize vessel for approximately HKD 187,200,000, expected to be delivered in Q4 2024[26]. - The group’s capital commitments as of June 30, 2024, include unprovided capital expenditures of approximately HKD 217,269,000 related to a vessel acquisition[72]. Financial Position - The capital-to-debt ratio as of June 30, 2024, was 10%[1]. - The total amount of secured bank loans decreased from HKD 808,682,000 as of December 31, 2023, to HKD 624,438,000 as of June 30, 2024[21]. - The company's total equity increased to HKD 2,875,600,000 as of June 30, 2024, compared to HKD 2,818,308,000 at the end of 2023[41]. - The carrying value of right-of-use assets and lease liabilities as of June 30, 2024, were HKD 318,743,000 and HKD 379,451,000 respectively, compared to HKD 164,541,000 and HKD 227,281,000 as of December 31, 2023[12]. - The total liabilities as of June 30, 2024, were HKD 117,953,000, a decrease from HKD 128,259,000 as of December 31, 2023[67]. Cash Flow and Liquidity - The net cash generated from operating activities for the first half of 2024 was HKD 236,521,000, significantly up from HKD 30,029,000 in the same period of 2023[20]. - The group incurred a net cash outflow of HKD 190,796,000 for investing activities in the first half of 2024, compared to HKD 9,657,000 in the same period of 2023[20]. - The total cash outflow for leases in the first half of 2024 was HKD 52,848,000, compared to HKD 17,694,000 in the same period of 2023[17]. - The cash and cash equivalents decreased by HKD 190,113,000, compared to a decrease of HKD 40,274,000 in the previous year[44]. Corporate Governance - The board of directors has complied with the corporate governance code, with deviations explained in the report[30]. - Three independent non-executive directors have served for over nine years, and the company is in the process of identifying suitable candidates for new appointments[32]. - The roles of the chairman and the managing director are not separated, which deviates from the corporate governance code, but the board believes this arrangement benefits the company[33]. - The company has decided not to establish an internal audit department due to its size and operational structure, with the audit committee performing internal audit functions as needed[34]. - All directors have confirmed compliance with the trading standards for securities transactions as of June 30, 2024[35]. Market Outlook - The dry bulk shipping trade demand remains stable in 2024, with expectations for a strong freight market for the remainder of the year due to positive ton-mile effects and balanced supply-demand dynamics[29]. - New ship ordering has become increasingly expensive due to limited berths and longer delivery times, resulting in strong second-hand ship values[29]. - The company is positioned to benefit from a potential recovery in global economic activity, with a focus on seeking opportunities to renew the fleet at reasonable prices[29]. - The company will remain vigilant regarding economic, geopolitical, or unforeseen events that may impact business performance and asset valuations[29].

Financial Performance - Revenue from freight and chartering decreased by 46% to HKD 638,573,000 in 2023, compared to HKD 1,189,232,000 in 2022[5] - The company recorded a net loss of HKD 461,805,000 in 2023, including vessel impairment losses of HKD 109,286,000 and right-of-use asset impairment losses of HKD 44,406,000, compared to a net loss of HKD 70,179,000 in 2022[5] - Basic loss per share for 2023 was HKD 0.512, compared to HKD 0.086 in 2022[5] - The company reported a net loss of HKD 461,805,000 for the year, compared to a net profit of HKD 1,498,072,000 in the previous year[38] - The total comprehensive loss for the year amounted to HKD 475,104,000, reflecting a significant decline from previous years[38] - The net loss attributable to shareholders for 2023 was HKD 271,527,000, compared to a net loss of HKD 45,595,000 in 2022, indicating a worsening financial situation[155] Revenue and Market Conditions - The bulk shipping market faced challenges in 2023, with weak demand leading to soft freight rates for most of the year, although demand began to increase in Q4 2023[17] - For the year ending December 31, 2023, the company reported a revenue decrease of 46% to HKD 638,573,000 from HKD 1,189,232,000 in 2022 due to a weak shipping market[31] - Revenue from Asia (excluding China) accounted for 64.4% of total revenue in 2023, down from 83.2% in 2022[46] - Revenue from China increased to 15.0% in 