Financial Performance - Revenue for the year ended December 31, 2024, was HKD 429,312,000, a decrease of 13.5% from HKD 496,631,000 in 2023[3] - Gross profit increased to HKD 114,456,000, up 7.3% from HKD 106,908,000 in the previous year[3] - Profit before tax decreased to HKD 55,928,000, down 17.5% from HKD 67,806,000 in 2023[3] - Net profit for the year was HKD 43,190,000, a decline of 24.5% compared to HKD 56,958,000 in 2023[3] - Basic and diluted earnings per share were both HKD 4.3, down from HKD 5.7 in the previous year[3] - The company did not recommend a final dividend for the year ended December 31, 2024[3] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 482,997,000, an increase from HKD 446,003,000 in 2023[6] - Current liabilities increased to HKD 211,984,000 from HKD 168,598,000 in the previous year[6] - The company's cash and bank balances significantly increased to HKD 222,715,000 from HKD 55,939,000 in 2023[6] - Trade receivables decreased significantly to HKD 51,177,000 in 2024 from HKD 99,508,000 in 2023, a decline of 48.5%[26] - Trade payables increased to HKD 38.47 million in fiscal year 2024 from HKD 22.99 million in fiscal year 2023[31] Revenue Breakdown - Revenue from design and construction projects decreased to HKD 404,663,000 in 2024 from HKD 477,534,000 in 2023, representing a decline of 15.3%[20] - Maintenance and repair services revenue increased to HKD 24,649,000 in 2024, up 29.4% from HKD 19,097,000 in 2023[20] - Revenue from major customers contributing 10% or more to the group's income includes Customer I with HKD 269,962,000 and Customer II with HKD 48,384,000 for the year 2024[19] - Design and construction projects accounted for approximately HKD 404.7 million, representing about 94.3% of total revenue, down from 96.2% in the previous year[39] - The revenue from maintenance and repair services reached approximately HKD 24.6 million, an increase from HKD 19.1 million in fiscal year 2023, now accounting for 5.7% of total revenue[39] Impairment and Provisions - The group reported a confirmed impairment loss of HKD 29,363,000 related to the new business segment during the year[18] - The impairment loss provision for trade receivables increased to HKD 588,000 in 2024 from HKD 101,000 in 2023[28] - As of December 31, 2023, the company recognized an impairment loss of HKD 29.36 million due to the failure to obtain mining permits, reflecting the inability to establish future economic benefits from the asset[30] Strategic Focus and Operations - The company is primarily engaged in providing design and construction solutions for facade and curtain wall engineering in Hong Kong[7] - The group operates a single reportable operating segment in Hong Kong, focusing on design and construction solutions for facade and wall engineering[17] - The group is strategically focusing on maintenance and repair projects to diversify its project portfolio and maintain stable revenue sources[41] - The group is currently bidding or awaiting results for eight large-scale projects with an estimated total contract value exceeding approximately HKD 600.9 million[40] - The group faced operational challenges in its mining business due to market downturns and partner obligations, leading to considerations of reserving cash for core construction operations[41] Financial Management and Governance - The company is focused on prudent financial management and exploring strategic opportunities to enhance business growth and operational resilience[38] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and will comply with it in the fiscal year 2024, except for the provision regarding the separation of roles of Chairman and CEO[59] - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2024, considering the overall business performance and financial condition[61] - The audit committee has reviewed the consolidated financial statements for the fiscal year 2024, confirming consistency with the audited figures[66] Financial Reporting Standards - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the consolidated financial statements[12] - The group is currently evaluating the impact of newly issued or revised Hong Kong Financial Reporting Standards, which are not expected to have a significant effect on the consolidated financial statements[14] - The group is analyzing the impact of the new Hong Kong Financial Reporting Standards on the presentation and disclosure of its financial statements[15]
信越控股(06038) - 2024 - 年度业绩