Financial Performance - The group reported a revenue of HKD 1.2 billion for the fiscal year ending March 31, 2024, representing a 15% increase compared to the previous year[25]. - Total revenue for the fiscal year ending March 31, 2024, was HKD 775.6 million, a decrease of 13.3% from HKD 894.7 million in the previous year[32]. - The net profit attributable to the company's owners increased to HKD 85.2 million, up 7.2% from HKD 79.5 million in the previous year, primarily due to improved product gross margins and increased interest income[32]. - Gross profit for the same period was HKD 240,785,000, down 10.8% from HKD 269,941,000 in 2023[166]. - Operating profit increased to HKD 86,740,000, up 4.0% from HKD 82,779,000 in the previous year[166]. - Net profit for the year was HKD 85,191,000, representing an increase of 7.2% compared to HKD 79,452,000 in 2023[166]. - Basic and diluted earnings per share rose to HKD 9.37, up from HKD 8.73 in the prior year, reflecting a growth of 7.3%[166]. - The company reported a total comprehensive income of HKD 82,904,000 for the year, compared to HKD 78,435,000 in 2023, an increase of 5.9%[166]. Revenue Growth and Projections - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[25]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on luxury jewelry lines[25]. - Market expansion plans include entering two new Asian markets, aiming for a 5% market share within the first year[25]. - A new marketing strategy focusing on digital channels is anticipated to increase customer engagement by 30%[25]. Cost Management and Efficiency - The company aims to reduce operational costs by 8% through efficiency improvements in supply chain management[25]. - The distribution and selling costs decreased to HKD 109.4 million from HKD 128.2 million, a reduction of 14.7%[32]. - The company's administrative expenses increased to HKD 52.4 million, up 3.8% from HKD 50.5 million, mainly due to higher employee salaries and bonuses[32]. Dividends and Shareholder Returns - The board has approved a dividend of HKD 0.50 per share, reflecting a 25% increase from the previous year[25]. - The board proposed a final dividend of HKD 0.026 per share, compared to HKD 0.020 per share in 2023, and a special dividend of HKD 0.000 per share, down from HKD 0.080 per share in 2023, totaling HKD 23.6 million[28]. - The company declared an interim dividend of HKD 0.4 per share and proposed a final dividend of HKD 2.6 per share for the fiscal year ending March 31, 2024, compared to HKD 2.0 per share in the previous year[54]. - The company paid dividends totaling HKD 94,228,000 during the year, significantly higher than the HKD 18,209,000 paid in the previous year[174]. Inventory and Asset Management - The group reported inventory of approximately HKD 414,979,000 as of March 31, 2024, primarily consisting of jewelry, gold ornaments, and watches[149]. - The provision for inventory impairment and obsolescence amounted to approximately HKD 7,894,000 for the fiscal year ending March 31, 2024[149]. - The company's inventory increased by HKD 35,784,000, compared to an increase of HKD 37,056,000 in the previous year, showing a slight improvement in inventory management[174]. Corporate Governance and Compliance - The company has established a robust environmental, social, and governance reporting system, with annual reports available on its website[48]. - The board of directors includes a mix of executive and non-executive members, ensuring compliance with independence standards[62]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, with some deviations noted[1]. - The audit committee consists of three members, with a meeting attendance rate of 100% for the chairman and other members during the fiscal year ending March 31, 2024[119]. Risk Management - The risk management framework includes a three-line model, with the board of directors responsible for risk assessment and management[126]. - The internal audit department has conducted independent evaluations of the risk management and internal control systems, identifying areas for improvement[110]. - The company has established a risk universe map to ensure all risk areas, including environmental, social, and governance risks, are identified[135]. - The audit committee conducts reviews of the risk management and internal control systems three times a year, ensuring adequate resources and training for effective systems[128]. Employee and Management Structure - The company has approximately 139 employees as of March 31, 2024, with a performance-based bonus scheme in place[49]. - The gender ratio among all employees as of March 31, 2024, is 58% female to 42% male, with a 2:1 ratio of female to male in senior management[120]. - The company appointed a new CEO, Ms. Wu Yingxian, effective May 2, 2024[102]. Future Outlook - Future outlook suggests potential improvement in consumer sentiment due to anticipated interest rate cuts and stabilization in the stock and property markets[38].
景福集团(00280) - 2024 - 年度财报