Financial Performance - Revenue for the fiscal year 2024 reached HKD 58,274 million, representing a 23% increase compared to the previous year[11] - Core operating profit was HKD 2,814 million, up 23% from HKD 2,288 million in 2023[25] - Shareholders' profit attributable to the company increased by 95% to HKD 1,542 million from HKD 791 million in 2023[11] - The company reported a net profit of HKD 1,613 million after tax, compared to HKD 1,442 million in 2023[25] - In 2024, the company's revenue grew by 23% to HKD 58.274 billion, compared to HKD 47.408 billion in 2023[35] - Core operating profit increased by 23% to HKD 2.725 billion, up from HKD 2.207 billion in the previous year[35] - Core net profit rose by 12% to HKD 1.357 billion, compared to HKD 1.214 billion in 2023[35] Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.15 per share, reflecting a commitment to returning value to shareholders[11] - The company aims to distribute approximately 30% of its core net profit as dividends to shareholders at the end of each fiscal year, subject to board discretion and shareholder approval[141] Capital Expenditure and Investments - Capital expenditure for the year was HKD 5,862 million, focusing on investments in property, machinery, and equipment[22] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[11] - Future guidance indicates continued growth, with expectations for revenue to exceed HKD 60 billion in the next fiscal year[11] Logistics Operations - The logistics segment generated revenue of HKD 32,401 million, while the international freight segment contributed HKD 15,007 million[13] - The international freight segment experienced a 39% increase in profit, driven by growth in key markets including mainland China, the US, Hong Kong, and other Asian regions[41] - The integrated logistics segment's profit decreased by 3%, with a 12% decline in Hong Kong operations due to a sluggish local economy[36][38] Market Presence and Expansion - Total owned floor area across logistics facilities is approximately 30,000,000 square feet, with a significant portion being in China[26] - Kerry Siam Seaport has a total area of 6,366,192 square feet, with 84.92% owned by the company[26] - The company is leveraging its diverse market presence in Southeast Asia and South Asia to capture growth opportunities amid shifting investment focuses due to policy changes[49] Awards and Recognition - The group received a total of 163 awards, including corporate awards, industry awards, and recognitions from customers and business partners[62] - The group was recognized as the Outstanding Global Logistics Company and Outstanding Sustainable Development Logistics Company in the 2024 Hong Kong Economic Daily Corporate Awards[57] - The company achieved the Best Third-Party Logistics Service Provider award at the 2024 Asia Cargo Logistics and Supply Chain Awards[66] Governance and Corporate Structure - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[72] - The board consists of 11 members, including 3 executive directors and 8 non-executive directors, ensuring a diverse governance structure[86] - The company has established a comprehensive and transparent management structure to adapt to market changes and seize opportunities[77] Risk Management and Compliance - The company has not identified any significant deficiencies in the effectiveness of its risk management and internal control systems[131] - The Risk Management Committee continuously monitors the company's risk management system and reviews the effectiveness of financial, operational, and compliance controls[121] - The company has implemented a robust due diligence process for acquisitions to ensure proper integration of new members and mitigate operational risks[193] Sustainability and Corporate Responsibility - KLN plans to adopt renewable energy and electric long-haul trucks, supported by a HKD 1 billion sustainable development-linked loan to promote sustainability initiatives[45] - The company is committed to providing humanitarian aid and disaster logistics support globally, enhancing its brand value and corporate responsibility[32] - The company has received ISO 14001 international certification, reflecting its commitment to high environmental standards and sustainable practices[180] Employee and Talent Management - The group had approximately 18,700 employees as of December 31, 2024, a decrease from about 33,100 employees on December 31, 2023, primarily due to the completion of the KEX Express Thailand distribution[55] - The company has established a management trainee program to develop potential future leaders and reduce reliance on key personnel[194] - The company has received multiple awards for its employee welfare programs, including Gold for Excellence in Employee Care and Welfare[64] Technology and Innovation - The company aims to enhance its