Revenue Performance - Total revenue for the year ended March 31, 2024, was HKD 954,128,000, representing a 12.8% increase from HKD 845,797,000 in 2023[3] - Revenue from Hong Kong was HKD 505,713,000, up 7.3% from HKD 471,503,000 in the previous year[3] - Revenue from mainland China increased by 17.3% to HKD 431,348,000, compared to HKD 367,587,000 in 2023[3] - Total revenue from customer contracts in 2024 was HKD 954,128,000, a 12.8% increase from HKD 845,797,000 in 2023[67] - The group recorded revenue of approximately HKD 954,100,000 for the year, representing an increase of about 12.8% compared to the previous year[107] - The group's revenue for the year was approximately HKD 954.1 million, an increase of about 12.8% compared to HKD 845.8 million in 2023, primarily due to recovery from the negative impacts of COVID-19 in Hong Kong and China[116] Profitability and Earnings - The net profit attributable to shareholders decreased by 41.0% to HKD 32,970,000 from HKD 55,880,000 in the previous year[3] - Basic earnings per share for the year was HKD 2.86, down 35.1% from HKD 4.41 in 2023[3] - The company's basic earnings per share (EPS) for the current year is HKD 0.0285, compared to HKD 0.0438 in the previous year[44] - The group reported a profit attributable to equity holders of approximately HKD 39,000,000, a significant improvement compared to the previous year[107] - The group's profit for the year was approximately HKD 33 million, a decrease from HKD 55.9 million in 2023, primarily due to the sale of certain properties in Hong Kong[149] Expenses and Costs - The cost of goods sold for the company increased to HKD 246.127 million in 2024 from HKD 230.825 million in 2023, reflecting a rise of about 6.6%[58] - Employee benefits expenses rose to HKD 312.601 million in 2024, compared to HKD 288.382 million in 2023, marking an increase of approximately 8.4%[58] - Property rental and related expenses increased by 102.8% to approximately HKD 54.1 million from HKD 26.7 million in 2023, as no rental concessions were received this year[120] - Other operating expenses totaled HKD 151,258,000, an increase from HKD 140,902,000 in the previous year[94] - Other operating expenses increased by approximately 7.3% to about HKD 151.3 million, accounting for 15.9% of the group's revenue (2023: 16.7%) [146] Asset and Liability Management - Non-current assets decreased from HKD 653,715 thousand in 2023 to HKD 580,422 thousand in 2024, representing a decline of approximately 11.2%[15] - Current assets decreased from HKD 385,904 thousand in 2023 to HKD 309,902 thousand in 2024, a reduction of about 19.7%[15] - Total liabilities decreased from HKD 289,497 thousand in 2023 to HKD 242,483 thousand in 2024, showing a decrease of approximately 16.2%[15] - The net assets of the company decreased from HKD 534,160 thousand in 2023 to HKD 485,314 thousand in 2024, a decline of about 9.2%[26] - The company's accounts receivable decreased from HKD 4,162 thousand in 2023 to HKD 2,636 thousand in 2024, a decline of about 36.6%[39] Strategic Initiatives and Future Plans - The company plans to focus on expanding its restaurant network in Singapore, increasing from 3 to 4 locations[3] - The company is facing challenges in the restaurant industry due to rising costs of food, rent, and utilities, which continue to pressure profit margins[45] - The group plans to diversify its business scope and revenue sources by actively developing new brands and exploring new business models to adapt to changing consumer spending patterns[154] - The group aims to enhance delivery services and marketing promotions to attract more customers while controlling costs to maintain profit margins[129] - The group will leverage its strategic partnership with Singapore's Paradise Group to seek development opportunities in Singapore and other Southeast Asian regions[154] Dividends and Shareholder Returns - The company has initiated a mid-term dividend of HKD 0.01 per share, amounting to approximately HKD 14.112 million, which was paid to shareholders[59] - The company declared a special dividend of HKD 0.04 per share for the fiscal year 2023[73] - The total dividend for the year, including the interim dividend, will be HKD 0.035 per share, compared to none in 2023[132] - The first interim dividend for the year is set at HKD 0.01 per share, amounting to approximately HKD 14,112,000, to be paid in cash on December 22, 2023[157] - The second interim dividend of HKD 0.025 per share is proposed, totaling approximately HKD 35,280,000, expected to be paid on or around July 31, 2024[158] Operational Changes - The number of restaurants in Hong Kong decreased from 34 to 29, while mainland China locations decreased from 39 to 36[3] - The company closed 8 restaurants in Hong Kong and opened 3 new ones during the year[82] - The group closed 7 contract-expired stores while opening 3 new Tsui Wah restaurants and 1 Tsui Wah Express restaurant in the Greater Bay Area, continuing its strategy of flagship and express outlets[111] - The restaurant in Macau will undergo renovations in mid-2024, aiming to attract new customers[87] - The introduction of a self-service ordering system in Macau restaurants has significantly improved table turnover rates[86] Government Support and Subsidies - The company received government subsidies totaling HKD 210,000,000 in 2024, compared to HKD 20,557,000 in 2023[69] Audit and Compliance - The audit committee has been established to oversee the company's internal control procedures and review financial statements[163] - The financial figures for the year have been compared and deemed consistent by the independent auditor, PricewaterhouseCoopers[167]
翠华控股(01314) - 2024 - 年度业绩