Financial Performance - Revenue for the year ended December 31, 2023, was HKD 5,461.3 million, representing a 16.7% increase from HKD 4,678.6 million in 2022[7] - Gross profit for 2023 was HKD 696.2 million, with a gross margin of 12.7%, down from 14.2% in 2022[7] - Profit attributable to owners of the company increased by 14.9% to HKD 330.3 million from HKD 287.5 million in the previous year[7] - The company reported a basic and diluted earnings per share of HKD 15.30, up from HKD 13.32 in 2022, reflecting a 14.9% increase[7] - The company’s total assets as of December 31, 2023, were reported at HKD 2,195,466, an increase from HKD 2,000,813 in 2022[140] - The company reported total liabilities (bank borrowings) to equity ratio of 0.01% as of December 31, 2023, down from 0.02% in 2022[106] - The company’s financing costs decreased to HKD 834 from HKD 1,118 in the previous year, reflecting improved financial management[138] - The group reported a profit before tax of HKD 384,897,000 for 2022, with a significant increase in tax expenses to HKD 58,507,000 in 2023 from HKD 45,908,000 in 2022[181] Assets and Liabilities - Total assets less current liabilities amounted to HKD 3,450.1 million, compared to HKD 3,259.3 million in 2022[11] - The company’s non-current assets decreased to HKD 231.2 million from HKD 323.0 million in 2022[4] - Trade and other payables increased to HKD 2,913.3 million from HKD 2,626.4 million in 2022[4] - The total value of trade receivables (gross) was HKD 3,202.0 million in 2023, compared to HKD 2,994.3 million in 2022[85] - As of December 31, 2023, the accounts payable and other payables amounted to HKD 2,123.5 million, up from HKD 1,863.6 million as of December 31, 2022[192] Revenue Sources - The group reported external revenue of HKD 4,678,627 for the year, with a segment profit of HKD 381,123[48] - Revenue from interior decoration contracts for 2023 was HKD 5,450,273,000, representing an increase of 18.4% compared to HKD 4,605,440,000 in 2022[171] - The increase in revenue is primarily attributed to multiple large-scale interior decoration projects in Hong Kong and Singapore, generating an additional HKD 1,762.9 million[196] - The group’s revenue from the interior decoration business increased by HKD 844.9 million or 18.3% to HKD 5,450.3 million, compared to HKD 4,605.4 million in the previous year[196] Cash Flow and Dividends - Cash and cash equivalents increased to HKD 1,876.7 million from HKD 1,527.7 million in 2022[4] - The company did not recommend the payment of a final dividend for the year[7] - The company declared a final dividend of HKD 0.06 per share for 2022, down from HKD 0.07 per share in 2021[55] Operational Highlights - The company completed a total of 19 interior decoration projects during the year, with a total contract value of 1,764.2 million HKD, of which 423.4 million HKD was recognized as revenue[66] - As of December 31, 2023, the company had 66 ongoing projects with a total contract value of 10,288.3 million HKD and remaining work value of 5,670.5 million HKD[66] - The company’s employee costs decreased by 11.0 million HKD or 2.1% to 502.5 million HKD, primarily due to an 8.3% reduction in average headcount[80] - The company aims to expand into overseas markets such as Singapore and align its development plans with national and regional strategies to leverage opportunities from the Greater Bay Area and Belt and Road initiatives[82] Market Conditions - The number of visitors to Macau in 2023 was approximately 28.2 million, averaging 77,000 visitors per day, which is 70% of the levels seen in 2019[64] - The total gaming revenue in Macau for 2023 was 183.1 billion MOP, reflecting a year-on-year increase of 333.8%[64] - The overall business environment faces significant challenges due to global trade friction and geopolitical uncertainties, impacting the interior decoration industry[195] - The Hong Kong economy showed a real GDP growth of 3.2% in 2023, despite facing global political tensions and rising interest rate pressures[92] Future Outlook - The company anticipates a slow recovery of the global economy in 2024, with complex geopolitical situations potentially hindering growth in Hong Kong[110] - The company is focusing on expanding domestic demand to foster a virtuous cycle of consumption and investment, aiming for sustained growth post-pandemic[111] - The company expects the Federal Reserve may lower interest rates, which could boost public confidence in the real estate market in Hong Kong[110] Governance and Compliance - The company is committed to maintaining high levels of corporate governance to ensure stable and transparent operations, which is crucial for attracting investments and creating shareholder value[126] - The company has adhered to the corporate governance code and confirmed compliance with the standards for securities trading by its directors[114] - The company’s audit committee has reviewed the financial principles and policies adopted during the year, ensuring consistency with the audited financial statements[115]
承达集团(01568) - 2023 - 年度业绩