Financial Performance - The company reported total revenue of HKD 933,029,000 for the year ending December 31, 2024, an increase from HKD 732,311,000 in the previous year, representing a growth of approximately 27.4%[3] - Customer contract revenue reached HKD 551,921,000, up from HKD 378,057,000, indicating a growth of about 46% year-over-year[3] - Rental income was HKD 302,363,000, slightly higher than HKD 302,062,000 from the previous year, showing a marginal increase of 0.1%[3] - The company incurred a net loss of HKD 840,358,000 for the year, compared to a loss of HKD 873,087,000 in the prior year, reflecting an improvement of approximately 3.7%[4] - Basic loss per share was HKD 2.21, compared to HKD 2.15 in the previous year, indicating a slight increase in loss per share[3] - The total comprehensive loss for the year was HKD 960,967,000, compared to HKD 938,044,000 in the previous year, showing a slight increase in total comprehensive loss[4] - Total revenue for the year ended December 31, 2024, was HKD 950.286 million, with a net loss before tax of HKD 865.654 million[20] - The financial performance was impacted by a net foreign exchange loss of HKD 30.467 million, further straining the financial results[20] - The group recorded a consolidated loss of approximately HKD 840.4 million for the year ending December 31, 2024, a decrease of about HKD 32.7 million compared to a loss of approximately HKD 873.1 million in 2023[42] Revenue Breakdown - The revenue breakdown includes property investment at HKD 304.444 million, property development at HKD 223.719 million, and hotel operations at HKD 205.817 million[20] - Total revenue for the year ended December 31, 2023, was HKD 732,311,000, with a significant contribution from property investment at HKD 307,022,000[23] - The hotel and dining business in Hong Kong generated total revenue of approximately HKD 83,700,000 for the year ending December 31, 2024, resulting in a net loss of approximately HKD 57,700,000 after accounting for depreciation[70] - For the fiscal year ending December 31, 2024, the hotel recorded total revenue of approximately HKD 121,400,000, an increase of about HKD 25,100,000 compared to HKD 96,300,000 in 2023, resulting in EBITDA of approximately HKD 47,800,000[74] Expenses and Costs - Direct costs amounted to HKD 437,430,000, down from HKD 874,804,000, which is a reduction of about 50%[3] - Administrative and operating expenses increased to HKD 381,822,000 from HKD 332,745,000, representing a rise of approximately 14.7%[3] - Operating expenses totaled HKD 828.258 million, leading to a significant loss in various segments, particularly in property investment with a loss of HKD 578.879 million[20] - The financial cost for the year was reported at HKD 138,495,000, impacting overall profitability[23] Assets and Liabilities - Total assets decreased from HKD 12,641,679 thousand in 2023 to HKD 13,029,458 thousand in 2024, reflecting a decline of approximately 3.1%[6] - Current assets increased from HKD 2,693,394 thousand in 2023 to HKD 3,578,557 thousand in 2024, representing a growth of about 32.8%[6] - Non-current liabilities rose from HKD 11,604,584 thousand in 2023 to HKD 10,537,614 thousand in 2024, indicating a decrease of approximately 9.2%[7] - Total equity increased from HKD 11,185,255 thousand in 2023 to HKD 10,124,989 thousand in 2024, showing a decline of about 9.5%[7] - The company's total liabilities decreased from HKD 2,356,035 thousand in 2023 to HKD 1,862,116 thousand in 2024, representing a decline of approximately 20.9%[7] Investment Properties and Rental Income - The fair value loss from investment properties amounted to HKD 718.148 million, indicating a challenging market environment[20] - The rental income from the Chuang Hing Bank Centre was approximately HKD 77.9 million for the year ending December 31, 2024, a decrease of about HKD 19.2 million from approximately HKD 97.1 million in 2023[52] - The rental income from the Shanghai Chuang Hing Financial Centre was approximately HKD 108.7 million for the year ending December 31, 2024, an increase of about HKD 6.2 million from approximately HKD 102.5 million in 2023[56] - The rental income from the Chuang Hing Plaza was approximately HKD 59.7 million for the year ending December 31, 2024, an increase of about HKD 3.1 million from approximately HKD 56.6 million in 2023[49] - The rental income from the Shek Tong Tsui was approximately HKD 15.5 million for the year ending December 31, 2024, an increase of about HKD 2.1 million from approximately HKD 13.4 million in 2023[53] - The rental income from the Fuhui Pavilion was approximately HKD 2.6 million for the year ending December 31, 2024, a decrease of about HKD 500,000 from approximately HKD 3.1 million in 2023[54] - The overall occupancy rate of the group's main investment properties was 83.5% as of December 31, 2024[48] Future Outlook and Strategic Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2] - The management is confident that the rental income and occupancy rates for the Shanghai property will further improve by 2025, preparing for sustained growth and profitability in the coming years[57] - The management team expresses optimism about the gradual recovery of local consumption and overall business activity, driven by the revival of the retail and real estate markets, as well as a steady increase in Chinese tourists and investors[77] - The company plans to continue its focus on operational efficiency and market expansion[87] Shareholder Engagement and Reporting - The company will send the 2024 annual report, including the board report and financial statements, to shareholders on April 8, 2025[87] - The annual report will be available on the Hong Kong Stock Exchange's website and the company's website on the same date[87] - The company emphasizes the importance of transparency in its communications with shareholders[87] - The report will include details on corporate governance and shareholder meeting announcements[87] - The company aims to enhance shareholder engagement through timely disclosures[87] - The financial performance metrics will be disclosed in the upcoming report[87] - The company is committed to maintaining high standards of financial reporting[87] - The annual report will provide insights into the company's strategic direction and future outlook[87]
廖创兴企业(00194) - 2024 - 年度业绩