Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 2,402,834, a decrease of 11.1% compared to HKD 2,703,266 for the year ended December 31, 2023[3] - Gross profit for the year was HKD 82,244, representing a significant increase of 30.2% from HKD 63,140 in the previous year[3] - Net profit for the year was HKD 40,793, a turnaround from a loss of HKD 13,038 in the previous year[4] - Basic earnings per share for the year was HKD 1.21, compared to a loss per share of HKD 0.39 in the previous year[3] - Revenue from construction services for 2024 was HKD 2,402,701, a decrease of 11.1% from HKD 2,703,266 in 2023[20] - The pre-tax profit for the group was HKD 40,793, compared to a loss of HKD 13,038 in 2023, indicating a significant turnaround[25] Assets and Liabilities - Total assets decreased to HKD 1,341,014 from HKD 1,404,403 in the previous year, reflecting a decline of 4.5%[6] - Current assets increased slightly to HKD 1,674,916 from HKD 1,642,154, showing a growth of 2.0%[6] - Non-current liabilities decreased to HKD 101,790 in 2024 from HKD 121,071 in 2023, representing a reduction of approximately 16%[7] - The company's total assets amounted to HKD 1,915,493 in 2024, slightly down from HKD 1,914,834 in 2023[12] - The company's equity totalled HKD 1,239,224 in 2024, down from HKD 1,283,332 in 2023, reflecting a decline of approximately 3.4%[7] - The group's total liabilities amounted to approximately HKD 676 million, up from HKD 632 million the previous year, with financial liabilities of about HKD 433 million[36] Cash Flow and Investments - Cash and cash equivalents rose significantly to HKD 731,489, up from HKD 568,303, marking an increase of 28.7%[6] - Capital expenditure for 2024 was HKD 27,720, a decrease from HKD 61,586 in 2023[12] - Capital expenditures for the year were approximately HKD 28 million for the purchase of machinery and equipment, with capital commitments related to these purchases amounting to about HKD 2 million[39] Trade and Receivables - Trade receivables increased to HKD 148,162 from HKD 125,111, representing an increase of 18.4%[6] - Trade payables totaled HKD 253,154 in 2024, an increase from HKD 220,498 in 2023, representing a rise of 14.8%[28] - Trade receivables at the end of the reporting period amounted to HKD 148,162, up from HKD 125,111 in 2023, reflecting a growth of 18.4%[27] - The average credit period granted to trade customers is 30 days, subject to regular management review[26] Future Outlook and Strategy - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[3] - The company plans to continue focusing on property development and investment as part of its growth strategy[9] - The outlook for the construction industry in 2025 is challenging due to slow economic recovery and unfavorable real estate market conditions, but government-led large-scale projects are expected to create new opportunities[35] Corporate Governance and Compliance - The company has adhered to the corporate governance code as of December 31, 2024, with the exception of certain deviations regarding the attendance of independent non-executive directors at the annual general meeting[45] - The company has adopted the standard code for securities trading as per the listing rules, confirming compliance as of December 31, 2024[46] - The audit committee consists of four independent non-executive directors who reviewed the accounting principles and practices adopted by the group, including the consolidated performance and financial statements for the year ending December 31, 2024[47] - The independent auditor, Ernst & Young, has agreed that the figures in the preliminary announcement align with the group's consolidated financial statements for the year ending December 31, 2024[49] Dividends and Shareholder Returns - The proposed final dividend for 2024 is HKD 0.025 per share, an increase from HKD 0.015 per share in 2023[31] Employment and Compensation - The group employed 733 employees as of December 31, 2024, with compensation guidelines based on current market salary levels[42]
泰升集团(00687) - 2024 - 年度业绩