2023, up from 7.0% in 2022, indicating a significant growth in this market[46] Fleet and Operational Efficiency - Average daily charter rates fell by 52% to USD 9,063 (approximately HKD 71,000) in 2023, down from USD 18,813 (approximately HKD 147,000) in 2022[5] - The fleet utilization rate increased from 96% in 2022 to 99% in 2023, indicating improved operational efficiency[31] - The daily operating cost per vessel decreased from USD 5,656 (approximately HKD 44,000) in 2022 to USD 5,569 (approximately HKD 43,000) in 2023, primarily due to lower crew costs[31] - The average daily time charter rates for the super handymax fleet dropped to USD 8,892 in 2023 from USD 18,681 in 2022, highlighting market challenges[149] Corporate Governance - The company is in the process of appointing a new independent non-executive director to comply with corporate governance codes[73] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced governance structure[83] - The company emphasizes improving corporate governance to enhance decision-making and transparency for shareholders[76] - The nomination committee, established on January 1, 2013, currently comprises three independent non-executive directors, ensuring independent oversight in director appointments[90] - The board's composition and the effectiveness of the diversity and nomination policies were reviewed, and deemed effective and appropriate[91] Cost Management and Future Strategies - The company plans to continue efforts to reduce costs and maintain a competitive cost structure compared to other market participants[31] - The company is actively seeking to modernize its fleet by acquiring a new super handymax vessel and selling three older vessels[5] - The company aims to maintain a flexible chartering policy to balance long-term contracts with opportunities for spot contracts as market conditions improve[7] - The company is focusing on expanding its customer base across a balanced and diverse geographical region, particularly in Asia[45] Employee and Community Engagement - The company had 66 full-time employees as of December 31, 2023, an increase from 65 in 2022, with 37 male and 29 female employees[125] - The percentage of serious work-related injuries in 2023 was 0.5%, a slight decrease from 0.6% in 2022, with only 12 workdays lost due to injuries compared to 61 in the previous year[132] - The company’s charity donations amounted to HKD 79,000 in 2023, down from HKD 91,000 in 2022, indicating a potential shift in community investment strategy[142] Asset Management - As of December 31, 2023, the company owned 23 self-owned vessels and employed 544 crew members[11] - As of December 31, 2023, the company's non-current assets amounted to HKD 3,213,591, a decrease from HKD 3,714,794 in 2022[75] - The company's net asset value decreased to HKD 2,818,308 from HKD 3,319,124 in 2022, representing a decline of about 15%[75] - The fair value of investment properties decreased from HKD 373,330,000 in 2022 to HKD 339,680,000 in 2023[192]

Financial Performance - The company reported a net loss attributable to shareholders of HKD 271,527,000 for 2023, compared to a loss of HKD 45,595,000 in 2022, indicating a significant increase in losses[7]. - The company recorded a net loss of HKD 462 million for the year, which includes a non-cash impairment loss of HKD 154 million related to the fleet[83]. - The consolidated net loss for 2023 amounted to HKD 461,805,000, including vessel impairment losses of HKD 109,286,000 and right-of-use asset impairment losses of HKD 44,406,000[120]. - The loss attributable to shareholders for 2023 was HKD 271,527,000, compared to a loss of HKD 45,595,000 in 2022[120]. - The company's operating revenue for 2023 decreased by 46% to HKD 638,573,000 compared to HKD 1,189,232,000 in 2022[100]. - The revenue from time charter income for 2023 was HKD 638,573,000, down from HKD 1,189,232,000 in 2022, showing a decline in chartering activities[171]. - The average daily charter rate earned by the fleet dropped by 52% to USD 9,063 (approximately HKD 71,000) in 2023, down from USD 18,813 (approximately HKD 147,000) in 2022[66]. - The average daily charter rate for the fleet decreased by 52% to USD 9,063 (approximately HKD 71,000) in 2023, down from USD 18,813 (approximately HKD 147,000) in 2022[112]. - The group reported a loss from joint investment projects of approximately HKD 16,667,000, down from HKD 22,315,000 in 2022, indicating an improvement in performance[33]. Asset and Investment Management - The company recognized a loss of HKD 10,047,000 related to the impairment of assets classified as held for sale during the year[19]. - The impairment loss for owned bulk carriers recognized as of December 31, 2023, amounted to HKD 109,286,000, a decrease from HKD 384,742,000 in 2022, reflecting changes in the group's expectations for the global economy and the bulk shipping industry[44]. - The carrying value of the fleet and capitalized dry-docking costs as of December 31, 2023, was HKD 2,534,585,000, down from HKD 2,927,614,000 in 2022[94]. - The fair value of the group's investment properties as of December 31, 2023, was HKD 339,680,000, down from HKD 373,330,000 in 2022, with total rental income recognized at HKD 6,448,000[51]. - The company recognized a fair value loss of HKD 8,735,000 related to the reclassification of leasehold land and buildings to investment properties[168]. - The total financial assets at fair value through profit or loss decreased to HKD 202,610,000 in 2023 from HKD 244,979,000 in 2022[193]. - The company has a receivable of HKD 12,304,000 from joint investment projects, up from HKD 10,475,000 in 2022[16]. - The group has committed to acquiring a Panama-type vessel for USD 31,122,450 (approximately HKD 242,755,000), with delivery scheduled between April 1, 2024, and June 15, 2024[199]. Capital Expenditures and Financing - The company incurred capital expenditures of HKD 188,918,000 for new vessels and HKD 884,000 for other properties, machinery, and equipment in 2023, a decrease from HKD 1,095,764,000 in 2022[26]. - The total amount of secured bank loans increased from HKD 769,730,000 on December 31, 2022, to HKD 808,682,000 on December 31, 2023[57]. - The company has drawn new secured bank loans amounting to HKD 450,035,000 in 2023, compared to HKD 521,500,000 in 2022[25]. - The company completed agreements to sell three super handymax vessels for a total consideration of USD 28,160,000 (approximately HKD 219,648,000), incurring a total loss of HKD 6,866,000 upon completion[68]. - The company completed the sale of two super large bulk carriers for a total consideration of USD 17,730,000 (approximately HKD 138,294,000) during the year[146]. Operational Efficiency - Operating expenses related to shipping decreased from HKD 520,989,000 in 2022 to HKD 456,225,000 in 2023, primarily due to reduced crew costs and the lifting of COVID-related restrictions[45]. - Daily operating costs for vessels decreased from $5,656 in 2022 to $5,569 in 2023, primarily due to lower crew costs[79]. - The fleet utilization rate increased from 96% in 2022 to 99% in 2023, demonstrating improved operational efficiency[79]. - Cash generated from operating activities before changes in working capital was HKD 64,704,000 in 2023, significantly lower than HKD 579,590,000 in 2022[56]. - Cash generated from operating activities decreased to HKD 156,925,000 in 2023 from HKD 718,077,000 in 2022, reflecting a decline in operational efficiency[169]. Market Conditions and Future Outlook - The company anticipates a stabilization and recovery in global economic growth, which may lead to improved freight rates in the bulk shipping sector[41]. - The shipping market has been affected by macroeconomic fluctuations, with management noting signs of impairment in the fleet's carrying value due to decreased market values of bulk carriers[42]. - The Baltic Dry Index averaged 1,378 points in 2023, down from 1,934 points in 2022, indicating a challenging market environment[77]. - The company experienced a significant decline in freight rates due to macroeconomic fluctuations, contrasting with strong demand for bulk dry cargo in 2022[112]. - The company aims to modernize its fleet by potentially selling older vessels and replacing them with newer, larger-capacity vessels[75]. Shareholder Returns - The company’s dividend for the year was not declared, compared to a final dividend of HKD 10,606,000 in 2022[8]. - The company will not declare any final dividends for the year ending December 31, 2023, due to the net loss incurred[76]. - The company paid a final dividend of HKD 10,606,000 in 2023, compared to HKD 31,817,000 in 2022, indicating a reduction in shareholder returns[169].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 JINHUI HOLDINGS COMPANY LIMITED 金 輝 集 團 有限 公 司 （於香港註冊成立之有限公司） 股份代號︰137 截至 2023 年 6 月 30 日止六個月之 中期業績 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 JINHUI HOLDINGS COMPANY LIMITED 金 輝 集 團 有限 公 司 （於香港註冊成立之有限公司） 股份代號︰137 二零二二年度業績公佈 ...

