Financial Performance - For the fiscal year ending December 31, 2024, revenue increased by approximately 37.7% to about HKD 151.5 million, compared to HKD 110.0 million in 2023[5] - The group recorded a gross loss of approximately HKD 1.5 million for the fiscal year ending December 31, 2024, significantly improved from a gross loss of approximately HKD 16.6 million in 2023[5] - The loss attributable to equity holders of the company was approximately HKD 27.0 million for the fiscal year ending December 31, 2024, compared to HKD 29.4 million in 2023[5] - Basic loss per share was approximately HKD 2.41 for the fiscal year ending December 31, 2024, an improvement from HKD 2.94 in 2023[5] - The group reported a revenue of HKD 151,522 thousand for the year 2024, an increase from HKD 110,034 thousand in 2023, representing a growth of approximately 37.7%[20] - Revenue from RMAA engineering services was HKD 146,245 thousand in 2024, up from HKD 110,034 thousand in 2023, indicating a growth of around 32.8%[20] - The group reported other income and net gains of HKD 1,002,000 for 2024, compared to HKD 2,857,000 in 2023, indicating a significant decrease[22] - The group recorded a loss before income tax of HKD 27,003,000 for 2024, slightly improved from a loss of HKD 29,412,000 in 2023[28] - The net loss for the fiscal year ending December 31, 2024, was approximately HKD 27.0 million, a decrease from HKD 29.4 million in 2023, with a net loss margin of 17.8% compared to 26.7% in the prior year[51][52] Assets and Liabilities - Total assets as of December 31, 2024, amounted to approximately HKD 120.912 million, a decrease from HKD 125.996 million in 2023[7] - Current assets totaled approximately HKD 196.877 million as of December 31, 2024, compared to HKD 176.781 million in 2023[7] - Current liabilities increased to approximately HKD 95.897 million as of December 31, 2024, from HKD 51.450 million in 2023[7] - The total equity attributable to equity holders of the company was approximately HKD 120.878 million as of December 31, 2024, down from HKD 125.881 million in 2023[7] - The total trade receivables increased to HKD 161,018,000 in 2024 from HKD 110,582,000 in 2023, representing a growth of approximately 45.6%[32] - Trade receivables as of December 31, 2024, amounted to HKD 127,278,000, an increase of 34.5% from HKD 94,567,000 in 2023[33] - The group recognized an impairment loss provision of approximately HKD 19.8 million for trade receivables and contract assets, up from HKD 4.7 million in 2023[47] - Expected liabilities for retention money as of December 31, 2024, are approximately HKD 5,738,000, up from HKD 3,265,000 in 2023[37] - Trade payables increased significantly to HKD 69,891,000 in 2024 from HKD 37,415,000 in 2023, indicating a growth of 86.5%[36] Operational Highlights - The company primarily engages in providing renovation, maintenance, alteration, and addition (RMAA) engineering services and distributing building materials in Hong Kong[9] - The group acquired 100% of the shares of Courage Holdings Limited and its subsidiaries on April 30, 2024, enhancing its capabilities in RMAA engineering services and building material distribution[19] - The group’s RMAA revenue is primarily derived from fixed-price contracts with customers, ensuring stable income streams[20] - The group secured a significant contract for a luxury residential RMAA project, which is expected to enhance market positioning and future business opportunities[40] - As of December 31, 2024, the group had nine ongoing projects, an increase from seven projects in 2023[41] Expenses and Costs - The group incurred employee benefit expenses of approximately HKD 6,260,000 in 2024, down from HKD 9,519,000 in 2023, showing a decrease of about 34.5%[24] - The group’s employee benefit expenses included a total of HKD 3,783,000 for the year, down from HKD 4,145,000 in the previous year[24] - Administrative expenses decreased to approximately HKD 6.5 million for the fiscal year ending December 31, 2024, down from HKD 9.3 million in 2023, representing a reduction of about 29.8%[48] - The financing costs for the group increased to HKD 96,000 in 2024 from HKD 53,000 in 2023, reflecting a rise of approximately 81.1%[23] - The group’s total liabilities increased, with bank loan interest expenses rising to HKD 87,000 in 2024 from HKD 46,000 in 2023[23] Corporate Governance and Compliance - The company has adopted high standards of corporate governance and business norms, with the chairman and CEO roles held by the same individual, which deviates from the corporate governance code[74] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the fiscal year ending December 31, 2024, confirming compliance with applicable accounting standards[78] - The company is focused on maintaining compliance with regulatory requirements[85] - The board composition reflects a balance of executive and independent oversight[85] Future Outlook and Strategy - The company plans to adopt a horizontal acquisition strategy to enhance market share and reduce competition in the RMAA industry in Hong Kong[42] - The group has no significant future plans for major investments or capital assets, aside from the upcoming acquisition of Shun Tat[73] - Future performance metrics will be closely monitored and reported[85] Shareholder Information - No final dividend was declared for the fiscal year ending December 31, 2024, as recommended by the board of directors[5] - The group does not recommend paying dividends to ordinary shareholders for the year ending December 31, 2024[69] - The annual general meeting for shareholders is scheduled for June 19, 2025, with a notice to be issued in accordance with listing rules[83] - The company aims to enhance shareholder communication through regular updates[85]
盈汇企业控股(02195) - 2024 - 年度业绩