Financial Performance - The group recorded revenue of approximately HKD 1,223.6 million for the six months ended June 30, 2024, representing a year-on-year increase of about 20.4% compared to HKD 1,016.7 million in the first half of 2023[1]. - Profit attributable to equity shareholders was approximately HKD 18.6 million, up about 41.7% from HKD 13.1 million in the first half of 2023[1]. - EBITDA, after excluding one-time fair value gains from the Allport Cruise acquisition, was approximately HKD 63.8 million, reflecting a growth of about 55.3% from HKD 41.1 million in the first half of 2023[1]. - The group's operating profit for the period was HKD 50,033,000, up from HKD 36,091,000 in the first half of 2023[2]. - The company's profit before tax for the six months ended June 30, 2024, was HKD 18,610,000, compared to HKD 13,137,000 for the same period in 2023, representing a year-on-year increase of approximately 42.5%[19]. - The total tax expense for the six months ended June 30, 2024, was HKD 18,833,000, compared to HKD 13,329,000 for the same period in 2023, representing an increase of approximately 41.4%[17]. - The gross profit for the first half of 2024 was approximately HKD 228.3 million, an 11.4% increase from HKD 204.9 million in the same period of 2023[37]. Revenue Breakdown - The freight forwarding services business, including air and sea freight agency services, recorded segment revenue of approximately HKD 1,038.9 million, an increase of about 27.2% from HKD 816.9 million in the first half of 2023[1]. - Air freight services generated revenue of HKD 503,592,000, up 31.9% from HKD 381,909,000 year-over-year[9]. - Sea freight services revenue increased by 30.0% to HKD 308,940,000 from HKD 237,564,000[9]. - Cruise logistics services revenue rose to HKD 226,390,000, a 14.7% increase compared to HKD 197,412,000 in the previous year[9]. - Distribution and logistics services revenue decreased to HKD 184,659,000, down 7.6% from HKD 199,773,000[9]. - The e-commerce business in China contributed to a revenue increase of 12.2% to HKD 252.6 million, with approximately HKD 72.5 million coming from the e-commerce operations of a key subsidiary[33]. - The sea freight agency segment reported revenue of approximately HKD 308.9 million, a 30.0% increase from HKD 237.6 million in the same period last year, attributed to significant growth in luxury goods and tire product imports from China and Southeast Asia[42]. Dividends and Earnings Per Share - Basic and diluted earnings per share increased to HKD 6.4 from HKD 4.5 in the first half of 2023[2]. - The board declared an interim dividend of HKD 0.02 per ordinary share[1]. - The board declared an interim dividend of HKD 0.02 per share, totaling HKD 600,978, expected to be paid on November 1, 2024[61]. Assets and Liabilities - The group's total assets less current liabilities amounted to HKD 640,879,000 as of June 30, 2024, compared to HKD 513,334,000 as of December 31, 2023[4]. - The net asset value increased to HKD 561,190,000 from HKD 413,497,000 as of December 31, 2023[5]. - The company's trade receivables, net of impairment losses, rose to HKD 471,713,000 as of June 30, 2024, from HKD 373,198,000 at the end of 2023, marking an increase of about 26.4%[26]. - The company's trade payables increased to HKD 304,337,000 as of June 30, 2024, from HKD 236,123,000 at the end of 2023, reflecting an increase of about 28.9%[29]. - The company's contract liabilities increased to HKD 34,789,000 as of June 30, 2024, compared to HKD 7,795,000 at the end of 2023, indicating a significant rise[29]. Operational Insights - The company has not disclosed the analysis of assets and liabilities by operating and reportable segments as it does not provide such information to the chief operating decision maker[15]. - The company is focusing on expanding its presence in Southeast Asia, with revenue growth of 54.2% in Vietnam and over 200% in Indonesia during the reporting period[36]. - The company is investing in logistics infrastructure in Southeast Asia to enhance scalability and improve efficiency and profitability[36]. - The group plans to expand its business into high-potential regional markets by establishing regional offices in countries such as Vietnam, Indonesia, and Cambodia[55]. - The group aims to capture local market opportunities through localized management and efficient operations[55]. Market Outlook and Strategic Initiatives - The group remains optimistic about the second half of 2024, supported by a projected global GDP growth rate increase from 2.8% in 2023 to 3.2% in 2024[54]. - The cruise logistics market is projected to grow, with passenger numbers expected to rise from 31.5 million in 2023 to 39.5 million by 2027, indicating significant demand in this sector[57]. - The recent strategic alliance with DP World, a major shareholder, is anticipated to unlock new growth opportunities and enhance business operations in the Middle East market[58]. - The company successfully launched "Jiahong Express" at the end of 2023, expanding partnerships with leading e-commerce platforms and planning to extend services to more countries and increase charter flights[56]. Governance and Compliance - The company has adopted corporate governance practices in compliance with the Hong Kong Stock Exchange's listing rules, ensuring adherence to governance codes during the reporting period[63]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial performance for the reporting period[65]. - The company plans to publish its interim report in accordance with listing rules, providing shareholders with relevant financial information[66].
嘉泓物流(02130) - 2024 - 中期业绩