Financial Performance - The group recorded a consolidated profit of HKD 171,004,000 for the year ending June 30, 2024, compared to HKD 53,040,000 in 2023, representing a significant increase [2]. - For the fiscal year ending June 30, 2024, the group reported total revenue of HKD 188,042,000, a significant increase from HKD 45,156,000 in the previous year, representing a growth of 317% [21]. - Gross profit for the same period was HKD 106,796,000, compared to HKD 27,752,000 in the previous year, indicating a growth of 284% [21]. - The net profit attributable to the company's shareholders for the year was HKD 171,678,000, a substantial increase from HKD 21,202,000 in the previous year, reflecting an increase of 709% [21]. - Basic and diluted earnings per share for the year were both HKD 0.26, compared to HKD 0.03 in the previous year, marking an increase of 767% [21]. - The company reported a profit attributable to equity holders of HKD 171,678,000, compared to HKD 21,202,000 in 2023, resulting in a basic and diluted earnings per share of HKD 0.26 [58][63]. - The group reported total revenue of HKD 188,042,000 for the year ending June 30, 2024, a significant increase from HKD 45,156,000 in the previous year [42]. - Property sales contributed HKD 155,629,000 to the total revenue, with no sales recorded in the previous year [42]. - Rental income decreased to HKD 31,794,000 from HKD 40,997,000 year-over-year, reflecting a decline of approximately 22.5% [42]. Dividends - The proposed final dividend is HKD 0.04 per share, up from HKD 0.03 per share in 2023, leading to a total dividend of HKD 0.0625 per share for the year, an increase of 32% compared to HKD 0.0475 in 2023 [2]. - Proposed final dividend is HKD 0.04 per share, up from HKD 0.03 per share in 2023, totaling HKD 0.0625 per share for the year [63]. - Total equity attributable to equity holders increased to approximately HKD 6,684,368,000 as of June 30, 2024, from HKD 6,573,558,000 in 2023, representing a 1.7% increase [64]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 7,598,266,000, down from HKD 8,339,340,000 in the previous year, a decrease of 9% [22]. - The company's net asset value increased to HKD 6,892,596,000 from HKD 6,782,460,000, representing a growth of 1.6% [23]. - The group’s total liabilities were reported at HKD 405,546,000, with property leasing liabilities at HKD 262,555,000 [45]. - The total bank and other borrowings increased to HKD 1,343,125,000 as of June 30, 2024, compared to HKD 1,036,449,000 in the previous year, resulting in a debt-to-equity ratio of 20.1% [67]. - The net debt decreased to HKD 461,333,000 as of June 30, 2024, from HKD 712,924,000 in the previous year, indicating improved cash management [67]. Investments - As of June 30, 2024, total investments in bonds amounted to HKD 49,876,000, with no purchases or sales during the year [17]. - The market value of investments in Hong Kong securities was HKD 54,263,000, with no purchases or sales during the year [17]. - The total assets in investment funds reached HKD 2,953,000, with purchases totaling HKD 3,000,000 during the year [17]. - The fair value of investment properties and land and buildings as of June 30, 2024, is HKD 5,365,067,000 and HKD 186,254,000 respectively, compared to HKD 6,870,006,000 and HKD 38,866,000 as of June 30, 2023 [37]. - The fair value of investment properties resulted in a deferred tax liability of HKD 704,926,000 as of June 30, 2024, down from HKD 926,091,000 in the previous year [41]. - The group recognized a deferred tax asset related to tax losses amounting to HKD 42,678,000, slightly down from HKD 45,349,000 in the previous year [41]. Operational Performance - The rental rate for the second phase of Zhao Garden remains at 60%, while the occupancy rate for Zhao Garden Phase III is at 61% [4][5]. - The first phase of the Parkview project in Kuala Lumpur consists of 417 residential units, with a current occupancy rate of 60% for the serviced apartments [15]. - The group is currently upgrading the serviced apartments to improve occupancy rates and has launched a new website for easier booking [15]. - The occupancy rate for the serviced apartments in Malaysia is currently at 60%, with property upgrades underway to improve this rate [80]. - The first phase of the Parkview project in Kuala Lumpur is being promoted through a new website to facilitate bookings [80]. - The main podium of the second phase, Cecil Central Residence, has been completed up to the fifth floor [80]. Market Conditions - The Chinese government has introduced measures to boost the real estate market, including lowering the minimum down payment ratio and allowing families with multiple children to purchase additional housing [8]. - The outlook for the second quarter of 2024 indicates continued moderate growth in the Hong Kong economy, supported by government measures to boost market sentiment and improve employment income [18]. - The company is facing uncertainties due to geopolitical tensions and global economic outlook, despite expecting moderate growth in Hong Kong's economy in the second quarter of 2024 [80]. Compliance and Governance - The audit committee reviewed the performance for the year ending June 30, 2024, and the consolidated accounts received an unmodified opinion from the auditors [86][89]. - The company is in compliance with corporate governance codes, except for the ongoing search for a suitable candidate for the president position [85]. - The company has submitted financial statements for the year ending June 30, 2023, to the Hong Kong Companies Registry and will submit the statements for the year ending June 30, 2024, in due course [88]. Employee and Administrative Costs - Employee costs, including director remuneration, decreased to HKD 24,284 in 2024 from HKD 25,161 in 2023 [53]. - The company had 47 employees as of June 30, 2024, down from 54 employees the previous year, with no stock option plan adopted during the year [72]. - Administrative expenses decreased by 18.8% to HKD 56,570,000, while financial costs increased by 197.3% to HKD 53,831,000 [63]. Other Income and Expenses - Other income increased by 38.8% to HKD 22,132,000, mainly from dividend and interest income [63]. - Interest expenses for bank loans and overdrafts increased to HKD 38,577 in 2024 from HKD 26,845 in 2023 [52]. - Interest expenses for the year were HKD 53,831,000, a significant increase of 197.3% from HKD 18,105,000 in the previous year, primarily due to rising bank loan rates [69].
卓能(集团)(00131) - 2024 - 年度业绩