Financial Performance - For the fiscal year 2024, the company reported revenue of approximately HKD 520.8 million, an increase of 7.0% compared to HKD 486.8 million in the fiscal year 2023[14]. - The gross profit for fiscal year 2024 was HKD 121.9 million, reflecting a 16.0% increase from HKD 105.1 million in the previous year[14]. - Net profit for fiscal year 2024 reached HKD 34.9 million, marking a 20.3% increase from HKD 29.0 million in fiscal year 2023[14]. - Basic earnings per share for fiscal year 2024 were HKD 8.40, up 21.0% from HKD 6.94 in the previous year[14]. - The distribution business generated revenue of HKD 269.1 million, a 10.2% increase from HKD 244.3 million in fiscal year 2023[16]. - The retail business reported revenue of HKD 251.7 million, which is a 3.8% increase from HKD 242.5 million in the previous year[16]. - The overall financial performance significantly improved due to the recovery of the Hong Kong economy from the COVID-19 pandemic[16]. - Profit attributable to the company's owners for fiscal year 2024 was approximately HKD 33.6 million, up about 20.9% from HKD 27.8 million in fiscal year 2023[44]. - Distribution business revenue increased to approximately HKD 269.1 million in fiscal year 2024, compared to HKD 244.3 million in fiscal year 2023, accounting for about 51.7% of total revenue[46]. - Retail business revenue rose to approximately HKD 251.7 million in fiscal year 2024, up from HKD 242.5 million in fiscal year 2023, representing about 48.3% of total revenue[51]. Business Strategy and Operations - The company plans to pay a final dividend of HKD 3.0 cents per share for fiscal year 2024, compared to HKD 2.5 cents in fiscal year 2023, resulting in a total dividend payout ratio of approximately 65.3%[17]. - The company successfully conducted marketing activities that stimulated sales growth, reflecting the effectiveness of its strategic initiatives[21]. - The company continues to focus on promoting existing products while actively sourcing new quality products globally to capitalize on the economic recovery in Hong Kong[21]. - The group aims to expand its brand and product portfolio in the distribution business to remain competitive in the market[25]. - The retail business will continue to enhance customer experience and product innovation to solidify its market position[25]. - The group anticipates challenges in the Hong Kong retail market due to declining consumer spending and rising operational costs[25]. - The group is committed to adjusting its business model to navigate uncertainties in the economic environment[25]. - The average same-store sales growth rate for the fiscal year 2024 is projected to be 8.4%, up from 6.9% in 2022[54]. - The average selling price of tea beverages increased to HKD 27.9 per cup in 2024 from HKD 26.4 in 2023[56]. Corporate Governance - The company has adopted corporate governance principles to enhance shareholder value and ensure sustainable development[77]. - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, emphasizing effective board leadership and accountability[101]. - The board consists of seven directors, including four executive directors and three independent non-executive directors, ensuring a high level of independence[107]. - The company has maintained compliance with the corporate governance code, except for the separation of roles between the Chairman and CEO, which are held by the same individual[101]. - The board is responsible for establishing strategic plans and overseeing operational and production plans, as well as financial reporting and risk management[105]. - The company has a strong commitment to high standards of corporate governance to protect shareholder interests and ensure sustainable development[101]. - The board will periodically review its structure and composition to maintain high corporate governance standards[102]. - The company has confirmed that all directors complied with the securities trading standards during the reporting period[103]. - The independent non-executive directors bring extensive experience from various sectors, enhancing the board's effectiveness[96]. - The remuneration committee held two meetings during the year ending March 31, 2024, focusing on the remuneration policies for directors and senior management[117]. Risk Management - The group continues to face foreign exchange risks primarily related to transactions in Japanese Yen, New Taiwan Dollar, and US Dollar[81]. - The company maintains a prudent treasury policy with monitoring procedures in place to ensure timely recovery of overdue debts[83]. - The risk management and internal control system has been evaluated and deemed effective for the fiscal year ending March 31, 2024[138]. - The company has established a clear organizational structure with defined responsibilities and authority for risk management[142]. - The company has no internal audit function but believes that the current organizational structure provides sufficient risk management oversight[138]. - The board conducts an annual review of the effectiveness of the risk management and internal control systems, including financial, operational, and compliance controls[138]. Sustainability and Corporate Social Responsibility - The company has committed to integrating sustainability into its core business strategy, emphasizing its role as a key driver of global sustainable development goals in the food and beverage industry[158]. - Significant achievements in the fiscal year ending March 31, 2024, include a focus on reducing water consumption, which is highlighted as one of the most important accomplishments[159]. - The company has developed a roadmap to address climate challenges over the next decade, supporting Hong Kong's goal of achieving net-zero carbon emissions by 2050[159]. - The company has actively engaged with stakeholders to identify significant environmental, social, and governance issues, enhancing corporate social responsibility practices[163]. - The company plans to explore additional green and innovative solutions to further reduce its carbon footprint as part of its sustainability journey[159]. - The company has established a diverse workforce and aims to strengthen relationships with local suppliers to support the community[158]. - The company has implemented measures to ensure transparency and ethical business operations, which are key concerns for shareholders and investors[164]. - The company’s environmental, social, and governance report is prepared in accordance with the guidelines to ensure balanced and measurable disclosures[157]. - The company emphasizes the importance of stakeholder communication and the need for continuous improvement in its engagement strategies[163]. Employee Welfare and Compliance - The company emphasizes the importance of occupational health and safety, employee compensation, benefits, and rights, as well as product health and safety[172]. - The company has established a comprehensive employee handbook detailing office regulations and benefits, distributed to all employees for reference[191]. - The company actively monitors potential infringers in the market and takes swift action to protect its intellectual property rights[184]. - The company has developed a clean standard procedure to ensure compliance with its policies and maintain high hygiene standards in all cooking areas[182]. - The company reported a total of 203 workdays lost due to minor injuries during the reporting period, with management implementing safety measures to prevent future incidents[194]. - There were no work-related fatalities reported for the fiscal year ending March 31, 2024, and no violations of Hong Kong health and safety laws were noted[195]. - The company provides ongoing training for employees to enhance knowledge acquisition and retention, which is considered a key element for business success[197]. - Employees participated in hygiene supervisor training courses organized by the Food and Environmental Hygiene Department to comply with health manager and hygiene supervisor program requirements[197]. - The company adheres strictly to laws and regulations regarding the prevention of child labor and forced labor, conducting identity checks during the hiring process[198]. - No incidents of non-compliance with labor standards were reported for the fiscal year ending March 31, 2024[199].
宾仕国际(01705) - 2024 - 年度财报