Financial Performance - For the year ended December 31, 2024, the revenue was HKD 39,166 million, a decrease of approximately 3.5% from HKD 40,587 million in 2023[5] - The gross profit for the year was HKD 1,518 million, down from HKD 3,628 million in the previous year, representing a decline of about 58%[5] - The net profit for the year was HKD 984 million, compared to HKD 2,194 million in 2023, indicating a decrease of approximately 55%[5] - The earnings per share (basic and diluted) for the year were HKD 0.346, down from HKD 0.793 in the previous year, reflecting a decline of about 56%[5] - The total revenue for 2024 was reported at 39,166 million HKD, showing a slight decrease from 40,587 million HKD in 2023[83] - The net profit for 2024 was reported at 1,705 million HKD, compared to 2,194 million HKD in 2023[86] - The company’s profit attributable to equity shareholders was HKD 922 million in 2024, a decrease of 56.57% from HKD 2,123 million in 2023, with basic and diluted earnings per share at HKD 0.346 compared to HKD 0.793 in 2023[112] Revenue Breakdown - Coal revenue increased to HKD 33,848,161,000 in 2024 from HKD 31,805,175,000 in 2023, marking an increase of about 6.4%[23] - Supply chain integrated services revenue decreased significantly to HKD 3,951,002,000 in 2024 from HKD 6,326,916,000 in 2023, a decline of approximately 37.5%[23] - The total revenue from the coal segment was HKD 33,848,161,000, while the supply chain services segment generated HKD 3,951,002,000 in 2024[23] - The company generated HKD 8,131 million in sales revenue from overseas markets, accounting for 20.76% of total revenue[96] - The company achieved a record coal import volume of 122.25 million tons in 2024, a year-on-year increase of 19.26%[98] - The procurement volume for 2024 was approximately 20.89 million tons, an increase of 5.08% from 19.88 million tons in 2023[102] Assets and Liabilities - The total equity attributable to shareholders was HKD 9,101 million, an increase from HKD 8,816 million in 2023[5] - The total non-current assets increased to HKD 7,038 million from HKD 5,669 million in the previous year, marking an increase of approximately 24%[10] - Current assets decreased to HKD 10,396 million from HKD 12,146 million, a decline of about 14%[10] - The total liabilities decreased to HKD 7,728 million from HKD 8,358 million, a reduction of approximately 7.5%[12] - Total assets for the reported segments decreased to HKD 18,630,407 in 2024 from HKD 19,179,968 in 2023, a decline of 2.9%[34] - Total liabilities for the reported segments decreased to HKD 9,443,354 in 2024 from HKD 10,027,753 in 2023, a decline of 5.8%[34] Cash Flow and Financing - The company reported a net financing cost of HKD 104,045 in 2024, an increase of 66.7% from HKD 62,398 in 2023[39] - The net cash inflow from operating activities was HKD 640 million, a decrease from HKD 2,025 million in 2023, primarily due to operating cash profits[122] - The net cash outflow from investment activities in 2024 was HKD 910 million, down from HKD 1,834 million in 2023, with major expenditures including HKD 948 million for logistics facilities and equipment, and HKD 788 million for company acquisitions[122] - The net cash inflow from financing activities in 2024 was HKD 652 million, compared to a cash outflow of HKD 533 million in 2023, mainly due to dividend payments of approximately HKD 525 million and lease repayments of about HKD 314 million[123] Dividend and Shareholder Information - The company declared a cash dividend of HKD 0.013 per share, totaling approximately HKD 35 million[5] - The company plans to distribute a final dividend of HKD 0.013 per share, totaling approximately HKD 35 million, contributing to an annual total dividend of HKD 230 million with a dividend yield of about 8.69%[73] - As of December 31, 2024, the company had 2,696,546,962 shares issued and repurchased a total of 4,936,000 shares during the year, with 1,630,000 shares canceled and 3,306,000 shares held as treasury stock[147] Operational Highlights - In 2024, the company's coal sales volume reached approximately 22.74 million tons, an increase of about 20.01% year-on-year[75] - The company completed the acquisition of TTJV Co. LLC in August 2024, marking a significant step in expanding its upstream mining services[77] - The company aims to provide comprehensive supply chain services, focusing on coal mining, washing, and logistics to enhance its core competitiveness[77] - The company emphasizes its commitment to carbon neutrality and green service solutions, aligning with national strategies[77] Taxation and Compliance - The actual tax expense for 2024 was HKD 97,239,000, significantly lower than HKD 468,157,000 in 2023, reflecting a decrease in pre-tax profit[47] - The nominal tax expense calculated based on applicable tax rates for 2024 was HKD 113,216,000, compared to HKD 501,758,000 in 2023[47] - The company has subsidiaries eligible for a preferential tax rate of 15% under various tax incentive policies, applicable until December 31, 2030, for certain operations in western regions of China[46] Employee and Training - As of December 31, 2024, the group employed 2,290 full-time employees, an increase from 1,991 in 2023, with frontline production and support staff rising to 921, accounting for 40% of total employees[135] - The group conducted a total of 998 hours of training in 2024, with over 12,790 participants, highlighting a commitment to employee development[138] Governance and ESG - The company has complied with the Corporate Governance Code, with the exception of a deviation regarding the separation of the roles of Chairman and CEO, which is deemed appropriate under current circumstances[145] - The company has engaged a third-party consultant for its 2024 ESG report, focusing on environmental, social, and governance matters, with detailed disclosures expected in the report[141] - The company has maintained a focus on employee health and safety, reporting no major incidents or accidents in 2024[141]
易大宗(01733) - 2024 - 年度业绩