global information technology strategy, focusing on digitalization and artificial intelligence innovations to improve customer experience and streamline operations[169] - The company has appointed a new Chief Technology Officer to lead its global IT strategy and ensure data security while maximizing data value[169] Challenges and Future Outlook - The company anticipates facing new challenges in the global logistics industry due to macroeconomic and geopolitical uncertainties in the coming year[32] - The company is facing risks related to global political and economic uncertainties, which may hinder sustainable growth and lead to a decline in cargo volume[192] - The company anticipates ongoing supply chain disruptions in 2025 due to fluctuating international trade policies and potential new tariffs, which may create both challenges and opportunities[48]

Group 1 - The core viewpoint of the news is that Kerry Logistics Network Limited (KLN) reported strong financial performance for the fiscal year 2024, with significant growth in revenue and profits across various segments [1][2] - The group's total revenue increased by 23% to HKD 58.274 billion, while core operating profit also rose by 23% to HKD 2.725 billion [1] - Core net profit grew by 12% to HKD 1.357 billion, and profit attributable to shareholders surged by 95% to HKD 1.542 billion [1] - The integrated logistics business contributed a profit of HKD 1.251 billion, while the international freight forwarding business generated a profit of HKD 1.950 billion [1] - The international freight forwarding business saw a remarkable growth of 39%, driven by strong performance in key markets including mainland China, Hong Kong, the United States, and other regions in Asia [1] - KLN's industrial project logistics division enhanced its service capabilities, contributing nearly HKD 1.7 billion in revenue, which is expected to be a future growth highlight for the group [1] - A joint venture with SF Express, operational since November 2023, provided ground handling services at the international cargo terminal of Ezhou Airport in China, generating over HKD 200 million in revenue in its first year, exceeding expectations [1] Group 2 - KLN's Executive Director and CEO, Zhang Bingquan, noted that the global economy is slowly recovering, but macroeconomic conditions still face various challenges [2] - The company demonstrated resilience in its 2024 performance, achieving double-digit growth in both revenue and core net profit, outperforming international peers [2] - KLN announced a global brand transformation plan, rebranding from "Kerry Logistics Network" to "KLN," aiming to establish a more consistent and distinctive corporate image and strengthen its unique strategic positioning and value proposition to customers [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.50 HKD [7][8]. Core Views - The company reported a revenue of 58.27 billion HKD for 2024, representing a year-on-year growth of 22.9%, and a net profit of 1.54 billion HKD, up 94.8% year-on-year, which is in line with expectations [1][4]. - The international freight forwarding segment saw a profit of 1.95 billion HKD, a 39% increase year-on-year, primarily due to rising international sea and air freight rates [1][2]. - The comprehensive logistics segment experienced a profit decline of 3% year-on-year to 1.25 billion HKD, mainly due to weak demand [1][3]. - For 2025, it is anticipated that international shipping prices will significantly decline from the high base of 2024, while comprehensive logistics business is expected to improve with a recovery in overall macro demand [1][4]. Summary by Sections International Freight Forwarding - The revenue for the international freight forwarding business in 2024 was 43.83 billion HKD, a 35% increase year-on-year, with profits of 1.95 billion HKD, up 39% [2]. - Profit contributions by market include: Mainland China 670 million HKD (yoy +33%), Americas 610 million HKD (yoy +58%), Asia 320 million HKD (yoy +44%), Europe, Middle East, and Africa 230 million HKD (yoy +29%), Hong Kong 60 million HKD (yoy +27%), and Oceania 60 million HKD (yoy -8%) [2]. Comprehensive Logistics - The comprehensive logistics business reported a revenue of 14.45 billion HKD in 2024, a 4% decline year-on-year, with profits of 1.25 billion HKD, down 3% [3]. - Profit contributions by market include: Hong Kong 520 million HKD (yoy -12%), Asia 360 million HKD (yoy +25%), Mainland China 350 million HKD (yoy -11%), and Oceania 20 million HKD (yoy +28%) [3]. Earnings Forecast and Valuation - The earnings forecasts for 2025 and 2026 have been revised down by 15% and 18% to 1.34 billion HKD and 1.44 billion HKD, respectively, with a new forecast for 2027 at 1.54 billion HKD [4]. - The target price has been adjusted down by 15% to 8.50 HKD based on a PE ratio of 11.5x for 2025E [4].

