Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 140,792,000, a decrease of 15.6% compared to HKD 166,784,000 in the previous year[2] - Gross profit for the same period was HKD 36,627,000, down 12.7% from HKD 41,921,000 in the prior year[2] - The company recorded a net profit of HKD 1,657,000, a significant decline of 76.4% from HKD 6,998,000 in the previous year[2] - Basic and diluted earnings per share decreased to HKD 0.09 from HKD 0.39, representing a decline of 76.9%[2] - The company reported a pre-tax profit of HKD 1,865,000, down 76.7% from HKD 7,983,000 in 2023[21] - The net profit attributable to the company's owners for fiscal year 2024 was approximately HKD 1.7 million, compared to approximately HKD 7.0 million in 2023[48] - The cost of sales for fiscal year 2024 was approximately HKD 104.2 million, a reduction of about 16.6% from approximately HKD 124.9 million in 2023[40] - The gross profit for fiscal year 2024 was approximately HKD 36.6 million, down about 12.6% from approximately HKD 41.9 million in 2023, while the overall gross margin increased from about 25.1% in 2023 to about 26.0% in 2024[41] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 174,412,000, slightly up from HKD 171,999,000 in the previous year[3] - The company's inventory increased to HKD 42,900,000 from HKD 36,190,000, reflecting a rise of 18.5%[3] - Current liabilities rose to HKD 38,929,000, compared to HKD 33,505,000, indicating an increase of 16.5%[3] - Non-current liabilities decreased to HKD 1,637,000 from HKD 2,603,000, a reduction of 37.1%[4] - The company's net asset value remained relatively stable at HKD 167,337,000, down slightly from HKD 167,932,000[4] - Trade receivables decreased to approximately HKD 41.7 million in 2024 from approximately HKD 56.4 million in 2023, with a significant drop in receivables aged 0 to 30 days[30] - The company's trade payables increased to approximately HKD 27.6 million in 2024 from approximately HKD 21.7 million in 2023[31] - As of December 31, 2024, the current assets minus current liabilities (working capital) was approximately HKD 135.5 million, a slight decrease from HKD 138.5 million as of December 31, 2023[49] - The debt-to-equity ratio as of December 31, 2024, was 0%, down from 1.6% as of December 31, 2023, due to the repayment of short-term loans during the year[49] Revenue Breakdown - Revenue from low-voltage distribution cabinets was HKD 62,444,000, down 4.4% from HKD 65,349,000 in the previous year[15] - Revenue from motor control centers decreased by 31.9% to HKD 16,800,000 from HKD 24,657,000[15] - Revenue from external customers in Hong Kong was HKD 133,001,000, a decline of 9.0% from HKD 146,212,000[16] - The company's revenue for the fiscal year 2024 decreased by approximately 15.6% to about HKD 140.8 million, down from approximately HKD 166.8 million in 2023[36] Expenses and Costs - Other income decreased to approximately HKD 2.0 million in 2024 from approximately HKD 2.7 million in 2023, primarily due to lower bank interest income[42] - The company's administrative and other expenses increased by approximately 4.2% to about HKD 31.9 million in 2024 from approximately HKD 30.6 million in 2023[44] - The company recorded an income tax expense of approximately HKD 208,000 in 2024, down from approximately HKD 985,000 in 2023[47] - The total employee costs for the fiscal year 2024 were approximately HKD 39.4 million, compared to HKD 38.4 million in the previous year[62] Corporate Governance and Compliance - The audit committee has reviewed the group’s financial reporting processes, risk management, and internal control systems, ensuring compliance with the relevant regulations[75] - The independent auditor has confirmed that the data in the preliminary performance announcement aligns with the audited financial statements for the fiscal year 2024[76] - The board is committed to maintaining good corporate governance practices and has complied with all provisions of the corporate governance code during the fiscal year 2024[72] Future Outlook and Plans - The company is evaluating the impact of new accounting standards that may affect future financial reporting but expects no significant impact from the current year's application[11] - The company remains optimistic about long-term prospects despite short-term uncertainties in the low-voltage distribution and control equipment industry in Hong Kong, Macau, and mainland China[37] - The company has no plans for significant investments or capital assets beyond those disclosed in previous announcements[54] - The company plans to extend the expected timeline for utilizing the unutilized net proceeds over the next two fiscal years to address the need for additional time to complete strategic procurement plans and optimize cost efficiency[65] Dividends and Shareholder Returns - The company did not declare any dividends for 2024, consistent with 2023[24] - The company has not paid or proposed any dividends to ordinary shareholders for the fiscal year 2024, consistent with the previous year[74] Miscellaneous - The company has implemented a risk management system to mitigate operational risks, led by senior management[58] - The company has adopted a stock option plan since April 23, 2018, but there have been no unexercised options or any options granted, agreed to be granted, exercised, canceled, or lapsed under the plan[69] - There have been no significant events occurring after December 31, 2024, up to the date of this announcement[68] - The company has not engaged in the purchase, redemption, or sale of any listed securities during the fiscal year 2024[70] - The net proceeds from the IPO were approximately HKD 75.0 million, differing from the estimated net proceeds of HKD 89.7 million disclosed in the prospectus[63] - As of December 31, 2024, the unutilized net proceeds amount to approximately HKD 17.9 million, which is expected to be used according to the company's previously disclosed plans in the prospectus and announcements[65] - The total utilized proceeds for the year amounted to HKD 75.0 million, with HKD 40.6 million utilized by December 31, 2024[65]
全达电器集团控股(01750) - 2024 - 年度业绩