Financial Performance - Total revenue for 2024 reached HKD 1,239,419,000, a 94% increase from HKD 638,573,000 in 2023[7] - EBITDA for 2024 was HKD 543,361,000, compared to an EBITDA loss of HKD 115,784,000 in 2023[7] - Net profit for 2024 amounted to HKD 142,183,000, a significant recovery from a net loss of HKD 461,805,000 in 2023[7] - Basic earnings per share for 2024 were HKD 0.112, compared to a loss per share of HKD 0.512 in 2023[7] - The company achieved operating revenue of HKD 1,239,419,000 in 2024, a significant increase of 94% compared to HKD 638,573,000 in 2023, driven by an increase in the number of vessels and improved average daily charter rates[25] - The company recorded a net profit attributable to shareholders of HKD 59,217,000 in 2024, compared to a net loss of HKD 271,527,000 in 2023, with basic earnings per share of HKD 0.112[26] - Total comprehensive income for the year amounted to HKD 123,844,000, recovering from a loss of HKD 475,104,000 in 2023[82] - The company reported a net loss of HKD 271,527,000 for the year ended December 31, 2023, compared to a net loss of HKD 190,278,000 from non-controlling interests, resulting in a total comprehensive loss of HKD 475,104,000[87] Fleet and Operations - The fleet's total deadweight tonnage capacity increased by 61% year-on-year, from 1.4 million tons to 2.3 million tons[6] - Average daily charter rates improved by 63% to USD 14,741 (approximately HKD 115,000) in 2024, up from USD 9,063 (approximately HKD 71,000) in 2023[7] - The company operates a fleet of 33 bulk carriers, consisting of 25 owned vessels and 8 leased vessels, with a total deadweight capacity of approximately 2,276,000 tons as of December 31, 2024[16] - The company completed the acquisition of four second-hand vessels and committed to purchasing two newbuild vessels during the year[19] - The company signed contracts to build two new ultra-large handymax vessels at a price of USD 34,000,000 each, with delivery scheduled for 2026 and 2027[21] - The company entered into several long-term charter agreements for leased vessels, enhancing fleet flexibility while limiting capital expenditure[22] - The company aims to modernize its fleet by replacing older vessels with newer, more efficient ones, while maintaining financial flexibility and operational competitiveness[24] Financial Position and Cash Flow - As of December 31, 2024, the capital-to-debt ratio stood at 19%[4] - The company's total equity increased to HKD 2,942,152,000 in 2024, up from HKD 2,818,308,000 in 2023, showing a strengthening balance sheet[85] - The net cash from operating activities for 2024 was HKD 587,319,000, compared to HKD 113,853,000 in 2023[45] - The net cash used in investing activities was HKD 665,262,000, significantly higher than HKD 39,340,000 in 2023[45] - The total amount of secured bank loans increased from HKD 808,682,000 on December 31, 2023, to HKD 882,766,000 on December 31, 2024[46] - The company's cash and cash equivalents were HKD 189,908,000 as of December 31, 2024, down from HKD 329,449,000 in 2023[45] - The total cash outflow for leasing in the year was HKD 305,878,000, compared to HKD 38,051,000 in 2023[40] Expenses and Liabilities - Shipping-related expenses increased significantly from HKD 456,225,000 in 2023 to HKD 658,353,000 in 2024, primarily due to an increase in short-term chartered vessels[30] - Daily operating costs for the fleet rose from USD 5,569 (approximately HKD 43,000) in 2023 to USD 5,606 (approximately HKD 44,000) in 2024, attributed to initial operating costs of newly delivered vessels[30] - Depreciation and amortization increased from HKD 290,875,000 in 2023 to HKD 346,919,000 in 2024, mainly due to the depreciation of right-of-use assets for long-term chartered vessels[33] - The carrying amount of right-of-use assets and lease liabilities as of December 31, 2024, was HKD 234,168,000 and HKD 252,598,000, respectively, compared to HKD 164,541,000 and HKD 227,281,000 in 2023[22] - The total lease liabilities due within one year increased significantly to HKD 145,796,000 in 2024 from HKD 39,476,000 in 2023[111] Legal and Governance - The company has been involved in a long-standing legal dispute regarding the vessel "CANTON TRADER," with a confirmed arbitration award of approximately $41,250,000[54] - The company has received a settlement of $3,500,000 to resolve legal actions in Hong Kong, paving the way to conclude global litigation[57] - The company has confirmed the delivery of three long-term leased vessels in 2024, with varying weights and lease terms[116] - The company has been compliant with the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the fiscal year ending December 31, 2024[65] - The board of directors has noted that all independent non-executive directors have served for over nine years, and the company is in the process of appointing a new independent non-executive director[67] Market Outlook and Strategy - The company anticipates increased volatility in the freight market due to geopolitical events and high interest rates, which are expected to be major sources of instability[62] - The supply of new vessels remains tight, while the supply level of newbuilds is moderate, indicating potential challenges in fleet expansion[62] - The management emphasizes the importance of maintaining a solid financial position while pursuing growth amidst economic and geopolitical uncertainties[63] - The company is actively seeking opportunities to renew its fleet when reasonable prices arise[62] Other Key Information - The company will not declare any final dividends for the year ending December 31, 2024[11] - The company did not purchase, sell, or redeem any of its listed securities during the year[77] - The annual general meeting is scheduled for June 3, 2025, with a suspension of share transfer registration from May 29 to June 3, 2025[78] - The audit committee reviewed the financial reports and confirmed compliance with applicable accounting standards and legal requirements[75] - The company has adopted revised Hong Kong Financial Reporting Standards effective January 1, 2024, with no significant impact on financial performance or position reported[90]
金辉集团(00137) - 2024 - 年度业绩