Financial Performance - Revenue for the year increased by approximately HKD 482.3 million or 13.4% to approximately HKD 4,091.1 million compared to HKD 3,608.9 million in the fiscal year 2023[3] - Gross profit rose by approximately HKD 127.3 million or 13.8% to approximately HKD 1,047.0 million from HKD 919.7 million in the previous fiscal year[3] - Profit for the year increased by approximately HKD 82.1 million or 102.0% to approximately HKD 162.6 million compared to HKD 80.5 million in the fiscal year 2023[3] - Basic and diluted earnings per share increased to 7.89 HKD cents from 3.58 HKD cents in the previous year[5] - Total comprehensive income for the year amounted to HKD 124.2 million, up from HKD 53.7 million in the previous year[5] Dividends - The board recommended a final dividend of 1.3 HKD cents per share, consistent with the previous year's final dividend[3] - The interim dividend declared was HKD 0.01 per share, totaling approximately HKD 17,500,000, while the proposed final dividend is HKD 0.013 per share, amounting to approximately HKD 22,750,000[50] - The board of directors proposed a final dividend of HKD 0.013 per ordinary share, amounting to approximately HKD 22,750,000, pending approval at the annual general meeting on May 16, 2025[99] Assets and Liabilities - Non-current assets totaled HKD 891.9 million, an increase from HKD 799.6 million in the previous year[7] - Current assets increased to HKD 1,665.1 million from HKD 1,606.5 million in the previous year[7] - Total liabilities rose to HKD 1,557.2 million from HKD 1,487.7 million in the previous year[8] - Total equity increased to HKD 999.8 million from HKD 918.5 million in the previous year[8] Market Performance - Sales of health and home products amounted to HKD 2,728,901,000, up from HKD 2,365,437,000, representing a growth of 15.4%[24] - The North American market generated revenue of HKD 1,624,615,000, a 17.3% increase compared to HKD 1,384,678,000 in the previous year[22] - The European and other overseas markets contributed HKD 717,739,000, reflecting a growth of 13.1% from HKD 634,582,000[22] Expenses - The cost of sales for the year was HKD 3,044,162,000, resulting in a gross profit of HKD 1,046,982,000[22] - Research and development expenses increased to HKD 87,966,000 from HKD 80,178,000, indicating a rise of 9.9%[22] - The total cost of sales, selling and distribution expenses, administrative expenses, and R&D costs amounted to HKD 3,893,806,000 in 2024, up from HKD 3,477,910,000 in 2023, representing an increase of approximately 12%[35] - Marketing expenses increased to HKD 138,759,000 in 2024 from HKD 127,154,000 in 2023, indicating an increase of about 9%[35] Taxation - The company's income tax expense for 2024 was HKD 36,846,000, a decrease from HKD 42,110,000 in 2023, reflecting a reduction of approximately 12.5%[47] - The company reported a decrease in Hong Kong profits tax from HKD 7,521,000 in 2023 to HKD 506,000 in 2024, a significant reduction of approximately 93%[47] Joint Ventures and Investments - The company acquired a 45% stake in M DK Holdings ApS for approximately HKD 51,170,000, with an associated share of profit from the joint venture amounting to HKD 5,025,000[37] - The income from the joint venture for the period from October 14, 2024, to December 31, 2024, was HKD 303,965,000, with a total profit and comprehensive income of HKD 11,165,000[42] - The company has invested approximately HKD 51.0 million in a European joint venture, yielding a significant return of approximately HKD 5.02 million from the joint venture's profit[88] Receivables and Payables - Trade receivables increased to HKD 649,369,000 in 2024 from HKD 573,533,000 in 2023, with a net trade receivable of HKD 626,007,000 after deducting credit loss provisions[53] - The total amount of trade and other receivables rose to HKD 807,095,000 in 2024, up from HKD 706,019,000 in 2023, indicating a growth of approximately 14.3%[53] - The company reported trade payables of HKD 487,035,000 in 2024, an increase from HKD 452,711,000 in 2023, reflecting a growth of about 7.6%[63] - The company’s total liabilities for trade and other payables reached HKD 743,860,000 in 2024, an increase from HKD 676,264,000 in 2023, indicating a growth of approximately 10%[63] Employee and Operational Metrics - The total number of employees increased to 3,333, with total employee costs rising to approximately HKD 639.1 million, compared to HKD 523.6 million in the previous fiscal year[92] - Capital expenditures for the reporting period amounted to approximately HKD 65.8 million, up from HKD 62.2 million in the previous fiscal year, primarily for the purchase of equipment and machinery[81] Financial Health - The company's liquidity ratios improved, with the current ratio at 128.6% and the quick ratio at 91.8% as of December 31, 2024[82] - The company's expected credit loss for overdue trade receivables was HKD 122,599,000 in 2024, down from HKD 183,846,000 in 2023, reflecting improved management of overdue accounts[59] Accounting and Reporting - The company anticipates no significant impact from the adoption of new accounting standards effective in 2025 and 2026[18] - The independent auditor, PwC, confirmed that the financial statements for the reporting period are consistent with the audited consolidated financial statements[97] - The annual performance report and 2024 annual report will be published on the Hong Kong Stock Exchange and the company's website[103]
盛诺集团(01418) - 2024 - 年度业绩