Financial Performance - The company's net profit attributable to owners decreased by 12.3% from approximately HKD 36,011,000 for the year ended March 31, 2023, to approximately HKD 31,584,000 for the year ended March 31, 2024[3]. - Basic earnings per share for the year ended March 31, 2024, was approximately HKD 3.16, down from HKD 3.60 for the previous year[3]. - The group recorded a pre-tax profit of HKD 34,631,000 for the fiscal year ending March 31, 2024, compared to HKD 49,070,000 for the fiscal year ending March 31, 2023[26]. - The company reported a net loss attributable to non-controlling interests of HKD 2,048,000 for the year ended March 31, 2024, compared to a profit of HKD 5,444,000 in the previous year[5]. - The annual profit attributable to the company's owners decreased to HKD 31,584,000 in 2024 from HKD 36,011,000 in 2023, a decline of about 12.5%[36]. - Profit attributable to owners decreased by approximately 12.3% from HKD 36,011,000 to HKD 31,584,000, with basic earnings per share dropping from approximately HKD 3.60 to HKD 3.16[62]. Revenue and Growth - Total revenue for the year ended March 31, 2024, was HKD 334,604,000, an increase from HKD 239,876,000 in the previous year, representing a growth of approximately 39.5%[4]. - For the fiscal year ending March 31, 2024, total revenue reached HKD 334,604,000, with external revenue from ship leasing and related services at HKD 145,475,000, ship management services at HKD 26,379,000, and maritime construction services at HKD 162,750,000[24]. - Total revenue increased by approximately 39.5% from HKD 239,876,000 for the year ended March 31, 2023, to HKD 334,604,000 for the year ended March 31, 2024[52]. Expenses and Costs - Administrative expenses rose to HKD 68,413,000 for the year ended March 31, 2024, compared to HKD 43,338,000 in the previous year, indicating an increase of approximately 57.9%[4]. - Other income decreased from HKD 4,734,000 in the fiscal year ending March 31, 2023, to HKD 2,667,000 in the fiscal year ending March 31, 2024, primarily due to the absence of government subsidies[30]. - Financing costs rose from HKD 60,000 to HKD 824,000, attributed to interest expenses from new lease liabilities and increased bank borrowings[59]. - Revenue cost rose by approximately 58.8% from HKD 154,424,000 to HKD 245,194,000 during the same period[53]. - Gross profit for the year ended March 31, 2024, was HKD 89,410,000, compared to HKD 85,452,000 for the previous year, reflecting a slight increase of approximately 3.4%[4]. - Gross profit increased by approximately 4.6% from HKD 85,452,000 to HKD 89,410,000, while gross margin decreased by about 8.9 percentage points to approximately 26.7%[54]. Dividends - The board proposed a final dividend of HKD 0.01 per share for the year ended March 31, 2024, totaling HKD 10,000,000, compared to HKD 18,000,000 for the previous year[3]. - The company confirmed a dividend of HKD 10,000,000 for the year ending March 31, 2024, down from HKD 18,000,000 in 2023, reflecting a reduction of approximately 44.4%[35]. - Proposed final dividend per share decreased from HKD 1.8 to HKD 1.0, totaling HKD 10,000,000 for the year[63]. Assets and Liabilities - The company's total assets as of March 31, 2024, were HKD 311,360,000, compared to HKD 301,482,000 as of March 31, 2023, showing a growth of approximately 3.0%[7]. - The net current assets decreased from HKD 157,985,000 in the previous year to HKD 128,305,000, a decline of approximately 18.9%[7]. - The company's total equity increased slightly from HKD 284,202,000 in the previous year to HKD 289,244,000, representing a growth of approximately 1.5%[8]. - Trade payables rose to HKD 35,882,000 in 2024 from HKD 16,509,000 in 2023, indicating a significant increase of approximately 117.5%[43]. - Trade receivables from third parties increased to HKD 62,847,000 in 2024 from HKD 43,825,000 in 2023, marking an increase of about 43.5%[39]. - The company reported a decrease in deferred tax expenses from HKD 3,214,000 in 2023 to HKD 680,000 in 2024, a reduction of about 78.8%[33]. Investments and Acquisitions - The company acquired an additional 34% stake in a subsidiary for a total consideration of HKD 23,800,000, with an upfront cash payment of HKD 11,900,000[38]. - The company completed the acquisition of an additional 34% stake in Run Li Tin Kee for a total consideration of HKD 23,800,000, with HKD 11,900,000 paid in cash and the remaining balance settled via promissory notes at an interest rate of 5%[71]. - The sellers guaranteed that the audited net profit attributable to the owners of Run Li Tin Kee for the fiscal years ending March 31, 2024, 2025, and 2026 would not be less than HKD 70,000,000; if there is a shortfall, the sellers will pay 17% of each shortfall within 30 days after the financial statements are published[71]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with it since its listing, except for the provision that the roles of Chairman and CEO should not be held by the same person[79]. - The audit committee, composed of three independent non-executive directors, has reviewed the annual financial performance announcement and the consolidated financial statements for the year ending March 31, 2024[86]. Shareholder Information - The company will suspend the transfer of shares from August 21, 2024, to August 27, 2024, inclusive[88]. - Shareholders listed on August 27, 2024, will have the right to attend the annual general meeting[88]. - A proposed final dividend will be subject to approval at the annual general meeting[88]. - The company will suspend share transfer registration for one day on September 5, 2024, to determine eligibility for the proposed final dividend[88]. - All share transfer documents must be submitted by 4:30 PM on September 4, 2024, to qualify for the final dividend[88]. - The annual report for the year ending March 31, 2024, will be published on the Stock Exchange and the company's website[90]. - The board of directors includes two executive directors and three independent non-executive directors[92].
润利海事(02682) - 2024 - 年度业绩