Financial Performance - The net profit attributable to the company's owners, excluding revaluation, depreciation, and impairment, was HKD 104 million for the year ended December 31, 2024, an increase of HKD 63 million (+151%) compared to HKD 41 million in 2023[3]. - Total revenue for the year was HKD 525.726 million, up from HKD 451.811 million in 2023, representing an increase of approximately 16.3%[6]. - The company reported a gross profit of HKD 66.903 million, down from HKD 112.082 million in the previous year, indicating a decrease of about 40.4%[6]. - The total comprehensive loss for the year was HKD 83.050 million, compared to a total comprehensive loss of HKD 12.752 million in 2023[8]. - The group reported a loss before tax of HKD 35.592 million in 2024, compared to a profit of HKD 28.954 million in 2023[21]. - The company's cash and cash equivalents decreased to HKD 203.139 million from HKD 309.245 million in 2023, a reduction of approximately 34.3%[10]. - The company reported a loss per share of HKD 0.50 for the year, compared to a loss per share of HKD 0.37 in 2023[6]. - The group's basic loss per share for 2024 was HKD 44.775 million, compared to HKD 32.911 million in 2023[23]. Revenue Sources - Hotel operating revenue increased to HKD 481.215 million in 2024, up 16.1% from HKD 414.420 million in 2023[18]. - Property rental income rose to HKD 44.511 million, a 19.2% increase from HKD 37.346 million in the previous year[18]. - The group's total assets in Hong Kong generated revenue of HKD 460.179 million, a 11.6% increase from HKD 411.853 million in 2023[20]. - Total revenue for the year increased by 16% to approximately HKD 525.7 million from approximately HKD 451.8 million in 2023, driven by a 16% increase in hotel operating revenue[34]. - Hotel operating revenue reached HKD 481.2 million, up from HKD 414.4 million in 2023, reflecting improved room rates and operational costs at the Glamour Bay Hotel[35]. Dividends and Shareholder Returns - 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 years 2024 and 2023 due to challenging economic conditions and high operational costs[22][28]. Assets and Liabilities - Non-current assets decreased to HKD 4.778 billion from HKD 4.949 billion in 2023, a decline of approximately 3.5%[10]. - Current liabilities increased to HKD 761.854 million from HKD 729.704 million in 2023, reflecting an increase of about 4.4%[10]. - The company's total debt decreased to HKD 700 million from HKD 875 million in 2023, a reduction of HKD 175 million[42]. - The asset-to-liability ratio improved to 17% from 21% in 2023, calculated based on total debt relative to the revalued hotel properties[44]. - Trade receivables decreased to HKD 11.137 million in 2024 from HKD 18.460 million in 2023[24]. - Trade payables increased to HKD 47.416 million in 2024, up from HKD 41.111 million in 2023[26]. Operational Costs - The overall hotel service costs increased by 31% to HKD 318.7 million, primarily due to the return to normal operations of quarantine hotels and increased staffing and operational costs[38]. - Administrative expenses (excluding depreciation) decreased to HKD 48 million from HKD 69 million in 2023, reflecting cost control measures[40]. - The group incurred financial costs of HKD 45.003 million in 2024, compared to HKD 43.780 million in 2023[21]. - The financial cost increased to HKD 45 million from HKD 43.7 million in 2023, attributed to rising interest rates on loans[45]. Market and Economic Conditions - The future outlook remains challenging due to a weak Chinese economy and high HKD to RMB exchange rates, impacting the recovery of Chinese visitor numbers[49]. - The management is focused on increasing revenue and controlling costs in the hotel business and rental income[50]. Staffing and Operations - The company employed 568 staff as of December 31, 2024, an increase from 536 in 2023, with compensation and benefits aligned with market standards[45]. - For the year ending December 31, 2024, the number of overnight visitors to Hong Kong was approximately 21.9 million, with 68% being from China and 32% from non-China visitors, compared to 23.8 million in 2019[46]. - The average hotel occupancy rate for the group remained above 90%, with hotel revenue increasing by 16% to HKD 481 million and total revenue also rising by 16% to HKD 526 million[46]. Investments and Acquisitions - The group acquired the Wood Street Police Headquarters in London for GBP 40 million, which will be renovated into a luxury hotel with approximately 216 rooms[47]. - The management successfully increased the annual rent for the Royal Scot Hotel in London by 34% from GBP 3.546 million to GBP 4.737 million, effective in the second half of 2024[46]. - The Royal Scot Hotel in London generated rental income of GBP 4.172 million, an increase of 34% from GBP 3.546 million in 2023[36].
华大酒店(00201) - 2024 - 年度业绩