Financial Performance - For the first half of 2022, the company's operating revenue increased by 73% to HKD 649,465,000 compared to HKD 375,050,000 in the same period of 2021[17]. - The net profit for the first half of 2022 was HKD 297,978,000, a decrease from HKD 715,806,000 in the first half of 2021, which included a reversal of impairment loss on owned vessels of HKD 511,068,000[24]. - Basic earnings per share for the first half of 2022 were HKD 0.305, down from HKD 0.758 in the same period of 2021[24]. - Operating revenue from freight and chartering increased by 73% to HKD 649,465,000 in the first half of 2022, compared to HKD 375,050,000 in the same period of 2021[31]. - Net profit attributable to shareholders for the first half of 2022 was HKD 161,979,000, down from HKD 402,140,000 in the same period of 2021[31]. - The total comprehensive income for the period was HKD 265,222,000, compared to HKD 722,079,000 in the prior year, reflecting a decline of 63%[96]. - The company reported a basic and diluted earnings per share of HKD 0.305 for the current period, down from HKD 0.758 in the previous period[96]. Market Conditions - The strong demand for bulk dry cargo since 2021 has driven a significant rebound in market freight rates[20]. - The bulk dry cargo market showed strong performance in the first half of 2022 due to strong demand and limited new ship supply[65]. - The company anticipates a softening global economy in the second half of 2022, with a potential decline in bulk dry cargo demand[65]. - The company expects coal demand to remain strong due to electricity production, which will help maintain a healthy freight environment[65]. - The International Monetary Fund has lowered its global GDP growth forecast, indicating potential economic challenges ahead[65]. - The company expects limited new ship orders due to high prices and uncertainty regarding new environmental regulations[65]. Operational Metrics - The average daily time charter rate for the fleet increased by 48% to USD 22,029 (approximately HKD 172,000) in the first half of 2022, compared to USD 14,852 (approximately HKD 116,000) in the same period of 2021[24]. - Daily operating costs for vessels increased to USD 5,825 (approximately HKD 45,000) in the first half of 2022, up from USD 4,152 (approximately HKD 32,000) in the same period of 2021[35]. - The fleet utilization rate decreased from 96% in the first half of 2021 to 95% in the first half of 2022[35]. - Other operating income increased to HKD 95,096,000 in the first half of 2022, up from HKD 75,128,000 in the same period of 2021, primarily due to fuel revenue from shipping operations[32]. Financial Position - The capital-to-debt ratio as of June 30, 2022, was 4%[13]. - The total amount of secured bank loans decreased from HKD 860,436,000 as of December 31, 2021, to HKD 734,990,000 as of June 30, 2022[46]. - The capital-to-debt ratio improved to 4% as of June 30, 2022, down from 6% as of December 31, 2021, indicating a stronger financial position[46]. - The net book value of properties, machinery, and equipment totaled HKD 2,394,838,000 as of June 30, 2022, compared to HKD 2,424,220,000 as of December 31, 2021[49]. - The group maintained sufficient working capital of HKD 283,897,000 as of June 30, 2022, compared to HKD 233,954,000 as of December 31, 2021[45]. Investments and Acquisitions - The company completed the sale of two super handymax vessels, recognizing a total net gain of HKD 47,935,000[24]. - The company acquired a super handymax vessel for USD 25,500,000 (approximately HKD 198,900,000), which was delivered in July 2022[28]. - The company plans to continuously monitor the market and seek opportunities to maintain a modern and competitive fleet, including potential sales, acquisitions, or leases of vessels[28]. - The company has committed capital expenditure obligations totaling USD 23,322,000 (approximately HKD 181,915,000) as of the report date[53]. Shareholder Information - As of June 30, 2022, major shareholders holding 5% or more of the company's issued share capital include Wang Yiwen with 245,190,568 shares (46.24%) and Wu Zilin with 205,325,568 