Financial Performance - The Group reported a consolidated profit after taxation of HK$103,669,000 for the first half of 2024, a significant increase of approximately 4.35 times compared to HK$19,387,000 in the same period of 2023[14]. - Basic earnings per share increased to 5.03 HK cents, up from 0.98 HK cent in 2023[14]. - Net profit for the period increased significantly to HK$102,631,000, compared to HK$20,463,000 in 2023, marking a growth of 401.5%[125]. - Profit before taxation for the period was HK$103,669,000, a substantial increase from HK$19,387,000 in the same period last year[165]. - Total comprehensive expense for the period was HK$188,396,000, a reduction from HK$431,657,000 in 2023[125]. Revenue and Operations - Gross proceeds from operations decreased to HK$133,553,000 for the six months ended 30th June, 2024, down from HK$341,648,000 in 2023[13]. - Revenue for the period was HK$129,565,000, a decline of 57.5% compared to HK$304,291,000 in the previous year[123]. - The property investment segment generated revenue of HK$106,963,000, accounting for approximately 80.09% of the gross proceeds from operations for the first half of 2024[20]. - The property development and investment segment generated revenue of HK$106,963,000, accounting for approximately 80.09% of the total operating income for the six months ended June 30, 2024[25]. - Revenue from property sales was HK$148,822,000, while revenue from golf club operations was HK$22,602,000, down from HK$24,275,000 in 2023[142]. Segment Performance - The property investment segment reported a segment profit of HK$93,979,000, an increase from HK$73,413,000 in 2023[15]. - The Tomson One project in Shanghai recognized total revenue of approximately HK$64,560,000, representing about 48.34% of the Group's total operating income during the same period[26]. - The Shanghai Pudong Golf Club generated revenue of HK$22,602,000 for the six months ended June 30, 2024, accounting for approximately 16.92% of the Group's total operating revenue, with a gross profit of HK$10,160,000[42]. - The property development and trading segment reported a loss as pre-sale proceeds could not be recognized as revenue before property delivery[20]. - The leisure operating segment's land use right expired in April 2024, and the Group has applied for renewal from local government authorities[150]. Cash Flow and Financial Position - The Group's cash and cash equivalents amounted to HK$3,812,642,000 as of June 30, 2024, reflecting an increase of approximately 1.08% from the previous year[56]. - The Group achieved net cash inflows of HK$75,040,000 from investing activities and HK$629,758,000 from financing activities during the reporting period[56]. - The net cash from financing activities showed a substantial increase, with new borrowings raised amounting to HK$1,051,608,000, compared to HK$167,500,000 in the previous year[133]. - The Group recorded a net increase in cash and cash equivalents of HK$347,391,000 during the period, compared to a net decrease of HK$47,027,000 in the previous year[56]. - Current liabilities totaled HK$8,321,674,000, compared to HK$5,015,403,000 at the end of 2023, indicating a significant rise[129]. Investments and Assets - The fair value of the Group's investment properties was approximately HK$7,279,042,000 as of June 30, 2024, with an unrealized gain of HK$31,558,000 recognized during the period[168]. - The Group's investment in Shanghai Zhangjiang Micro-electronics Port Co. Ltd. had a fair value of HK$252,176,000 as of June 30, 2024, representing approximately 1.19% of total assets, with an unrealized loss of HK$34.74 million during the period[47]. - The Group's assets with an aggregate carrying value of HK$2,176,230,000 were pledged to secure bank facilities as of June 30, 2024[70]. - Non-current assets increased to HK$8,084,838,000 from HK$7,897,957,000 as of December 31, 2023[127]. - Financial assets at fair value through profit or loss (FVTPL) are valued at HK$46,023,000 as of June 30, 2024, down from HK$49,257,000 on December 31, 2023[189]. Shareholder Information - Madam Hsu Feng holds a personal interest in 288,133,825 shares, representing 13.300% of the total issued shares of the company[90]. - The total interest of Madam Hsu Feng in the company amounts to 914,055,619 shares, which is 42.192% of the total issued shares[90]. - Mr. Albert Tong holds 324,065,547 shares, representing 14.959% of the total issued shares[92]. - The issued and fully paid shares as of June 30, 2024, total 2,166,398,580 shares with an amount of HK$1,083,198,000, reflecting an increase from 2,052,147,187 shares and HK$1,026,073,000 on December 31, 2023[175]. - The company encourages and funds employee training and development to maintain professional standards[80]. Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period, except for the dual role of Madam Hsu Feng as both Chairman and Managing Director[111]. - The Audit Committee consists of three independent non-executive directors, with Mr. Cheung Siu Ping acting as the chairman[113]. - The financial reporting process, risk management, and internal controls are regularly reviewed by the Audit Committee[113]. - The company has not reported any interests or short positions in securities by directors other than those disclosed[105]. - There were no changes in the information regarding the Directors of the Company since the publication of the Annual Report 2023[119].
汤臣集团(00258) - 2024 - 中期财报