Financial Performance - The group's revenue for the year ended December 31, 2024, was HKD 909,449,000, representing a 5.0% increase from HKD 866,251,000 in 2023[4] - Gross profit increased to HKD 351,901,000, up 4.9% from HKD 335,541,000 in the previous year[4] - Profit attributable to owners of the company rose to HKD 171,434,000, a significant increase of 67.6% compared to HKD 102,286,000 in 2023[4] - Basic and diluted earnings per share increased to HKD 17.58, compared to HKD 9.30 in the prior year, reflecting a growth of 89.2%[4] - Total revenue for the year 2024 reached HKD 909,449,000, an increase of 4.6% compared to HKD 866,251,000 in 2023[19] - Other income rose to HKD 17,704,000 in 2024, a 94.5% increase from HKD 9,111,000 in 2023, driven by higher bank interest income[31] - The net profit for the fiscal year ending December 31, 2024, was approximately HKD 171.4 million, an increase of about HKD 69.1 million or 67.5% compared to HKD 102.3 million in 2023[72] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 796,787,000, an increase from HKD 686,918,000 in 2023[5] - The net asset value increased to HKD 646,972,000, up from HKD 505,570,000 in the previous year, indicating a growth of 28.0%[6] - The total liabilities decreased to HKD 149,815,000 from HKD 181,348,000, showing a reduction of 17.3%[6] - The company's current ratio improved to approximately 4.1 times as of December 31, 2024, compared to 3.0 times in 2023, primarily due to an increase in trade and other receivables[74] Sales Performance - Sales of daily candles amounted to HKD 123,889,000, up from HKD 111,594,000, reflecting a growth of 10.5%[19] - Sales of decorative candles increased to HKD 33,754,000, a rise of 23.5% from HKD 27,308,000[19] - Customer A generated revenue of HKD 503,882,000 in 2024, down 7.48% from HKD 544,698,000 in 2023, while Customer B's revenue surged by 67.5% to HKD 139,151,000[30] Operational Developments - The company plans to continue expanding its market presence and investing in new product development to sustain growth[4] - The company established contracts with sales representatives to incentivize them with sales rewards for customer orders, aiming to capture growth in the candle market, particularly in the U.S.[60] - The company plans to complete the renovation of its first factory by the first half of 2025, which is expected to enhance production capacity and operational efficiency[58] Financial Management - Financing costs decreased to HKD 11,769,000 in 2024, down 19.5% from HKD 14,571,000 in 2023[33] - The company's administrative expenses increased by approximately HKD 34.3 million or 31.0% to HKD 145.0 million for the fiscal year ending December 31, 2024, primarily due to increases in salaries and professional fees[67] - The company has repaid approximately HKD 2.9 million in bank loans in Hong Kong and Vietnam, along with HKD 4.0 million in overdrafts[99] Market Strategy - The company operates primarily in the US and UK markets, focusing on department stores and procurement agents[19] - The group focuses on the mid-to-high-end candle market, primarily targeting the US and UK markets[57] - The demand for scented candles continues to grow, driving market momentum for the group[57] Shareholder Information - No dividends were declared or proposed for the years ended December 31, 2024, and 2023[39] - The company agreed to repurchase 181,500,000 shares from the seller at a total price of HKD 30,000,000, equating to approximately HKD 0.165 per share[106] - Following the share repurchase, the total number of issued shares decreased from 1,100,000,000 to 918,500,000 shares[106] Compliance and Reporting - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, including significant accounting policies and estimates[108] - The financial figures in the preliminary announcement for the year ending December 31, 2024, were verified by the auditor, confirming consistency with the audited financial statements[110] - The annual general meeting for the fiscal year 2024 is scheduled for June 6, 2025[111]
凯富善集团控股(08512) - 2024 - 年度业绩