Financial Performance - Revenue for the year ended December 31, 2024, was HKD 114,644,000, a decrease of 20.3% compared to HKD 143,779,000 in 2023[2] - Gross profit for the same period was HKD 26,269,000, down 56.8% from HKD 60,789,000[2] - Operating profit decreased by 71.4% to HKD 7,846,000 from HKD 27,393,000[2] - Net profit attributable to shareholders was HKD 6,290,000, a decline of 71.5% from HKD 22,039,000[2] - Basic and diluted earnings per share were HKD 0.8, down 71.4% from HKD 2.8[2] - The company reported a comprehensive income of HKD 3,770,000 for the year, down from HKD 20,095,000 in the previous year[5] - The company's profit before tax for the year 2024 is HKD 8,313,000, compared to HKD 28,103,000 for 2023, indicating a significant decrease[28] - The profit attributable to equity holders was approximately HKD 6.3 million in the reporting period, down from HKD 22.0 million in the fiscal year 2023, with adjustments for non-recurring listing expenses and donations[103] Assets and Liabilities - Total current assets increased by 3.6% to HKD 145,088,000 from HKD 139,994,000[3] - Total assets rose by 1.9% to HKD 167,967,000 compared to HKD 164,857,000[3] - Total equity decreased by 8.3% to HKD 135,430,000 from HKD 147,660,000[3] - Total liabilities increased to HKD 32,537,000 from HKD 17,197,000, showing a significant rise of about 89.5%[9] - The company's equity decreased from HKD 147,660,000 to HKD 135,430,000, a decline of approximately 8.25%[9] - Cash and cash equivalents amounted to HKD 59,452,000, up from HKD 54,891,000, representing an increase of approximately 8.5%[9] Revenue Breakdown - Revenue from Hong Kong for the year 2024 was HKD 59,402,000, an increase from HKD 32,204,000 in 2023[19] - Revenue from the Philippines decreased to HKD 22,978,000 in 2024 from HKD 33,637,000 in 2023[19] - Revenue from Singapore also saw a decline, dropping to HKD 19,200,000 in 2024 from HKD 44,043,000 in 2023[19] - Revenue from China was HKD 4,785,000 in 2024, slightly up from HKD 4,261,000 in 2023[19] - Revenue from procurement business decreased by approximately HKD 6.0 million, primarily due to reduced sales to customers in the Philippines[78] - Revenue from machinery parts sold to the Philippines market dropped to approximately HKD 4.1 million, down from HKD 11.6 million in the fiscal year 2023[78] Expenses and Costs - The cost of sales increased by approximately 6.5% from HKD 82.99 million in the fiscal year 2023 to HKD 88.38 million in the fiscal year 2024, primarily due to changes in product mix[100] - Administrative expenses decreased by approximately 43.0% from HKD 30.7 million in the fiscal year 2023 to about HKD 17.5 million in the fiscal year 2024, attributed to reduced donation expenses and listing costs[102] - The income tax expense for the current period rose significantly from HKD 1,255 thousand in 2022 to HKD 6,161 thousand in 2023, indicating an increase of about 390.5%[24] Strategic Plans and Future Outlook - The company plans to focus on new product development and market expansion strategies moving forward[4] - Future guidance indicates a focus on enhancing operational efficiency and exploring potential mergers and acquisitions[10] - The company aims to leverage new technologies to improve its manufacturing processes and product offerings[11] - The company plans to extend its product procurement business to minerals and related products, responding to increased customer inquiries since its listing on the main board[56] - The company has established a supply network for minerals from its own mining operations to sell to customers, aiming to enhance its business foundation and profitability[56] Market Conditions and Challenges - The decline in revenue was primarily due to decreased demand in the Hong Kong and ASEAN markets, influenced by economic slowdown and uncertainty[55] - The company has been facing intense market competition and economic uncertainty, emphasizing the importance of exploring new business opportunities[56] - The company anticipates a slow recovery in global growth by the second half of 2024, remaining below medium levels[94] Shareholder Information - The board does not recommend the payment of a final dividend for the reporting period, with a proposed payment of HKD 0.04 per share for the previous year totaling HKD 16 million[128] - The annual general meeting of shareholders is scheduled for June 6, 2025[133] Corporate Governance - The company emphasizes the importance of good corporate governance for its success and intends to comply with all applicable corporate governance codes[149] - The Audit Committee, established on October 21, 2019, consists of three independent non-executive directors and has reviewed the annual performance for the year ending December 31, 2024[150]
永联丰控股(09882) - 2024 - 年度业绩