Financial Performance - Revenue for the year ended December 31, 2024, was MOP 92,052,000, a decrease of 28.3% compared to MOP 128,283,000 for the year ended December 31, 2023[3] - Gross profit for the year was MOP 7,221,000, slightly down from MOP 7,384,000 in the previous year, indicating a gross margin of approximately 7.8%[3] - The net loss for the year was MOP 2,490,000, improving from a net loss of MOP 3,759,000 in the previous year, representing a reduction of 33.8%[4] - The total cash and cash equivalents at year-end were MOP 141,603,000, compared to MOP 141,799,000 in the previous year, showing a slight decrease[3] - The total equity as of December 31, 2024, was MOP 202,957,000, down from MOP 205,447,000 in 2023, reflecting a decrease of 1.2%[6] - The total value of uncompleted contracts was MOP 63,024,000, down from MOP 71,445,000 in the previous year, indicating a decrease of 11.7%[3] - Other income increased to MOP 5,092,000 from MOP 3,805,000, representing a growth of 33.8% year-over-year[4] - The company’s administrative expenses were MOP 14,038,000, slightly reduced from MOP 14,861,000 in the previous year, indicating cost control efforts[4] - The basic loss per share for 2024 is reported at MOP (3,759,000) compared to MOP (2,490,000) for 2023, indicating an increase in loss[25] - The group recorded a gross profit of 7.2 million MOP for the year, a decrease of 2.2% compared to 7.4 million MOP in 2023, primarily due to a reduction in the number of standard projects and contract amounts[59] Liquidity and Financial Position - The company reported a liquidity ratio of 8.5 times for the year 2024, compared to 5.3 times in 2023, indicating improved liquidity[3] - The group maintained a stable cash position with total bank balances of 141.6 million MOP as of December 31, 2024, compared to 141.8 million MOP in 2023[70] - The group's cash level as of December 31, 2024, was high, with net current assets of 177.6 million MOP, slightly down from 179.6 million MOP in 2023[69] - The current ratio improved to 8.5 times as of December 31, 2024, compared to 5.3 times in 2023, indicating better liquidity management[69] Market and Operational Strategy - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[3] - The company is focused on expanding its overseas market presence to achieve business diversification and stability[48] - The company plans to continue optimizing operations and enhancing efficiency to promote stable business growth and capitalize on opportunities arising from public housing projects and new government measures[48] - The company managed 25 projects in 2024, with 19 from the private sector and 6 from the public sector, actively bidding for new projects to maintain revenue growth and business stability[55] - The company achieved a significant contract worth 26.5 million MOP for a major CCTV project in a Sri Lankan casino, marking a successful expansion into overseas markets[55] Economic Context - The Macau economy grew by 8.8% in 2024, driven by a recovery in the gaming and tourism sectors, with gaming revenue increasing by 23.9% and visitor numbers rising by 23.8%[45] - The Macau economy is projected to grow at a rate of 7.7% by 2025, despite global economic uncertainties and local economic slowdowns[48] - The demand for electromechanical engineering services is expected to increase as the maintenance and repair needs of the entertainment and hotel sectors grow[51] Corporate Governance and Compliance - The company has adhered to good corporate governance principles and complied with the Hong Kong Stock Exchange listing rules, except for a deviation regarding the separation of the roles of Chairman and CEO[86] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year[90] Future Outlook - The group is optimistic about future growth due to signs of recovery in major markets and support from the central government[79] - The group has secured 16 projects expected to generate revenue in 2025, indicating a strong business foundation[80] - The group has received numerous tender invitations from the Macanese government and various sectors for projects in 2025, presenting opportunities for expansion[80] Employee and Organizational Changes - The group has 49 employees in Macao as of December 31, 2024, down from 65 in 2023, including 30 residents and 19 non-residents[77] - The company simplified its organizational structure to ensure effective allocation and utilization of resources[46] Dividend Policy - The company did not declare or recommend any dividends for the year 2024, maintaining a focus on financial stability[43] - The group does not recommend a final dividend for the current year, maintaining a zero dividend per share[83]
濠江机电(01408) - 2024 - 年度业绩