Financial Performance - The company's revenue for the six months ended June 30, 2024, was $130.719 million, an increase from $115.339 million in the same period of 2023, representing a growth of approximately 13.4%[4] - Gross profit for the same period was $32.386 million, compared to $23.016 million in 2023, reflecting a significant increase of about 40.9%[4] - The net profit attributable to shareholders for the six months was $18.858 million, up from $9.867 million in 2023, marking an increase of approximately 90.1%[3] - The total comprehensive income attributable to shareholders for the period was $18.422 million, compared to $8.384 million in 2023, indicating a growth of about 119.4%[5] - Basic and diluted earnings per share for the period were 1.68 cents, compared to 0.88 cents in 2023, representing an increase of approximately 90.9%[5] - The company reported a pre-tax profit of $18,858,000 for the six months ended June 30, 2024, up from $9,867,000 in the same period of 2023, indicating a growth of approximately 90%[27] - Basic earnings per share for the period were $0.0168, compared to $0.0088 for the same period in 2023, representing an increase of approximately 90.9%[27] - The company reported a profit attributable to shareholders of approximately $18.9 million, an increase of about $9.0 million or 91.1% compared to the previous year[47] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled $41.526 million, slightly down from $42.136 million at the end of 2023[6] - Current assets increased to $161.967 million from $153.556 million in 2023, showing a growth of approximately 5.8%[6] - Current liabilities decreased to $39.910 million from $43.158 million in 2023, a reduction of about 7.2%[7] - The net asset value of the company increased to $160.202 million from $148.951 million in 2023, reflecting a growth of approximately 7.5%[7] - The company’s total assets as of June 30, 2024, were reported at $158,766,000, an increase from $147,515,000 as of December 31, 2023[9] - The total accounts payable and notes payable at the end of the reporting period was $13.838 million, down from $21.342 million at the end of 2023, representing a decrease of approximately 35.2%[31] Cash Flow - For the six months ended June 30, 2024, the company reported a net cash flow from operating activities of $11,954,000, an increase of 61.5% compared to $7,419,000 for the same period in 2023[10] - The net cash flow from investing activities for the six months ended June 30, 2024, was $6,093,000, compared to $4,679,000 for the same period in 2023, showing an increase of 30.2%[10] - The company incurred a financing cash outflow of $859,000 for the six months ended June 30, 2024, slightly down from $894,000 in the same period of 2023[10] Revenue Breakdown - Revenue breakdown by region shows a significant increase in China, with sales rising to $13,590,000 from $6,997,000, marking a growth of approximately 94%[18] - The United States market saw a decline in revenue, dropping to $40,828,000 from $48,909,000, a decrease of about 16.5%[18] - Total revenue for the six months ended June 30, 2024, was approximately $130.7 million, a rebound from about $115.3 million for the same period in 2023, reflecting a growth of approximately 13.1%[43] Inventory and Costs - The company reported a significant reduction in inventory from $38.177 million in 2023 to $26.955 million in 2024, a decrease of about 29.5%[6] - The total cost of goods sold for the six months ended June 30, 2024, was $96,483,000, compared to $90,542,000 in 2023, indicating an increase of approximately 6.5%[24] Research and Development - The company incurred research and development costs of $1,142,000 for the six months ended June 30, 2024, slightly up from $1,129,000 in 2023[24] Corporate Governance - The company continues to adhere to the corporate governance code as per the listing rules, ensuring high standards of governance[56] - All directors confirmed compliance with the standard code for securities trading during the reporting period[57] - The company is committed to maintaining a high level of corporate governance to protect shareholders' interests[56] Shareholder Information - The company declared a final dividend of 5.0 HK cents per share, amounting to $7,171,000, compared to $6,002,000 in the previous year, an increase of approximately 19.5%[26] - Major shareholders collectively held 588,000,000 shares, representing 52.5% of the company's equity[65] - Prosperous BVI holds 588,000,000 shares of the company, with ownership percentages distributed among six individuals[66] Market and Development Opportunities - The company is exploring further development opportunities for its land in Panyu, Guangzhou, with a maximum total floor area of approximately 393,338.92 square meters and a significantly improved plot ratio of 4.0 compared to the previous 2.0[45] - The company has identified three external consultants for potential further development of the land, focusing on project management, concept design, and construction drawing design[45] Risks - The company faces foreign exchange risk as its procurement and operating costs are primarily denominated in RMB and VND, while most sales are in USD, with no current foreign exchange hedging policy in place[55]
其利工业集团(01731) - 2024 - 中期财报