Financial Performance - Revenue increased by 23% to HKD 58.27 billion for the year ended December 31, 2024, compared to HKD 47.41 billion in 2023[4] - Core operating profit rose by 23% to HKD 2.73 billion, up from HKD 2.22 billion in the previous year[4] - Core net profit grew by 12% to HKD 1.36 billion, compared to HKD 1.21 billion in 2023[4] - Shareholders' profit attributable increased by 95% to HKD 1.54 billion, up from HKD 791 million in 2023[4] - Total comprehensive income for the year amounted to HKD 1.15 billion, compared to HKD 747 million in 2023[6] - The company reported a net profit attributable to shareholders of HKD 1,320,290, compared to HKD 1,209,818 in the previous year, reflecting an increase of approximately 9.1%[16] Segment Performance - International freight business recorded a segment profit of HKD 1.95 billion, a 39% increase from HKD 1.40 billion in the previous year[4] - The logistics segment generated revenue of HKD 14,448,877 in 2024, slightly down from HKD 15,006,751 in 2023, reflecting a decrease of approximately 3.7%[16] - The international freight forwarding segment reported revenue of HKD 43,825,527, up from HKD 32,400,808 in 2023, marking a substantial increase of around 35.5%[16] - The mainland China segment achieved revenue of HKD 18,509,517, an increase from HKD 16,262,366 in 2023, representing a growth of approximately 13.8%[16] - The Americas region generated revenue of HKD 15,129,822, significantly up from HKD 9,733,852 in 2023, indicating an increase of about 55.5%[16] Dividends and Shareholder Returns - Proposed final dividend of HKD 0.15 per share to be paid on June 10, 2025[4] - A special interim dividend was declared on December 29, 2023, amounting to approximately HKD 983,215,000, based on the fair value of KEX Express Thailand shares[31] - The proposed final dividend for the year ending December 31, 2024, is HKD 271,114,000, which is an increase from HKD 234,966,000 in 2023[32] Assets and Liabilities - Non-current assets totaled HKD 20.42 billion, slightly down from HKD 20.70 billion in 2023[7] - Current assets increased to HKD 22.29 billion from HKD 19.35 billion in the previous year[7] - Total liabilities rose to HKD 15.52 billion, compared to HKD 13.18 billion in 2023[7] - Total equity decreased from HKD 20,107,259 thousand in 2023 to HKD 19,079,131 thousand in 2024, indicating a decline of about 5.1%[8] - The total bank loans and overdrafts amounted to HKD 8,989,214,000 in 2024, up from HKD 8,560,666,000 in 2023[43] Operational Changes and Strategic Focus - The company completed the distribution of all shares held in KEX Express Thailand as a special interim dividend, terminating certain express delivery operations[9] - The company reported that the performance of discontinued operations is presented separately in the consolidated financial statements for the year ended December 31, 2024[9] - The company has secured a five-year HKD 1 billion sustainable development-linked loan to promote sustainability initiatives[56] - The company is expanding its industrial project logistics division, contributing nearly HKD 1.7 billion in revenue, with expectations for future growth[54] - The group plans to leverage its market presence in Southeast Asia, particularly in Thailand, Vietnam, and Indonesia, to capture growth opportunities[58] Compliance and Governance - The company has established an Audit and Compliance Committee, which includes two independent non-executive directors and one non-executive director, with the chairperson possessing appropriate professional qualifications[69] - The Audit and Compliance Committee has reviewed the annual performance and believes it complies with relevant accounting standards and regulations[69] - The board has proposed to change the company's English name from "Kerry Logistics Network Limited" to "KLN Logistics Group Limited," pending shareholder approval[70] Future Outlook - The group anticipates that the abnormal supply chain conditions will persist into 2025, influenced by ongoing protectionism and geopolitical tensions in the Middle East[58] - The group expects infrastructure investment to rebound with the stabilization of the global economy, providing greater development space for its industrial project logistics business[59] - Future guidance suggests a revenue growth target of 18% for the next quarter[81] Employee and Operational Efficiency - The group has reduced its workforce to approximately 18,700 employees as of December 31, 2024, down from about 33,100 employees a year earlier due to the completion of the KEX Express Thailand distribution[64] - The group has maintained a low administrative expense ratio relative to revenue, significantly outperforming international peers[60] - The total administrative expenses allocated were HKD 476,548, slightly down from HKD 481,467 in 2023, showing a decrease of about 1.9%[16]

期 期 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|-------|-------|-------|-------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kerry LogisticsNetwork Limited KLN | | | | | | 嘉 里 物 流 赚 網 有 限 公 司 0636.HK [於其屬爐 厨房群處註目現立並於百林進存續之機絡免有限責任公司] | | | | MIX Paper | Bupperlingresponsible forestry F8C° C00744 ...

