Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 46,457,000, an increase of 5.1% from HKD 44,179,000 in the same period of 2023[1] - Profit before tax for the period was HKD 29,443,000, down from HKD 32,507,000, representing a decrease of 6.3%[1] - Profit attributable to owners of the company was HKD 24,696,000, down from HKD 27,410,000, a decline of 9.9%[1] - The company reported a decrease in interest receivables from related parties, with interest expenses amounting to HKD 188,000 for the six months ended June 30, 2024[29] - The group's profit and total comprehensive income decreased by approximately HKD 2,700,000 or 9.9% to about HKD 24,700,000 for the six months ending June 30, 2024[39] Expenses and Losses - Administrative expenses increased to HKD 12,367,000, up from HKD 10,935,000, reflecting a rise of 12.2%[1] - The impairment loss on receivables and recoverable assets increased to approximately HKD 5,000,000 for the six months ending June 30, 2024, compared to about HKD 1,000,000 for the same period in 2023[35] - The company incurred finance costs of HKD 148,000 for lease liabilities in the six months ended June 30, 2024, compared to HKD 82,000 in the same period of 2023[11] Assets and Equity - Total assets as of June 30, 2024, were HKD 963,832,000, an increase from HKD 930,740,000 at the end of 2023[2] - Current assets increased to HKD 641,116,000 from HKD 539,943,000, marking an increase of 18.7%[2] - Total equity attributable to owners of the company was HKD 919,820,000, up from HKD 915,124,000, showing a slight increase of 0.3%[3] - As of June 30, 2024, the company's receivables amounted to HKD 723,450,000, down from HKD 834,670,000 as of December 31, 2023[20] Earnings Per Share - Basic and diluted earnings per share were HKD 6.2, compared to HKD 6.9 in the previous year, reflecting a decrease of 10.1%[1] - Basic earnings per share for the six months ended June 30, 2024, were HKD 6.2, down from HKD 6.9 in the same period of 2023[16] Taxation - The company’s total tax expense for the six months ended June 30, 2024, was HKD 4,747,000, compared to HKD 5,097,000 for the same period in 2023[13] - The actual tax rate increased from 15.7% to 16.1% for the six months ending June 30, 2024[38] Cash Flow and Liquidity - Cash and cash equivalents increased by approximately HKD 73,600,000 to about HKD 125,900,000 as of June 30, 2024[40] - The average month-end balance of receivables increased by approximately HKD 6,300,000 or 0.8% to about HKD 830,500,000 for the six months ending June 30, 2024[32] Credit Quality and Provisions - The company recorded a provision for credit losses of HKD 7,958,000 for the receivables as of June 30, 2024, compared to HKD 9,993,000 as of December 31, 2023, indicating an improvement in credit quality[20] - Interest receivables (net of provisions) were HKD 6,355,000 as of June 30, 2024, down from HKD 12,778,000 as of December 31, 2023, representing a decline of 50.3%[22] - The aging analysis of interest receivables (net of provisions) shows that overdue amounts over 90 days decreased significantly from HKD 4,880,000 to HKD 533,000[23] Market Outlook and Strategy - The outlook for the Hong Kong economy is challenging, with expected moderate growth in the second half of 2024, influenced by high interest rates and changing consumer patterns[49] - The group plans to maintain prudent risk management policies and credit review processes to control the quality of its loan portfolio while seizing business opportunities[49] - There are currently no major investment or large-scale new product launch plans, but the group will continue to improve existing products and services[49] Dividends - The company did not recommend an interim dividend for the six months ended June 30, 2024, while the final dividend for the year ended December 31, 2023, was HKD 0.05 per share, totaling HKD 20,000,000[18] - The board does not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[55] Audit and Review - The audit committee has reviewed the interim financial results for the six months ended June 30, 2024, and recommended approval to the board[54]
环球信贷集团(01669) - 2024 - 中期业绩