Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 406,237,000, an increase of 9.4% from HKD 371,344,000 for the same period in 2023[5] - Gross profit for the same period was HKD 167,796,000, representing a gross margin of 41.3%, compared to a gross profit of HKD 136,834,000 and a margin of 36.8% in 2023[5] - Net profit attributable to owners for the period was HKD 94,552,000, a significant increase of 58.8% from HKD 59,523,000 in the previous year[5] - Basic and diluted earnings per share increased to HKD 9.15 from HKD 5.41, reflecting a growth of 69.5%[5] - The company reported a total comprehensive income of HKD 64,518,000 for the six months ended June 30, 2024, compared to HKD 94,552,000 for the same period in 2023[9] - The company generated a net profit of approximately HKD 94.6 million for the six months ended June 30, 2024, an increase of about HKD 35.1 million or 59.0% compared to HKD 59.5 million in the same period of 2023[51] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 766,792,000, up from HKD 686,918,000 at the end of 2023, indicating a growth of 11.6%[6] - Current assets increased to HKD 553,449,000 from HKD 513,413,000, representing a rise of 7.8%[6] - Total liabilities increased to HKD 196,704,000 from HKD 181,348,000, reflecting an increase of 8.5%[7] - The net asset value as of June 30, 2024, was HKD 570,088,000, compared to HKD 505,570,000 at the end of 2023, showing an increase of 12.7%[7] - Non-current assets as of June 30, 2024, totaled HKD 189,066,000, compared to HKD 148,053,000 as of December 31, 2023, reflecting a growth of 27.7%[20] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (21,265,000), an improvement from HKD (43,729,000) in the same period of 2023[10] - The net cash used in investing activities for the six months ended June 30, 2024, was HKD (44,053,000), compared to HKD 263,000 in the same period of 2023[10] - The net cash used in financing activities for the six months ended June 30, 2024, was HKD (36,838,000), a decrease from HKD 6,866,000 in the same period of 2023[10] - As of June 30, 2024, cash and cash equivalents totaled HKD 234,616,000, up from HKD 134,754,000 as of June 30, 2023[10] Market and Sales - The sales breakdown for candle products included daily candles at HKD 54,734,000, scented candles at HKD 274,948,000, decorative candles at HKD 8,585,000, and others (including scented diffusers) at HKD 67,970,000[13] - Revenue from the US market reached HKD 393,050,000, up 11.4% from HKD 352,901,000 year-over-year[19] - The sales of scented candles increased by approximately HKD 4.7 million or 1.8% compared to the same period in 2023, reflecting the ongoing trend in the U.S. market for scented and colored candles[47] Operational Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[5] - The management remains optimistic about achieving further revenue growth and improving profitability in the upcoming periods[5] - The company is focusing on expanding its production capacity with the new highly automated factory, which is expected to enhance efficiency and capture growth in the U.S. candle market[46] - The company has established long-term relationships with customers, supported by an experienced management team, which is expected to lead to future business opportunities and growth[47] Employee and Compensation - The total employee compensation for the six months ended June 30, 2024, was approximately HKD 82.3 million, up from HKD 69.6 million for the same period in 2023[61] - Key management personnel compensation for the six months ended June 30, 2024, was HKD 44,699,000, compared to HKD 28,819,000 for the same period in 2023[42] - The group employed approximately 2,110 employees as of June 30, 2024, an increase from about 1,070 employees as of June 30, 2023[61] Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules during the six months ending June 30, 2024[82] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[84] Shareholder Information - As of June 30, 2024, the company’s major shareholders include AVW International Limited, holding 643,500,000 shares, representing 70.1% of issued shares[69] - The company completed a share buyback agreement on April 24, 2024, purchasing 181,500,000 shares for HKD 30 million, reducing total issued shares from 1,100,000,000 to 918,500,000[73] - The previous share option plan adopted on June 23, 2018, was terminated on June 7, 2024, with no unexercised options remaining[75] - The company adopted a share option plan on June 7, 2024, allowing eligible participants to acquire up to 10% of the total issued shares as of the adoption date[76]
凯富善集团控股(08512) - 2024 - 中期财报