Revenue and Growth - Revenue for the six months ended June 30, 2024, was approximately HK$426.6 million, a 32.3% increase compared to HK$322.5 million in the same period of 2023[6] - Total revenue for the six months ended June 30, 2024, was HK$426.6 million, compared to HK$322.5 million in the same period in 2023, representing a 32.3% increase[14] - Revenue for the six months ended June 30, 2024, increased by 32.3% to HK$426.6 million compared to HK$322.5 million in the same period in 2023, driven by new customer acquisition in both air and sea freight forwarding services[39] - Air freight forwarding services revenue increased to HK$417.95 million in 2024 from HK$317.52 million in 2023, a 31.6% growth[14] - Air cargo forwarding revenue increased to 417,952 thousand HKD in the first half of 2024, up from 317,518 thousand HKD in the same period of 2023, representing a 31.6% growth[15] - Air cargo forwarding revenue increased by 31.7% to approximately HKD 418,000,000 for the six months ended June 30, 2024, compared to HKD 317,500,000 in the same period last year[40] - Sea freight forwarding services revenue rose to HK$8.65 million in 2024 from HK$4.99 million in 2023, a 73.3% increase[14] - Sea cargo forwarding revenue rose to 8,652 thousand HKD in the first half of 2024, compared to 4,992 thousand HKD in the same period of 2023, marking a 73.3% increase[15] - Sea cargo forwarding revenue increased by 74.0% to approximately HKD 8,700,000 for the six months ended June 30, 2024, compared to HKD 5,000,000 in the same period last year[41] - Total revenue from external customers in Europe reached 160,861 thousand HKD in the first half of 2024, up from 95,368 thousand HKD in the same period of 2023, a 68.7% growth[19] - North America accounted for the largest share of export revenue at 234,936 thousand HKD in the first half of 2024, compared to 196,910 thousand HKD in the same period of 2023, a 19.3% increase[19] Financial Performance and Losses - The company recorded a loss attributable to owners of approximately HK$11.1 million for the six months ended June 30, 2024, compared to a loss of HK$6.1 million in the same period of 2023[6] - Basic and diluted loss per share for the six months ended June 30, 2024, was approximately HK$0.0368, compared to HK$0.0204 in the same period of 2023[6] - Loss before tax for the six months ended June 30, 2024, was HK$11.1 million, compared to HK$5.8 million in the same period of 2023[6] - Total comprehensive loss for the six months ended June 30, 2024, was HK$8.1 million, compared to HK$10.0 million in the same period of 2023[6] - Net loss for the period was HK$6.11 million, compared to a net loss of HK$11.05 million in the same period in 2023[8] - The company reported a net loss of 11,054 thousand HKD in the first half of 2024, compared to a net loss of 6,108 thousand HKD in the same period of 2023[17][18] - Net loss for the six months ended June 30, 2024, was approximately HKD 11,100,000, compared to a net loss of HKD 6,100,000 in the same period last year[45] Gross Profit and Costs - Gross profit for the six months ended June 30, 2024, was HK$10.5 million, a decrease from HK$17.8 million in the same period of 2023[6] - Gross profit decreased by 41.0% to approximately HKD 10,500,000 for the six months ended June 30, 2024, with gross margin dropping from 5.5% to 2.5%[43] - Service costs increased by 36.6% to approximately HKD 416,100,000 for the six months ended June 30, 2024, primarily due to higher air freight costs[42] - Administrative and other operating expenses for the six months ended June 30, 2024, were HK$20.0 million, a decrease from HK$23.7 million in the same period of 2023[6] - Administrative and other operating expenses decreased by 15.6% to approximately HKD 20,000,000 for the six months ended June 30, 2024[44] - Employee costs decreased to 7,858 thousand HKD in the first half of 2024, down from 10,194 thousand HKD in the same period of 2023, a 22.9% reduction[22] - Total employee costs for the six months ended June 30, 2024, were approximately HKD 7.9 million, down from HKD 10.2 million in the same period in 2023[53] Other Income and Expenses - Other income for the six months ended June 30, 2024, was HK$505,000, compared to HK$618,000 in the same period of 2023[6] - Interest income slightly increased to 138 thousand HKD in the first half of 2024, up from 130 thousand HKD in the same period of 2023[21] - The company's financing costs rose to 1,829 thousand HKD in the first half of 2024, compared to 858 thousand HKD in the same period of 2023, a 