Financial Performance - The profit attributable to equity holders for the year 2024 is HKD 74.9 million, a significant recovery from a loss of HKD 20.0 million in 2023[136]. - The total comprehensive income attributable to equity holders for the year was HKD 73.3 million, compared to a loss of HKD 17.8 million in the previous year[197]. - Earnings per share improved to HKD 0.121 from a loss of HKD 0.032 in 2023[136]. - The company maintained a consistent dividend of HKD 0.24 per share for both 2024 and 2023[136]. - The total equity decreased by 1% to HKD 6,440.9 million from HKD 6,510.3 million in the previous year[136]. Assets and Liabilities - Non-current assets, including interests in associates, decreased to HKD 295.4 million in 2024 from HKD 358.7 million in 2023, a decline of approximately 17.6%[13]. - The group's total assets less current liabilities amounted to HKD 9,600.4 million in 2024, down from HKD 9,675.9 million in 2023, representing a decrease of about 0.8%[13]. - The group's current assets were reported at HKD 6,369.0 million in 2024, slightly down from HKD 6,414.8 million in 2023, indicating a decrease of about 0.7%[13]. - The group's non-current liabilities increased to HKD 32.5 million in 2024 from HKD 20.4 million in 2023, marking an increase of approximately 59.3%[13]. - As of March 31, 2024, the group's cash net amount after deducting loans was HKD 1,203.8 million, down from HKD 1,296.6 million in the previous year, indicating a decrease of about 7.1%[38]. Governance and Management - The company believes that having the same individual serve as both chairman and CEO enhances decision-making efficiency and responsiveness to market changes[90]. - The company’s governance structure includes clear divisions of responsibility between the board and management, with significant decisions made by the board[82]. - The company has established a remuneration committee that held one meeting during the fiscal year, focusing on compensation policies for directors and senior management[96][100]. - The audit committee held two meetings during the fiscal year ending March 31, 2024, to review financial reporting and risk management systems[87][95]. - All directors participated in continuous professional development during the year, ensuring they remain informed about their responsibilities[78][89]. Risk Management - The group has established policies to manage various risks, which are regularly reviewed and improved to align with market changes and regulatory requirements[44]. - The group is committed to continuous risk assessment to gain comprehensive insights into risks and enhance internal controls and risk management procedures[44]. - The board is responsible for risk management and internal control systems, which are regularly reviewed for effectiveness[120]. - The group has implemented a treasury and financing policy focused on risk management and control, minimizing foreign exchange fluctuation risks[41]. Supplier and Customer Relations - The top five suppliers accounted for about 49% of the group's total procurement, while the largest customer represented approximately 44% of the group's revenue[14]. - The group maintains good relationships with suppliers and customers to achieve both short-term and long-term goals[54]. - As of March 31, 2024, the company had 324 local suppliers and 2 overseas suppliers in its Hong Kong operations[183]. Community Engagement - The company invested HKD 38,10,300 and contributed 95 hours to community investment during the fiscal year[184]. - The company anticipates that recent government initiatives to revitalize the tourism industry will positively impact the local hotel sector[186]. Shareholder Information - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million for the year[19]. - The company proposed a final dividend of HKD 0.12 per ordinary share, totaling HKD 74.1 million to be distributed to shareholders registered by September 9, 2024[142]. - The company did not repurchase any shares during the year, nor did it purchase or sell any shares of the company or its subsidiaries[163]. Employee Information - The group employed a total of 149 employees in Hong Kong and the United States as of March 31, 2024, with employee expenses (excluding director remuneration) amounting to HKD 57.7 million for the fiscal year[53]. - The gender ratio of all employees, including senior management, was 2.82:1 as of March 31, 2024, with one female director on the board[59]. Financial Management - The company has a cautious and strict approach to financial management, aiming for long-term sustainable growth and enhanced shareholder value[192]. - The company’s financial resources and core competitiveness are thoroughly considered in its business strategy formulation[192]. - The company has implemented procedures to safeguard assets and ensure the reliability of financial information[117].
TAI CHEUNG HOLD(00088) - 2024 - 年度财报