Financial Performance - Revenue for the year ended July 31, 2024, was HKD 279,335,000, representing a 2.7% increase from HKD 271,997,000 in the previous year[1] - Gross profit increased by 7.9% to HKD 57,317,000 compared to HKD 53,102,000 in the prior year[1] - Shareholders' profit attributable to the company was HKD 7,086,000, a slight increase of 0.1% from HKD 7,077,000[2] - Basic and diluted earnings per share remained stable at HKD 0.71[2] - Operating profit rose to HKD 12,458,000, up from HKD 9,600,000, indicating a strong operational performance[2] - The company's total equity increased to HKD 443,727,000 from HKD 441,641,000, indicating a stable financial position[3] - The annual profit attributable to the company's owners was HKD 7,086,000 in 2024, slightly up from HKD 7,077,000 in 2023[27] - The group's total profit and comprehensive income for the year ending July 31, 2024, remained at approximately HKD 7.1 million, with a net profit margin decreasing from about 2.6% to 2.5%[47] Revenue Breakdown - Customer contract revenue for the year was HKD 195,055,000, compared to HKD 185,282,000 in the previous year, indicating an increase of about 5.2%[11] - Heavy equipment and parts sales generated revenue of HKD 158,430,000 for the year ended July 31, 2024, up from HKD 142,298,000 in the previous year, reflecting a growth of approximately 11.4%[11] - Rental services for heavy equipment contributed HKD 105,279,000 in revenue, a decrease from HKD 116,842,000 in the previous year, showing a decline of about 9.3%[15] - Maintenance, logistics, and other ancillary services generated revenue of HKD 15,626,000, compared to HKD 12,857,000 in the previous year, marking an increase of approximately 21.5%[11] - Revenue from the sale of heavy equipment and parts increased from approximately HKD 142.3 million to approximately HKD 158.4 million, representing a rise of about HKD 16.1 million or 11.3%[37] - Revenue from heavy equipment leasing and related services decreased from approximately HKD 116.8 million to approximately HKD 105.3 million, a decline of about HKD 11.5 million or 9.8%[38] - Revenue from maintenance, logistics, and other ancillary services increased from approximately HKD 12.9 million to approximately HKD 15.6 million, an increase of about HKD 2.7 million or 20.9%[39] Dividends - The final dividend per share increased significantly by 200.0% to HKD 1.5 from HKD 0.5 in the previous year[1] - The proposed final dividend for 2024 is HKD 15,000,000, up from HKD 5,000,000 in 2023, reflecting a 200% increase[26] - The board proposed a final cash dividend of HKD 0.015 per ordinary share, subject to shareholder approval[48] Assets and Liabilities - Total assets decreased slightly to HKD 306,560,000 from HKD 308,946,000 year-over-year[3] - Net current assets increased to HKD 282,299,000 from HKD 276,171,000, reflecting improved liquidity[3] - Trade and lease receivables decreased to HKD 81,631,000 in 2024 from HKD 103,085,000 in 2023, a decline of 20.8%[28] - The provision for trade and lease receivables increased to HKD 6,648,000 in 2024 from HKD 3,499,000 in 2023, a rise of 90.1%[28] - The company's contract liabilities rose significantly to HKD 8,729,000 in 2024 from HKD 1,707,000 in 2023, marking a 411.5% increase[29] Costs and Expenses - The cost of revenue for the fiscal year ending July 31, 2024, was approximately HKD 222.0 million, an increase of about HKD 3.1 million or 1.4% compared to approximately HKD 218.9 million for the previous year[40] - Total employee costs, including directors' remuneration, decreased to HKD 54,995,000 in 2024 from HKD 66,010,000 in 2023, a reduction of 16.8%[23] - The company's financing costs increased to HKD 1,082,000 in 2024 from HKD 863,000 in 2023, representing a 25.4% rise[20] - Administrative and other operating expenses decreased by approximately HKD 0.2 million or 0.5% to about HKD 42.1 million[44] - Financing costs increased by approximately HKD 0.2 million or 22.2% to about HKD 1.1 million, primarily due to increased interest expenses from new lease liabilities[45] - Income tax expenses increased by approximately HKD 2.6 million or 158.4% due to the reversal of previously recognized tax losses[46] Employee Information - As of July 31, 2024, the group employed 107 full-time employees, a decrease from 133 employees as of July 31, 2023[59] - Total employee costs for the year ended July 31, 2024, were approximately HKD 56.0 million, down from approximately HKD 66.0 million in the previous year, reflecting a reduction of about 15.15%[59] - The company has adopted a share option scheme since June 30, 2017, to incentivize employees and directors for their contributions[59] Corporate Governance and Compliance - The board has adhered to the good corporate governance principles as per the Stock Exchange Listing Rules, with a noted deviation regarding the roles of the Chairman and CEO[60] - The independent auditor confirmed that the financial statements for the year ended July 31, 2024, are consistent with the audited consolidated financial statements[64] - The company did not purchase, sell, or redeem any of its listed securities during the year ended July 31, 2024[62] - The annual report for the year ended July 31, 2024, will be published in accordance with the Listing Rules and made available to shareholders[68] Future Outlook - The company anticipates continued strong demand for heavy equipment in the coming years, driven by government infrastructure projects with an expected annual investment of over HKD 90 billion[35] - The company plans to diversify its supplier base and procure various technological safety systems and smart products to enhance sustainability and competitiveness[35] Events and Changes - The company is currently evaluating the impact of new accounting standards on its financial reporting[7] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are effective after January 1, 2024[8] - There have been no significant events affecting the company since the reporting period[33] - The company has no significant financial impact from the recent amendments to the Employment Ordinance regarding long service payments as of July 31, 2024[32] Meeting and Registration - The company will hold its 2024 Annual General Meeting on November 26, 2024[65] - The share transfer registration will be suspended from November 21, 2024, to November 26, 2024, for the upcoming Annual General Meeting[66] - The company will also suspend share transfer registration from December 3, 2024, to December 5, 2024, for the proposed final dividend[67]
德利机械(02102) - 2024 - 年度业绩