Financial Performance - Revenue increased by 10% year-on-year to HKD 25.432 billion (compared to HKD 23.197 billion in the first half of 2023) [3] - Core operating profit grew by 11% to HKD 1.200 billion (compared to HKD 1.078 billion in the first half of 2023) [3] - Core net profit also increased by 5% to HKD 606 million (compared to HKD 575 million in the first half of 2023) [3] - Profit attributable to shareholders for the first half of 2024 was HKD 831 million, a 126% increase year-on-year (compared to HKD 368 million in the first half of 2023) [3] - Total comprehensive income for the period was HKD 291.252 million, compared to a loss of HKD 114.605 million in the previous year [5] - Total revenue for the first half of 2024 was HKD 25,432,488, an increase from HKD 23,197,039 in the same period of 2023, representing a growth of approximately 9.7% [13] - Core operating profit for the first half of 2024 was HKD 1,199,655, compared to HKD 1,078,254 in 2023, marking an increase of approximately 11.2% [13] - The company reported a net profit attributable to shareholders of HKD 589,956, up from HKD 574,986 in the previous year, representing a growth of about 2.6% [13] Segment Performance - The logistics business recorded a segment profit of HKD 693 million, a slight decrease of 3% [3] - The international freight business reported a segment profit of HKD 740 million, an 18% increase [3] - Total revenue for the integrated logistics segment reached HKD 6,932,633,000 for the six months ended June 30, 2024, compared to HKD 6,210,869,000 for the same period in 2023, representing a year-on-year increase of approximately 11.6% [15] - Revenue from international freight forwarding was HKD 18,499,855,000 for the six months ended June 30, 2024, compared to HKD 16,107,544,000 for the same period in 2023, indicating a growth of approximately 14.8% [15] - The total segment profit for the Americas was HKD 206,761, compared to HKD 124,987 in the previous year, indicating a significant increase of around 65.2% [13] - The logistics segment experienced a 3% decline in profit due to slow economic recovery and weak local demand, particularly in Hong Kong and mainland China [39] Dividends and Shareholder Returns - The interim dividend per share is set at HKD 0.10, to be paid on September 23, 2024 [3] - The company declared a special interim dividend of approximately HKD 983,215,000, based on the fair value of its 907,200,000 shares in KEX Express Thailand, representing about 52.1% of all issued shares [25] - Basic earnings per share from continuing operations increased to HKD 0.33 for the six months ended June 30, 2024, compared to HKD 0.32 for the same period in 2023 [26] Assets and Liabilities - Non-current assets amounted to HKD 20.089 billion as of June 30, 2024, compared to HKD 20.699 billion at the end of 2023 [6] - Current liabilities totaled HKD 13.973 billion as of June 30, 2024, compared to HKD 13.183 billion at the end of 2023 [6] - As of June 30, 2024, total non-current liabilities amounted to HKD 8,006,780, an increase from HKD 7,358,856 as of December 31, 2023, reflecting a growth of approximately 8.8% [7] - The total equity as of June 30, 2024, was HKD 18,589,077, down from HKD 20,107,259 as of December 31, 2023, indicating a decrease of about 7.6% [7] - The total net accounts receivable as of June 30, 2024, was HKD 9,308,939,000, an increase from HKD 8,568,201,000 as of December 31, 2023 [29] - The total amount of accounts payable as of June 30, 2024, was HKD 4,698,517,000, an increase from HKD 4,310,572,000 as of December 31, 2023 [30] - The company’s total receivables, including prepayments and deposits, reached HKD 13,234,989,000 as of June 30, 2024, compared to HKD 11,920,703,000 as of December 31, 2023 [29] Operational Efficiency - Direct operating expenses for the six months ended June 30, 2024, were HKD 19,669,976,000, compared to HKD 17,533,317,000 for the same period in 2023, representing an increase of approximately 12.2% [19] - Financing costs for the six months ended June 30, 2024, totaled HKD 285,884,000, up from HKD 265,381,000 for the same period in 2023, indicating a rise of about 7.8% [20] - The group recognized a total tax expense of HKD 260,393,000 for the six months ended June 30, 2024, compared to HKD 225,750,000 for the same period in 2023, reflecting an increase