Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 1,728,693, a decrease of 11.8% compared to HKD 1,961,107 for the same period in 2023[3] - The net profit for the period was HKD 72,034, slightly down from HKD 73,116 in 2023, reflecting a decrease of 1.5%[3] - Total comprehensive income for the period was HKD 67,916, up from HKD 54,889 in the same period last year, marking a 23.7% increase[4] - Basic earnings per share for the period were HKD 10.72, a slight decrease from HKD 10.98 in the previous year[4] - The company reported a profit before tax of HKD 89,543 for the six months ended June 30, 2024, compared to HKD 86,017 for the same period in 2023, showing an increase of about 2.9%[19][20] - The company reported a profit for the period of HKD 61,554,000 for the six months ended June 30, 2024, compared to HKD 63,078,000 for the same period in 2023, indicating a decline of about 2.4%[31] - Profit attributable to shareholders was approximately HKD 61,554,000, a decrease of 2% year-on-year[47] Revenue Breakdown - Revenue from metal products was HKD 517,153 for the first half of 2024, down from HKD 549,967 in the same period of 2023, indicating a decrease of about 6.0%[16][21] - Revenue from construction materials was HKD 1,211,444 for the first half of 2024, compared to HKD 1,411,042 in the same period of 2023, reflecting a decline of approximately 14.1%[16][21] - Total revenue for the group was approximately HKD 1,728,693,000, a decrease of 12% compared to the same period last year[47] - Revenue from the metal products segment was approximately HKD 519,151,000, a decrease of 6% compared to the previous year, while EBIT increased by 5% to approximately HKD 44,235,000[48] - Revenue from the construction materials segment was approximately HKD 1,211,483,000, a decrease of 14% year-on-year, with EBIT remaining stable at approximately HKD 78,392,000[50] Assets and Liabilities - Non-current assets increased to HKD 725,255, up from HKD 651,263 as of December 31, 2023, indicating a growth of 11.3%[5] - Total liabilities decreased from HKD 1,357,762,000 as of December 31, 2023, to HKD 980,940,000 as of June 30, 2024[6] - The company's total equity increased from HKD 1,387,127,000 as of December 31, 2023, to HKD 1,434,940,000 as of June 30, 2024[7] - The company's total assets increased from HKD 1,561,566,000 as of December 31, 2023, to HKD 1,618,485,000 as of June 30, 2024[6] - The group’s total liabilities decreased from HKD 1,032,096,000 as of December 31, 2023, to HKD 772,690,000 as of June 30, 2024, representing a reduction of approximately 25.1%[34] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 907,386,000, a decrease from HKD 1,100,512,000 in the same period of 2023[9] - The net cash used in investing activities for the six months ended June 30, 2024, was HKD (86,650,000), compared to HKD 1,733,000 in the same period of 2023[9] - The net cash used in financing activities for the six months ended June 30, 2024, was HKD (1,019,231,000), a decrease from HKD (1,139,681,000) in the same period of 2023[9] - The cash and cash equivalents at the end of the period decreased to HKD 452,548,000 from HKD 500,787,000 as of June 30, 2023[9] - The group’s cash and bank balances totaled approximately HKD 452,548,000 as of June 30, 2024, down from approximately HKD 652,131,000 at the end of 2023[52] Expenses and Financials - The financial expenses decreased to HKD 19,140, down from HKD 23,907 in the previous year, reflecting a reduction of 19.5%[3] - The company reported a foreign exchange loss of HKD 4,306 due to the translation of overseas operations[4] - The group’s income tax expense for the six months ended June 30, 2024, was HKD 17,509,000, an increase from HKD 12,901,000 for the same period in 2023[28] - The company’s financial expenses totaled HKD 19,140, with bank borrowing interest accounting for HKD 14,731 and lease liability interest for HKD 4,409[19] Inventory and Receivables - Inventory levels rose to HKD 651,094, an increase of 10.2% from HKD 590,542 in the previous year[5] - Trade and other receivables decreased to HKD 765,050, down 25.3% from HKD 1,025,045 in 2023[5] - Trade receivables net of expected credit loss amounted to HKD 683,111,000 as of June 30, 2024, compared to HKD 913,338,000 as of December 31, 2023, reflecting a decrease of approximately 25.2%[34] - The expected credit loss on trade receivables increased to HKD 77,239,000 as of June 30, 2024, compared to HKD 60,924,000 as of December 31, 2023, indicating a rise of about 26.7%[34] Dividends and Shareholder Information - The company declared dividends amounting to HKD 20,103,000 for the period[7] - The company declared an interim dividend of HKD 0.025 per share, totaling HKD 14,359,000, consistent with the previous interim dividend declared for the same period in 2023[30] - As of June 30, 2024, Mr. Peng Dezhong holds a total of 365,594,474 shares, representing 63.65% of the issued shares[57] - Golik Investments Ltd. holds 201,666,392 shares, accounting for 35.11% of the total issued shares[60] Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[62] - There were no transactions involving the purchase or redemption of the company's listed securities during the six months ending June 30, 2024[68] - The company expressed gratitude to employees and stakeholders for their contributions and support, aiming for better performance in the second half of the year[69]
高力集团(01118) - 2024 - 中期财报