Financial Performance - The total comprehensive income attributable to owners for the six months ended June 30, 2024, was HKD 5,274,000, compared to HKD 10,087,000 for the same period in 2023, representing a decrease of approximately 47.5%[1] - Basic and diluted earnings per share for the period were HKD 2.07, down from HKD 3.94 in the previous year, indicating a decline of about 47.4%[1] - Revenue for the six months ended June 30, 2024, was HKD 63,221,000, a decrease of 16.3% from HKD 75,551,000 in the same period of 2023[1] - Gross profit for the period was HKD 34,353,000, down from HKD 40,082,000, reflecting a decline of approximately 14.2%[1] - The profit attributable to shareholders for the same period decreased by 47.4% to HKD 5.3 million[19] - Total employee benefit expenses amounted to HKD 25,123,000, a decrease of 7.4% from HKD 27,122,000 in the prior period[11] - The financial printing service segment generated revenue of HKD 40,646,000 for financial reports, down from HKD 50,943,000 in the previous year, representing a decline of 20.2%[8] - The total revenue from translation services was HKD 26,035,000, down 12.0% from HKD 29,592,000 in the previous year[8] - Core printing service revenue was approximately HKD 32,273,000, down 19.2% from the previous period (approximately HKD 39,920,000)[20] - Translation service revenue decreased by approximately 12.0% to HKD 26,035,000 from HKD 29,592,000 in the previous period[21] - Gross profit decreased by approximately 14.3% to about HKD 34,353,000, with a slight improvement in gross margin to 54.3% from 53.1% in the previous period[21] Assets and Liabilities - Trade receivables as of June 30, 2024, amounted to HKD 37,052,000, an increase of 62.8% from HKD 22,754,000 as of December 31, 2023[2] - Current assets totaled HKD 88,934,000, slightly up from HKD 87,030,000 at the end of 2023[2] - Non-current assets increased significantly to HKD 54,314,000 from HKD 17,195,000, primarily due to the rise in right-of-use assets[2] - Total liabilities as of June 30, 2024, were HKD 35,690,000, compared to HKD 30,578,000 at the end of 2023, indicating an increase of approximately 16.5%[3] - The company's asset-liability ratio increased to 0.58 as of June 30, 2024, from 0.12 on December 31, 2023, primarily due to increased lease liabilities[23] - Trade payables increased to HKD 4.288 million as of June 30, 2024, from HKD 2.406 million as of December 31, 2023[18] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring proper management of business activities and decision-making processes[30] - The audit committee has reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and disclosure requirements[34] - The company has confirmed that all directors have adhered to the standards for securities trading during the reporting period[31] - The company has not reported any significant changes in accounting policies that would materially affect the financial statements[7] - The company has applied revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the financial position or performance during the period[7] Business Operations and Strategy - The company continues to focus on providing financial printing services and investment holding, with no new product launches or significant market expansions reported during the period[4] - The group operates a single business segment providing financial printing services, with all revenue generated from Hong Kong[9] - The company anticipates continued challenges in its core financial printing business due to geopolitical tensions and economic slowdown, but expects potential improvements in investment sentiment later in the year[29] - The company plans to enhance its core competitiveness in branding, networking, and services while strengthening cost control measures[29] - The company continues to focus on sustainable operations and has implemented various environmental measures[19] Dividends and Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2024[13] - The company does not recommend declaring any interim dividend for the period, with a final dividend of HKD 0.15 per share paid in May 2023 totaling HKD 38,400,000[26] - The mid-term report for 2024 will be sent to shareholders and published on the relevant websites[35] Market Conditions - The Hong Kong capital market's fundraising activities were weak, with total IPO fundraising of HKD 13.1 billion, a decline of 27% compared to the previous period[19] - The number of new listed companies in the current period was 30, down from 39 in the previous period[19] Miscellaneous - There were no individual customers contributing more than 10% of total revenue for the six months ended June 30, 2024[10] - The company has not disclosed any major events or transactions that significantly impacted its financial condition since the last annual report[6] - There were no purchases, redemptions, or sales of the company's listed securities by the company or its subsidiaries during the reporting period[32] - The share option plan allows for the issuance of a total of 25,600,000 shares, representing 10% of the issued shares, but no options have been granted since the plan's adoption[33]
REF HOLDINGS(01631) - 2024 - 中期业绩