of approximately 15.4% [21] - Operating expenses decreased significantly by 12% during the period, contributing to profit growth, with the operating expense to revenue ratio lower than industry peers [42] Strategic Initiatives - The company completed a special interim dividend distribution by physically distributing all shares held in KEX Express Thailand, terminating certain Asian express businesses, which are classified as discontinued operations [8] - The company is committed to ongoing research and development of new technologies to enhance its logistics services and improve operational efficiency [17] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [14] - The company plans to expand its market presence in Asia and the Americas, leveraging its logistics capabilities to capture growth opportunities in these regions [17] - The company is exploring the feasibility of installing more solar panels at its global operations to enhance renewable energy usage [41] - The company is enhancing data collection and management in preparation for new climate disclosure regulations issued by the stock exchange [41] Workforce and Employment - The workforce decreased to approximately 18,600 employees as of June 30, 2024, down from about 33,100 employees on December 31, 2023, primarily due to the divestment of KEX Express Thailand [44] Future Outlook - The company maintains an optimistic outlook for fiscal year 2024, expecting an increase in international freight business performance in the second half, driven by sustained demand in maritime transport and strong air freight performance in Q4 2024 [42]

Financial Performance - Total revenue for the year reached HKD 47,408 million, representing a 42% increase compared to the previous year[8]. - Core operating profit was HKD 2,207 million, up 61% year-over-year[8]. - Core net profit increased by 69% to HKD 1,214 million[8]. - Shareholders' profit attributable to the company was HKD 791 million, reflecting a 78% growth[8]. - In 2023, the group's revenue decreased by 42% to HKD 47.408 billion, down from HKD 82.330 billion in 2022[31]. - Core operating profit fell by 61% to HKD 2.207 billion, compared to HKD 5.645 billion in the previous year[32]. - Core net profit declined by 69% to HKD 1.214 billion, down from HKD 3.952 billion in 2022[32]. - The international freight segment reported a 70% drop in profit due to inventory surplus and weak purchasing power, particularly in the Asian market[39]. - The overall performance in 2023 met expectations and aligned with global industry trends despite challenging market conditions[33]. Corporate Governance - The board is responsible for leading and controlling the company, ensuring alignment with its culture, purpose, values, and strategy for long-term sustainable success[64]. - The board has delegated daily management and operational responsibilities to senior management, with major transactions requiring board approval[65]. - The board consists of a mix of executive and non-executive directors, with key changes in leadership effective from October 1, 2023[66]. - The company has maintained high standards of corporate governance, ensuring shareholder interests and accountability[62]. - The company is committed to good corporate governance practices and effective communication with shareholders[78]. - The board has ensured compliance with listing rules by appointing independent non-executive directors, maintaining at least one with appropriate professional qualifications[77]. - The company has established a nomination policy to ensure a diverse and effective board composition[89]. - The independent non-executive directors confirmed that the ongoing related party transactions for the year ending December 31, 2023, were conducted in the ordinary course of business and on normal commercial terms[184]. Employee and Workforce - The company has over 33,000 global employees and operates in 59 countries and regions[3]. - The group has approximately 33,100 employees as of December 31, 2023, with a competitive salary structure and performance-based compensation policies[45]. - The workforce consists of 33,130 employees, with a gender distribution of 61% male and 39% female[92]. - The company emphasizes talent development through its Young Executive Academy (YEA), which has been nurturing talent since 2001[140]. - The