Financial Performance - Revenue for the year ended December 31, 2024, was HKD 6,759,320, representing a 74.3% increase from HKD 3,877,416 in 2023[3] - Gross profit increased by 110.1% to HKD 780,248 compared to HKD 371,346 in the previous year[3] - Loss attributable to owners of the company decreased by 43.4% to HKD 1,382,983 from HKD 2,444,888 in 2023[3] - The net loss for the year was HKD 1,496,803, a reduction from HKD 2,649,030 in 2023[5] - Basic loss per share improved to HKD 0.808 from HKD 1.4285 in the previous year[4] - The company did not declare a final dividend for the year[3] - Pre-tax loss for 2024 was HKD 1,382,983,000, compared to a loss of HKD 2,444,888,000 in 2023[40] - The group recorded a revenue of approximately HKD 67.59 billion in 2024, an increase of about 74.3% compared to HKD 38.77 billion in 2023[51] - The loss attributable to the company's owners decreased to approximately HKD 13.83 billion in 2024 from HKD 24.45 billion in 2023[51] Assets and Liabilities - Total assets decreased by 17.1% to HKD 40,560 million from HKD 48,933 million in 2023[3] - The total assets as of December 31, 2024, amounted to HKD 40,560,174, a decrease from HKD 48,933,084 in 2023, reflecting a reduction of approximately 17.5%[29] - The debt ratio increased by 95 percentage points to 402.9% from 307.9% in 2023[3] - Accounts payable and other payables decreased to HKD 44,976,000 in 2024 from HKD 164,334,000 in 2023[43] - The total interest-bearing loans amounted to approximately HKD 20.451 billion as of December 31, 2024, down from HKD 23.860 billion in 2023[89] - The company held completed properties for sale valued at approximately HKD 12.849 billion as of December 31, 2024, compared to HKD 8.062 billion in 2023[84] - The company has a total of approximately HKD 25.996 billion in properties held for sale as of December 31, 2024, down from HKD 32.114 billion in 2023[84] Operational Efficiency - The current ratio improved to 1.5 times, up 15.4% from 1.3 times in 2023[3] - The number of employees reduced by 33.8% to 376 from 568 in the previous year[3] - The company reported a net cash inflow from operating activities of approximately HKD 1.936 billion in 2024, a decrease from HKD 3.607 billion in 2023[86] - The company is focused on diversifying operational risks by holding real estate projects in first-tier cities and the Greater Bay Area, which include various types and uses of properties[91] - The company aims to stabilize income and profit volatility by leasing out investment properties in Shenzhen and Guangzhou, which are expected to provide steady rental income[93] Market Conditions and Strategy - The property development segment reported a pre-tax loss of HKD 699,035 for 2024, compared to a loss of HKD 2,591,207 in 2023, indicating an improvement in performance[22][26] - The investment property segment recorded a fair value loss of HKD 44,942 in 2024, while the previous year showed a fair value gain of HKD 230,115, indicating a significant shift in market conditions[23][26] - The company expects further strengthening of real estate policies in China to stabilize the market and restore confidence[47] - The group aims to enhance operational efficiency by controlling costs and improving sales, management, and financial expenses[54] - The group plans to adjust rental and sales strategies flexibly in response to market trends to ensure cash flow safety[58] Project Development - The group successfully achieved a delivery rate of over 96% for major projects, outperforming the industry average[50] - The total signed floor area for properties (including completed and development properties) reached approximately 314,000 square meters, up from 274,000 square meters in 2023[63] - The total delivered floor area for properties was approximately 310,000 square meters, compared to 222,000 square meters in 2023[63] - The Guangzhou Yuehai Yungang City project is expected to complete overall construction by 2028, with pre-sale transaction volumes maintaining ideal levels, ranking first in the Baiyun District for both 2023 and 2024[67] - The company is actively pursuing market expansion through multiple projects across Guangdong Province, focusing on high-quality residential and commercial developments[70] Financial Management - Financial income for 2024 was HKD 41,000,000, a decrease from HKD 77,073,000 in 2023[34] - Total financing costs for 2024 amounted to HKD 940,743,000, down from HKD 1,250,680,000 in 2023, with capitalized amounts for property development at HKD 552,129,000[34] - The financing cost net amount increased by approximately HKD 115 million compared to 2023 due to the cessation of capitalization for completed properties held for sale[60] - The company's weighted average effective interest rate on bank and other borrowings was 3.92% as of December 31, 2024, slightly down from 4.02% in 2023[89] Sustainability and Compliance - The company is committed to complying with environmental protection regulations and aims to ensure that new constructions meet national and local energy-saving requirements[97] - The company emphasizes customer satisfaction and regularly conducts surveys to enhance product quality and customer confidence[94] Governance and Reporting - The company plans to hold its annual general meeting on June 17, 2025, with a suspension of share transfer registration from June 12 to June 17, 2025[103] - The company's audit committee has reviewed the annual performance for the year ending December 31, 2024[104] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed and are consistent with the preliminary figures[106] - The auditor's work does not constitute a certification under the Hong Kong auditing standards, and no assurance is provided for this preliminary announcement[106] - The board of directors consists of two executive directors, two non-executive directors, and three independent non-executive directors[106]
粤海置地(00124) - 2024 - 年度业绩