Financial Performance - For the twelve months ended December 31, 2024, the group recorded unaudited revenue of approximately HKD 327.1 million, an increase of approximately HKD 76.6 million or 30.6% compared to the revenue of approximately HKD 250.6 million for the twelve months ended December 31, 2023[9]. - The unaudited net profit for the twelve months ended December 31, 2024, was approximately HKD 9.7 million, a significant improvement from a net loss of approximately HKD 35.9 million for the twelve months ended December 31, 2023[9]. - Basic and diluted earnings per share for the twelve months ended December 31, 2024, were approximately HKD 0.0395, compared to a basic and diluted loss per share of HKD 0.1991 for the twelve months ended December 31, 2023[9]. - Revenue for the six months ended December 31, 2024, reached HKD 167.79 million, a 46.3% increase from HKD 114.63 million in the same period of 2023[11]. - Gross profit for the twelve months ended December 31, 2024, was HKD 136.97 million, up 7.4% from HKD 127.10 million in 2023[11]. - Operating profit for the six months ended December 31, 2024, was HKD 10.31 million, compared to an operating loss of HKD 32.90 million in the same period of 2023[11]. - The company reported a profit before tax of HKD 8.57 million for the six months ended December 31, 2024, compared to a loss before tax of HKD 34.39 million in the same period of 2023[11]. - Basic and diluted earnings per share for the six months ended December 31, 2024, were HKD 3.22, a significant improvement from a loss of HKD 18.25 per share in the same period of 2023[11]. - Total comprehensive income for the six months ended December 31, 2024, was HKD 8.57 million, compared to a loss of HKD 34.06 million in the same period of 2023[11]. - The company recorded a net profit of HKD 9.65 million for the twelve months ended December 31, 2024, compared to a net loss of HKD 35.91 million in 2023[11]. Revenue Breakdown - For the twelve months ended December 31, 2024, total revenue reached HKD 327,131,000, with furniture and home decor sales contributing HKD 128,611,000, rental services contributing HKD 24,231,000, and project and hotel services contributing HKD 174,289,000[26]. - Revenue from the furniture sales business decreased by approximately 1.6% to HKD 128.8 million in 2024, down from HKD 130.9 million in 2023, mainly due to a decline in retail sales in Hong Kong[78]. - Retail sales revenue in Hong Kong for 2024 saw a substantial decrease of approximately 25.6% compared to 2023, attributed to the impact of the post-COVID-19 era and local residents traveling abroad[78]. - Retail sales in Dubai also decreased by approximately 17.2% in 2024 compared to 2023, primarily due to intense market competition[79]. - Total revenue for the six months ended December 31, 2024, was HKD 167,790,000, with furniture and home decor sales contributing HKD 67,842,000[28]. Expenses and Costs - The cost of sales for the six months ended December 31, 2024, was HKD 102.66 million, which is an increase from HKD 56.34 million in the same period of 2023[11]. - Management and other operating expenses decreased to HKD 41.38 million for the six months ended December 31, 2024, down from HKD 49.86 million in the same period of 2023[11]. - Employee costs decreased to HKD 19,412,000 for the six months ended December 31, 2024, down from HKD 39,928,000 in 2023, representing a reduction of 51.3%[38]. - The cost of inventory recognized as an expense increased to HKD 80,064,000 for the six months ended December 31, 2024, compared to HKD 57,708,000 in 2023, marking an increase of 38.7%[38]. - Selling and distribution costs decreased by about 10.4% to approximately HKD 45.6 million in 2024 from about HKD 50.9 million in 2023, mainly due to strict control over employee and advertising costs[83]. - Management and other operating expenses decreased by about 4.8% to approximately HKD 88.6 million in 2024 from about HKD 93.1 million in 2023, attributed to a reduction in employee costs and outsourcing of warehouse functions[84]. Assets and Liabilities - As of December 31, 2024, total non-current assets amounted to HKD 1,225,525,770[12]. - The company reported current assets of HKD 2,123,832,328, with cash and cash equivalents at HKD 1,059,683,150[12]. - Total liabilities were recorded at HKD 5,240,707,003, with current liabilities at HKD 1,639,589,927[12]. - The net asset value of the company stood at HKD 6,110,938,641, reflecting a strong financial position[12]. - The company's equity attributable to owners was HKD 5,948,823,737, indicating robust shareholder value[12]. - The total equity of the company reached HKD 6,110,938,641, showcasing overall financial health[12]. - The company has made significant investments in joint ventures amounting to HKD 1,555,713,530[12]. - The company reported a total of HKD 2,923,000,000 in financial assets, highlighting its investment strategy[12]. - The company has a total of HKD 1,421,000,000 in intangible assets, reflecting ongoing investments in technology and innovation[12]. - The company's total liabilities include HKD 1,121,116,000 in lease liabilities, indicating a commitment to long-term operational stability[12]. Shareholder Information - The board of directors does not recommend the distribution of an interim dividend for the twelve months ended December 31, 2024[9]. - The company did not purchase, sell, or redeem any of its securities during the twelve months ending December 31, 2024[124]. - The total number of issued shares as of December 31, 2024, is 273,696,000[125]. - Century Great Investments Limited holds 47,617,000 shares, representing 17.40% of the total issued shares[118]. - Huang Gui Shan holds 38,430,000 shares, accounting for 14.04% of the total issued shares[118]. - No interim dividend is recommended for the twelve months ending December 31, 2024, consistent with the previous year[122]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors[128]. - The board now consists of four executive directors and three independent non-executive directors, ensuring appropriate checks and balances[132]. - The position of CEO is currently vacant, with the functions being performed by all executive directors[132]. - The board believes that having the same individual serve as both Chairman and CEO enhances business strategy execution and operational efficiency[132]. - The company has not appointed any individual as CEO following McLennan's departure[132]. - The board will continue to provide sufficient constraints and oversight to protect the interests of the company and its shareholders[132]. - The company has adopted the principles and code provisions of the GEM Listing Rules Appendix C1 Corporate Governance Code[132]. Market Strategy and Future Plans - The company plans to continue focusing on market expansion and new product development to drive future growth[11]. - The company focused on project engineering and furniture sales in Hong Kong, while facing challenges in the second-hand property market and retail sales due to economic uncertainties[73]. - The company plans to continue focusing on customer needs in various regions and markets, developing products and services to meet those needs[77].
PACIFIC LEGEND(08547) - 2024 - 中期业绩