SINO LAND(00083)2024-09-26 09:16Financial Performance - The company's revenue for the fiscal year 2024 was HKD 8,765 million, a decrease of 26.5% compared to HKD 11,881 million in 2023[5]. - The basic operating profit for 2024 was HKD 5,171 million, down 15.0% from HKD 6,088 million in 2023[5]. - The profit attributable to shareholders for 2024 was HKD 4,402 million, a decline of 24.8% from HKD 5,849 million in 2023[5]. - Basic earnings per share for 2024 were HKD 0.61, compared to HKD 0.76 in 2023, reflecting a decrease of 19.7%[5]. - The total equity attributable to shareholders increased to HKD 165,790 million in 2024 from HKD 162,349 million in 2023, representing a growth of 2.8%[7]. - The company declared a final dividend of HKD 0.43 per share for 2024, consistent with the previous year's dividend[5]. - The total liabilities decreased to HKD 7,818 million in 2024 from HKD 10,902 million in 2023, indicating improved financial stability[7]. Property Sales and Development - Property sales revenue for the fiscal year was HKD 8.893 billion, down from HKD 11.937 billion in the previous fiscal year[13]. - The group sold 6.8% of the new residential project at Hoi Ying Shan and 34.9% of the project at Kai Pak Fung II during the fiscal year[14]. - The group expects to launch multiple new projects, including ONE CENTRAL PLACE in Central and Pak Lung III in Yuen Long, which have received pre-sale consent[14]. - The group achieved a property sales revenue composition of 40.8% from property sales and 31.8% from property leasing for the fiscal year ending June 30, 2024[9]. - The group anticipates obtaining pre-sale consent for two additional residential projects in the fiscal year 2024/2025[14]. - The group has 18 ongoing development projects in Hong Kong, mainland China, and Singapore, with a total attributable floor area of 5.1 million square feet[44]. Rental Income and Occupancy - The total rental income for the fiscal year was HKD 3.55 billion, a year-on-year increase of 1.3%, while net rental income decreased by 2.5% to HKD 2.91 billion[19]. - The overall occupancy rate of the investment property portfolio was 90.8%, a decrease of 0.4 percentage points from the previous year, with residential properties seeing an increase of 4.8 percentage points to 86.8%[19]. - The group’s property leasing segment contributed 69.0% to the segment performance for the fiscal year[9]. Sustainability and Corporate Social Responsibility - The group is committed to sustainable development, integrating "green living," "innovative thinking," and "community care" into its business practices[29]. - Sino Land Company was recognized as one of the world's most sustainable companies for 2024 by Time magazine and Statista[30]. - The company received an "AA" rating in the MSCI Environmental, Social, and Governance (ESG) Index and achieved a five-star rating in the 2023 Global Real Estate Sustainability Benchmark (GRESB) assessment[30]. - The company launched the "Coral Restoration Action" plan, which has successfully transplanted over 280 rescued coral fragments to restore coral reefs in southern Hong Kong[33]. - The company is actively involved in community support, providing over 2,000 festive gift packs to underprivileged families during the Mid-Autumn Festival[35]. - The company has been recognized with multiple awards for its ESG reporting, including the "Best ESG Report Award (Large Cap)" and "Excellence in Carbon Neutrality Award" at the 2023 Hong Kong ESG Reporting Awards[31]. Corporate Governance - The company emphasizes high standards of corporate governance and has adhered to all code provisions of the Corporate Governance Code during the fiscal year ending June 30, 2024[166]. - The board believes that a strong corporate culture is key to sustainable growth and aligns with the company's vision, mission, values, and strategies[169]. - The board consists of 11 directors, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors, exceeding the target of at least one-third independent non-executive directors[172]. - The company has established a clear division of responsibilities, ensuring that financial performance, risk management, and internal controls are effectively monitored[174]. - The company has adopted a corporate risk management system to assist the board in fulfilling its risk management responsibilities[197]. Employee Development and Diversity - As of June 30, 2024, Sino Group employed approximately 10,000 staff and offers various training programs to enhance employee development and satisfaction[109]. - The group provided over 169,800 hours of training for employees during the 2023/2024 fiscal year, focusing on customer service, management, and personal development[112]. - The company aims to maintain gender balance in all management positions by 2030[191]. - The company launched the "Sino Women Connect Program" to support female employees in enhancing their professional skills and confidence[111]. Technology and Innovation - The company has implemented a smart resource management system that integrates all existing systems, allowing real-time monitoring of energy performance across properties[123]. - The company has launched a mobile app for real-time parking availability and navigation, enhancing customer parking experience[124]. - The introduction of an AI-powered attendance and patrol system has improved frontline staff efficiency by allowing preset patrol schedules[124]. Community Engagement - The community living room project aims to serve at least 500 grassroots families, providing services to approximately 80,000 people annually over a three-year period[164]. - The transitional housing project "Pu Green Pavilion" is supported by symbolic rent for land in Tsuen Wan, with facilities promoting physical and mental health, including scholarships for residents' children[165]. - The company organized over 400 community activities, with more than 1,600 volunteers contributing over 210,000 hours of service[159].