company has developed a management trainee program since 2001 to cultivate potential employees into future management personnel[145]. Strategic Focus and Market Position - Future outlook includes continued market expansion and investment in new technologies[8]. - Kerry Logistics Network Group reported a significant focus on core capabilities in integrated logistics and international freight, aiming for sustainable growth and market expansion[26]. - The company sold its express business by the end of 2023 to concentrate resources on its core operations[26]. - The group plans to enhance its focus on core logistics and international freight businesses following the divestment of its e-commerce and express services[34]. - The company aims to leverage market recovery opportunities while remaining patient in asset value realization to drive continuous growth[42]. - The company aims to achieve success in the Asia-Pacific region and global markets by leveraging its unique understanding of the Asian market[62]. Awards and Recognition - The company was awarded the Best Third-Party Logistics Service Provider at the 2023 Asia Supply Chain Awards[56]. - The company received the Outstanding Brand Image Award at the 2023 CFS Financial Summit in Mainland China[53]. - The company was recognized as the Best Logistics Company in the Asia-Pacific region by Frost & Sullivan in 2023[56]. - The company has received 137 awards, including corporate awards and industry accolades, highlighting its strong market position[49]. Sustainability and ESG Initiatives - Kerry Logistics aims to improve its ESG strategies and governance framework to implement sustainable logistics solutions[26]. - The group aims for net-zero emissions by 2050 and has made significant progress in climate risk assessment and setting mid-term goals[41]. - The company has emphasized compliance with environmental laws and regulations, maintaining high standards in pollution prevention and natural resource protection[135]. - Corporate social responsibility details are included in the company's 2023 sustainability report[144]. Financial Management and Capital Structure - As of December 31, 2023, the total bank loans amounted to HKD 8.498 billion, with 38% (HKD 3.263 billion) due within one year[44]. - The total unused bank loans and credit facilities available as of December 31, 2023, was HKD 9.751 billion, which can be allocated for significant capital expenditures[44]. - The company aims to distribute approximately 30% of its core net profit to shareholders as dividends each fiscal year, subject to board discretion and shareholder approval[111]. - As of December 31, 2023, the company has a distributable reserve of HKD 5.98 billion, with HKD 235 million recommended for the final dividend[151]. Related Party Transactions - The annual cap for services provided by SF Tyson to the company for the years ending December 31, 2022, 2023, and 2024 is set at HKD 1.068 billion, HKD 4.189 billion, and HKD 5.844 billion respectively[176]. - The total amount payable to SF Tyson by the group for the years ending December 31, 2022, and 2023 is HKD 797 million and HKD 911.7 million respectively[176]. - The independent non-executive directors confirmed that the ongoing related party transactions for the year ending December 31, 2023, were conducted in the ordinary course of business and on normal commercial terms[184]. Shareholder Communication - The company has established multiple communication channels with shareholders, including annual general meetings and a dedicated investor relations hotline[108]. - The company emphasizes the importance of transparency and timely disclosure of information to facilitate informed investment decisions by shareholders[108]. - The company has conducted a review of its shareholder communication policy and is satisfied with its execution and effectiveness[109]. Technology and Innovation - The company is investing in automation and technology to enhance efficiency and performance[26]. - The company has implemented an integrated management, operations, and analytics system embedded with artificial intelligence, enhancing operational efficiency and service quality in Southeast Asia and Oceania[129]. - The company aims to leverage new technologies in its operations to improve efficiency and service delivery[119].

