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 HKD 250.6 million for the twelve months ended December 31, 2023[4]. - The unaudited net profit for the twelve months ended December 31, 2024, was approximately HKD 9.7 million, a significant recovery from a net loss of approximately HKD 35.9 million for the previous year[4]. - Basic and diluted earnings per share for the twelve months ended December 31, 2024, were approximately HKD 3.95, compared to a loss of HKD 19.91 per share for the twelve months ended December 31, 2023[4]. - The group reported a gross profit of HKD 136.968 million for the twelve months ended December 31, 2024, compared to HKD 127.098 million for the previous year, reflecting a positive trend in profitability[6]. - Operating profit for the twelve months ended December 31, 2024, was HKD 12.612 million, a recovery from an operating loss of HKD 32.993 million in the previous year[6]. - Total comprehensive income for the twelve months ended December 31, 2024, was HKD 9.654 million, compared to a loss of HKD 34.326 million for the previous year[6]. - The group recognized a gain of HKD 7.579 million from the sale of subsidiaries during the twelve months ended December 31, 2024[6]. - The company reported a pre-tax profit of HKD 9,654,000, with total expenses including depreciation and amortization amounting to HKD 110,315,000[21]. - The group reported a profit attributable to owners of approximately HKD 9.4 million in 2024, a significant recovery from a loss of about HKD 33.5 million in 2023[82]. Cost Management - The group’s sales and distribution costs decreased to HKD 45.560 million for the twelve months ended December 31, 2024, from HKD 50.874 million in the previous year, indicating improved cost management[6]. - 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[78]. - Management and other operating expenses decreased by approximately 4.8% to about HKD 88.6 million in 2024 from approximately HKD 93.1 million in 2023, attributed to a reduction in employee costs and outsourcing of warehouse functions[79]. - 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%[33]. - The company’s total employee cost for the company in 2024 was approximately HKD 63.8 million, down from HKD 72.8 million in the previous year[106]. Assets and Liabilities - As of December 31, 2024, total assets amounted to HKD 7,520,201,000, with current assets at HKD 2,123,832,000[7]. - Current liabilities totaled HKD 1,639,589,000, while total liabilities reached HKD 5,240,707,000[7]. - The net asset value was reported at HKD 6,110,938,000, reflecting a significant equity position[7]. - The company holds cash and cash equivalents of HKD 1,592,295,000, indicating strong liquidity[7]. - The total equity attributable to owners of the company was HKD 5,948,423,000, showcasing robust shareholder value[7]. - The company has a non-current liability of HKD 1,211,616,000, which includes lease liabilities[7]. - The financial report indicates a strong capital structure with a total equity ratio of approximately 81.2%[7]. - Trade receivables decreased to HKD 22,400,000 as of December 31, 2024, from HKD 38,053,000 as of December 31, 2023, representing a decline of 41.1%[48]. - Cash and cash equivalents decreased to HKD 9,295,000 as of December 31, 2024, from HKD 23,303,000 as of December 31, 2023, a reduction of 60.1%[50]. - Trade payables decreased to HKD 2,846,000 as of December 31, 2024, from HKD 8,365,000 as of December 31, 2023, a decline of 66.0%[52]. Revenue Sources - The total revenue for the year ended December 31, 2024, was HKD 327,131,000, with furniture and home decor sales contributing HKD 128,611,000[21]. - The furniture and home decor rental segment generated revenue of HKD 24,231,000, contributing to the overall performance[21]. - Revenue from external customers in Hong Kong for the six months ended December 31, 2024, was HKD 118,730, a significant increase from HKD 56,892 in the same period of 2023[29]. - The project engineering segment contributed significantly to revenue growth, with an 84% increase in revenue due to the completion of several large projects in 2024[73]. - The company's furniture sales revenue decreased by about 1.6% to approximately HKD 128.8 million in 2024 from HKD 130.9 million in 2023[73]. Shareholder Information - The company did not recommend the distribution of an interim dividend for the twelve months ended December 31, 2024[4]. - The company did not purchase, sell, or redeem any of its securities during the twelve months ending December 31, 2024[119]. - The total number of issued shares as of December 31, 2024, is 273,696,000[120]. - The company issued a total of 42,700,000 new shares on August 28, 2024, raising approximately HKD 4.27 million[55]. - The company completed a placement of 42,700,000 shares at a price of HKD 0.165 per share, raising approximately HKD 7.05 million, with a net amount of about HKD 6.88 million after expenses[59]. Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors[123]. - The financial information in the report has not been audited by the company's auditors but has been reviewed by the audit committee[124]. - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules[121]. - The company has adopted the principles and code provisions of the GEM Listing Rules Appendix C1 Corporate Governance Code[127]. - The board now consists of four executive directors and three independent non-executive directors, ensuring appropriate checks and balances[127]. Strategic Initiatives - The company plans to continue expanding its market presence and developing new products in the furniture and home decor sector[12]. - The company plans to continue focusing on customer needs in various regions and markets while developing products and services to meet those needs[72]. - The company agreed to acquire an additional 40% stake in Hong Kong Tai Chan Ecological Agriculture Development Co., Ltd. for a total consideration of HKD 4.5 million[102].
PACIFIC LEGEND(08547) - 2024 - 中期财报