Financial Performance - Revenue for the year ended December 31, 2024, increased to HKD 2,485,662, representing a growth of 17.1% compared to HKD 2,122,397 in 2023[2] - Gross profit for the same period rose to HKD 365,666, up 7.4% from HKD 340,556 in 2023[2] - Net profit for the year was HKD 127,118, a 5.5% increase from HKD 120,466 in 2023[2] - Basic and diluted earnings per share increased to HKD 8.47, compared to HKD 8.03 in the previous year, reflecting a growth of 5.5%[2] - Total comprehensive income for the year was HKD 132,951, up from HKD 126,546 in 2023, marking a 5.4% increase[3] - The company reported a pre-tax profit of HKD 152,584,000 for 2024, compared to HKD 142,540,000 in 2023, reflecting an increase of about 7.3%[22] - The company recorded other income and gains of HKD 27,700,000, a 57.0% increase from HKD 17,700,000 in the previous year, mainly due to higher bank interest income[33] - The net profit for the fiscal year 2024 was HKD 127,100,000, up 5.5% from HKD 120,500,000 in 2023, attributed to increased gross profit and interest income[35] Assets and Liabilities - Non-current assets totaled HKD 502,061 as of December 31, 2024, compared to HKD 480,063 in 2023, indicating a growth of 4.6%[4] - Current assets increased to HKD 1,502,488, up from HKD 1,276,689 in 2023, representing a growth of 17.7%[4] - Total liabilities increased to HKD 1,201,392 from HKD 1,033,446 in 2023, reflecting a rise of 16.2%[4] - The company’s total assets as of December 31, 2024, amounted to HKD 2,004,549,000, up from HKD 1,756,752,000 in 2023, marking an increase of about 14.1%[16] - The total liabilities for the company as of December 31, 2024, were HKD 1,201,392,000, compared to HKD 1,026,546,000 in 2023, an increase of approximately 17%[16] - The company's equity attributable to shareholders rose to HKD 803,157, compared to HKD 730,206 in 2023, an increase of 10%[4] Dividends - The company proposed a final dividend of HKD 0.02 per share and a special dividend of HKD 0.02 per share, totaling HKD 60,000,000, consistent with the previous year[25] - The board has proposed a final dividend of HKD 0.02 per share and a special dividend of HKD 0.02 per share to celebrate the company's 10th anniversary on the Hong Kong Stock Exchange[46] - The proposed final dividend and special dividend for the year ending December 31, 2024, require shareholder approval at the annual general meeting[48] - The last date for trading shares with entitlement to the proposed dividends is June 10, 2025[48] Operational Highlights - The company continues to focus on foundation construction and drilling services, with plans for market expansion and potential new projects in the pipeline[5] - The construction services segment generated HKD 1,993,993,000, while the drilling and exploration segment contributed HKD 491,669,000 for the year ended December 31, 2024[19] - The foundation and drilling divisions had ongoing projects with contract amounts of approximately HKD 4,689,000,000 and HKD 1,127,000,000, respectively[30] - The drilling subsidiary has achieved a productivity of over 100,000 meters for the year ending December 31, 2024, and has successfully won new site investigation contracts[43] Employee and Corporate Governance - The group employed 738 employees in Hong Kong as of December 31, 2024, with annual salary reviews based on market rates and individual performance[39] - The board of directors held two regular meetings during the year, deviating from the corporate governance code which requires at least four meetings annually[52] - The audit committee consists of four independent non-executive directors, overseeing the group's accounting principles and financial statements[53] - The company's auditor, Ernst & Young, has agreed to the figures presented in the preliminary financial results for the year ending December 31, 2024[54] Strategic Initiatives - The group is implementing an AI-driven site monitoring system and improved IT infrastructure to enhance operational capabilities[44] - The group anticipates growth through strategic diversification, potential mergers and acquisitions, and continued investment in machinery and facilities[43] - The group has established a "Shepherd Training Program" to cultivate potential leaders and provide comprehensive training for young talents[44] Market Outlook - The construction industry outlook remains cautiously optimistic due to increased government infrastructure investment and public housing supply[45] - Major customer A contributed HKD 548,032,000 in revenue for 2024, down from HKD 1,033,314,000 in 2023, a decline of approximately 47%[17] - The company maintained a cash and bank balance of HKD 562,500,000 as of December 31, 2024, slightly down from HKD 566,500,000 in 2023, while remaining debt-free[36] Financial Management - Capital expenditures for the year totaled HKD 90,590,000, a decrease from HKD 104,979,000 in the previous year, indicating a reduction of approximately 13.7%[13] - The accounts receivable decreased to HKD 203,081,000 in 2024 from HKD 297,575,000 in 2023, with significant concentration risks from major customers[26] - The company reported a decrease in contract asset impairment from HKD 10,265,000 in 2023 to HKD 115,000 in 2024, indicating improved asset management[22] - Administrative expenses increased to HKD 237,300,000 in 2024 from HKD 204,600,000 in 2023, reflecting higher employee costs and maintenance expenses[34] - The group has provided corporate guarantees and indemnities totaling HKD 268,500,000 as of December 31, 2024, compared to HKD 230,600,000 in 2023[38] - There were no purchases, sales, or redemptions of the company's listed shares by the company or its subsidiaries during the year[55]
建业建荣(01556) - 2024 - 年度业绩