shares (38.72%)[76]. - Fairline Consultants Limited, controlled by Wu Zilin, holds 205,325,568 shares, representing 38.72% of the total issued shares[78]. - Timberfield Limited holds 136,883,712 shares, accounting for 25.81% of the total issued shares[76]. Corporate Governance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules during the six months ending June 30, 2022[80]. - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and practices adopted by the group[88]. - The company has a clear division of responsibilities between the chairman and the CEO, although both roles are held by brothers, which deviates from the corporate governance code[82]. - The company has not established an internal audit department due to its size and operational structure, with the audit committee performing internal audit functions as needed[86]. Cash Flow and Investments - The operating cash flow before changes in working capital for the six months ended June 30, 2022, was HKD 393,612,000, compared to HKD 235,278,000 for the same period in 2021, representing a 67.3% increase[109]. - Net cash generated from operating activities for the six months ended June 30, 2022, was HKD 392,601,000, up from HKD 261,446,000 in 2021, indicating a 50.1% growth[109]. - The net cash used in investing activities for the six months ended June 30, 2022, was HKD 225,296,000, compared to HKD 73,579,000 in 2021, indicating a significant increase in investment outflows[109]. Risks and Challenges - The company is facing risks from economic, geopolitical, and unforeseen events that could impact asset values and financial performance[68]. - The company is monitoring the potential for increased scrapping of older vessels due to new regulations, which may provide long-term support for the bulk dry cargo market[65].

Financial Performance - In 2021, the company's revenue increased by 178% to HKD 1,022,335,000 compared to HKD 367,523,000 in 2020[7]. - The net profit attributable to shareholders for 2021 was HKD 826,895,000, a significant turnaround from a net loss of HKD 85,840,000 in 2020[7]. - The basic earnings per share for 2021 was HKD 1.559, compared to a basic loss per share of HKD 0.162 in 2020[7]. - The company's operating revenue increased by 178% from HKD 367,523,000 in 2020 to HKD 1,022,335,000 in 2021 due to an increase in owned vessels and higher average charter rates[29]. - The average daily charter rate rose by 165% from USD 7,269 (approximately HKD 57,000) in 2020 to USD 19,233 (approximately HKD 150,000) in 2021[29]. - The net profit for the year was HKD 1,498,072,000, a significant recovery from a loss of HKD 138,553,000 in 2020[36]. - Total comprehensive income for the year amounted to HKD 1,515,139,000, compared to a loss of HKD 124,720,000 in 2020[36]. - Non-current assets increased to HKD 3,592,612,000 in 2021 from HKD 2,264,529,000 in 2020[38]. - The company's equity attributable to shareholders rose to HKD 1,974,789,000 in 2021 from HKD 1,137,725,000 in 2020[38]. - The capital debt ratio improved to 6% in 2021 from 19% in 2020, indicating a stronger financial position[38]. Fleet and Operations - The company acquired eight vessels during the year, with six already received, aiming to enhance operational revenue and cash flow from core shipping operations[8]. - The group owns 24 self-owned vessels and employs 554 crew members as of December 31, 2021[20]. - The fleet primarily consists of super handy-sized vessels, which are increasingly in demand globally, focusing on maintaining a solid financial position and moderate leverage efficiency[14]. - The group aims to balance long-term charter contracts that generate strong cash flow with spot contracts that capitalize on rising charter rates[14]. - In 2021, the group’s shipping business transported 10,418 thousand tons of cargo, with minerals accounting for 86.1% of the total[26]. - The group’s revenue from Asia (excluding China) increased to 89.0% in 2021 from 84.4% in 2020, while revenue from Australia decreased to 5.8% from 12.3%[26]. - The average daily time charter rate for the super panamax fleet rose by 93% from USD 9,929 in 2020 to USD 19,116 in 