Financial Performance - Revenue for the year ended December 31, 2024, was approximately $116.79 million, an increase of about 23.9% compared to the previous year[4] - Profit attributable to the owners of the company for the year ended December 31, 2024, was approximately $38.05 million, representing a growth of approximately 35.4% year-over-year[4] - Diluted earnings per share for the year ended December 31, 2024, was approximately 3.45 cents, an increase of about 35.3% compared to the previous year[4] - Gross profit for the year ended December 31, 2024, was approximately $64.15 million, compared to $50.91 million in the previous year[5] - The company reported a pre-tax profit of approximately $45.33 million, up from $32.95 million in the previous year[5] - Total revenue from customer contracts increased to $116,791,000 in 2024, up from $94,259,000 in 2023, representing a growth of 24%[32] - Revenue from SD-WAN router sales reached $83,325,000 in 2024, compared to $63,982,000 in 2023, marking a 30% increase[34] - The North America region generated $74,760,000 in revenue in 2024, a significant rise from $54,386,000 in 2023, reflecting an increase of 37%[28] - The company reported a pre-tax profit of $45,326,000 for the year, up from $32,950,000 in the previous year, indicating a growth of 37%[25] - The total segment performance for software licensing and support services was $28,753,000 in 2024, compared to $25,188,000 in 2023, showing an increase of 10%[25] Cash Flow and Assets - Cash and cash equivalents increased to approximately $65.93 million from $36.75 million year-over-year[6] - The operating cash flow for the year ended December 31, 2024, was $62,174 thousand, an increase of 36.8% compared to $45,436 thousand in 2023[12] - The net cash flow from operating activities for 2024 was $55,162 thousand, up 46.2% from $37,722 thousand in 2023[12] - Total assets less current liabilities amounted to approximately $68.99 million, an increase from $58.03 million in the previous year[6] - Cash and cash equivalents at the end of 2024 increased to $65,933 thousand, compared to $36,745 thousand at the end of 2023, reflecting a growth of 79.4%[14] Dividends and Shareholder Returns - The board declared a second interim dividend of 13.37 HK cents per share and a special dividend of 5.65 HK cents per share, expected to be paid on March 27, 2025[4] - The company paid dividends amounting to $32,709 thousand in 2024, which is a 48.3% increase from $22,049 thousand in 2023[14] - The company declared an interim dividend of $15,310,000 for 2024, up from $9,859,000 in 2023, representing a growth of about 55%[48] Expenses and Liabilities - The total tax expense for 2024 was $7,280,000, compared to $4,851,000 in 2023, indicating a significant increase of approximately 50%[46] - Employee benefits expenses, excluding directors' remuneration, rose to $9,025,000 in 2024 from $8,530,000 in 2023, marking an increase of about 5.8%[43] - The company’s total liabilities related to lease obligations decreased to $51,000 in 2024 from $158,000 in 2023, a decline of about 67.7%[41] - Total liabilities, including trade payables, other payables, and accrued items, amounted to $7,420,000 for 2024, compared to $4,686,000 in 2023[57] Research and Development - The company’s research and development expenses were approximately $8.50 million, slightly up from $8.41 million in the previous year[5] - Research and development expenses slightly increased by about 1.0% to approximately $8.50 million[75] Market and Sales Performance - One-time sales accounted for 72.4% of total revenue in 2024, while recurring sales made up 27.6%[65] - The company experienced a healthy growth in the number of devices with subscriptions and subscription usage rates, indicating a strong recurring revenue pipeline for the future[64] - North America sales increased to approximately $74.76 million, a year-over-year growth of about 37.5%, contributing 64.0% to total revenue[67] - EMEA sales rose to approximately $29.06 million, a year-over-year increase of about 5.5%, accounting for 24.9% of total revenue[67] Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions as of December 31, 2024[123] - The audit committee has reviewed the consolidated annual performance for the year ended December 31, 2024, including discussions on auditing, internal controls, and financial reporting[126] - The company has confirmed compliance with the non-competition agreement signed by the controlling shareholder as of December 31, 2024[118] Future Outlook and Strategy - The company plans to expand its partnership with Starlink in 2025, introducing small business products into the channel program[91] - The integration of edge computing capabilities into most product lines is anticipated to reduce reliance on centralized cloud servers[92] - The company aims to optimize "on-demand" connectivity to meet temporary high bandwidth needs, enhancing user experience[93] - The company has maintained a recurring revenue model that shows healthy growth trajectories for the coming years[88] Shareholder Information - As of December 31, 2024, the company has a total of 774,000,000 shares held by directors and senior management, representing 70.2% ownership[112] - Chen Yongkang holds 756,000,000 shares through Namlong Development Limited, accounting for 68.6% of the total shares[113] - The company has not participated in any arrangements that would allow directors or senior management to profit from acquiring shares or debt securities of the company or any other entity[114] Miscellaneous - The company has no significant investments or future investment plans as of December 31, 2024[104] - There were no major acquisitions or disposals of subsidiaries or associates during the year ending December 31, 2024[105] - The company has not established any preemptive rights for existing shareholders regarding the issuance of new shares[120] - The company's auditors have verified the figures in the preliminary consolidated financial statements for the year ended December 31, 2024[125]
珩湾科技(01523) - 2024 - 年度业绩