113.2% increase[21] - Finance costs for the six months ended June 30, 2024, were HK$1.8 million, compared to HK$858,000 in the same period of 2023[6] - The company's tax expense was 0 thousand HKD in the first half of 2024, compared to 344 thousand HKD in the same period of 2023[23] Cash Flow and Financial Position - Net cash generated from operating activities was HK$6.45 million in 2024, compared to HK$2.42 million in 2023, a 166.5% increase[10] - Cash and cash equivalents at the end of the period were HK$27.99 million, up from HK$25.91 million at the beginning of the period[10] - Net cash generated from operating activities for the six months ended June 30, 2024, was approximately HKD 6,500,000, compared to HKD 2,400,000 in the same period last year[47] - Cash and bank balances as of June 30, 2024, were approximately HKD 28,000,000, compared to HKD 25,900,000 as of December 31, 2023[46] - Total assets decreased to HK$289.74 million as of June 30, 2024, from HK$311.58 million as of December 31, 2023[7] - Total liabilities decreased to HK$163.46 million as of June 30, 2024, from HK$177.16 million as of December 31, 2023[7] - Interest-bearing borrowings decreased to HK$47.31 million as of June 30, 2024, from HK$53.48 million as of December 31, 2023[7] - The company repaid HK$6.17 million of interest-bearing borrowings during the period[10] - Interest-bearing loans decreased to HK$47.31 million as of June 30, 2024, from HK$53.48 million as of December 31, 2023, with a weighted average interest rate of 3.43%[34] - The company's debt-to-equity ratio improved to 38.5% as of June 30, 2024, from 41.7% as of December 31, 2023[46] Trade Receivables and Payables - Impairment loss on trade receivables for the six months ended June 30, 2024, was HK$211,000, compared to HK$379,000 in the same period of 2023[6] - Trade receivables (net of impairment) decreased to HK$185.94 million as of June 30, 2024, from HK$217.17 million as of December 31, 2023[29] - Trade payables decreased to HK$94.81 million as of June 30, 2024, from HK$114.73 million as of December 31, 2023[32] - The company's credit quality remained stable, with no significant impairment recognized for overdue trade receivables as of June 30, 2024[30] Investments and Dividends - The company did not acquire any property, plant, or equipment during the six months ended June 30, 2024, compared to HK$19,000 in the same period in 2023[28] - No dividends were declared or paid during the six months ended June 30, 2024, and 2023[27] - No dividends were recommended for the six months ended June 30, 2024, consistent with the same period in 2023[55] - The company did not purchase, sell, or redeem any shares during the six months ended June 30, 2024[54] - The company had no significant investments, acquisitions, or disposals of subsidiaries during the six months ended June 30, 2024[47] Corporate Governance and Ownership - The company's chairman, Mr. Zhao Tong, holds a 75% stake in the company through controlled entities, with his spouse also holding a 75% stake[56][57] - Profit Virtue and Peak Connect each hold 37.5% of the company's shares, with both entities controlled by Mr. Zhao Tong[59] - No stock options have been granted, exercised, canceled, or lapsed under the stock option plan as of June 30, 2024, with a maximum of 30,000,000 shares available for issuance, representing 10% of the total issued shares as of that date[60] - No directors, controlling shareholders, or their close associates have any competing interests or conflicts with the company's business as of June 30, 2024[61] - The company has complied with the Corporate Governance Code, except for the deviation where the Chairman and CEO roles are both held by Mr. Zhao, which the board believes benefits the company's leadership and strategic planning[63] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, confirming compliance with applicable accounting standards and GEM Listing Rules[64] Employee and Operational Details - The company has 36 full-time employees as of June 30, 2024, compared to 43 employees as of December 31, 2023[53] - The company faces foreign exchange risks due to financial assets and liabilities denominated in currencies other than the functional currency of its entities, primarily involving HKD, USD, and CNY[52] - The company plans to strengthen its market position in Hong Kong and China by purchasing more freight space, targeting potential clients in China, and improving freight space acquisition through closer collaboration with airlines[53]
裕程物流(08489) - 2024 - 中期业绩