SITC(HK:01308)2025-03-10 04:25Financial Performance - For the fiscal year ending December 31, 2024, revenue was approximately $3,058.1 million, an increase of about 25.9% compared to $2,429.0 million for the fiscal year ending December 31, 2023[3]. - Gross profit increased by approximately 83.4% from $623.0 million for the fiscal year ending December 31, 2023, to approximately $1,142.8 million for the fiscal year ending December 31, 2024, resulting in a gross margin increase from 25.7% to 37.4%[3]. - Profit for the fiscal year ending December 31, 2024, rose by approximately 92.9% to about $1,034.3 million, up from $536.2 million for the fiscal year ending December 31, 2023[3]. - Basic earnings per share for the fiscal year ending December 31, 2024, were $0.39, compared to $0.20 for the fiscal year ending December 31, 2023[3]. - The group's profit before tax for 2024 was $1,915,242 thousand, an increase from $1,805,925 thousand in 2023, representing a growth of approximately 6.06%[26]. - The group's profit for the year ending December 31, 2024, was approximately $1,034.3 million, representing an increase of approximately 92.9% compared to approximately $536.2 million for the year ending December 31, 2023[60]. Revenue and Sales - Total revenue for the year ended December 31, 2024, was $3,058,059 thousand, an increase of 26% from $2,428,959 thousand in 2023[22]. - Revenue from the Greater China region reached $1,473,885 thousand, up 56% from $942,529 thousand in 2023[22]. - Customer contract revenue was $3,055,862 thousand, compared to $2,422,168 thousand in the previous year, reflecting a significant growth[24]. - The company's revenue increased by approximately 25.9% from about $2,429.0 million in 2023 to approximately $3,058.1 million in 2024, driven by a 10.7% increase in container volume and a 15.7% increase in average freight rates[42][47]. - The total container volume rose from 3,224,498 TEUs in 2023 to 3,570,184 TEUs in 2024[42][47]. - The average freight rate (excluding slot exchange fees) increased from $623.3 per TEU in 2023 to $721.1 per TEU in 2024[42][47]. Assets and Equity - Total assets less current liabilities increased to $2,653.3 million for the fiscal year ending December 31, 2024, from $2,149.5 million for the fiscal year ending December 31, 2023[12]. - Non-current assets totaled $2,174.6 million as of December 31, 2024, compared to $2,025.9 million as of December 31, 2023[11]. - Current assets increased to $1,023.5 million for the fiscal year ending December 31, 2024, from $626.6 million for the fiscal year ending December 31, 2023[11]. - The company reported a net asset value of $2,421.5 million as of December 31, 2024, compared to $1,931.1 million as of December 31, 2023[12]. - The company’s total equity increased to $2,421.5 million as of December 31, 2024, from $1,931.1 million as of December 31, 2023[12]. - Total assets increased by approximately 20.6% from about $2,652.5 million as of December 31, 2023, to about $3,198.1 million as of December 31, 2024[62]. Expenses and Costs - Financial costs decreased to $15,676 thousand in 2024 from $18,753 thousand in 2023, primarily due to lower bank loan interest[24]. - The total employee benefits expenses for 2024 amounted to $209,565 thousand, slightly decreasing from $209,916 thousand in 2023, indicating a reduction of about 0.17%[26]. - The group's total tax expense for 2024 was $19,232 thousand, up from $17,240 thousand in 2023, reflecting an increase of approximately 11.55%[29]. - The sales cost rose by approximately 6.1% from about $1,805.9 million in 2023 to approximately $1,915.2 million in 2024, primarily due to increased logistics costs[48]. - Administrative expenses increased by approximately 5.9% from about $136.0 million in 2023 to approximately $144.0 million in 2024, mainly due to rising employee bonus costs[52]. Dividends - A final dividend of HKD 1.40 per share (equivalent to $0.18 per share) was declared for the fiscal year ending December 31, 2024[3]. - The group plans to propose a final dividend of HKD 1.40 per share for 2024, compared to HKD 0.50 per share in 2023, which is an increase of 180%[32]. - A final dividend of HKD 1.40 per share (equivalent to $0.18) is proposed for shareholders, subject to approval at the annual general meeting on April 29, 2025[72]. Operational Insights - The company operates a single business segment focused on container transportation and related services, with no significant changes in operational structure[20]. - Non-current assets primarily consist of vessels, which are utilized for cargo shipping in the Asia cross-regional market[21]. - The company delivered 8 new container ships and 1 second-hand container ship during the year ending December 31, 2024, and entered into agreements to build 4 additional container ships for a total cost of $115.92 million[67]. - The company plans to continue purchasing container ships and investing in logistics projects, expecting internal financial resources and bank loans to be sufficient for funding needs[68]. - The company operated a fleet of 114 vessels with a total capacity of 180,255 TEUs, including 100 owned vessels and 14 leased vessels, with an average age of 8.4 years[41]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance for the year ending December 31, 2024[82]. - Ernst & Young has been appointed as the auditor for the year ending December 31, 2024, with a resolution to be presented at the upcoming annual general meeting for reappointment[83]. - The preliminary announcement of the consolidated financial statements for the year ending December 31, 2024, has been verified against the draft financial statements by the auditor[84]. - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by the listing rules[85].