Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 176,764,000, representing a 54.3% increase from HKD 114,570,000 in the previous year[5] - Gross profit for the same period was HKD 18,883,000, compared to HKD 3,062,000 in the prior year, indicating a significant improvement[5] - The operating profit for the year was HKD 4,565,000, a turnaround from an operating loss of HKD 38,456,000 in the previous year[5] - The net profit for the year was HKD 1,073,000, recovering from a net loss of HKD 35,905,000 in the previous year[5] - Basic earnings per share for the year was HKD 0.66, recovering from a loss per share of HKD 22.13 in the previous year[5] - The company reported a net profit of HKD 1,073,000 for 2024, a recovery from a loss of HKD 35,905,000 in 2023[38] - Basic earnings per share improved to HKD 0.66 in 2024 from a loss of HKD 22.13 in 2023[38] - Revenue increased by approximately 54.3% to about HKD 176.8 million, up from approximately HKD 114.6 million, driven by new projects and increased engineering amounts from existing projects[65] Assets and Liabilities - The company's total assets as of December 31, 2024, were HKD 126,118,000, slightly down from HKD 130,799,000 in the previous year[6] - Total liabilities decreased to HKD 59,380,000 from HKD 65,136,000, reflecting improved financial health[6] - The company's equity increased to HKD 66,738,000 from HKD 65,663,000, indicating a positive trend in net worth[6] - The company’s total liabilities decreased to HKD 30,075,000 in 2024 from HKD 31,028,000 in 2023, showing a decline of 3.1%[54] - The total interest-bearing borrowings decreased from approximately HKD 27.3 million as of December 31, 2023, to approximately HKD 25.2 million as of December 31, 2024[72] Revenue Sources - The group's revenue from construction contracts for the year ended December 31, 2024, was HKD 176,764,000, compared to HKD 114,570,000 for the year ended December 31, 2023, representing a growth of approximately 54.3%[25] - Revenue from external customers in Hong Kong for the year ended December 31, 2024, was HKD 174,784,000, an increase from HKD 102,677,000 in 2023, reflecting a growth of approximately 70.1%[28] - Revenue from external customers in Macau for the year ended December 31, 2024, was HKD 1,980,000, down from HKD 11,893,000 in 2023, indicating a decline of approximately 83.4%[28] - Major customer A contributed HKD 141,929,000 to total revenue in 2024, a significant increase from HKD 20,723,000 in 2023[30] - Major customer B contributed HKD 21,185,000 to total revenue in 2024, down from HKD 80,463,000 in 2023, representing a decline of approximately 73.7%[30] Costs and Expenses - Material costs increased to HKD 61,812,000 in 2024 from HKD 46,601,000 in 2023, representing a 32.5% rise[31] - Subcontractor costs rose significantly to HKD 84,746,000 in 2024 compared to HKD 49,427,000 in 2023, marking a 71.5% increase[31] - The company’s sales costs increased by approximately 41.6% to about HKD 157.9 million, aligning with the revenue increase[66] - Administrative expenses remained relatively stable at approximately HKD 18.3 million, compared to HKD 18.4 million in the previous year[69] Cash Flow and Liquidity - The company reported net cash and cash equivalents of HKD 16,576,000, up from HKD 6,014,000 in the previous year, showing improved liquidity[6] - The company’s cash and cash equivalents, after deducting bank overdrafts, stood at HKD 9,728,000 in 2024, compared to a negative balance of HKD 3,961,000 in 2023[49] - Cash and cash equivalents increased significantly to HKD 16,576,000 in 2024 from HKD 6,014,000 in 2023[49] Tax and Impairment - The income tax expense for 2024 was HKD 2,081,000, compared to a tax credit of HKD 4,354,000 in 2023[33] - The provision for impairment losses on contract assets decreased to HKD 9,594,000 in 2024 from HKD 13,150,000 in 2023, a decline of 27.5%[41] - The provision for impairment losses on trade receivables decreased to HKD 2,178,000 in 2024 from HKD 2,328,000 in 2023, reflecting a recovery of HKD 151,000[47] Corporate Governance and Risks - The company has adopted and complied with the corporate governance code during the relevant period, except for the provision C.2.1[93] - The board believes that having the same individual serve as both Chairman and CEO is in the best interest of the company for effective management and business development[91] - The company faces several key risks, including potential adverse impacts from pandemics, reliance on major customers, and management turnover risks[95] - The company’s financial condition and performance may be affected by various risks and uncertainties related to its business operations[95] Employee and Operational Information - The group employed a total of 206 employees as of December 31, 2024, an increase from 165 employees in 2023, mainly due to additional workers nominated by subcontractors for a project[85] - Employee costs, including directors' remuneration, were approximately HKD 21.2 million for the period, compared to HKD 22.7 million in 2023[85] Future Outlook and Plans - The company plans to continue exploring new customer collaborations and revenue sources while optimizing resource utilization and improving efficiency[63] - The expected construction contract revenue to be recognized within one year is HKD 158,409,000 for 2024, slightly up from HKD 157,492,000 in 2023[27] - The expected construction contract revenue to be recognized beyond one year is HKD 401,871,000 for 2024, significantly up from HKD 54,289,000 in 2023[27] Shareholder Information - The annual general meeting for the fiscal year 2024 is scheduled to be held on May 20, 2025[101] - The company will suspend share registration from May 14, 2025, to May 20, 2025, to determine shareholder attendance for the annual general meeting[102] - All share transfer documents must be submitted by May 13, 2025, at 4:30 PM to qualify for voting at the annual general meeting[102]
荣丰集团亚洲(08526) - 2024 - 年度业绩