Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 14,480 million, an increase from HKD 12,712 million in 2023, representing a growth of approximately 13.9%[3] - The company reported a loss attributable to shareholders of HKD 3,086 million, compared to a loss of HKD 1,590 million in the previous year, indicating a significant increase in losses of approximately 93.8%[5] - Basic loss per share for the year was HKD 3.89, up from HKD 2.00 in 2023, reflecting a deterioration in financial performance[5] - The gross profit for the year was HKD 1,321 million, down from HKD 1,461 million in 2023, marking a decrease of about 9.6%[5] - Total comprehensive loss for the year was HKD 3,276 million, compared to HKD 1,702 million in 2023, representing an increase of approximately 92.5%[7] - The group reported a pre-tax loss of (3,085,591) thousand HKD for 2024, compared to a loss of (1,590,096) thousand HKD in 2023, reflecting a deterioration in financial performance[44] Assets and Liabilities - Non-current assets decreased to HKD 4,484 million from HKD 8,914 million in 2023, a decline of about 49.8%[9] - Current assets increased to HKD 8,157 million from HKD 7,441 million in 2023, reflecting a growth of approximately 9.6%[9] - Total liabilities increased to HKD 6,788 million from HKD 5,702 million in 2023, indicating a rise of about 19.1%[9] - The company's equity attributable to shareholders decreased to HKD 4,643 million from HKD 8,098 million in 2023, a decline of approximately 42.6%[10] - Trade payables increased to HKD 784,859,000 in 2024 from HKD 441,385,000 in 2023, reflecting a significant rise of 77.8%[14] Revenue Breakdown - Total revenue from customer contracts for the year ended December 31, 2024, was HKD 14,479,915, an increase from HKD 12,711,557 in 2023, representing a growth of approximately 13.9%[23] - Revenue from construction contracts was HKD 14,108,668 for 2024, up from HKD 12,246,812 in 2023, indicating a growth of about 15.2%[26] - The total revenue from the Greater China region was HKD 215,226 in 2024, consistent with the previous year's figure of HKD 216,868, showing stability in this market[23] - The revenue from the sale of construction materials was HKD 138,801 in 2024, down from HKD 195,350 in 2023, representing a decline of approximately 29%[24] - The revenue from the sale of stone products was HKD 17,220 in 2024, a decrease from HKD 56,891 in 2023, indicating a decline of about 69.7%[27] Impairment and Losses - The impairment loss on interests in an associate amounted to HKD 1,510 million, which was not present in the previous year, significantly impacting overall financial results[5] - The group recognized an impairment loss of HKD 1,510,000,000 related to its investment in a joint venture, reflecting a decrease in recoverable amount[58] - The group’s share of losses from its joint venture, Road King, was HKD 1,835,000,000 for the year, compared to HKD 1,764,000,000 in 2023[58] Operational Highlights - The operating profit for the construction, sewage treatment, and steam fuel segment was HKD 253,150 in 2024, compared to HKD 276,203 in 2023, reflecting a decrease of approximately 8.4%[31] - The total segment loss for the year ended December 31, 2024, was HKD 1,486,750, compared to a loss of HKD 1,410,178 in 2023, indicating a worsening of about 5.4%[32] - Other income for 2024 amounted to HKD 65,122, slightly up from HKD 64,572 in 2023, showing a marginal increase of 0.8%[34] Financial Standards and Regulations - The group has adopted the revised Hong Kong Accounting Standards No. 1 regarding the classification of liabilities as current or non-current, which clarifies the assessment of rights to defer settlement for at least twelve months from the reporting date[13] - The adoption of the 2020 and 2022 revisions did not have a significant impact on the consolidated financial statements for the year[14] - The group has not early adopted the newly issued but not yet effective Hong Kong Financial Reporting Standards, including amendments to HKFRS 9 and HKFRS 7, which relate to the classification and measurement of financial instruments[15] Future Outlook - The group plans to maintain a cautious approach towards investment decisions and funding arrangements in light of market unpredictability[63] - The company plans to maintain stable performance in 2025, expecting results to be similar to those in 2024[70] - The group anticipates a challenging business environment due to economic slowdown, impacting bidding prices and margins in the construction sector[86]
WAI KEE HOLD(00610) - 2024 - 年度业绩