Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HKD 112,645,000, an increase of 9.84% compared to HKD 102,551,000 in the same period last year[6] - EBITDA for the period rose by 20.96% to approximately HKD 43,566,000, compared to HKD 36,016,000 in the previous year[2] - Net profit increased by approximately 45.24% to about HKD 14,236,000, up from HKD 9,802,000 year-on-year[2] - Total revenue for the six months ended June 30, 2024, was approximately HKD 112,645,000, representing an increase of 9.8% compared to HKD 102,551,000 for the same period in 2023[22] - The group reported a profit before tax of HKD 16,997,000, up 49.0% from HKD 11,351,000 in the previous year[22] - Net profit attributable to the company's owners for the period was HKD 12,468,000, an increase of 32.4% from HKD 9,419,000 in the same period last year[22] - Other income for the six months ended June 30, 2024, was HKD 5,610 million, an increase from HKD 5,134 million in the same period of 2023, reflecting a growth of 9.27%[37] - The group’s pre-tax profit for the six months ended June 30, 2024, was HKD 12,468 million, compared to HKD 9,419 million for the same period in 2023, indicating a growth of 32.43%[45] Revenue Sources - Revenue from elderly care services increased from approximately HKD 77,415,000 to HKD 85,958,000, reflecting an increase of about 11.04%[7] - Revenue from the Social Welfare Department's rental of fixed beds under the Improved Purchase Scheme increased from approximately HKD 23,639,000 to HKD 31,763,000, a rise of about 34.37%[8] - Revenue from day care services for the elderly rose from approximately HKD 2,380,000 to HKD 2,453,000, an increase of about 3.07%[9] - Revenue from personal clients renting beds increased from approximately HKD 51,220,000 to HKD 51,658,000, a growth of about 0.86%[10] - Revenue from sales of elderly-related products and health services grew from approximately HKD 25,136,000 to HKD 26,687,000, an increase of about 6.17%[11] - Approximately HKD 34,216,000 of revenue (over 10% of total revenue) was derived from the Hong Kong government's improvement buy-in program and daytime respite services[30] - Revenue from providing elderly care services was HKD 85,958,000, up 11.4% from HKD 77,415,000 in the previous year[31] - Revenue from the sale of elderly-related products and provision of healthcare services reached HKD 26,687,000, a slight increase from HKD 25,136,000 in the prior year[31] Operational Insights - The group operates seven elderly care homes in Hong Kong, contributing to its revenue growth[3] - The group plans to enhance staff training and expand its elderly care home network in Hong Kong to meet rising demand due to an aging population[5] - The elderly population in Hong Kong is projected to nearly double by 2040, driving demand for elderly care services[5] - Average occupancy rate for Improved Purchase Scheme elderly homes rose to 93.42% from 87.10% year-on-year[11] - The group operates primarily in Hong Kong, with all external customer revenue generated in this region[29] - The group has a single reportable operating segment, which is the operation of elderly care homes[28] Financial Position - Cash and cash equivalents decreased by 19.23% to HKD 37,313,000 from HKD 46,196,000[2] - The group’s total assets decreased slightly by 1.81% to HKD 193,791,000 from HKD 197,355,000[2] - As of June 30, 2024, the total equity of the group was approximately HKD 193,791,000, a decrease from HKD 197,355,000 as of December 31, 2023[24] - Non-current liabilities, specifically lease liabilities, increased to HKD 69,347,000 from HKD 41,140,000 as of December 31, 2023[24] - The group’s total current assets amounted to HKD 74,462,000, compared to HKD 71,473,000 as of June 30, 2023[23] Employee and Cost Management - Employee costs increased from approximately HKD 47,648,000 to HKD 48,954,000, a rise of about 2.74%[12] - The number of employees increased to 445 as of June 30, 2024, compared to 430 as of June 30, 2023[20] - The group aims to implement cost control measures to optimize resources and improve operational efficiency[4] - Property rental and related expenses decreased from approximately HKD 4,574,000 to HKD 4,262,000, a decline of about 6.82%[13] Governance and Compliance - The group has adopted corporate governance principles to enhance transparency and accountability, aligning with GEM listing rules[48] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and confirmed compliance with applicable accounting standards[54] - The group has not adopted any new or revised standards that have a significant impact on the financial statements for the six months ended June 30, 2024[26] - The group’s financial statements are prepared in accordance with International Financial Reporting Standards, specifically IAS 34 for interim reporting[26] Dividends and Shareholder Returns - The group did not recommend any dividend for the six months ended June 30, 2024, compared to HKD 40 million declared for the same period in 2023[43] - No dividends were recommended for the reporting period, consistent with the previous year[51] - The company has a stock option plan in place, with a total of 40,000,000 shares potentially issuable upon exercise, representing 10% of the issued shares as of the announcement date[53]
恒智控股(08405) - 2024 - 中期业绩