Financial Performance - The group's revenue for the six months ended June 30, 2024, decreased by 28.5% to HKD 2,130.4 million compared to HKD 2,981.0 million in the same period last year[2]. - The profit for the period fell by 29.4% to HKD 452.2 million, down from HKD 640.7 million in the previous year[2]. - The group's operating profit decreased to HKD 795,670,000 from HKD 945,897,000 year-on-year[11]. - The profit attributable to equity holders for the six months ended June 30, 2024, was HKD 445,035,000, a decrease of 27% compared to HKD 610,271,000 for the same period in 2023[32]. - The basic earnings per share for the six months ended June 30, 2024, was 18.3 HK cents, down from 25.1 HK cents in the previous year, reflecting a decline of 27.5%[32]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to an interim dividend of 4.9 HK cents per share for the same period in 2023[34]. Operational Efficiency and Growth - The group is focusing on enhancing operational efficiency through refined management and strategic cooperation to expand its business boundaries[6]. - The group aims to enhance project quality and explore technological innovations to drive operational efficiency and market competitiveness[10]. - The group aims to extend its strategic transformation towards upstream and downstream environmental sanitation services while solidifying its core waste-to-energy business[6]. - The group processed 8,699,577 tons of waste and generated 3,225,219,000 kWh of green energy, saving 844,000 tons of standard coal and reducing CO2 equivalent emissions by 4,787,000 tons[3]. - The group processed approximately 8,699,577 tons of waste, representing a year-on-year increase of 7.6%[9]. - The group generated 3,225,219,000 kWh of green energy, an increase of 4.7% year-on-year[9]. - The group saved 844,000 tons of standard coal, a year-on-year growth of 6.4%[9]. - The group achieved a reduction in carbon dioxide equivalent emissions by 4,787,000 tons, up 18.5% year-on-year[9]. Revenue Sources - Revenue from electricity sales reached HKD 1,276.8 million, accounting for 59.9% of total revenue, an increase of 4.7% from HKD 1,219.4 million in the previous year[58]. - The total revenue from the largest single customer amounted to approximately HKD 390,015,000 for the six months ended June 30, 2024, compared to HKD 590,812,000 from the largest customer and HKD 384,599,000 from the second largest customer in the same period of 2023[23]. - The group reported revenue of HKD 2,130,442,000 for the six months ended June 30, 2024, down from HKD 2,981,021,000 in the same period of 2023[11]. - The group's revenue from environmental sanitation and other services reached HKD 218.2 million, up 44.4% from HKD 151.2 million in the previous year[58]. Assets and Liabilities - As of June 30, 2024, total assets amounted to HKD 27,134,855 thousand, a slight increase from HKD 27,075,156 thousand as of December 31, 2023, representing a growth of approximately 0.22%[13]. - Total liabilities decreased to HKD 17,161,030 thousand from HKD 17,406,479 thousand, indicating a reduction of about 1.41%[14]. - The company reported retained earnings of HKD 5,984,782 thousand as of June 30, 2024, an increase from HKD 5,770,016 thousand as of December 31, 2023, reflecting a growth of approximately 3.70%[13]. - The total accounts receivable as of June 30, 2024, was HKD 2,230,757,000, an increase of 22% from HKD 1,828,593,000 as of December 31, 2023[40]. - The impairment loss on accounts receivable was HKD 27,114,000 as of June 30, 2024, compared to HKD 18,567,000 as of December 31, 2023, indicating an increase of 46%[39]. - The company’s non-current assets increased to HKD 234,599,000 as of June 30, 2024, up from HKD 191,202,000 as of December 31, 2023, representing a growth of 22.7%[36]. Employee and Administrative Costs - The total employee compensation cost, including directors' remuneration, was HKD 337.4 million for the period, compared to HKD 312.8 million for the same period last year[82]. - General and administrative expenses increased by 25.7% from HKD 278.8 million in 2023 to HKD 350.5 million in the first half of 2024, primarily due to increased operational costs and R&D expenses[64]. - The company’s employee benefits expenses increased to HKD 337,443,000 for the six months ended June 30, 2024, from HKD 312,804,000 in the same period of 2023, reflecting an increase of approximately 7.9%[24]. Research and Development - Research and development costs increased to HKD 37,151,000 for the six months ended June 30, 2024, up from HKD 29,354,000 in the same period of 2023, reflecting a growth of approximately 26.7%[24]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the six-month period ending June 30, 2024[89]. - The interim financial results for the six months ending June 30, 2024, have been reviewed by the independent auditor without any disagreements on accounting treatment[90]. - The board of directors consists of four executive directors and several independent non-executive directors as of the announcement date[93].
粤丰环保(01381) - 2024 - 中期业绩