Financial Performance - For the six months ended June 30, 2024, the group reported total revenue of HKD 406,237,000, an increase of 9.4% from HKD 371,344,000 in the same period of 2023[2] - Gross profit for the same period was HKD 167,796,000, representing a gross margin of 41.3%, compared to HKD 136,834,000 in 2023[2] - The net profit attributable to the owners of the company for the six months was HKD 94,552,000, a significant increase of 58.8% from HKD 59,523,000 in the previous year[2] - Basic and diluted earnings per share increased to HKD 11.15 from HKD 9.15, reflecting a growth of 21.8%[2] - The group reported other income of HKD 6,743,000, which is a significant increase from HKD 2,748,000 in the same period last year[2] - Net profit for the six months ended June 30, 2024, was approximately HKD 94.6 million, an increase of about HKD 35.1 million or 59.0% compared to HKD 59.5 million for the same period in 2023[47] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 766,792,000, up from HKD 686,918,000 at the end of 2023, indicating a growth of 11.6%[3] - Current assets increased to HKD 553,449,000 from HKD 513,413,000, representing a rise of 7.8%[3] - Total liabilities increased to HKD 196,704,000 from HKD 181,348,000, reflecting an increase of 8.5%[4] - The equity attributable to owners of the company rose to HKD 570,088,000 from HKD 505,570,000, marking an increase of 12.7%[5] - Non-current assets increased to HKD 189,066,000 as of June 30, 2024, compared to HKD 148,053,000 as of December 31, 2023, representing a growth of 27.7%[18] Cash Flow and Financing - The group’s cash and cash equivalents decreased to HKD 234,616,000 from HKD 336,772,000, a decline of 30.4%[3] - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (21,265) thousand, compared to HKD (43,729) thousand for the same period in 2023, indicating an improvement of 51.2%[7] - The company incurred net cash used in investing activities of HKD (44,053) thousand, a notable decrease from HKD 263 thousand in the same period last year[7] - New bank borrowings amounted to HKD 12,326 thousand, down from HKD 53,652 thousand in the previous year, reflecting a decrease of 77.0%[7] - The group obtained new bank loans of HKD 12.327 million during the interim period, with interest rates ranging from 6.99% to 7.28%[35] Revenue by Market - The company’s revenue from the U.S. market was HKD 393,050 thousand, an increase of 11.4% from HKD 352,901 thousand in the same period of 2023[16] - The company’s revenue from the UK market decreased to HKD 9,352 thousand, down 46.4% from HKD 17,426 thousand in the previous year[16] Operational Insights - The company operates primarily in Hong Kong and Vietnam, with external customer revenue segmented by location[15] - The company has maintained the same accounting policies as in the previous year, with no significant impact from the adoption of new accounting standards[9] - The company has established long-term stable relationships with customers, supported by an experienced management team, which enhances confidence in future business opportunities and growth[40] - The group’s new factory, which began production in 2022, has significantly increased candle production capacity, with a third factory expected to further enhance capacity and efficiency[39] Employee and Management Compensation - The total remuneration for directors and senior management increased to HKD 44,717,000 for the six months ended June 30, 2024, from HKD 28,837,000 in 2023, an increase of 55.2%[23] - The company employed approximately 2,110 employees as of June 30, 2024, compared to approximately 1,070 employees as of June 30, 2023[57] Corporate Governance and Compliance - The company has adhered to the corporate governance code and has not encountered any violations in the past six months[71][69] - The audit committee has reviewed the unaudited consolidated results for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[72] Inventory and Receivables - Trade receivables amounted to HKD 175,980,000 as of June 30, 2024, compared to HKD 65,683,000 on December 31, 2023, indicating a significant increase of approximately 168.5%[27] - The total inventory as of June 30, 2024, was HKD 131,061,000, compared to HKD 102,503,000 as of December 31, 2023, marking an increase of approximately 28%[26] - The aging analysis of trade receivables shows that amounts overdue by 0 to 30 days reached HKD 100,551,000 as of June 30, 2024, up from HKD 34,947,000 in the previous year, reflecting a growth of approximately 187.5%[28] Shareholder Actions - A share buyback agreement was executed on February 20, 2024, for 181,500,000 shares at a total cost of HKD 30 million, reducing the total issued shares from 1,100,000,000 to 918,500,000[68] - The company did not declare an interim dividend for the six months ended June 30, 2024[60]
凯富善集团控股(08512) - 2024 - 中期业绩