Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 1,841,347,000, representing a 216% increase from HKD 580,958,000 in 2023[3] - Gross profit for the year was HKD 234,155,000, up 84% from HKD 127,053,000 in the previous year[3] - Net profit for the year reached HKD 195,000,000, a 83.5% increase compared to HKD 106,315,000 in 2023[4] - The company reported a basic and diluted earnings per share of HKD 0.399 for 2024, compared to HKD 0.217 for 2023[4] - The pre-tax profit for the year ended December 31, 2024, was HKD 226,552,000, compared to HKD 123,115,000 in 2023, indicating a growth of 84%[12] - The company's share of profits from associates was HKD 31,952,000 for 2024, slightly down from HKD 32,170,000 in 2023[12] - The company achieved total comprehensive income of approximately HKD 213,597,000, compared to HKD 68,679,000 in 2023, after accounting for other comprehensive income[42] Assets and Liabilities - The total assets less current liabilities amounted to HKD 675,510,000, an increase from HKD 645,558,000 in 2023[6] - The total assets of the company as of December 31, 2024, amounted to HKD 880,057,000, a decrease from HKD 990,862,000 in 2023[13] - The total liabilities decreased significantly to HKD 206,173,000 in 2024 from HKD 530,575,000 in 2023, reflecting a reduction of 61%[13] - The company's net asset value rose to HKD 673,884,000 from HKD 460,287,000 in 2023[6] - As of December 31, 2024, the company's current assets net value is approximately HKD 670,490,000, a significant increase from HKD 226,644,000 as of December 31, 2023[48] - Total shareholder equity increased from approximately HKD 460,287,000 as of December 31, 2023, to approximately HKD 673,884,000 as of December 31, 2024, driven by total comprehensive income for the year[49] Cash Flow and Financing - Cash and cash equivalents increased significantly to HKD 607,031,000 from HKD 180,434,000 in the previous year[5] - The company recorded a net cash inflow of approximately HKD 427,592,000 for the year, primarily due to proceeds from the sale of a subsidiary[47] - The company has secured a revolving loan agreement with China Nuclear Finance Management Co., Ltd. for up to USD 50,000,000, reflecting the parent group's commitment to support the company's future uranium trading business[50][51] - The asset-to-liability ratio improved to 0.23 as of December 31, 2024, down from 0.54 as of December 31, 2023, indicating a stronger financial position[49] Inventory and Sales - The company’s inventory decreased to HKD 1,274,000 from HKD 291,708,000 in 2023, indicating a significant reduction in stock levels[5] - The company sold approximately 5,770,000 pounds of natural uranium, generating revenue of approximately HKD 1,841,347,000, a 217.0% increase compared to HKD 580,958,000 in 2023[36] - The cost of sales was approximately HKD 1,607,192,000, reflecting a 254.1% increase from HKD 453,905,000 in 2023, resulting in a gross profit of approximately HKD 234,155,000 with a gross margin of 12.7%, down from 21.9% in 2023[38] Market and Operations - The revenue from uranium trading was HKD 1,816,774,000, with agency income from uranium procurement services contributing HKD 24,573,000[10] - Revenue from the Chinese market (including Hong Kong) surged to HKD 1,704,606,000 in 2024, up from HKD 455,175,000 in 2023, marking an increase of 274%[14] - The company plans to continue expanding its operations in uranium trading and procurement services, focusing on resource allocation and performance evaluation[10] - The company plans to continue discussions with Mongolian authorities regarding the exploration license expiration for its uranium resource projects in Mongolia[45] - The company is actively communicating with the Mongolian government regarding uranium mining rights, which may provide a more favorable geopolitical environment for its projects[37] Expenses - The total employee costs for the year were HKD 29,359,000, up from HKD 20,511,000 in 2023, reflecting a rise of 43%[14] - Administrative expenses rose to approximately HKD 45,980,000, a 50.9% increase from HKD 30,476,000 in 2023, mainly due to staff expansion and increased professional fees related to corporate transactions[41] - Financial expenses increased to approximately HKD 21,729,000, a 54.7% rise from HKD 14,044,000 in 2023, attributed to interest expenses from bank financing for uranium procurement[41] Dividends and Shareholder Returns - The company reported no dividends declared for the year ended December 31, 2024, consistent with 2023[20] - The company did not recommend a final dividend for the year, consistent with the previous year[28] Foreign Exchange and Risk Management - The company recorded a loss of approximately HKD 4,742,000 from foreign exchange, primarily due to the sale of a subsidiary not denominated in functional currency[40] - The company does not have a foreign currency hedging policy but will monitor foreign exchange risks and consider hedging when necessary[55] Strategic Agreements - The company has entered a framework agreement with China Uranium Corporation to act as their exclusive supplier of natural uranium products sourced from outside Asia and Africa, and as their agent for market procurement[43] - The anticipated transactions under the 2024 framework agreement are expected to enhance the company's uranium trading business and expand its market coverage in China and globally, thereby strengthening long-term profitability[44]
中核国际(02302) - 2024 - 年度业绩