Financial Performance - The company's basic earnings attributable to shareholders for the year ended December 31, 2024, were HKD 450 million, a decrease of 21.5% from HKD 573 million in 2023[4]. - The basic earnings per share for 2024 were HKD 0.36, compared to HKD 0.49 in 2023[5]. - The total attributable profit for the year, including fair value changes of property development rights and financial investments, was HKD 116 million, down 65.6% from HKD 337 million in 2023[5]. - The consolidated revenue for the year ended December 31, 2024, was HKD 5,389,846, an increase of 83.3% compared to HKD 2,942,765 in 2023[24]. - The operating profit decreased to HKD 317,070, down 49.1% from HKD 622,880 in the previous year[24]. - The net profit for the year was HKD 114,520, a decline of 65.0% compared to HKD 326,302 in 2023[24]. - Total comprehensive income for the year was a loss of HKD 69,824, compared to a gain of HKD 208,876 in 2023[26]. - The basic and diluted earnings per share decreased to HKD 0.09 from HKD 0.29 in the previous year[24]. - The company reported a pre-tax profit of HKD 134,255,000 for 2024, a decrease from HKD 492,717,000 in 2023, representing a decline of 72.8%[43]. - Interest income decreased to HKD 49,255,000 in 2024 from HKD 140,681,000 in 2023, a decline of 65.0%[54]. Dividends - The proposed final cash dividend is HKD 0.12 per share, with a total annual dividend of HKD 0.22 per share for 2024, down from HKD 0.83 in 2023[6]. - The interim dividend declared for 2024 was HKD 0.10 per share, significantly lower than HKD 0.26 per share in 2023, indicating a decrease of approximately 61.5%[60]. - The group plans to implement a conservative dividend policy over the next two years due to the challenging real estate market conditions and the substantial capital required for the Clearwater Bay development project[23]. Property Development and Sales - The group sold over 1,380 residential units at the "Oceanview Garden" project in Tseung Kwan O, generating sales revenue of approximately HKD 2 billion during the review year[9]. - The total pre-sale/sales amount for projects in mainland China was approximately RMB 1.7 billion, with the group's attributable share being RMB 1.4 billion[11]. - The group anticipates significant revenue from the sales and rental income of the completed "Hai Yin Zhuang Yuan" and the upcoming "Half Mountain Ming Hui" projects in 2025[23]. - The "Jiangwan South Coast Garden" Phase 3 residential development in Huizhou is undergoing design modifications according to new regulations, with construction to commence upon approval[19]. - The "Cui Di Wan" Phase 4 development project in Shenyang is in the design coordination phase regarding height restrictions, with construction to start once procedures are completed[20]. - The "Poly Da•Gui Fu" Phase 1 project in Jiexiu, Shanxi, is expected to sell out within the year, with planning for Phase 2 ongoing[22]. - The "Heng Da Plaza" Phase 1 project in Zhuhai, comprising approximately 900 units, is progressing smoothly and is expected to be completed by the end of 2025[22]. - The "Shan Yu Hu" Phase 5 project in Foshan has completed construction and is now in pre-sale, while the "Tianjin City Square" Phase 3B project is ongoing and expected to be completed by the end of 2026[22]. Financial Position and Assets - Non-current assets totaled HKD 19,393,998, an increase from HKD 18,769,344 in 2023[28]. - Current assets decreased to HKD 23,314,398 from HKD 28,963,310 in the previous year[30]. - Current liabilities decreased to HKD 6,508,237 from HKD 9,433,686 in 2023[30]. - The total assets less current liabilities amounted to HKD 36,200,159, down from HKD 38,298,968 in the previous year[30]. - The company's equity attributable to shareholders decreased to HKD 17,471,141 from HKD 17,669,438 in 2023[30]. - The total assets reported for 2024 amounted to HKD 42,708,396,000, an increase from HKD 47,732,654,000 in 2023[45]. - Cash and bank balances stood at HKD 791,467,000 in 2024, down from HKD 1,080,599,000 in 2023, reflecting a decrease of 26.8%[45]. - The company's total liabilities for 2024 were not explicitly stated but are implied to have increased due to higher financial costs, which rose to HKD 204,654,000 from HKD 178,736,000 in 2023[53]. Market Conditions - The overall vacancy rate for commercial properties in Hong Kong reached about 17% by year-end, indicating a slowdown in demand[7]. - The Hong Kong housing market is expected to face downward pressure on prices due to an ample supply of over 100,000 units projected in the next three to four years[7]. Employee and Operational Costs - The total employee cost increased to HKD 668 million from HKD 621 million in the previous year due to workforce adjustments and salary adjustments in July 2024[75]. - The group employed 2,476 staff as of December 31, 2024, down from 2,641 in the previous year[75]. Future Plans and Meetings - The group will hold its 2025 Annual General Meeting on June 4, 2025[81]. - The group plans to publish its 2024 annual report by the end of April 2025[85].
九龙建业(00034) - 2024 - 年度业绩