Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 32,927,000, a 104.5% increase from HKD 16,106,000 in the previous year[5] - The company reported a profit before tax of HKD 9,616,000, compared to a loss of HKD 9,529,000 in the previous year[6] - Net profit for the year was HKD 8,890,000, recovering from a loss of HKD 9,529,000 in the prior year[6] - Basic and diluted earnings per share improved to HKD 0.44, compared to a loss per share of HKD 0.48 in the previous year[6] - Total revenue for the year 2024 reached HKD 23,591,000, an increase of 71.5% compared to HKD 13,755,000 in 2023[16] - The company reported a profit attributable to shareholders of HKD 8,887,000 for 2024, compared to a loss of HKD 9,514,000 in 2023[24] Revenue Sources - Commission income from securities trading and brokerage services rose to HKD 2,073,000, up 68% from HKD 1,234,000[5] - Interest income from margin and loan financing services increased to HKD 8,990,000, compared to HKD 8,061,000, reflecting an 11.5% growth[5] - Supply chain financing revenue surged to HKD 8,430,000, a significant increase from HKD 2,024,000, marking a 317% rise[5] - Revenue from underwriting and placement activities was approximately HKD 2,436,000, significantly up from HKD 396,000 in the previous period[44] - Interest income from supply chain financing amounted to approximately HKD 8,430,000, up from HKD 2,024,000 in the corresponding period[69] Assets and Equity - Total assets as of March 31, 2024, were HKD 217,700,000, up from HKD 188,481,000, indicating a 15.5% increase[8] - The company's equity attributable to owners increased to HKD 152,707,000 from HKD 143,820,000, reflecting a 6.1% growth[9] - The total accounts receivable increased to HKD 152,466,000 in 2024 from HKD 108,882,000 in 2023, reflecting a rise of 40%[27] - The company's net current assets as of March 31, 2024, were approximately HKD 147,264,000, including cash and cash equivalents of about HKD 10,153,000[82] Client and Market Activity - Major clients contributing over 10% of total revenue included Client A with HKD 6,333,000 and Client B with HKD 6,113,000 in 2024, compared to HKD 2,024,000 and HKD 4,715,000 respectively in 2023[18] - The total number of active trading accounts increased to 288 as of March 31, 2024, compared to 239 in the same period last year, with total trading value reaching approximately HKD 1,315,495,000, up from HKD 602,386,000[41] Governance and Corporate Structure - The company changed its name to Gaoyu Finance Group Limited effective December 7, 2023, following shareholder approval[39] - The company has not appointed a CEO, as the role and functions are collectively performed by all executive directors, allowing for swift decision-making[28] - The audit committee consists of three independent non-executive directors who reviewed the group's performance for the year ending March 31, 2024[99] - The board is committed to enhancing corporate governance standards to meet the growing expectations of shareholders and investors[95] Expenses and Financial Management - Total employee costs decreased by approximately 8.8% to about HKD 7,317,000 from approximately HKD 8,021,000, accounting for about 31.7% of total expenses during the reporting period[72] - Other operating expenses increased by 22.5% to approximately HKD 10,525,000 from approximately HKD 8,594,000, primarily due to an increase in legal and professional fees[73] - The company incurred a tax expense of HKD 726,000 in 2024, compared to no tax expense in 2023[20] Future Plans and Developments - The company plans to continue expanding its services in securities trading, asset management, and supply chain financing to drive future growth[12] - The group aims to develop into a diversified investment and financing service platform, connecting traditional finance with new generation financial products and services[63] - The group is developing an online service platform for trust services, expected to be completed by the end of Q2 2024[60] Risk Management and Provisions - The loss provision for accounts receivable from loan financing increased to HKD 11,513,000 in 2024 from HKD 9,682,000 in 2023[31] - The weighted average expected loss rate for overdue accounts over 120 days is 80% as of March 31, 2024, compared to 56% in 2023[34] - The company has assessed that no impairment provision is necessary for all accounts receivable from supply chain financing as of March 31, 2024[31]
高裕金融(08221) - 2024 - 年度业绩