Financial Performance - Revenue for the year ended December 31, 2024, was HKD 5,996.8 million, representing a 9.8% increase from HKD 5,461.3 million in 2023[4] - Gross profit increased by 14.9% to HKD 800.2 million, with a gross margin of 13.3%, up from 12.7% in the previous year[4] - Profit attributable to owners of the company decreased by 2.9% to HKD 320.8 million, compared to HKD 330.3 million in 2023[4] - Basic and diluted earnings per share were HKD 14.86, down from HKD 15.30, reflecting a 2.9% decline[4] - The group reported a profit before tax of HKD 389,274,000 for the year, reflecting the overall performance of its business segments[24] - The profit before tax for the year was HKD 384,897,000, reflecting the profitability of the company's operations[28] - The company reported a net profit decrease of HKD 9.5 million or 2.9% to HKD 320.8 million[72] Revenue Breakdown - Revenue from interior decoration contracts was HKD 5,992,431,000, up from HKD 5,450,273,000 in the previous year, indicating a growth of about 9.9%[18] - The group's external revenue from the Hong Kong market was HKD 2,017,394,000, while the revenue from the China market was HKD 2,356,810,000[24] - The total revenue from the Macau market was HKD 261,684,000, and from Singapore was HKD 1,356,543,000, contributing to the overall revenue growth[24] - The total revenue from the Singapore segment was HKD 1,356,543,000, showing growth from HKD 1,157,365,000 in the previous year[29] - The group's revenue from interior decoration business increased by HKD 542.1 million or 9.9% to HKD 5,992.4 million, primarily due to multiple large-scale projects in Macau and Singapore[62] Expenses and Costs - The total employee costs amounted to HKD 512,461,000, slightly up from HKD 502,457,000 in the previous year, reflecting the company's investment in human resources[37] - Research and development expenses increased to HKD 95,872,000 in 2024 from HKD 82,893,000 in 2023, highlighting the company's commitment to innovation[37] - The group reported a significant decline in revenue from renovation and construction business, decreasing by HKD 8.1 million or 77.1% to HKD 2.4 million due to no new tenders being submitted[64] - The group experienced a gross loss of HKD 10.9 million in the renovation and construction business, with a gross loss margin of 454.2% attributed to additional costs from correcting project defects[64] Dividends - The board recommended a final dividend of HKD 0.06 per share and a special dividend of HKD 0.14 per share[4] - The company plans to distribute a final dividend of HKD 0.06 per share and a special dividend of HKD 0.14 per share, totaling HKD 431,642,000, pending shareholder approval[39] - The company plans to pay a final dividend of HKD 0.06 per share and a special dividend of HKD 0.14 per share, totaling HKD 431.6 million, with the final dividend accounting for 40.4% of the profit available for distribution during the year[102] Assets and Liabilities - Total assets less current liabilities amounted to HKD 3,746.8 million, compared to HKD 3,450.1 million in 2023, indicating growth[10] - Non-current assets were valued at HKD 599.2 million, an increase from HKD 547.4 million in the previous year[9] - Current liabilities decreased to HKD 2,454.6 million from HKD 2,913.3 million, showing improved liquidity[10] - The company's accounts payable decreased to HKD 2,188,662,000 in 2024 from HKD 2,605,838,000 in 2023, a reduction of 16.0%[50] - The group's net current assets increased by HKD 244.9 million to HKD 3,147.6 million as of December 31, 2024[80] Market Outlook - The company anticipates a real GDP growth of 2.5% in Hong Kong for 2024[52] - The company has noted significant economic pressure in Hong Kong due to global economic uncertainties and changing consumer patterns[52] - The outlook for 2025 anticipates continued economic challenges, impacting Hong Kong's economic prospects, with government initiatives aimed at promoting tourism and creative industries[91] - The company anticipates that the demand for interior decoration will increase as the Chinese real estate market improves[98] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has consistently adhered to its principles, with one independent non-executive director absent from the annual general meeting due to other commitments[106] - The board has confirmed compliance with the standard code for securities trading throughout the year, with no incidents of non-compliance reported by employees with insider information[107] - The audit committee, composed of three independent non-executive directors, has reviewed the group's financial statements and accounting policies for the year[108] - The group's auditor has confirmed that the financial figures in the preliminary announcement are consistent with the audited financial statements[110] Strategic Initiatives - The company aims to enhance its contract execution capabilities to attract more quality clients and secure long-term stable orders, maintaining ideal profit levels[101] - The company is actively exploring opportunities in high-end interior decoration projects in Singapore, leveraging its expertise and industry experience[96] - The company will optimize its business layout in response to various market characteristics, particularly in regions along the Belt and Road Initiative[100] - The company will maintain a prudent financial policy to ensure competitiveness and resilience amid economic challenges, promoting sustainable growth[101]
承达集团(01568) - 2024 - 年度业绩