Financial Performance - The company's revenue for the fiscal year ending June 30, 2024, decreased by 5% to HKD 4,838 million, primarily due to a lower average exchange rate of the RMB[2] - Gross profit increased by 16% to HKD 1,013 million, with a gross margin improvement of 3.8 percentage points to 20.9% driven by favorable costs of wheat and edible oil[2] - Net profit surged by 135% to HKD 201 million, with basic earnings per share rising by 136% to HKD 0.85[1] - The food segment's revenue decreased by 7% to HKD 4,030 million, but operating profit increased by 263% to HKD 190 million[5] - The home care segment's revenue grew by 2% to HKD 810 million, with operating profit increasing by 14% to HKD 83 million[7] - The group reported revenue of HKD 4,837,585,000 for the year ending June 30, 2024, compared to HKD 5,118,938,000 in 2023, resulting in a gross profit of HKD 1,012,898,000, up from HKD 875,973,000[15] - The net profit for the year was HKD 200,599,000, significantly higher than HKD 85,349,000 in 2023, resulting in basic and diluted earnings per share of HKD 0.85 compared to HKD 0.36[15] - Total revenue from external customers reached HKD 4,837,585,000 in 2024, a decrease of 5.5% compared to HKD 5,118,938,000 in 2023[26] Dividends - The total proposed dividend for the fiscal year is HKD 0.40 per share, an increase of 33% compared to HKD 0.30 in the previous year[3] - The interim dividend declared per ordinary share increased to HKD 0.13 in 2024 from HKD 0.10 in 2023, representing a 30% increase[33] - The proposed final dividend per ordinary share increased to HKD 0.27 in 2024 from HKD 0.20 in 2023, indicating a 35% increase[33] Cash and Assets - As of June 30, 2024, the group's cash balance was HKD 1,706,000,000, an increase from HKD 1,457,000,000 in 2023, with approximately 69% in RMB, 27% in HKD, and 4% in other currencies[9] - The total assets less current liabilities amounted to HKD 2,928,402,000 in 2024, compared to HKD 2,802,954,000 in 2023[17] - Total assets for the group amounted to HKD 2,907,285,000, with the food segment holding HKD 2,525,838,000 and the home care segment holding HKD 381,447,000[23] - The group’s total liabilities were reported at HKD 641,776,000, with the food segment liabilities at HKD 502,800,000 and home care segment liabilities at HKD 138,976,000[23] Operational Efficiency - The inventory turnover period increased to 67 days in 2024 from 62 days in 2023, while the trade receivables turnover period increased to 24 days from 21 days[10] - The group invested HKD 40,000,000 in capital expenditures for purchasing plant and equipment, down from HKD 49,000,000 in 2023[13] - The group has a strong current ratio and financial position, ensuring sufficient resources for daily operations and capital expenditures[10] - The group plans to enhance its sales team through increased recruitment and training programs to improve productivity and execution of market entry strategies[8] Market Strategy - The company focused on high-end market development and improved channel management to address challenges from consumer behavior changes and economic recovery imbalances[4] - New product launches, such as the higher-end "Axe Brand Hyaluronic Acid Dishwashing Liquid," performed well in e-commerce channels, supporting market penetration[7] - The company aims to expand its product range and geographic reach in mainland China, particularly in regions outside Guangdong and Fujian provinces[7] Compliance and Accounting - The group has adopted revised Hong Kong Financial Reporting Standards, including HKAS 12 regarding income tax, which introduces temporary mandatory exemptions for deferred tax accounting related to international tax reforms[20] - The group has not applied any new standards or interpretations that have not yet come into effect during the current accounting period[20] - The group has made adjustments to its accounting policies regarding long service payments in light of new guidelines from the Hong Kong Institute of Certified Public Accountants[21] - The group has reported a significant focus on compliance with the new accounting guidelines and the impact of these changes on financial reporting[21] Financial Risks - The group faced currency risks primarily from receivables, payables, and cash balances denominated in foreign currencies, which are monitored to maintain acceptable levels of foreign exchange risk[11] Employee Costs - The total employee costs increased to HKD 469,634,000 in 2024 from HKD 455,984,000 in 2023, an increase of 3.0%[28] Other Financial Metrics - The pre-tax profit before tax increased to HKD 244,557,000 in 2024 from HKD 90,571,000 in 2023, marking a significant increase of 170.5%[24] - Interest income from financial assets measured at amortized cost rose to HKD 22,018,000 in 2024, up from HKD 14,081,000 in 2023, reflecting a growth of 56.4%[24] - The financing costs for lease liabilities rose to HKD 254,000 in 2024 from HKD 208,000 in 2023, an increase of 22.1%[28] - The net exchange gain from foreign currency transactions was HKD 823,000 in 2024, compared to a loss of HKD 1,941,000 in 2023[24] - The total company and corporate expenses increased to HKD 56,062,000 in 2024 from HKD 51,422,000 in 2023, reflecting a rise of 9.3%[24] Shareholder Actions - The company purchased 174,000 shares at a total cost of HKD 1,444,000 during the year[41] - The company has complied with all applicable rules of the Hong Kong Stock Exchange Corporate Governance Code during the reporting period[42] - The audit and risk management committee reviewed the accounting principles and practices adopted by the company for the year ended June 30, 2024[43] - The company’s auditor confirmed that the financial statements for the year ended June 30, 2024, are consistent with the figures presented in the preliminary announcement[44]
南顺(香港)(00411) - 2024 - 年度业绩