Financial Performance - The company's total revenue for the fiscal year 2024 was $309,937 thousand, a decrease of 41.3% compared to $526,119 thousand in 2023[3] - Gross profit for 2024 was $5,190 thousand, down 47.8% from $9,946 thousand in 2023[3] - The net loss for the year was $329 thousand, compared to a profit of $2,368 thousand in the previous year, marking a significant decline[3] - Total comprehensive income for 2024 was a loss of $357 thousand, compared to a gain of $2,361 thousand in 2023[4] - Customer contract revenue was $319,561 thousand in 2024, down from $529,386 thousand in 2023, reflecting a decline of 39.7%[13] - The cost of sales for the year was $264,957 thousand, compared to $500,519 thousand in 2023, indicating a reduction of 47.1%[19] - The company reported a pre-tax loss of $287 thousand for 2024, a significant decline from a profit of $2,373 thousand in 2023[23] - The company reported a basic and diluted loss per share of $0.01 for 2024, compared to earnings of $0.06 per share in 2023[4] - The group recorded a net cash position of approximately $15.5 million as of December 31, 2024, compared to a net debt of about $2.9 million in 2023[41] Assets and Liabilities - Current assets decreased to $64,067 thousand in 2024 from $99,287 thousand in 2023, reflecting a decline of 35.4%[5] - Current liabilities also decreased to $41,108 thousand in 2024 from $78,834 thousand in 2023, a reduction of 47.8%[5] - As of December 31, 2024, the company's total assets were valued at $71.4 million, down from $109.2 million in 2023[31] - Total liabilities decreased to approximately $41.4 million, down about $37.4 million from $78.8 million in 2023, primarily due to reduced trade payables[36] - The company's total equity attributable to the company's shareholders decreased to $29,132 thousand in 2024 from $29,439 thousand in 2023, a decline of 1.0%[5] - The company's total equity as of December 31, 2024, was $29.98 million, slightly down from $30.34 million in 2023[31] Operational Highlights - The company continues to focus on its core business of procurement and supply of iron ore and other commodities, with no significant new product launches or market expansions reported[6] - The group sold approximately 2.9 million tons of iron ore during the reporting period, a year-on-year decrease of about 33% compared to 4.3 million tons in 2023[35] - Revenue from iron ore transportation services was approximately $26.6 million, down about 36% from $41.7 million in 2023, consistent with the overall decline in iron ore sales[36] - The company reported a significant increase in iron ore production, achieving a total output of 1.5 million tons, representing a 20% increase year-over-year[61] Future Outlook - The group anticipates continued downward pressure on iron ore prices in 2025 due to weak domestic steel demand in China and increased port inventories[49] - The group expects that the demand for iron ore and steel will remain resilient, supported by strong steel exports and active manufacturing activities in China[49] - The company projects a revenue growth of 10% for the next fiscal year, driven by increased demand for high-grade iron ore[63] - The company plans to expand its market presence in Asia, targeting a 25% increase in sales in the region over the next two years[62] - A strategic acquisition of a mining company is in progress, which is anticipated to enhance production capacity by 30%[63] Corporate Governance and Compliance - The audit committee reviewed the group's financial reporting procedures and confirmed no objections to the accounting treatments adopted for the fiscal year 2024[53] - The group has adopted high standards of corporate governance and has complied with all relevant codes during the reporting period[51] - There were no significant contingent liabilities as of December 31, 2024[47] Employee and Operational Costs - The employee costs for the fiscal year 2024 were approximately $3.1 million, down from about $4.6 million in 2023[46] - As of December 31, 2024, the group employed a total of 33 employees in Hong Kong and mainland China, an increase from 23 employees in 2023[46] Dividends and Shareholder Value - The company did not recommend any dividend for the fiscal year ending December 31, 2024, consistent with 2023[22] - No final dividend was recommended for the fiscal year 2024, consistent with the previous year[37] - The company is committed to enhancing shareholder value, with plans to increase dividends by 12% in the upcoming fiscal year[61] Research and Development - The company has allocated $10 million for research and development of sustainable mining technologies[61] - The board has approved a new strategy focusing on operational efficiency, aiming to reduce production costs by 5%[63] Market Conditions - The average price of the Platts IODEX was approximately $109 per ton during the reporting period, down from $136 per ton in December 2023[33] - The company plans to continue exploring new iron ore and commodity supply channels and potential mergers or investment opportunities for sustainable development[29]
新矿资源(01231) - 2024 - 年度业绩