HK FERRY (HOLD)(HK:00050)2024-09-12 08:30Financial Performance - The group's unaudited consolidated net profit for the six months ended June 30, 2024, was HKD 87.5 million, unchanged from the same period in 2023, with earnings per share also remaining at HKD 0.25[2] - The group's attributable profit, excluding changes in the fair value of investment properties, increased by approximately 28% to HKD 85.5 million compared to the same period last year[2] - Revenue for the six months ended June 30, 2024, was HKD 211.1 million, a 23% increase compared to the same period last year, driven by growth in ferry, shipyard, and related businesses, as well as healthcare and beauty services[9] - For the six months ended June 30, 2024, the company reported total revenue of HKD 210,743,000, an increase from HKD 171,269,000 in the same period of 2023, representing a growth of approximately 22.9%[32] - The operating profit for the same period was HKD 72,436,000, down from HKD 83,885,000 in 2023, indicating a decrease of about 13.7%[32] - The profit before tax was HKD 95,617,000, compared to HKD 101,131,000 in the previous year, reflecting a decline of approximately 5.0%[32] - The net profit for the period was HKD 87,480,000, slightly down from HKD 87,991,000 in 2023, showing a decrease of about 0.6%[33] - The total comprehensive income for the period was HKD 97,750,000, an increase from HKD 92,677,000 in the previous year, representing a growth of approximately 5.8%[33] - The total profit from reported segments for the six months ended June 30, 2024, was HKD 72,436,000, down from HKD 83,885,000 in 2023, a decrease of 13.4%[47] Revenue Sources - Gross rental income from shops and malls was HKD 63 million, representing a 6% increase year-on-year[4] - The medical beauty brand AMOUR saw a revenue increase of approximately 280% compared to the same period last year, with prepaid ticket sales amounting to HKD 12 million as of June 30, 2024[7] - The ferry, shipyard, and related businesses generated revenue of HKD 89,543,000, up 28.3% from HKD 69,801,000 in the previous year[43] - Healthcare, medical beauty, and beauty services revenue rose significantly to HKD 19,083,000 from HKD 4,258,000, marking a growth of 348.5%[43] - The group expects that the main revenue sources for the second half of the year will continue to be rental income from shops and malls, as well as interest from bank deposits[8] Assets and Liabilities - As of June 30, 2024, the group's equity increased by approximately 1% to HKD 7 billion, primarily due to recognized property leasing profits and net amounts after dividend distribution[10] - The group's current assets amounted to HKD 3.84 billion, while current liabilities were HKD 227 million, resulting in a current ratio of 16.9 times, attributed to an increase in trade and other receivables and a decrease in trade and other payables[10] - The company reported a net asset value of HKD 7,008,949,000 as of June 30, 2024, compared to HKD 6,964,640,000 at the end of 2023, reflecting a growth in equity[35] - Total liabilities decreased from HKD 240,726,000 to HKD 227,377,000, indicating improved financial stability[35] - The company’s retained earnings as of June 30, 2024, stood at HKD 5,265,448,000, up from HKD 5,229,293,000 at the end of 2023, showing positive profit retention[36] Corporate Governance - The company has maintained high levels of corporate governance and complied with the relevant codes as of June 30, 2024[16] - The audit committee reviewed the interim financial report for the six months ended June 30, 2024, which was unaudited but reviewed by KPMG without any amendments[18] - The company did not purchase, sell, or redeem any of its listed securities during the review period[14] - There were no arrangements for directors or senior executives to benefit from purchasing shares, warrants, or bonds of the company or any other entity[15] Dividends and Shareholder Information - The company declared dividends amounting to HKD 53,441,000 for the current fiscal year, indicating a commitment to returning value to shareholders[36] - The company declared an interim dividend of HKD 0.10 per share, totaling HKD 35,627,000 for the six months ended June 30, 2024, consistent with the previous year[53] - As of June 30, 2024, the total equity held by directors and senior executives includes 119,017,090 shares held by Mr. Li Ning, representing 33.41% of the total issued shares[25] - Major shareholders include 恒基兆業地產有限公司 and its subsidiaries, holding a combined 33.41% of the issued shares[30] Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (8,246) thousand, a significant decrease from HKD 73,775 thousand in the same period of 2023[38] - The net cash generated from investing activities was HKD 54,118 thousand, compared to HKD 307,371 thousand in the previous year, indicating a decline in investment cash flow[38] - The company reported a significant increase in cash outflows for financing activities, totaling HKD (57,435) thousand, compared to HKD (408,100) thousand in the previous year[38] Future Outlook - The group plans to continue expanding its medical specialty services, including the establishment of a cancer center in collaboration with ICON[7] - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming periods[32] - The group expects to recognize future revenue of HKD 12,289,000 from shipyard contracts and HKD 13,657,000 from healthcare services within the next twelve months[46]