Financial Performance - The company's total revenue for the year ended March 31, 2024, was HKD 501,313,169, an increase from HKD 450,750,012 in the previous year, representing an increase of approximately 11.2%[3] - The hotel operations segment reported revenue of HKD 127,472,563, up from HKD 89,519,431, indicating a growth of about 42.3% year-over-year[3] - The total profit for the year was HKD 48,843,913, compared to HKD 41,133,258 in the previous year, reflecting an increase of approximately 18.5%[16] - The company reported a pre-tax profit of HKD 65,498,446, with income tax expenses of HKD 16,654,533, resulting in a net profit margin of approximately 73.9%[6] - The gross profit for the year was HKD 120,927,099, compared to HKD 107,799,872 in the previous year, indicating a year-over-year increase of about 12.3%[68] - The net profit for the year was HKD 41,036,362, down from HKD 48,843,913 in the previous year, reflecting a decrease of approximately 16.0%[68] - Basic earnings per share decreased to HKD 4.5 cents from HKD 5.2 cents, a decline of about 13.5%[69] - The proposed final dividend per share is HKD 1.2 cents, down from HKD 1.8 cents in the previous year, representing a reduction of 33.3%[69] Borrowings and Liabilities - The company’s total borrowings as of March 31, 2024, were approximately HKD 4,929,000,000, an increase of about HKD 82,000,000 from HKD 4,847,000,000 in the previous year[25] - As of March 31, 2024, 75% of the company's borrowings were in HKD, 22% in CAD, 2% in GBP, and the remaining 1% in JPY and USD[26] - Total liabilities increased to HKD 6,037,858,443 from HKD 6,154,917,862, reflecting a decrease of about 1.9%[72] - The total liabilities increased to HKD 6,031,776,024 from HKD 5,962,158,380, reflecting a rise of approximately 1.2%[90] Capital Expenditure and Assets - The company’s capital expenditure for the year was HKD 228,523,460, with significant investments in property development and hotel operations[8] - Non-current assets increased to HKD 5,700,183,460 from HKD 5,614,061,618, showing a slight growth of about 1.5%[71] - The group’s non-current assets increased to HKD 5,672,230,048 from HKD 5,580,950,418, showing a growth of approximately 1.6%[95] - The company reported a significant increase in investment properties, rising to HKD 5,059,548,397 from HKD 4,890,224,988, which is an increase of approximately 3.5%[71] - The group's total assets as of March 31, 2024, amounted to HKD 8,580,597,294, compared to HKD 8,508,306,955 as of March 31, 2023, reflecting a slight increase of about 0.85%[119] Shareholder Information - The company plans to pay a final dividend of HKD 0.012 per share for the year ended March 31, 2024, down from HKD 0.018 per share in the previous year[20] - The company plans to suspend the registration of shareholders from September 2 to September 3, 2024, to determine eligibility for the proposed dividend[64] - The company will hold its annual general meeting on August 23, 2024, with a suspension of share transfer registration from August 16 to August 23, 2024[150] Employee and Governance - The group has approximately 210 employees as of March 31, 2024, with total staff costs including directors' remuneration amounting to HKD 101,000,000, down from HKD 110,000,000 in the previous year[139] - The company has established an audit and risk management committee to review and monitor the financial reporting process and internal controls[157] - The company has welcomed new board members, enhancing its governance structure[149] - The chairman and managing director will not be required to rotate out of their positions, ensuring stability in the company's strategic direction[148] Market and Operational Challenges - The group anticipates continued challenges in its watch manufacturing and accessories business due to global delays in interest rate cuts, particularly in the United States[52] - The revenue from watch manufacturing and accessories trade was HKD 411,751,950, showing a slight decrease from HKD 411,793,738 in the previous year[94] - Total revenue from the watch manufacturing and trading segment for the year ended March 31, 2024, was HKD 190,455,728, a decrease from HKD 199,136,628 in the previous year, representing a decline of approximately 3.4%[119] Cash Flow and Financial Stability - As of March 31, 2024, the group's total bank balance and cash amounted to approximately HKD 475 million, a decrease from HKD 852 million in 2023[40] - The company’s cash and cash equivalents decreased to HKD 475,025,611 from HKD 852,304,897, a decline of about 44.2%[71] - The group confirmed government subsidies related to COVID-19 amounting to HKD 3,391,200 for the year ended March 31, 2023[97] - The group is focused on maintaining its financial resources and liquidity through effective treasury policies[152] - The group’s capital debt ratio as of March 31, 2024, was 1.34, down from 1.37 in the previous year, indicating improved financial stability[137] Project Developments - The group has a 100% interest in residential properties located at 1 South Bay Road, Hong Kong, and 43 remaining residential units in Phase III at 88 Queen Street East, Toronto, Ontario, Canada[35] - The group has completed the construction of its luxury residential project at 1 South Bay Road, Hong Kong, receiving the occupancy permit from the government[38] - The group is progressing well with the indoor engineering of its mixed-use project located at 88 Queen Street East, Toronto, Canada[136] - The group's mixed-use project in Toronto has reached the topping-off stage, with the shell largely completed[107]
NATIONAL ELEC H(00213) - 2024 - 年度业绩