Market Capitalization and Financial Performance - As of March 31, 2024, the market capitalization was HK$404,291,840, with a closing price of HK$0.80[11] - As of June 30, 2024, the market capitalization decreased to HK$343,648,064, with a closing price of HK$0.68[11] - The Company reported reserves of approximately RMB 306,300,000 available for distribution to shareholders as of March 31, 2024[165] - The total dividend paid/payable for this year amounted to HK2.0 cents per share, reflecting a decrease from the previous year's total of HK4.0 cents per share[82][86] - The Board has recommended a final dividend of HK2.0 cents per share, down from HK4.0 cents per share in the previous year, resulting in a total dividend of HK2.0 cents per share for the year[82][86] Corporate Governance and Compliance - The Group has applied the principles of the Corporate Governance Code and complied with all code provisions for the year ended 31 March 2024[92][95] - The Company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[91][95] - The Board has reviewed the Shareholders Communication Policy, confirming its effectiveness during the year[50] - The Group has recognized the importance of compliance with regulatory requirements and has implemented systems to ensure ongoing adherence[171] - The Group has implemented anti-corruption and anti-bribery measures, with internal audits conducted to ensure compliance[70] Risk Management - The Group's success risks are categorized into four types: strategic, operational, compliance, and financial & reporting[28] - Operational risks include inefficient resource use and increased material costs, which can negatively impact profitability[28] - Compliance risks involve violations of laws in areas such as environmental regulations and employee health & safety[28] - Financial risks encompass currency exchange fluctuations, funding issues, and cash flow management[28] - The Company has implemented an Enterprise Risk Management (ERM) framework to enhance its ability to manage existing and emerging risks[30] - The ERM process ensures that all business risks are identified, measured, and managed effectively within a structured framework[30] - The risk assessment techniques are regularly monitored to verify their proper application and effectiveness[42] - The Group adopts a mixed top-down and bottom-up approach for risk analysis, identifying key risks and uncertainties in the PRC real estate market[195] Operational Management - The company has conducted operational management audits focusing on project tendering, budgeting, and other high-risk areas during the year[26] - The internal audit department reported key controls and risks to the board and audit committee, ensuring deficiencies are rectified[26] - The Group's management team closely monitors project quality, progress, safety, and materials to reduce costs and deliver quality properties[154] - The Group's professional management team strictly supervises project development processes to reduce costs and enhance competitiveness in the market[178] - The Group has established a professional team to maintain close communication with relevant authorities and study policy trends to adopt a more flexible sales approach[177] Employee Management and Development - The group had approximately 60 employees on average during the year, with remuneration packages including salary and bonuses based on performance assessments[117] - The group has adopted a performance-based bonus system to incentivize employees with outstanding performance[123] - The company has established a "Cooperative Home" program to encourage talent retention by assisting employees in purchasing homes[121] - The group has provided continuous training courses to its employees to enhance their skills[118] - The Group ensures reasonable remuneration for all staff and regularly reviews its policies on remuneration and benefits[174] Future Outlook and Strategic Plans - The company plans to announce the 2023/24 results on June 18, 2024[18] - The last day to register for the entitlement to attend and vote at the 2023/24 annual general meeting is August 23, 2024[11] - The annual general meeting is scheduled for August 30, 2024[11] - The Group is focusing on the sales of Phases 4 and 5 of Castfast Villas in Dongguan and development in the Greater Bay Area, aiming for financial stability and substantial investment returns[199] - The timing of property sales and the progress of development projects may cause fluctuations in financial performance, complicating future financial predictions[198] Shareholder and Market Relations - The Company provides appropriate communication channels to shareholders, ensuring transparency and accountability[50] - The Group maintains a customer complaint handling mechanism to improve service quality[174] - The Group has a good relationship with customers and has established a complaint handling mechanism to improve service quality[196] Miscellaneous - The company entered into a disposal agreement to sell its wholly-owned subsidiary for a consideration of RMB19,800,000, which was approved by independent shareholders[116] - There are no significant future investment or capital asset plans as of March 31, 2024[114] - The Group's operations are primarily conducted through subsidiaries in Hong Kong and Mainland China, complying with relevant laws and regulations in these regions[172] - The Group's operations are subject to extensive government policies and regulations, particularly in the PRC property sector, making it susceptible to adverse policy changes[197] - The maximum number of shares that can be issued under the new share award plan is capped at 10% of the issued share capital, equating to 50,536,480 shares[181] - No share options were granted, exercised, or lapsed under the new share award plan since its adoption on August 30, 2023[193]
嘉创地产(02421) - 2024 - 年度财报