Financial Performance - Revenue for the year 2024 reached HKD 407,635 thousand, a significant increase from HKD 158,409 thousand in 2023, representing a growth of approximately 157%[19] - Gross profit for 2024 was HKD 81,335 thousand, compared to HKD 28,678 thousand in 2023, indicating a gross margin improvement[19] - The company reported a net operating loss of HKD 8,011 thousand for 2024, slightly higher than the loss of HKD 7,447 thousand in 2023[19] - The loss attributable to owners of the company for continuing operations was HKD 7,494 thousand in 2024, compared to HKD 2,780 thousand in 2023, reflecting a worsening performance[19] - Total comprehensive loss for the year was HKD 13,758 thousand in 2024, up from HKD 7,672 thousand in 2023[19] - The group reported a loss of approximately HKD 13.8 million for the fiscal year 2023/2024, an increase of 79.3% from a loss of about HKD 7.7 million in the previous year[139] - The group reported a net loss of HKD 3,365,000 from unallocated expenses/revenue for the fiscal year[59] Assets and Liabilities - As of March 31, 2024, total assets amounted to HKD 109,194,000, an increase from HKD 87,254,000 in 2023, representing a growth of approximately 25.1%[5] - The total liabilities decreased to HKD 69,038,000 in 2024 from HKD 79,869,000 in 2023, reflecting a reduction of approximately 13.5%[5] - The company’s total equity as of March 31, 2024, was HKD 6,806 thousand, an increase from HKD 5,681 thousand in 2023[22] - The group’s net asset value was approximately HKD 52.8 million as of March 31, 2024, compared to HKD 42.0 million as of March 31, 2023[158] - The company’s total payables increased to HKD 9,049 thousand in 2024 from HKD 3,600 thousand in 2023, indicating a rise in liabilities[110] Cash Flow and Liquidity - The company's cash and cash equivalents increased significantly to HKD 67,705,000 in 2024 from HKD 45,739,000 in 2023, marking a rise of about 47.9%[5] - The net current assets reached HKD 40,156,000 in 2024, compared to HKD 7,385,000 in 2023, indicating a substantial improvement in liquidity[5] - The current ratio as of March 31, 2024, improved to 1.6 times, up from 1.1 times on March 31, 2023[181] - The debt-to-asset ratio decreased significantly from 8.2% on March 31, 2023, to 1.1% on March 31, 2024, primarily due to cash inflow from share placement activities[182] Business Segments and Strategy - The company’s revenue model primarily focuses on retail sales of lifestyle products, including toys and luxury goods, through both physical stores and e-commerce platforms[11] - The group has five reportable segments, including tourism and travel technology investments, and cryptocurrency mining[56] - The company is focusing on investments in tourism and travel technology-related businesses, which may impact future growth strategies[27] - The company plans to expand its market presence and invest in new technologies, particularly in the cryptocurrency sector, which generated revenue of HKD 195,000 in 2023[68] - The company aims to diversify its business portfolio to enhance future profitability and revenue sources[117] - The group aims to diversify its business into other industries to expand revenue sources and improve profitability[143] Employee and Operational Costs - Employee benefits expenses (excluding directors' benefits) rose to HKD 41,916,000 in 2023 from HKD 16,536,000 in 2022, reflecting an increase of approximately 153%[62] - Administrative expenses rose by approximately HKD 24.8 million, a 93.5% increase, mainly due to higher employee costs[129] - Sales expenses increased by approximately HKD 11.8 million, a 229.3% rise, attributed to increased credit card fees and staff salaries[128] - Employee benefit expenses for the fiscal year 2023/2024 amounted to approximately HKD 42.1 million, a significant increase from HKD 16.9 million in the previous year[166] Market and Economic Conditions - In 2023, international tourism has recovered to 88% of pre-pandemic levels, supported by strong pent-up demand and enhanced air connectivity[119] - The company expects a full recovery by the end of 2024, driven by the release of pent-up demand and strong recovery in the Asian market[119] - For the fiscal year 2023/2024, the revenue from travel-related products and services is projected to triple compared to the previous fiscal year[139] Shareholder and Corporate Actions - The company does not recommend the payment of dividends for the fiscal year ending March 31, 2024, consistent with the previous year[108] - The company has changed its English name from "WWPKG Holdings Company Limited" to "Flydoo Technology Holding Limited," effective November 17, 2023, to enhance its corporate image[191] - The company completed a share placement on June 2, 2023, with net proceeds fully utilized by March 31, 2024[171] - The proceeds from the placement will be used for retail business operational funding, with specific allocations including HKD 2.4 million for salary payments and HKD 1.2 million for rental expenses[188]
飞道旅游科技(08069) - 2024 - 年度业绩