Financial Performance - Shareholders' profit attributable decreased by 71.2% to HKD 33.29 million[1] - Basic earnings per share dropped to HKD 0.0557 from HKD 0.1934, a decline of 71.2%[2] - Total income for the period was HKD 103.30 million, a decline of 5.5% from HKD 109.72 million[2] - Operating loss for the period was HKD 13.85 million, compared to a loss of HKD 9.39 million in the previous year[2] - The company reported external customer revenue of HKD 103,301 thousand for the first half of 2024, a decrease of 5.8% compared to HKD 109,717 thousand in the same period of 2023[12] - The operating income for the first half of 2024 was HKD 121,948 thousand, down from HKD 126,170 thousand in 2023, representing a decrease of 3.5%[12] - The net profit for the first half of 2024 was HKD 73,178 thousand, compared to HKD 137,690 thousand in the same period of 2023, indicating a significant decline of 46.9%[12] - The company recorded an unaudited profit attributable to shareholders of HKD 33.29 million for the six months ended June 30, 2024, a decrease of 71.2% compared to HKD 115.52 million in the same period of 2023[31] Revenue and Income - Insurance revenue for the six months ended June 30, 2024, was HKD 91.91 million, down from HKD 99.79 million, a decrease of 7.4%[2] - Insurance revenue decreased to HKD 91,909 thousand in 2024 from HKD 99,793 thousand in 2023, reflecting a decline of 7.5%[12] - The insurance services segment recorded a profit of HKD 5.21 million for the six months ended June 30, 2024, an increase of 27.7% from HKD 4.08 million in the same period of 2023[28] - The company reported a significant increase in other income, which rose to HKD 18,647 thousand in 2024 from HKD 16,453 thousand in 2023, an increase of 13.3%[12] Assets and Liabilities - Total assets remained stable at HKD 91.8 billion compared to the end of 2023[4] - Total equity attributable to shareholders decreased by 0.5% to HKD 80.32 billion[5] - Total liabilities increased to HKD 1.15 billion from HKD 1.11 billion, reflecting a rise of 3.0%[5] - Total assets as of June 30, 2024, were HKD 9,181,749 thousand, slightly down from HKD 9,184,725 thousand in 2023[12] - The company’s total liabilities decreased to HKD 1,149,133 thousand in 2024 from HKD 1,115,275 thousand in 2023, showing an increase of 3.0%[12] - Total impaired customer loans amounted to HKD 156,932,000 as of June 30, 2024, down from HKD 161,118,000 at the end of 2023, a decrease of 2.2%[24] Segment Information - The group operates in four segments: Financial Services, Insurance, Property Investment, and Strategic Investments[9] - Financial Services segment includes operations through Xiamen International Bank and its subsidiaries, providing banking services in mainland China, Hong Kong, and Macau[9] - The group’s insurance segment operates general insurance businesses in Hong Kong and Macau[10] - Property Investment segment focuses on leasing high-quality office buildings in mainland China[10] - Strategic Investments include investments in Huaneng International Power Co., A-share investments, high-tech projects, and subordinated capital instruments and bonds[10] Cash and Investments - Cash and cash equivalents increased to HKD 640.01 million from HKD 415.42 million, an increase of 54.0%[4] - The company’s investment in joint ventures was HKD 73,041 thousand for the first half of 2024, compared to HKD 145,469 thousand in 2023, reflecting a decrease of 49.8%[12] - The company’s interest income for the first half of 2024 was HKD 2,114 thousand, down from HKD 4,559 thousand in 2023, a decline of 53.7%[12] - Total interest income from bank deposits increased to HKD 18,509,000 for the six months ended June 30, 2024, compared to HKD 16,027,000 for the same period in 2023, representing a growth of 15.5%[16] Corporate Governance and Compliance - The board will continue to monitor and review corporate governance practices to ensure compliance with the Corporate Governance Code[50] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and methods adopted by the group[55] - The interim results announcement for the six months ended June 30, 2024, was published on the Hong Kong Stock Exchange website and the company's website[56] Future Outlook - The company remains optimistic about future growth despite geopolitical instability and high interest and inflation rates, citing a gradual recovery in the global economy[26] - The company plans to continue focusing on prudent risk management and business diversification to pursue long-term growth opportunities in the Greater China region[29]
闽信集团(00222) - 2024 - 中期业绩