Company Analysis - Citigroup maintains a "Buy" rating on Kerry Logistics (00636) and raises its 2024 and 2025 profit forecasts by 29% [1] - The target price for Kerry Logistics is increased from HKD 8.42 to HKD 10.5 [1] - The company's better-than-expected profit last year was driven by improved freight rates in the second half of the year [1] Industry Outlook - Despite recent declines in freight rates, management expects a year-on-year improvement in ocean freight rates after hitting a bottom in the first half of the year [1] - The integrated logistics business is expected to see moderate growth, supported by more projects in Hong Kong [1] - The international freight forwarding business is likely to see significant profit improvement this year due to better freight rate prospects [1]

Financial Performance - Revenue decreased by 42% to HKD 47.41 billion (2022: HKD 82.33 billion) [2] - Core operating profit fell by 61% to HKD 2.21 billion (2022: HKD 5.65 billion) [2] - Core net profit declined by 69% to HKD 1.21 billion (2022: HKD 3.95 billion) [2] - Shareholders' profit attributable decreased by 78% to HKD 791 million (2022: HKD 3.58 billion) [2] - Total revenue for the year 2023 was 14,280,309 thousand HKD, a decrease from 14,809,282 thousand HKD in 2022, representing a decline of approximately 3.6% [12] - The company's operating profit for 2023 was reported at 1,295,066 thousand HKD, compared to 1,385,430 thousand HKD in 2022, indicating a decrease of around 6.5% [12] - The net profit attributable to shareholders for 2023 was 1,209,818 thousand HKD, down from 3,959,459 thousand HKD in 2022, a significant decline of approximately 69.5% [12] - The company reported a core profit of 1,214,074 thousand HKD for 2023, compared to 3,952,443 thousand HKD in 2022, reflecting a decrease of about 69.2% [12] Dividends and Shareholder Returns - Proposed final dividend of HKD 0.13 per share, to be paid on June 6, 2024 [2] - The proposed final dividend for the year ended December 31, 2023, is HKD 234,966,000, with a per share distribution of HKD 0.13 [24] - The company declared a special interim dividend involving the distribution of 907.2 million shares of KETH, representing approximately 52.1% of all issued KETH shares [37] - A special interim dividend was declared, involving the distribution of 907,200,000 shares of KEX, representing approximately 52.1% of all issued KEX shares [52] Assets and Liabilities - Total assets decreased to HKD 21.42 billion from HKD 23.90 billion year-on-year [5] - Current liabilities decreased to HKD 13.18 billion from HKD 15.15 billion year-on-year [5] - Cash and bank balances decreased to HKD 6.52 billion from HKD 9.24 billion year-on-year [5] - As of December 31, 2023, non-current liabilities totaled HKD 7,358,856 thousand, a decrease from HKD 8,939,240 thousand in 2022, reflecting a reduction of approximately 17.7% [6] - The company's equity as of December 31, 2023, was HKD 20,107,259 thousand, down from HKD 21,249,705 thousand in 2022, indicating a decline of about 5.4% [6] - The total equity attributable to shareholders as of December 31, 2023, was HKD 16,812,279 thousand, down from HKD 18,429,094 thousand in 2022, reflecting a decrease of approximately 8.8% [6] - The total amount of receivables, prepayments, and deposits was HKD 11,920,703,000, a decrease from HKD 13,406,909,000 in the previous year [29] - The total bank loans amounted to HKD 8,498,131,000, slightly down from HKD 8,812,849,000 in the previous year [31] - The total bank loans of the group as of December 31, 2023, amounted to HKD 8.575 billion, down from HKD 8.812 billion in 2022 [35] Business Operations and Strategy - The company plans to focus on market expansion and new technology development in the upcoming year [2] - The company plans to focus on market expansion and new product development in the upcoming year to drive growth [12] - The company has identified strategic opportunities for mergers and acquisitions to enhance its market position [12] - The company is investing in new technologies to improve operational efficiency and customer experience [12] - The group plans to continue focusing on core business segments, including integrated logistics and international freight forwarding, to drive future growth [14] - The company has reclassified certain segments, which did not affect the overall