Financial Reporting and Compliance - The Group's interim financial information is prepared in accordance with HKAS 34, with no significant issues identified during the review[5]. - The report covers the condensed consolidated interim financial position as of June 30, 2024, and the related comprehensive income for the six-month period[3]. - The Group's financial statements include the interim statement of changes in equity and cash flows for the same period[3]. - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, focusing on financial and accounting inquiries[4]. - The Group's financial information is deemed to be materially accurate and compliant with relevant accounting standards[5]. - The report was issued by BDO Limited, a certified public accountant firm, confirming the integrity of the financial data[5]. - The Group's management is responsible for the preparation and presentation of the financial information[4]. - The review does not express an audit opinion, indicating a different scope of assurance[4]. - The financial information includes material accounting policy information relevant to the Group's operations[3]. - The report is intended solely for the Board of Directors of Global International Credit Group Limited[4]. Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HK$46,457,000, an increase of 5.2% compared to HK$44,179,000 in the same period of 2023[6]. - Profit before income tax for the period was HK$29,443,000, a decrease of 9.4% from HK$32,507,000 in the previous year[6]. - Profit attributable to owners of the Company for the period was HK$24,696,000, down 9.9% from HK$27,410,000 in 2023[6]. - Basic and diluted earnings per share decreased to 6.2 HK cents from 6.9 HK cents year-over-year[6]. - Administrative expenses totaled HK$12,367,000 for the six months ended June 30, 2024, up 13.0% from HK$10,935,000 in 2023[29]. - The Group's profit and total comprehensive income decreased by approximately HK$2.7 million or 9.9%, from approximately HK$27.4 million to approximately HK$24.7 million for the six months ended 30 June 2024[79]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to HK$963,832,000, an increase of 3.6% from HK$930,740,000 at the end of 2023[8]. - Total equity attributable to owners of the Company increased to HK$919,820,000 from HK$915,124,000[7]. - Current assets rose to HK$641,116,000, up 18.7% from HK$539,943,000 at the end of 2023[8]. - Cash and cash equivalents significantly increased to HK$125,851,000 from HK$52,317,000, reflecting a growth of 140.5%[8]. - Non-current liabilities decreased to HK$2,468,000 from HK$3,587,000, a reduction of 30.3%[9]. - Total liabilities decreased to HK$44,012,000 from HK$15,616,000, indicating a significant reduction in financial obligations[9]. Cash Flow and Financing Activities - Net cash generated from operating activities for the six months ended June 30, 2024, was HK$96,739,000, a decrease of 20.7% compared to HK$122,078,000 in 2023[12]. - Cash and cash equivalents at the end of the period increased to HK$125,851,000, up 15.9% from HK$108,504,000 in 2023[12]. - Net cash used in financing activities was HK$22,098,000, significantly lower than HK$65,263,000 in the previous year, indicating improved cash management[12]. Loans and Credit Risk - The Group's revenue is solely derived from the money lending business, specifically property mortgage loans and personal loans in Hong Kong, with no segment analysis provided[22]. - The maximum exposure to credit risk for loans receivable is the carrying amount of HK$723,450,000 as of June 30, 2024[43]. - The provision for impairment losses on loans receivable totaled HK$7,958,000 as of June 30, 2024, down from HK$9,993,000[41]. - The maturity profile of loans receivable shows current loans at HK$413,741,000, with over 1 year and within 5 years at HK$135,275,000, and over 5 years at HK$166,476,000[44]. - The Group continues to implement stringent credit control measures to minimize associated credit risk during the reporting period[66]. Taxation - The Hong Kong Profits Tax for the current year was HK$4,747,000, an increase from HK$5,097,000 in the previous year[33]. - As of 30 June 2024, a tax provision of HK$4,522,000 has been made in respect of tax enquiries[35]. - The Group's effective tax rate increased from 15.7% to 16.1% for the same periods[79]. Corporate Governance and Shareholder Information - The Company has complied with the Corporate Governance Code provisions except for the roles of chairman and chief executive being held by the same individual, which the Board believes ensures consistent leadership[126]. - The Company confirmed that all Directors complied with the required standards of the Model Code for securities transactions throughout the six months ended June 30, 2024[128]. - The Share Option Scheme aims to provide incentives and recognize contributions from Eligible Participants to support the long-term growth of the Group[112]. - No share options were granted, exercised, lapsed, or cancelled during the six months ended June 30, 2024, with 40,000,000 options available for grant as of both January 1, 2024, and June 30, 2024[124]. - Ms. Jin Xiaoqin holds a 75% interest in the company through a controlled corporation, owning 300,000,000 shares[101]. Market Conditions and Future Outlook - The Group anticipates a mild expansion in the Hong Kong economy in the second half of 2024, but faces challenges due to prolonged high-interest rates and changing local consumption patterns[93]. - Loan growth momentum may be constrained due to conservative risk preferences in business and real estate investments[93]. - The anticipated trend of lower interest rates by the US Federal Reserve may help stabilize the property market in Hong Kong and improve investment sentiment[93].
环球信贷集团(01669) - 2024 - 中期财报