MIRAMAR HOTEL(HK:00071)2025-03-18 14:53Financial Performance - The group's revenue increased by 12% to HKD 2.858 billion, compared to HKD 2.552 billion in 2023[6] - Shareholders' attributable profit decreased by 23.6% to approximately HKD 746.6 million, down from HKD 977.1 million in 2023[6] - Basic attributable profit rose by 1.2% to HKD 830.5 million, compared to HKD 820.5 million in 2023[6] - The group's revenue for the year ended December 31, 2024, was HKD 2,858,424,000, representing an increase of 11.97% compared to HKD 2,552,594,000 in 2023[38] - Gross profit for the year was HKD 997,687,000, up from HKD 966,481,000 in the previous year, indicating a growth of 3.67%[38] - The net profit attributable to shareholders decreased to HKD 746,557,000 in 2024 from HKD 977,136,000 in 2023, reflecting a decline of 23.58%[40] - Basic and diluted earnings per share for the year were HKD 1.08, down from HKD 1.41 in 2023, a decrease of 23.4%[40] - Adjusted EBITDA for the group in 2024 was HKD 918,002,000, compared to HKD 899,757,000 in 2023, reflecting a slight increase of about 2.3%[54] - The group reported a pre-tax profit of HKD 922,522,000 in 2024, down from HKD 1,128,145,000 in 2023, indicating a decrease of about 18.2%[61] Revenue Segmentation - The travel segment's revenue surged by 31.6% year-on-year, reflecting strong performance[8] - Total revenue for the hotel and serviced apartment business was HKD 597.4 million, a 2.7% increase from HKD 581.9 million in the previous year[22] - The tourism business reported revenue of HKD 1,179,404,000 in 2024, significantly up from HKD 896,080,000 in 2023, which is an increase of approximately 31.6%[55] - Restaurant revenue for the year reached HKD 290.4 million, representing a 3.9% increase from HKD 279.4 million in the previous year, while EBITDA decreased by 62.4% to HKD 11.3 million[30] Occupancy and Room Rates - The average occupancy rates for The Mira Hong Kong and the Mira Moon Hotel exceeded 92% and 95%, respectively[11] - The occupancy rates for The Mira Hong Kong and Moonlight Hotel increased to 92.1% and 95.4% respectively in 2024, compared to 89.8% and 95.0% in 2023[23] - Average room rates reached HKD 1,416 for The Mira Hong Kong and HKD 1,636 for Moonlight Hotel[23] Investment and Development Plans - The group plans to develop a new hotel and retail complex, including a 23-story hotel with 99 guest rooms, enhancing its market presence[13] - The total retail area of the new hotel and retail complex is expected to increase by over 50%, enhancing the overall retail space to approximately 530,000 square feet[15] - The group aims to attract more high-end customers and enhance hotel average room rates through the new hotel and retail complex, pending shareholder approval[15] - The group is actively seeking investment opportunities to increase financial asset investments, focusing on long-term holdings[35] Financial Health and Policies - The group has a total cash balance of HKD 6 billion as of December 31, 2024, an increase from HKD 5.6 billion in the previous year, with no loans outstanding[35] - The group maintained a healthy financial policy with sufficient funds and credit lines to navigate uncertain economic conditions[36] - The group plans to seize investment opportunities in securities and bonds while pursuing business development plans that meet investment efficiency requirements[36] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2024[93] - The audit committee reviewed the financial performance for the year ending December 31, 2024, discussing matters related to auditing, internal controls, and financial reporting[94] - All directors complied with the standards set forth in the "Standard Code for Securities Transactions by Directors of Listed Issuers" for the year ending December 31, 2024[98] Employee and Operational Efficiency - The company has a total of 1,342 full-time employees as of December 31, 2024, with 1,311 employed in Hong Kong, 18 in the People's Republic of China, and 13 overseas[90] - The group launched a new self-service ordering system in some restaurants to enhance operational efficiency and reduce reliance on human resources[31] - The group plans to implement cost control measures, including establishing an office in Shenzhen to reduce operational costs[16] Dividends and Shareholder Returns - The proposed final dividend is HKD 0.30 per share, maintaining the same level as in 2023, with a total annual dividend of HKD 0.53 per share[9] - The company declared an interim dividend of HKD 0.23 per share, maintaining the same level as in 2023, and proposed a final dividend of HKD 0.30 per share[64] - The proposed final dividend is expected to be distributed to shareholders on July 10, 2025, if approved at the Annual General Meeting[89]