profit for the years ended December 31, 2023, and December 31, 2022 [13] - The company sold its express service business in the Asia-Pacific and Europe regions in Q3 2023, which is classified as discontinued operations in the financial statements [7] - The group completed the acquisition of the remaining 21% stake in Kerry Freight Services in July 2023 [34] - The group acquired a majority stake in French Business By Air SAS, enhancing air freight capabilities and solidifying its position in Europe, the Middle East, and Africa [42] - The group completed multiple large-scale industrial projects in mainland China, Central Asia, and Europe, establishing a strong foundation for project logistics business growth [42] Market Conditions and Future Outlook - Future guidance indicates a cautious outlook due to market conditions, with expectations for gradual recovery in revenue growth [12] - The global logistics industry faced stagnation due to inventory surplus and weak demand, but slight recovery in freight rates and cargo volume was observed [40] - The international freight business experienced a 70% decline in segment profit in 2023 due to inventory surplus, weak purchasing power, and stagnant export growth, particularly in the Asian market [42] - In Q3 2023, the logistics market remained unstable, with consumer demand and cargo volume significantly below normal levels, leading to a lack of expected seasonal peaks [42] - The company aims for net-zero emissions by 2050 and has made significant progress in climate risk assessment and measuring scope 3 emissions [43] - The group maintains a cautious approach to managing operational costs amid macroeconomic uncertainties while seeking opportunities to release asset value [44] Employee and Corporate Governance - The group employed approximately 33,100 staff as of December 31, 2023, with competitive salaries and various employee benefits in place [47] - The company has established an Audit and Compliance Committee, which reviewed the annual performance and accounting principles, confirming compliance with relevant standards [51] - The company will hold its annual general meeting on May 22, 2024, to discuss the fiscal year ending December 31, 2023 [52] - The company will suspend share transfer registration from May 17, 2024, to May 22, 2024, for determining eligible shareholders for the upcoming annual general meeting [53] - The company has received an exemption from the Thai Securities and Exchange Commission regarding the distribution of KEX shares [52] - The company has no significant events affecting the group since December 31, 2023, apart from those disclosed [52] - The annual report will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by the listing rules [54] Performance of Kerry Express Thailand - Kerry Express Thailand reported a revenue increase of 15% year-over-year, reaching THB 2.5 billion in the latest quarter [56] - The company achieved a total of 1.2 million active users, representing a growth of 20% compared to the previous year [56] - Future outlook indicates a projected revenue growth of 10-12% for the next fiscal year, driven by market expansion and new service offerings [56] - Investment in new technology and logistics infrastructure is expected to exceed THB 500 million in the upcoming year [56] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in regional market share by 2025 [56] - Kerry Express Thailand is exploring potential acquisitions to enhance its service capabilities and operational efficiency [56] - The introduction of new delivery services is anticipated to contribute an additional THB 300 million in revenue over the next year [56] - The company reported a net profit margin of 8% for the last quarter, maintaining stable profitability despite rising operational costs [56] - User engagement metrics improved, with a 30% increase in app usage and customer interactions [56] - The board has approved a new strategic plan focusing on sustainability and reducing carbon emissions by 15% over the next three years [56]

智通财经APP讯，嘉里物流(00636)发布公告，董事会已议决，待条件获达成后根据于记录日期名列股东 名册的合资格股东当时各自于公司的持股比例，向其宣派特别中期股息，方式为以实物分派公司间接持 有的9.07亿股KEX股份。 于2024年2月5日，公司已就分派产生的收购要约责任获得泰国证交会的豁免，惟须符合以下条件：(i)公 司须促使要约人就KEX所有证券进行收购要约，直至完成为止，有关条件及价格不逊于公司进行要约 收购时本应提出的条件及价格，以便为KEX股东提供机会就其持有KEX证券的事宜作出决定，及(ii)公 司须促使KEX刊发公告，以知会投资者(i)项。公司确认，于本公告刊发时，(i)及(ii)均已获达成。 ...