Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2024, was HKD 146 million, an increase of HKD 49 million (+51%) compared to HKD 97 million in 2023[3]. - Total revenue for the year was HKD 683.973 million, up from HKD 606.035 million in 2023, representing an increase of approximately 12.8%[6]. - The company's loss before tax for the year was HKD 288.063 million, compared to a loss of HKD 11.822 million in the previous year[6]. - The company reported a total comprehensive loss of HKD 337.248 million for the year, significantly higher than the loss of HKD 44.121 million in 2023[8]. - The company's basic loss per share for the year was HKD 56.67, compared to HKD 14.26 in the previous year[6]. - Basic loss per share for 2024 was HKD 289,919,000, significantly higher than HKD 72,968,000 in 2023[24]. - The net loss attributable to shareholders after tax was HKD 289.9 million, a 297% increase from HKD 72.97 million in 2023[33]. Revenue Sources - Hotel operating revenue increased to HKD 556,086,000 in 2024, up 13.9% from HKD 488,325,000 in 2023[18]. - Property rental income rose to HKD 127,887,000, a 8.7% increase from HKD 117,665,000 in the previous year[18]. - Total revenue for the year 2024 reached HKD 683,973,000, a 12.8% increase from HKD 606,035,000 in 2023[14]. - The overall profit of the hotel group increased by 16%, from approximately HKD 452 million to approximately HKD 526 million[37]. - The rental income from commercial properties was HKD 128 million, an increase from HKD 118 million in 2023[38]. - Total assets in Hong Kong generated revenue of HKD 618,426,000, an increase of 9.2% from HKD 566,077,000 in 2023[20]. Expenses and Costs - The company's administrative expenses decreased to HKD 65.996 million from HKD 85.980 million in the previous year, a reduction of approximately 23.2%[6]. - Administrative expenses (excluding depreciation) decreased to HKD 62 million from HKD 82 million in 2023, a reduction of 24%[39]. - The company reported a significant increase in operating costs by 29%, attributed to rising employee numbers and costs related to cleaning and laundry[42]. - Financial costs increased slightly to HKD 61,478,000 in 2024 from HKD 60,043,000 in 2023[21]. Assets and Liabilities - The company's total assets decreased to HKD 9.039 billion from HKD 9.653 billion in 2023, a decline of approximately 6.4%[10]. - The company's cash and cash equivalents decreased to HKD 234.982 million from HKD 334.479 million in 2023, a reduction of about 29.6%[10]. - The overall debt of the group was HKD 1,016 million, slightly down from HKD 1,036 million in 2023, with a debt-to-equity ratio of 12%[40]. - Trade receivables decreased to HKD 15,197,000 in 2024 from HKD 23,630,000 in 2023[25]. Dividends - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with no dividend declared in 2023[4]. - The group did not declare any dividends for the year 2024, consistent with the previous year[23]. Market Conditions and Challenges - The company is facing challenges due to weak economic conditions in China and high exchange rates, affecting the number of Chinese travelers visiting Hong Kong[44]. - The majority of tenants in the company's office buildings are international trading companies, which are currently experiencing difficulties due to the US-China trade war and declining import/export volumes in Hong Kong[44]. - The group experienced a significant decline in performance from several hotel services, with the best-performing hotel, the Grand Hotel Tsim Sha Tsui, reporting a revenue drop of 7.5%[18]. - The hotel and rental income outlook remains challenging, prompting management to focus on increasing revenue and controlling costs[45]. Acquisitions and Renovations - The company acquired Jessville Manor in Hong Kong for HKD 207,000,000, with a building area of 12,288 square feet, translating to HKD 21,112 per square foot[47]. - The acquisition of Jessville Manor was completed on April 15, 2024, following shareholder approval[47]. - The renovation of Wood Street Police Headquarters in London is set to transform it into a luxury hotel with approximately 216 rooms, restaurants, and bars[43]. - The management successfully increased the annual rent of the Royal Scot Hotel in London by 34% to GBP 4.737 million, reflecting in the second half of 2024[42]. Governance and Compliance - The audit committee has reviewed the group's audited financial performance for the fiscal year ending December 31, 2024[52]. - The company has complied with the corporate governance code, except for the chairman also serving as the CEO, which the board believes provides consistent leadership[49].
顺豪物业(00219) - 2024 - 年度业绩