Financial Performance - Total revenue for the fiscal year 2024 was HKD 1,983,234, a decrease of 44.9% compared to HKD 3,603,458 in fiscal year 2023[3] - Revenue from customer contracts amounted to HKD 1,539,203, down 51.4% from HKD 3,165,341 in the previous year[3] - Gross profit for the year was HKD 823,641, representing a decline of 22.3% from HKD 1,059,615 in fiscal year 2023[3] - The company reported a net loss of HKD 916,466 for the year, compared to a profit of HKD 98,754 in the previous year[3] - Basic and diluted earnings per share were HKD (5.52 cents), a significant drop from HKD 0.09 cents in fiscal year 2023[6] - Total revenue for the year ending March 31, 2024, was HKD 1,539,203, a decrease of 51.4% from HKD 3,165,341 in 2023[28] - The group reported a loss of approximately HKD 916,500,000 (2023: profit of HKD 98,800,000), with core profit at about HKD 68,200,000 (2023: HKD 276,300,000) after excluding non-cash and non-recurring items[135] Revenue Breakdown - Revenue from property sales was HKD 432,944, down 79.8% from HKD 2,140,165 in the previous year[28] - Revenue from product sales increased to HKD 899,293, up 10.2% from HKD 815,674 in 2023[28] - The pharmaceutical and health products segment reported total revenue of approximately HKD 777.2 million, an increase of about 10.9% from HKD 701 million in 2023[124] - Revenue from the street market and agricultural product trading business increased by approximately 1.4% to about HKD 667,100,000 (2023: HKD 657,700,000) with a profit of approximately HKD 176,900,000 (2023: HKD 170,200,000)[146] Expenses and Costs - Total operating expenses increased to HKD 450,528 from HKD 349,656, reflecting a rise in employee benefits and other costs[52] - The cost of sales for the year was HKD 364,377, compared to HKD 288,359 in the previous year[62] - Administrative expenses were approximately HKD 491,600,000 (2023: HKD 513,000,000), remaining stable and controlled[130] - Financing costs increased to approximately HKD 364,400,000 (2023: HKD 288,400,000) due to rising bank and other borrowing rates, with an average borrowing rate of about 7.3% (2023: 4.9%)[130] Assets and Liabilities - Non-current assets totaled HKD 9,060,253, down 20.6% from HKD 11,414,567 in 2023[38] - Current assets increased to HKD 8,522,392, up 22.4% from HKD 6,972,503 in 2023[38] - The group's total debt as of March 31, 2024, is approximately HKD 6,346,900,000, compared to HKD 6,246,600,000 in the previous year[169] - The net debt-to-equity ratio increased to approximately 62.9% as of March 31, 2024, compared to 49.4% in the previous year[169] - The total assets of the group as of March 31, 2024, were approximately HKD 17,582,600,000, a decrease from HKD 18,387,100,000 in the previous year[195] Investments and Development - The company plans to continue focusing on market expansion and new product development to improve future performance[3] - The company is expanding its land reserves through public tenders and acquisitions, aiming to establish a solid foundation for future development projects[107] - A new joint venture was established to acquire and operate a property in Kowloon, which will be redeveloped into a student dormitory providing 720 rooms, expected to reopen in Q3 2024[193] Cash Flow and Liquidity - The group's liquidity investments and cash balance as of March 31, 2024, amounted to approximately HKD 1,614,800,000, a decrease of about 29.0% from HKD 2,274,300,000 on March 31, 2023[185] - The group’s cash and bank balances decreased to HKD 1,193,104 from HKD 1,570,628, a decline of 23.9%[38] Market and Product Development - The company launched new products, including a formula for respiratory support and joint health products, in collaboration with Hong Kong Polytechnic University, aiming to meet evolving health needs in the community[125] - The "Pei's" mosquito repellent product line has established a leading position in the Hong Kong market, with revenue increasing by 7.2% compared to last year[156] Risk Management - The company maintained strict control over accounts receivable to minimize credit risk, with overdue amounts regularly reviewed by senior management[68] - The group continues to enhance financial risk controls and maintain a prudent financial management policy to ensure operational flexibility[172]
WANG ON GROUP(01222) - 2024 - 年度业绩