Financial Performance - For the six months ended June 30, 2024, the company reported revenue of $130.719 million, an increase of 13.4% compared to $115.339 million for the same period in 2023[1] - Gross profit for the same period was $32.386 million, representing a gross margin of 24.8%, up from $23.016 million and a gross margin of 19.9% in 2023[1] - The net profit attributable to shareholders for the six months ended June 30, 2024, was $19.783 million, compared to $9.683 million in the prior year, reflecting a growth of 104.5%[1] - The total comprehensive income attributable to shareholders for the period was $18.422 million, significantly higher than $8.384 million in the same period last year[2] - Basic and diluted earnings per share increased to $1.68, compared to $0.88 for the same period in 2023, marking an increase of 90.9%[2] - The group reported a pre-tax profit of $18.86 million for the six months ended June 30, 2024, compared to $9.87 million for the same period in 2023, representing an increase of 90.5%[17] - Basic earnings per share for the period were $0.0168, up from $0.0088 in the previous year, indicating a growth of 90.9%[17] - Net profit attributable to shareholders increased by approximately $9.0 million or 91.1% to about $18.9 million, with earnings per share rising from $0.88 to $1.68[27] Assets and Liabilities - Non-current assets totaled $41.526 million as of June 30, 2024, slightly down from $42.136 million at the end of 2023[3] - Current assets increased to $161.967 million from $153.556 million at the end of 2023, driven by a rise in trade receivables[3] - The company's cash and cash equivalents rose to $58.672 million, up from $42.269 million at the end of 2023, indicating improved liquidity[3] - Total equity increased to $160.202 million as of June 30, 2024, compared to $148.951 million at the end of 2023, reflecting a growth of 7.4%[5] - Trade receivables as of June 30, 2024, were $60.98 million, up from $49.43 million as of December 31, 2023, reflecting a growth of 23.4%[19] - Accounts receivable at the end of the reporting period totaled $60.782 million, up from $49.233 million at the end of December 31, 2023, reflecting a significant increase[20] - Accounts payable and notes payable at the end of the reporting period totaled $13.838 million, down from $21.342 million at the end of December 31, 2023[21] Revenue Breakdown - Revenue from the US market decreased to $40.83 million, down 16.5% from $48.91 million year-over-year[9] - Revenue from Belgium increased significantly to $19.63 million, up 40.5% from $13.99 million in the previous year[9] - Sales volume increased from approximately 10.9 million units in the same period last year to about 12.6 million units, representing an increase of approximately 1.7 million units or 15.4%[25] - Sales revenue from outdoor and sports categories recorded strong double-digit growth, accounting for over 81% of total revenue[25] Expenses and Dividends - The group incurred a tax expense of $0.93 million for the six months ended June 30, 2024, compared to a tax credit of $0.18 million in the same period of 2023[15] - The company declared a final dividend of 5.0 HK cents per share, compared to 4.2 HK cents in the previous year, marking an increase of 19%[16] - Sales and distribution expenses rose to approximately $6.1 million, a 12.2% increase from about $5.5 million in the previous year, primarily due to increased shipment volumes[27] Capital Expenditures and Investments - The group purchased property, plant, and equipment for approximately $798,000 during the period, compared to $777,000 in the same period of 2023[18] - Capital expenditures for the period were $0.8 million, consistent with the previous year, primarily for the acquisition of property, plant, equipment, and intangible assets[28] Corporate Governance and Compliance - The company adheres to high standards of corporate governance and has complied with the corporate governance code throughout the period[36] - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ended June 30, 2024, and found them to comply with applicable accounting standards[39] - The interim financial results were published on the Hong Kong Stock Exchange and the company's website, ensuring transparency and compliance with listing regulations[40] Strategic Plans and Market Position - The company is primarily engaged in the manufacturing and sale of sports bags, handbags, and luggage, with ongoing efforts in market expansion and product development[6] - The company plans to further develop its land use rights in Panyu, Guangdong Province, which covers an area of 137,077.31 square meters, to enhance asset value and profitability[23] - The maximum total floor area of the newly designated industrial land is approximately 393,338.92 square meters, with a significantly improved plot ratio of 4.0 compared to the previous 2.0[24] - The company aims to optimize production capacity distribution from China to Vietnam and Cambodia while maintaining healthy financial conditions to support operations[24] - The company is committed to maximizing shareholder value through efficient production processes and strategic land development opportunities[23] Employee and Operational Information - Employee compensation and benefits are aligned with market levels, with approximately 8,300 employees as of June 30, 2024[32] - The company faced foreign exchange risk as its operating costs are primarily denominated in RMB and VND, while most sales are in USD[35] - The company has no significant contingent liabilities or capital commitments as of June 30, 2024[29][30] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[38] - The company did not buy, sell, or redeem any of its listed securities during the period, and as of June 30, 2024, it held no treasury shares[38] - The company did not declare any interim dividend during the period, consistent with the previous period[38]
其利工业集团(01731) - 2024 - 中期业绩