Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue decreased by approximately 25.4% to about HKD 21.5 million from HKD 28.9 million in the previous year[6]. - The group's gross profit fell to approximately HKD 6.8 million, a decrease of about 19.7% from HKD 8.4 million last year[6]. - The company recorded a loss attributable to owners of approximately HKD 3.3 million, compared to a loss of HKD 5.7 million in the previous year[6]. - The total comprehensive loss attributable to owners was HKD 3.42 million, down from HKD 5.76 million last year[8]. - The company reported a basic and diluted loss per share of HKD 0.4, compared to HKD 0.6 in the previous year[7]. - The company reported a total comprehensive loss of HKD 5,764 million for the year ended December 31, 2024[13]. - Revenue decreased by approximately 25.4% to about HKD 21.5 million from approximately HKD 28.9 million in the previous year, primarily driven by a decline in office property project revenues[49]. - The group recorded a loss of approximately HKD 3.3 million for the year, compared to a loss of HKD 5.7 million in the previous year[65]. Dividends and Shareholder Matters - The board proposed a final dividend of HKD 0.02 per share for the year, compared to no dividend last year, pending shareholder approval[6]. - The company will propose a final dividend of HKD 0.02 per share for the current year, compared to no dividend last year[80]. - The annual general meeting is scheduled for June 13, 2025, to discuss shareholder matters[81]. - The company will suspend share transfer registration from June 10, 2025, to June 13, 2025, to determine eligibility for attending the annual general meeting[82]. - The company will also suspend share transfer registration from June 19, 2025, to June 23, 2025, for shareholders to qualify for the proposed final dividend[83]. Expenses and Cost Management - Administrative expenses decreased to HKD 11.1 million from HKD 14.1 million, reflecting a reduction of approximately 21.2%[7]. - The sales and distribution expenses slightly increased to HKD 1.3 million from HKD 1.2 million due to an increase in employee costs[61]. - Administrative expenses decreased from approximately HKD 14.1 million to about HKD 11.1 million, primarily due to a reduction in employee costs and director remuneration[62]. Assets and Liabilities - Total assets decreased from HKD 69,634 million in 2023 to HKD 66,115 million in 2024, a decline of approximately 3.6%[10]. - Current assets decreased from HKD 66,233 million in 2023 to HKD 63,406 million in 2024, a reduction of about 4.2%[10]. - Total liabilities remained relatively stable, with a slight decrease from HKD 4,334 million in 2023 to HKD 4,316 million in 2024[11]. - Equity attributable to owners decreased from HKD 65,300 million in 2023 to HKD 61,799 million in 2024, a decline of approximately 5.5%[13]. - Cash and cash equivalents decreased significantly from HKD 19,062 million in 2023 to HKD 9,040 million in 2024, a drop of about 52.6%[10]. - Trade and other receivables increased from HKD 3,987 million in 2023 to HKD 8,001 million in 2024, an increase of approximately 100.4%[10]. - The company’s lease liabilities increased from HKD 277 million in 2023 to HKD 440 million in 2024, an increase of about 58.9%[11]. - The company’s retained earnings decreased from HKD 30,315 million in 2023 to HKD 26,895 million in 2024, a decline of approximately 11.9%[13]. - The company’s financial assets measured at fair value through other comprehensive income decreased by HKD 63 million during the year[13]. Market and Operational Insights - The company has completed several office property and elderly care projects during the year, although new contract amounts have not yet reached pre-pandemic levels[50]. - The company anticipates a recovery in demand for office property renovations as market stabilization measures are implemented and market sentiment improves[50]. - The company faced challenges from rising raw material inflation and low consumer confidence, impacting renovation demand for office properties[50]. - The group expects continued growth in the interior design and renovation market, particularly in healthcare-related facilities, driven by increasing public awareness of health issues and an aging population in Hong Kong[51]. - The group plans to continue investing more resources to undertake larger projects and explore new business opportunities to maximize long-term shareholder returns[51]. - Revenue from office projects accounted for 79.0% of total revenue in 2024, down from 90.0% in 2023, while revenue from elderly care facilities increased to 15.9% from 4.1%[52]. - The gross profit margin for office projects decreased from approximately 29.3% in 2023 to about 26.6% in 2024, while the gross profit margin for elderly care facilities increased significantly from 4.7% to 54.8%[57][58]. - The overall gross profit margin improved slightly from about 29.2% in the previous year to approximately 31.4% in the current year[60]. Governance and Compliance - The group has adopted new and revised standards effective from January 1, 2024, with no significant impact expected on current or future periods[22]. - The group is currently reassessing its accounting policy disclosures to ensure compliance with regulations[25]. - The group has not recognized any deferred tax liabilities due to the absence of taxable profits in the reporting periods[35]. - The audit committee has reviewed the accounting principles and practices adopted by the group and found no objections from the auditors regarding the accounting policies[85]. - The company has established an audit committee in compliance with GEM listing rules and corporate governance codes, ensuring effective oversight of financial reporting and risk management[84]. - The board of directors has confirmed that all directors have adhered to the trading rules during the year[77]. - The group has adhered to all corporate governance principles and guidelines, with no significant deviations noted during the year[75]. Staffing and Human Resources - The group employed 13 staff members as of December 31, 2024, an increase from 12 in 2023, and regularly reviews compensation to attract and retain talent[72]. Financial Management - The group has implemented prudent financial management measures to maintain a healthy liquidity position throughout the year[70]. - The group had no outstanding borrowings as of December 31, 2024, consistent with 2023, indicating no significant debt financing needs during the year[68]. - The group maintained a stable capital structure with total equity of approximately HKD 61.8 million as of December 31, 2024, down from HKD 65.3 million in 2023[68]. - The group had no significant capital commitments or major investments planned for the year, nor any major acquisitions or disposals of subsidiaries or joint ventures[73]. Miscellaneous - The group did not incur any taxable profits for Hong Kong profits tax, resulting in no provisions for the financial statements[33]. - The group did not experience significant impacts from foreign exchange fluctuations during the year, as most transactions were conducted in Hong Kong dollars[70]. - There are no significant events that require disclosure from December 31, 2024, to the date of this announcement[79]. - The announcement is published in accordance with GEM listing rules to provide information about the company[89]. - Directors collectively and individually assume full responsibility for the accuracy and completeness of the information provided in the announcement[89]. - The announcement will be available on the GEM website for at least seven days from the publication date[90].
K W NELSON GP(08411) - 2024 - 年度业绩