Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 251,421,000, an increase of 30.5% compared to HKD 269,381,000 in 2023[4] - Gross profit for the same period was HKD 58,241,000, slightly up from HKD 57,416,000, resulting in a gross margin of 23.1%[4] - Net profit for the period was HKD 21,335,000, representing a 5.2% increase from HKD 20,275,000 in the previous year[8] - Basic and diluted earnings per share were both HKD 0.0233, compared to HKD 0.0220 in 2023, reflecting a 5.9% increase[5] - Total comprehensive income for the period was HKD 24,303,000, significantly up from HKD 6,773,000 in the prior year[12] - The company achieved a profit before tax of HKD 20,264 thousand for the six months ended September 30, 2024, compared to HKD 21,335 thousand in the same period of 2023, reflecting a decline of approximately 5%[35] - The profit attributable to shareholders for the same period was approximately HKD 21,335,000, an increase from HKD 20,242,000 in the previous year, reflecting a growth of about 5.4%[85] Assets and Liabilities - Current assets increased to HKD 3,213,743,000, up from HKD 2,880,414,000, marking a 11.6% rise[20] - Total liabilities decreased from HKD 4,194,612,000 to HKD 3,489,037,000, a reduction of 16.8%[26] - The company reported a net asset value of HKD 2,562,069,000, up from HKD 2,548,821,000, reflecting a growth of 0.5%[24] - As of September 30, 2024, the total borrowings of the group were approximately HKD 5,358,000,000, with a capital debt ratio of 1.60, up from 1.34 as of March 31, 2024[90] - Accounts receivable at the end of the reporting period amounted to approximately HKD 876,000,000, down from HKD 1,054,000,000 as of March 31, 2024[62] - Total accounts payable and notes payable as of September 30, 2024, reached HKD 57,564,000, significantly higher than HKD 28,293,000 as of March 31, 2024[67] Cash Flow - For the six months ended September 30, 2024, the company reported a net cash outflow from operating activities of HKD (180,280) thousand, an improvement from HKD (216,205) thousand in the same period of 2023, representing a decrease of approximately 16.6%[30] - Cash and cash equivalents rose to HKD 506,158,000 from HKD 475,026,000, an increase of 6.9%[20] - Cash and cash equivalents increased by HKD 38,159 thousand during the period, compared to a decrease of HKD (314,383) thousand in the same period of 2023[30] - The company’s cash and cash equivalents at September 30, 2024, stood at HKD 506,158 thousand, a decrease from HKD 539,618 thousand at the end of the same period in 2023[30] - The group had cash and bank balances totaling approximately HKD 506,000,000 as of September 30, 2024, compared to HKD 475,000,000 as of March 31, 2024[90] Investment Properties - Investment properties' fair value increased to HKD 5,262,763,000 from HKD 5,059,548,000, indicating a growth of 4%[16] - The fair value of investment properties as of September 30, 2024, is HKD 5,262,763,000, showing an increase from HKD 5,059,548,000 as of March 31, 2024[58] Dividends - The proposed final dividend for 2024 is HKD 0.012 per share, down from HKD 0.018 per share in 2023, resulting in a total dividend distribution of HKD 10,990,000 compared to HKD 16,539,000 in the previous year[56] - The company does not recommend any interim dividend for the six months ended September 30, 2024, consistent with the previous year[56] Employee and Management Costs - The company’s management compensation for the period was approximately HKD 12,900,000, compared to HKD 16,976,000 for the six months ended September 30, 2023[72] - The employee costs recognized in the income statement for the period were approximately HKD 46,000,000, a decrease from HKD 48,000,000 for the same period last year[95] Corporate Governance - The company has complied with the corporate governance code, except for specific provisions regarding the appointment and rotation of non-executive directors[103] - The audit and risk management committee has reviewed the unaudited interim results for the six months ending September 30, 2024[105] - The company has established a standard code for securities trading, confirming compliance by all directors during the review period[106] Other Information - The luxury residential project at 1 South Bay Avenue, Hong Kong, is nearing completion, with sales and promotional materials being prepared[88] - The group maintained a high occupancy rate in its boutique hotel segment, benefiting from government measures to attract tourists amid economic challenges[86] - The group has no significant investment plans currently, with all investments funded through bank borrowings and internal resources[92] - The company has not purchased, sold, or redeemed any of its securities in the six months ending September 30, 2024[101] - The company holds 100% equity in several commercial properties located in Hong Kong, including The Putman and One96[108] - The company has a 50% stake in a joint venture at 45 Dapeng Road, with a book value representing 3.35% of the total assets[123] - The group’s financial instruments are primarily measured at fair value, with significant inputs reflecting market conditions and credit risk assessments[79] - As of September 30, 2024, the total number of issued shares is 915,800,962[98] - The company repurchased a total of 120,000 shares during the period, with a total cost of HKD 64,573[102] - The company’s major properties include residential units in Toronto, Canada, with ongoing development expected to complete in 2025[118]
NATIONAL ELEC H(00213) - 2025 - 中期财报