Financial Performance - The company's annual profit for the year ending March 31, 2024, was HKD 55,871,825, a significant increase from HKD 29,027,941 in the previous year, representing an increase of 92.5%[3] - Total comprehensive income for the year was HKD 72,494,147, compared to HKD 12,532,755 in the previous year, marking a substantial increase of 478.5%[3] - Basic and diluted earnings per share increased to HKD 25.0 from HKD 12.3, representing a growth of 103.3%[6] - The total comprehensive income attributable to the company's owners was HKD 73,261,335, compared to HKD 11,993,968 in the previous year, showing an increase of 510.5%[3] - The annual profit attributable to the year was HKD 55,871,825, compared to HKD 29,027,941 in the previous year, representing an increase of 92.5%[42] - The group reported a profit attributable to shareholders of HKD 56.4 million, an increase of HKD 28.6 million or 103.0% from HKD 27.8 million in the previous fiscal year, primarily due to net gains from an associated company of approximately HKD 262.6 million[138] Revenue and Sales - Revenue for the year was HKD 192,687,470, down from HKD 238,533,661 in the previous year, indicating a decrease of 19.2%[6] - The total revenue for the year ended March 31, 2024, was HKD 128,249,430, with a cost of sales amounting to HKD 128,239,013, resulting in a gross profit margin of approximately 0.01%[20] - Revenue from external customers in Hong Kong decreased to HKD 50,615,963 from HKD 57,403,498, a decline of 14.4%[44] - The total revenue from Sequin Developments was HKD 3,035,189 in 2024, down from HKD 7,856,087 in 2023, indicating a decrease of approximately 61.4%[100] - The production and distribution of plastic packaging materials reported revenue of HKD 166.6 million, a decline of HKD 46.7 million or 21.9% from HKD 213.3 million in the previous year, despite an increase in profit to HKD 21.8 million, up 6.5%[130] Assets and Liabilities - Non-current assets increased significantly to HKD 1,348,024,207 from HKD 1,169,561,797, representing a growth of approximately 15.25%[24] - Current assets decreased to HKD 287,295,861 from HKD 359,458,831, indicating a decline of about 20.06%[24] - The total liabilities decreased from HKD 1,182,323,274 to HKD 1,465,248,868, showing an increase of approximately 24.00%[25] - The net asset value increased to HKD 1,145,715,926 from HKD 1,079,984,380, which is an increase of about 6.09%[25] - The group's total assets related to trade and other receivables reached HKD 101,584,637 in 2024, up from HKD 96,587,097 in 2023, marking an increase of approximately 5.2%[68] Investment and Fair Value Changes - The company reported a loss from the fair value changes of investment properties amounting to HKD 193,949,870, compared to a profit of HKD 13,387,663 in the previous year[6] - The company's investment properties reported a fair value change loss of HKD 193,949,870, indicating significant market challenges[42] - The group reported a loss of HKD 26.3 million from the deemed disposal of part of its investment in Titan Dragon, reducing its stake from 33.22% to 28%[164] Expenses and Costs - The financial costs for the year were HKD 18,078,407, an increase from HKD 9,752,381 in the previous year, indicating an increase of 85.5%[6] - Total income tax expense for the year 2024 amounted to HKD 4,351,477, an increase from HKD 2,946,454 in 2023, reflecting a significant rise of approximately 47.8%[61] - The cost of sold inventory decreased to HKD 102,415,839 in 2024 from HKD 139,756,081 in 2023, representing a reduction of approximately 26.7%[78] - Direct operating expenses for rental income were HKD 2,135,743 in 2024, down from HKD 2,390,599 in 2023, a decrease of about 10.7%[78] Operational Changes - The company has suspended hotel operations since June 1, 2020, for renovations and expansions, impacting revenue generation[22] - Major renovations and expansion works at the Hua Guo Hotel are ongoing, with the upper structure completed in October 2023 and expected to obtain occupancy permits by Q3 2024[143] - The hotel operations segment has not generated any revenue since June 1, 2020, due to ongoing renovations and expansion[128] Corporate Governance and Strategy - The company has adopted the corporate governance code as per the listing rules, with the chairman and CEO roles currently held by the same individual, which the board believes does not compromise the balance of power[173] - The audit committee, consisting of four independent non-executive directors and two non-executive directors, reviewed the group's financial reporting procedures and risk management for the fiscal year ending March 31, 2024[177] - The company plans to cautiously review and adjust its business strategies in light of ongoing geopolitical uncertainties[142] Employee and Workforce - The group had 244 employees as of March 31, 2024, down from 270 in 2023, with compensation determined based on job nature and market conditions[165]
华信地产财务(00252) - 2024 - 年度业绩