2021[143]. - The average daily time charter rate for the ultra-large vessel fleet increased by 175% from USD 6,986 in 2020 to USD 19,247 in 2021[143]. - The average operating cost per vessel per day increased by 20% from USD 3,851 in 2020 to USD 4,624 in 2021[146]. - The average utilization rate of the fleet decreased from 98% in 2020 to 96% in 2021[146]. Risk Management and Governance - The company is monitoring economic and geopolitical events that may impact business performance and asset valuations[8]. - The group has strengthened risk management efforts to reduce potential counterparty risks in its operations[14]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced skill set and experience relevant to the company's business[48]. - The board held 10 meetings in 2021, with all executive directors attending every meeting, demonstrating strong engagement and oversight[43]. - The independent non-executive directors attended all meetings of their respective committees, indicating active participation in governance[43]. - The company has established appropriate insurance arrangements for its directors and senior management against legal claims arising from corporate activities[43]. - The board is responsible for risk management strategies, including insurance arrangements to mitigate financial impacts[58]. - The company has established effective risk management and internal control systems to identify and assess risks associated with achieving strategic objectives[68]. - The company is focused on risk management, particularly in credit risk and market risk, to mitigate potential financial losses from market fluctuations and counterparty defaults[194][196]. Environmental and Social Responsibility - The group emphasizes compliance with environmental regulations to avoid toxic emissions, ensuring all vessels are well-maintained and crew members are properly trained[18]. - The company has implemented a Ship Energy Efficiency Management Plan (SEEMP) since February 2013, aimed at reducing fuel consumption and carbon emissions, with the second part adopted during the year[105]. - The company transitioned to using low-sulfur fuel with a maximum sulfur content of 0.5% since 2020, in compliance with the IMO's global sulfur cap regulations[104]. - The company is committed to maintaining a high level of environmental awareness and operates its fleet with a focus on safety and environmental friendliness[101]. - The company has established a comprehensive environmental, social, and governance (ESG) strategy, with the board responsible for its implementation and reporting[100]. - The company is dedicated to minimizing the discharge of harmful pollutants and has implemented measures to comply with the latest ballast water management requirements[104]. - The company aims to reduce the EEOI by 2% in 2022, focusing on better fuel management and improving cargo transport arrangements[117]. - The company is committed to reducing greenhouse gas emissions from international shipping, aiming for at least a 40% reduction in carbon intensity by 2030 based on 2008 levels[123]. - The company emphasizes safety and environmental compliance in its operations, ensuring all crew members are trained and certified[187]. Shareholder Communication and Corporate Governance - The company maintains effective communication with shareholders and ensures constructive relationships between executive and non-executive directors[46]. - The company has established a Nomination Committee consisting of three independent non-executive directors to review the board's structure and propose changes to align with corporate strategy[55]. - The board currently comprises seven members, with six male and one female, reflecting the company's commitment to gender equality and diversity[55]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2021[61]. - The company has established clear communication channels with shareholders, encouraging participation in annual general meetings[84]. - The company will hold its 2022 annual general meeting on June 1, 2022, with notifications provided through its website and the Hong Kong Stock Exchange[84].