Financial Performance - For the fiscal year ending December 31, 2024, total revenue decreased to HKD 372,746,000 from HKD 427,308,000, representing a decline of approximately 12.7%[3] - Gross profit increased to HKD 144,635,000, up from HKD 137,203,000, reflecting a growth of about 5.2%[3] - The company reported a profit before tax of HKD 45,710,000, a significant recovery from a loss of HKD 69,156,000 in the previous year[3] - Net profit for the year was HKD 18,604,000, compared to a loss of HKD 98,650,000 in the prior year, indicating a turnaround in performance[3] - Basic and diluted earnings per share improved to HKD 0.038 from a loss of HKD 0.195 per share[3] - The group recorded a consolidated net profit after tax of HKD 18,604,000 for 2024, compared to a net loss of HKD 98,650,000 for the year ending December 31, 2023[38] Revenue Breakdown - The cement products segment generated revenue of HKD 154,190,000 in 2024, down 21.1% from HKD 195,411,000 in 2023[18] - The hotel operations segment reported revenue of HKD 61,798,000, a slight decrease of 1.4% compared to HKD 62,652,000 in 2023[23] - The property investment segment generated total revenue of HKD 146,454,000 in 2024, a decrease of 4.4% from HKD 153,599,000 in 2023[18] - The cement business generated revenue of HKD 154,190,000, down about 21.1% year-on-year, while property investment revenue was HKD 145,982,000, a decrease of approximately 4.6%[37] Asset and Equity Changes - Total assets less current liabilities decreased to HKD 2,529,444,000 from HKD 2,598,498,000, a reduction of approximately 2.7%[8] - Non-current assets totaled HKD 2,020,112,000, down from HKD 2,151,990,000, a decline of approximately 6.1%[6] - Total equity decreased to HKD 2,293,987,000 from HKD 2,357,109,000, reflecting a decline of about 2.7%[8] Cash Flow and Financial Position - Cash and bank balances increased to HKD 549,179,000 from HKD 465,369,000, showing a growth of about 18%[6] - The group reported a net receivable value of HKD 25,974 in 2024, down from HKD 29,076 in 2023, a decrease of about 10.5%[32] - The group's accounts payable decreased to HKD 8,182 in 2024 from HKD 11,929 in 2023, reflecting a reduction of approximately 31.5%[33] - As of December 31, 2024, the group's cash, bank balances, and time deposits amounted to HKD 549,179,000, an increase from HKD 465,369,000 as of December 31, 2023[50] Foreign Exchange and Economic Impact - The company experienced a foreign exchange loss of HKD 61,539,000, compared to a loss of HKD 33,816,000 in the previous year[4] - The exchange rate of the Vietnamese Dong against the Hong Kong Dollar depreciated by approximately 5.25% by the end of 2024, impacting revenue and profit reported in HKD[36] - The group faced a foreign exchange loss of HKD 2,747,000 due to a 5.25% depreciation of the Vietnamese Dong against the Hong Kong Dollar during the year[53] Operational Challenges and Outlook - The cement business faced significant challenges in 2024, with domestic consumption demand at approximately 60 million tons against a total supply of about 122 million tons, leading to intense price competition[39] - The group's cement plant continued to incur losses in 2024, although operating losses were reduced compared to the previous year due to cost control efforts[36] - The outlook for the cement business in 2025 remains challenging, although some improvements are expected, particularly with government initiatives to stimulate demand in central Vietnam[41] Hotel and Property Developments - The hotel business in Hong Kong showed stable performance in 2024, benefiting from the return of visitors and government tourism policies[36] - The hotel business in Tuen Mun, Hong Kong, experienced a slight decline in occupancy rate from 91.3% in 2023 to 90.4% in 2024, while the average daily rate (ADR) increased by 2.1%[45] - The group plans to open a new hotel, Le Carré Hue, in Vietnam in the second quarter of 2025, anticipating steady growth in hotel performance due to the recovery of the tourism industry in Hong Kong[37] - The construction and interior decoration of the "Hue Square" project in Vietnam is expected to be completed in Q1 2025, with the hotel section, Le Carré Hue, preparing for its grand opening in Q2 2025[47] Governance and Compliance - The company has adhered to the corporate governance code, except for code provision B.2.2, which allows the chairman to remain in position for stability reasons[61] - All directors confirmed compliance with the standard code for securities transactions during the period from January 1, 2024, to December 31, 2024[64] - The audit committee has reviewed the accounting principles and policies for the fiscal year ending December 31, 2024[62] Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.02 per share, totaling HKD 0.04 per share for the year, including an interim dividend[49] - The annual general meeting is scheduled for May 28, 2025, at 3 PM in Hong Kong[65] - The company will publish its annual report and performance announcement on its website and the Hong Kong Stock Exchange's designated site[66]
陆氏集团(越南)(00366) - 2024 - 年度业绩