Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of $380,184,000, a decrease of 1.6% compared to $386,171,000 in 2023[2] - Gross profit increased by 19.5% to $66,243,000 from $55,430,000 year-over-year[2] - The net profit for the year was $16,071,000, representing a significant increase of 129.6% from $7,001,000 in the previous year[2] - Earnings per share (EPS) rose to 1.05 cents from 0.46 cents, reflecting a strong improvement in profitability[3] - Total comprehensive income for the year was $15,318,000, up from $6,572,000 in 2023, showcasing overall financial growth[4] - The overall gross margin increased from 14.4% in 2023 to 17.4% in 2024, with gross profit amounting to $66,243,000, an increase of $10,813,000 year-on-year[33] - Net profit for the year was $16,071,000, up $9,070,000 from the previous year, resulting in a net profit margin increase from 1.8% to 4.2%[33] - The total tax expense for the year was $5,462,000, an increase from $3,346,000 in the previous year[24] Dividends and Shareholder Returns - The proposed final dividend per share increased to 0.5700 cents from 0.2298 cents, indicating a commitment to returning value to shareholders[2] - The company declared an interim dividend of $0.273 per share, totaling $4,166,000, compared to $3,487,000 in the previous year[26] - The proposed final dividend for the year is $0.570 per share, amounting to $8,680,000, up from $3,499,000 in the previous year[25] - Basic earnings per share for the year were $1.054, with a total dividend payout of $0.843 per share, resulting in a payout ratio of 80%[56] Revenue Breakdown - Revenue for the year ended December 31, 2024, was approximately $380,184,000, a decrease of 1.0% from $386,171,000 in 2023[13] - Revenue from a single external customer in Japan amounted to $41,156,000 for 2024, down from $44,004,000 in 2023[15] - Revenue by geographic location for 2024 included Vietnam at $165,956,000, Japan at $69,604,000, and China at $56,145,000, with total revenue remaining at $380,184,000[16] - Revenue from Vietnam decreased by $7,604,000 or 4.4%, accounting for 43.7% of total revenue[35] - Revenue from Japan slightly decreased by $1,441,000 or 2.0%, representing 18.3% of total revenue[36] - Revenue from China increased by $1,180,000 or 2.1%, with a revenue share rising to 14.8%[37] - Revenue from ASEAN countries (excluding Vietnam) increased by $353,000 or 1.1%, accounting for 8.3% of total revenue[38] - Revenue from the United States increased by $5,083,000 or 20.8%, representing 7.8% of total revenue[39] - Other markets, including Taiwan, South Korea, and the EU, saw a revenue decrease of $3,558,000 or 11.5%, accounting for 7.2% of total revenue[40] - Revenue from MSG and seasonings decreased by $12,626,000 or 5.5%, with a revenue share dropping to 57.4%[42] - Revenue from modified starch, natural starch, and starch sugar increased by $3,488,000 or 5.2%[43] - Revenue from other products increased by $4,813,000 or 14.6%, accounting for 10.0% of total revenue[46] Asset and Liability Management - The company's total assets decreased to $368,691,000 from $383,510,000, primarily due to a reduction in non-current assets[5] - Current liabilities decreased significantly to $61,439,000 from $82,357,000, indicating improved liquidity management[6] - Trade receivables for 2024 were $34,053,000, slightly down from $34,105,000 in 2023, with a net amount of $33,576,000 after provisions[19] - Trade payables aged 0 to 30 days were $9,795,000 in 2024, significantly reduced from $17,734,000 in 2023[20] - Cash and cash equivalents increased by $16,158,000, or approximately 32.1%, totaling $66,517,000 compared to the previous year[52] - Total borrowings decreased by $18,335,000, or about 42%, amounting to $25,319,000[52] - The current ratio improved from 2.82 to 3.82, indicating a stable financial structure[52] Strategic Initiatives and Future Outlook - The company plans to continue focusing on cost management and operational efficiency to drive future growth[3] - The company aims to strengthen sales channels and adjust marketing strategies to enhance revenue performance[35] - The company plans to expand its product line and optimize its product mix, focusing on developing high-value products to enhance market share and sales profit[60] - The company aims to actively explore new channels and markets, adjusting product positioning and sales methods to strengthen brand positioning and competitive advantages[60] - The company is committed to improving production technology and efficiency, aiming to enhance core competitiveness by achieving quality improvement and cost reduction[62] - The company will enhance organizational efficiency by integrating resources and seeking partnerships to jointly develop markets and strengthen R&D capabilities[62] - The company plans to continue evaluating green energy initiatives to progress towards net-zero carbon goals[51] - The company is focused on evaluating energy-saving solutions and promoting energy conservation efforts to work towards carbon reduction[62] - The company remains cautiously optimistic about future operations despite facing challenges from global economic uncertainties[61] Regulatory and Compliance - The company expects the adoption of new Hong Kong Financial Reporting Standards will not have a significant impact on its financial performance[11] - The company has assessed that the new accounting standards will not materially affect its financial position or operational performance[11] - The company confirmed that all contracts with external customers have a duration of one year or less[15] - The company will suspend share transfer registration from May 22, 2025, to May 27, 2025, to facilitate the Annual General Meeting[67] - The company will also suspend share transfer registration from June 3, 2025, to June 6, 2025, for the purpose of dividend distribution[68] Economic Context - Vietnam's GDP growth rate reached 7.09% in 2024, surpassing the government's forecast of 6.0%-6.5%[57] - Foreign Direct Investment (FDI) in Vietnam attracted approximately $33.7 billion, reflecting strong foreign confidence in the market[59] - The average inflation rate in Vietnam was controlled at 4.1%, below the government's target of 4.5%[59] - The exchange rate of the Vietnamese dong stabilized at approximately 24,800 VND/USD by the end of the fourth quarter[54]
味丹国际(02317) - 2024 - 年度业绩