Financial Performance - Total comprehensive income attributable to the company for the year ended March 31, 2024, was HKD 2,372,000, compared to HKD 10,793,000 for the previous year, representing a decrease of approximately 78%[7] - Basic and diluted earnings per share for the year ended March 31, 2024, were 1.19 HK cents, down from 2.22 HK cents in the previous year, indicating a decline of about 46.4%[7] - Total revenue for the fiscal year ending March 31, 2024, was HKD 459,848,000, compared to HKD 454,764,000 for the previous year, representing a growth of approximately 1.5%[28] - Gross profit decreased to HKD 179,210,000 from HKD 180,606,000, reflecting a decline of about 0.8%[28] - The profit attributable to equity holders for the year was HKD 8,543,000, down from HKD 14,073,000, a decline of approximately 39.0%[28] - Operating profit before tax was HKD 10,862,000, down from HKD 16,669,000, indicating a decrease of about 34.0%[28] - The net loss from other income was HKD (3,088,000), a decline from a profit of HKD 1,003,000 in the previous year[28] - The total income tax expense for 2024 was HKD 2,319,000, a decrease from HKD 2,596,000 in 2023, representing a reduction of approximately 10.7%[75] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 711,095,000, a decrease from HKD 740,573,000 in the previous year, reflecting a reduction of approximately 4%[9] - Total liabilities decreased to HKD 215,602,000 from HKD 243,858,000, marking a decline of about 11.6%[9] - Deferred tax liabilities decreased to HKD 14,500,000 from HKD 17,201,000, a reduction of approximately 15.7%[9] - The company’s total equity attributable to shareholders was HKD 495,493,000, slightly down from HKD 496,715,000, indicating a marginal decrease of about 0.2%[8] - The company’s cash and cash equivalents decreased significantly to HKD 57,377,000 from HKD 123,296,000, reflecting a decline of approximately 53.5%[8] Inventory and Receivables - Inventory increased to HKD 169,712,000 from HKD 144,909,000, representing an increase of approximately 17.1%[8] - Trade receivables and other receivables rose to HKD 115,145,000 from HKD 94,298,000, indicating a growth of about 22%[8] - Accounts receivable increased to 96,532 thousand HKD in 2024 from 71,605 thousand HKD in 2023, representing a growth of 35%[80] - The group recorded a year-end balance of receivables of HKD 2,193,000 for 2024, up from HKD 1,397,000 in 2023, indicating a growth of approximately 57.1%[59] Segment Performance - The reported revenue from external customers for the Kitchen Equipment and Furniture segment was HKD 109,905, while the total revenue was HKD 459,848[41] - The reported revenue from external customers for the Bathroom Equipment segment was HKD 349,943, contributing to the total revenue of HKD 459,848[41] - Sales in the bathroom equipment segment increased by 27.5%[89] - Revenue from the construction and bathroom equipment segment increased by 11.2% to HKD 349.9 million, while kitchen equipment and furniture revenue decreased by 21.6% to HKD 109.9 million[123] Economic and Market Conditions - The geopolitical tensions have significantly impacted the economic landscape, with China's GDP growth rate for 2023 reported at 5.2%[62] - The Hong Kong economy showed resilience with a GDP growth of 3.2% for the year, despite geopolitical challenges affecting the real estate market[86] - The economic outlook for China in 2024 faces significant challenges, including high levels of corporate and local government debt, impacting financial stability and growth[104] - The Hong Kong government needs to implement strong policy measures and economic diversification strategies to mitigate challenges and restore growth trajectories in the medium to long term[106] - The ongoing geopolitical uncertainties and potential changes in policy and regulatory frameworks have increased challenges, reducing market attractiveness for investors during this volatile period[116] Strategic Initiatives - The company aims to maintain and strengthen relationships with reputable property developers to seize future opportunities[92] - The company continues to monitor foreign exchange risks and aims to effectively manage cash flow and capital commitments to meet current and future cash needs[127] - The company plans to focus on sustainable building materials in line with government green technology initiatives, aiming to enhance energy efficiency and reduce carbon footprints[155] - The company has established a sustainable development policy to create sustainable value across economic, environmental, and social dimensions[156] Corporate Governance - The company has adopted measures to ensure effective internal audit functions despite not having a dedicated internal audit department[144] - The board does not recommend the payment of a final dividend for the year ending March 31, 2024, amounting to HKD 3,594,000[163] - The annual general meeting is scheduled for September 6, 2024, with notifications to be sent to shareholders in due course[164] - The company will temporarily suspend share registration from September 3 to September 6, 2024, to determine eligible shareholders for the annual general meeting[165]
怡邦行控股(00599) - 2024 - 年度业绩