Financial Performance - For the year ended June 30, 2024, the company reported revenue of HK$188,042,000, a significant increase from HK$45,156,000 in 2023, representing a growth of 316%[2] - Profit attributable to the owners of the company for 2024 was HK$171,678,000, compared to a profit of HK$21,202,000 in 2023, marking an increase of 707%[2] - The company declared dividends of HK$34,265,000 for 2024, up from HK$24,475,000 in 2023, reflecting a growth of 40%[2] - Earnings per share for 2024 increased to HK$0.26 from HK$0.03 in 2023, indicating a growth of 767%[2] - The consolidated profit after income tax for the year ended June 30, 2024, is HK$171,004,000, compared to HK$53,040,000 in 2023, representing a significant increase[28][30] - The total dividend for the year is HK6.25 cents per share, which is a 32% increase from HK4.75 cents per share in 2023[28][30] - Gross profit for the year was HK$106,796,000, compared to HK$27,752,000 in the previous year[109] - Total equity attributable to the owners of the Company as of June 30, 2024, was approximately HK$6,684,368,000, an increase of 1.7% from HK$6,573,558,000 in 2023[114] - The total equity per share increased to HK$10.24 from HK$10.07 in the previous year, reflecting a 1.7% growth[114] Assets and Liabilities - The net current assets rose to HK$1,977,431,000 in 2024, compared to HK$1,340,859,000 in 2023, an increase of 47%[2] - Fixed assets decreased to HK$5,555,636,000 in 2024 from HK$6,914,246,000 in 2023, a decline of 20%[2] - The net assets of the company stood at HK$6,892,596,000 in 2024, slightly up from HK$6,782,460,000 in 2023, an increase of 1.6%[2] - The Group's total bank and other borrowings increased to HK$1,343,125,000 as of June 30, 2024, compared to HK$1,036,449,000 in 2023, while cash and bank balances rose to HK$881,792,000 from HK$323,525,000[120] - The Group's investment properties and properties under development were valued at HK$3,512,769,000 and HK$1,852,298,000 respectively, totaling HK$5,365,067,000, a decrease in fair value of approximately HK$154,070,000 compared to the previous year[130] Shareholder Information - The company has proposed a final dividend of HK$0.05 per share for 2024, compared to HK$0.04 per share in 2023[3] - The dividend cover ratio improved to 5.01 times in 2024 from 0.9 times in 2023, indicating stronger earnings relative to dividends[2] - Shareholders have the right to appoint proxies to attend and vote at the meeting, and proxies need not be members of the company[20] - The register of members will be closed from November 14, 2024, to November 20, 2024, during which no share transfers will be processed[22] - All share transfer documents must be submitted by 4:30 p.m. on November 13, 2024, to qualify for attending and voting at the Annual General Meeting[22] Corporate Governance - The Company has complied with all Code Provisions of the Corporate Governance Code for the year ended June 30, 2024, except for the separation of the roles of Chairman and Chief Executive Officer[164] - The Company is currently seeking a suitable candidate for the Chief Executive Officer position to comply with the Listing Rules in the next financial year[164] - The Board held three full board meetings during the year, with all directors achieving a 100% attendance rate except for one director who attended 50% of the meetings[171] - The Company has established policies for corporate governance, compliance, and risk management, which are regularly reviewed and monitored[168] - The Board's responsibilities include reviewing the training and continuous professional development of directors and senior management[170] Market and Economic Conditions - The residential leasing market in Hong Kong has seen a slight increase, supported by local demand and overseas talents, with expectations for mass and luxury residential rents to remain optimistic[29][31] - The U.S. Federal Reserve has decreased interest rates by 0.5%, with a high likelihood of further reductions, which is anticipated to help stabilize residential prices[32][33] - The Hong Kong economy continued to record moderate growth in the second quarter of 2024[73] - The Central Government's measures are expected to benefit inbound tourism and private consumption in Hong Kong[76] - The company is facing challenges due to changes in consumption patterns and a relatively strong Hong Kong dollar[161] Management and Personnel - Dr. Chao has been the Executive Chairman since 1988 and has over 50 years of experience in various industries including property and construction[83] - Mr. Lam has over 25 years of experience in investment banking and over 3 years in accounting and auditing[84] - Mr. Lee has 40 years of experience in manufacturing, property development, and investment, with a strong knowledge of international distribution networks[86] - Gigi Chao, aged 45, has a background in architecture and law, focusing on investment, asset management, coding, and information technology[94] - The company employed a total of 47 staff as of June 30, 2024, a decrease from 54 staff as of June 30, 2023[132] Investment Activities - The investment in the bond market as of June 30, 2024, was HK$49,876,000, with HK$2,290,000 redeemed during the year[70] - The market value of investments in Hong Kong stocks as of June 30, 2024, was HK$54,263,000[71] - The investment in funds as of June 30, 2024, was HK$2,953,000, with HK$3,000,000 purchased during the year[72] - The expected credit loss for perpetual notes and debentures was HK$4,975,000, down from HK$14,210,000 in 2023[116] Property Development - The occupancy rate for Phase II of Villa Cecil is maintained at 60%, while the occupancy rate for Phase III has reached 61%[34][38] - The first phase of the New Villa Cecil has achieved a rental rate of 40%[40] - A total of 793 units have been sold in Longhwa, Shenzhen, amounting to RMB 3,872,000,000[50] - The occupancy rate of serviced apartments in the Parkview project in Kuala Lumpur is currently 60%[67] - The construction work of the Riverside project in Hangzhou has been substantially completed, with planning acceptance approved[56]
卓能(集团)(00131) - 2024 - 年度财报