Financial Performance - The company's profit attributable to owners decreased to 78,782 thousand HKD in 2024 from 82,846 thousand HKD in 2023, a decline of 4.9%[2] - Revenue fell by 13.4% year-on-year, from approximately 2,658.5 million HKD in 2023 to about 2,303.2 million HKD in 2024[18] - Gross profit increased from approximately 352.0 million HKD to about 384.1 million HKD, with the gross margin rising from 13.2% to 16.7%[18] - Operating profit rose to HKD 199.9 million from HKD 180.8 million, an increase of 10.6%[39] - Net profit for the year was HKD 77.0 million, down 6.3% from HKD 82.2 million in 2023[50] - Basic earnings per share decreased to 12.31 HKD cents from 12.94 HKD cents, a drop of 4.9% year-on-year[34] - The proposed final dividend for the year ending March 31, 2024, is HKD 1.00 per share, totaling approximately HKD 6,386,000, down from HKD 9,606,000 in 2023, a decrease of about 33.0%[101] Revenue Breakdown - The steel distribution and processing business saw a revenue decrease of 15.4%, but the profit before tax rose from approximately 84.1 million HKD to about 116.0 million HKD[19] - The construction materials distribution business reported a slight revenue increase from approximately 325.5 million HKD to 340.4 million HKD, with profit before tax slightly decreasing from about 32.0 million HKD to 30.5 million HKD[19] - Revenue from customer contracts recognized at a point in time totaled HKD 1,879,527,000, while revenue recognized over time and rental income amounted to HKD 83,187,000, leading to total revenue of HKD 2,303,176,000[67] - Revenue from Hong Kong for the year ended March 31, 2024, was HKD 371,152,000, a slight increase from HKD 365,018,000 in the previous year[70] - Revenue from mainland China decreased to HKD 1,297,378,000 from HKD 1,386,534,000 year-over-year[70] Cost and Expenses - The company's financial expenses increased by 15.4 million HKD year-on-year, impacting the growth of gross profit[18] - The cost of goods sold for the year 2024 was HKD 1,799,193,000, down from HKD 2,204,338,000 in 2023, indicating a decrease of about 18.3%[97] - The net financial expenses for the year 2024 amounted to HKD 91,339,000, compared to HKD 76,097,000 in 2023, representing an increase of approximately 20.0%[98] Assets and Liabilities - Total assets decreased from approximately HKD 2,957.4 million to about HKD 2,649.9 million, a decline of 10.4% due to foreign exchange losses and reduced working capital[33] - Total liabilities decreased to HKD 1,608.0 million from HKD 1,884.8 million in the previous year[52] - The debt-to-equity ratio slightly decreased from 57.0% to 54.2%[33] - Current liabilities exceeded current assets by approximately HKD 211.3 million, with cash and cash equivalents at HKD 145.3 million[56] Operational Efficiency - The company maintained a cost-effective steel procurement mechanism and improved off-site rebar cutting and bending efficiency to sustain profitability[17] - The accounts receivable decreased from HKD 449.6 million in 2023 to HKD 386.1 million in 2024, indicating improved collection efficiency[32] - Inventory reduced from approximately HKD 473.1 million to about HKD 380.6 million, a decrease of 19.5% attributed to falling steel prices[33] Market Outlook - The company anticipates continued pressure on rental rates and occupancy levels in the short term due to increased supply in the real estate market[26] - The company remains cautiously optimistic about economic development in Shanghai and Hong Kong, supported by government policies aimed at stimulating the property market[28] - The company plans to enhance its property positioning and leasing strategies, focusing on specific vertical industries such as healthcare to improve occupancy rates[29] Capital Management - The company aims to maintain prudent capital management measures to reduce business and macro risks while delivering sustainable growth and value to clients and shareholders[29] - The company has unutilized bank financing of HKD 825.4 million and utilized bank financing of HKD 1,006.3 million, ensuring sufficient financial resources for operations[46] - The group will continue to monitor liquidity and operational cash flow, implementing cost control measures to mitigate the impact of macroeconomic factors such as interest rate hikes[106] Employee and Governance - The total employee cost for the year was approximately HKD 130.5 million, an increase from HKD 117.7 million in the previous year, reflecting a focus on talent retention and training[138] - The company has adopted the corporate governance code and confirmed compliance with its standards by all directors during the year[160]
沪港联合(01001) - 2024 - 年度业绩