Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 13,074,243, representing a 10.5% increase compared to HKD 11,836,221 in 2023[4] - Gross profit increased by 26.6% to HKD 1,377,642 from HKD 1,088,324 year-on-year[4] - The net profit attributable to equity holders of the company rose by 42.6% to HKD 853,735 from HKD 598,773 in the previous year[4] - Basic and diluted earnings per share increased to HKD 1.23, up from HKD 0.87 in 2023[4] - The total dividend for the year is HKD 0.46 per share, reflecting a 43.8% increase compared to the previous year[4] - Pre-tax profit for 2024 was HKD 1,115,524,000, compared to HKD 859,059,000 in 2023, indicating a year-over-year increase of 29.9%[42] - The company reported a net profit of HKD 902,802,000 for the year ended December 31, 2024[22] - Other income net increased by 32.1% to HKD 120.4 million, driven by higher interest income from increased deposit rates and short-term bank deposits[73] Assets and Liabilities - Non-current assets decreased to HKD 444,363 from HKD 526,783 year-on-year[6] - Current assets increased significantly to HKD 9,372,292 from HKD 6,213,612, driven by higher inventory levels[6] - Total liabilities increased to HKD 6,534,481 from HKD 3,997,613, indicating a rise in trade and other payables[6] - The company's total equity attributable to equity holders increased to HKD 3,005,174 from HKD 2,493,671, reflecting strong retained earnings growth[7] - The total assets for the reporting segments were HKD 9,816,655,000 as of December 31, 2024[22] - The total liabilities for the reporting segments were HKD 6,629,385,000 as of December 31, 2024[22] - The company's total assets as of December 31, 2023, amounted to HKD 6,740,395,000, while total liabilities were HKD 4,045,103,000[24] Revenue Sources - Sales of tobacco leaf products amounted to HKD 11,363,153,000, up from HKD 10,496,971,000, representing a growth of 8.2%[16] - Revenue from China (excluding special administrative regions) increased to HKD 9,553,618,000 in 2024, up from HKD 9,015,260,000 in 2023, representing a growth of 5.95%[27] - The revenue from a single customer exceeded 10% of total revenue, amounting to approximately HKD 8,256,471,000 for 2024, compared to HKD 8,079,031,000 in 2023[16] Costs and Expenses - The company's financing costs rose by 33.9% to HKD 224,096 from HKD 167,396 in 2023[4] - Employee costs, including director remuneration, rose to HKD 107,331,000 in 2024 from HKD 102,807,000 in 2023, marking an increase of 4.9%[33] - The company's depreciation and amortization expenses totaled HKD 23,646,000 in 2024, compared to HKD 19,989,000 in 2023, an increase of 18.3%[36] - The effective tax expense for 2024 was HKD 212,722,000, up from HKD 166,686,000 in 2023, reflecting a rise of 27.6%[42] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.15 per ordinary share for 2024, totaling HKD 103,752,000, while the final dividend proposed is HKD 0.31 per share, compared to HKD 0.32 in 2023[49] - The board proposed a final dividend of HKD 0.31 per share for the year ending December 31, 2024, totaling approximately HKD 214.4 million based on 691,680,000 shares issued[96] Operational Highlights - The company’s operations include tobacco leaf export, import, cigarette export, new tobacco product export, and operations in Brazil[15] - The import volume of leaf tobacco products was 111,980 tons, a decrease of 5,236 tons or 4.5% year-on-year, while revenue from this segment increased by HKD 8.25 billion, up 2.2%[64] - The export volume of leaf tobacco products rose to 83,487 tons, an increase of 12,978 tons or 18.4%, with revenue growing to HKD 2.06 billion, up 24.8%[65] - The export volume of cigarettes reached 3,339.7 million sticks, a year-on-year increase of 535.8 million sticks or 19.1%, with revenue of HKD 1.57 billion, up 30.2%[66] - The export volume of new tobacco products was 761.9 million sticks, increasing by 84.6 million sticks or 12.5%, with revenue of HKD 135.2 million, up 4.0%[68] - The Brazilian operations exported 31,627 tons of leaf tobacco products, a decrease of 769 tons or 2.4%, while revenue increased to HKD 1.05 billion, up 37.0%[69] Strategic Initiatives - The company is focusing on enhancing supply chain efficiency and optimizing pricing strategies to improve profitability across all segments[62] - The company is committed to ESG initiatives, aiming to improve governance and sustainability practices while enhancing community engagement[63] - The company plans to continue expanding its market presence and product offerings, particularly in the new tobacco product segment[62] - The company plans to enhance its profitability and shareholder value by focusing on sustainable development and strategic acquisitions[70] - The company aims to strengthen its core competitiveness in the CBT market by improving quality control and enhancing brand image[71] Corporate Governance and Compliance - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the current accounting period[13] - The company’s auditor provided an unqualified opinion on the consolidated financial statements for the years ended December 31, 2024, and 2023[12] - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance and confirmed it was prepared in accordance with applicable accounting standards[103] - The company aims to maintain high corporate governance standards and has complied with all applicable code provisions during the year ending December 31, 2024[99] Employee Development - The company has implemented a comprehensive training system to enhance employee skills and business capabilities, covering various aspects including compliance and industry trends[90] - The company has established a nine-year employee development plan to provide personalized career path planning and mentoring[90] Miscellaneous - The company has not issued any equity securities or debt instruments during the year ending December 31, 2024[94] - The company has not purchased, sold, or redeemed any of its listed securities during the year ending December 31, 2024[102] - No significant events requiring disclosure occurred after December 31, 2024[105] - The annual report for the year ending December 31, 2024, will be sent to shareholders and is available on the Hong Kong Stock Exchange and the company's website[107]
中烟香港(06055) - 2024 - 年度业绩