Financial Performance - The group recorded revenue of approximately HKD 345.9 million for the year ended December 31, 2024, representing an increase of about 1.0% compared to HKD 342.4 million in 2023[2]. - Profit attributable to equity holders of the company was approximately HKD 49.1 million, an increase of about 46.6% from HKD 33.5 million in 2023[2]. - Basic and diluted earnings per share were approximately HKD 0.1166, compared to HKD 0.0824 in 2023 (restated)[5]. - Total comprehensive income for the year was HKD 32.2 million, compared to HKD 19.4 million in 2023[6]. - The adjusted profit before tax for the company increased to HKD 53,046,000 in 2024 from HKD 41,723,000 in 2023, marking a growth of around 27%[30]. - The company's profit before tax for 2024 was HKD 49,114,000, compared to HKD 33,499,000 in 2023, representing a year-over-year increase of 46.7%[40]. - The annual profit for the year was approximately HKD 48.9 million, an increase from HKD 38.0 million in 2023, primarily due to a gross profit improvement of about HKD 12.1 million and compensation received of approximately RMB 4.6 million (around HKD 5.0 million) for the termination of a property acquisition[86]. Revenue Segments - The property management segment's revenue increased due to the full-year contribution from several projects acquired in 2023, while the environmental hygiene segment's revenue decreased due to a reduction in non-tender contracts[2]. - Property management services generated revenue of HKD 181,650,000 in 2024, up from HKD 158,461,000 in 2023, indicating a growth of about 14.6%[25]. - Environmental hygiene services revenue decreased to HKD 129,643,000 in 2024 from HKD 147,357,000 in 2023, reflecting a decline of approximately 12%[25]. - Revenue from property management services provided to Dongsheng Real Estate and its subsidiaries contributed approximately HKD 39.3 million in the current year, compared to approximately HKD 48.0 million in 2023[60]. - The group recorded revenue from environmental hygiene services of approximately HKD 129.6 million in the current year, down from HKD 147.4 million in 2023[65]. - Revenue from tourism-related activities was approximately HKD 5.9 million, a decrease of about 28.9% from HKD 8.3 million in the previous year[78]. Assets and Liabilities - Non-current assets decreased from HKD 290.2 million in 2023 to HKD 243.6 million in 2024, primarily due to changes in property, plant, and equipment[7]. - Current assets decreased from HKD 524.6 million in 2023 to HKD 387.0 million in 2024, with cash and cash equivalents dropping significantly from HKD 201.4 million to HKD 86.4 million[7]. - Total assets decreased to HKD 630,643,000 in 2024 from HKD 814,736,000 in 2023, a decline of approximately 22.5%[30]. - The total liabilities increased slightly to HKD 197,092,000 in 2024 from HKD 192,600,000 in 2023, representing an increase of about 2.6%[30]. - The net asset value decreased from HKD 622.1 million in 2023 to HKD 433.6 million in 2024, reflecting a significant reduction in total equity attributable to equity holders[8]. - Trade receivables increased significantly to approximately HKD 158.5 million as of December 31, 2024, from HKD 90.4 million in 2023, mainly due to delayed payments from clients in the environmental hygiene and property management sectors[89]. Dividends and Shareholder Returns - The group did not recommend the payment of a final dividend for the year, consistent with the previous year[2]. - The company did not declare a final dividend for the year, consistent with the previous year[112]. Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[11]. - The company has complied with all applicable corporate governance codes, except for the separation of roles between the Chairman and CEO[114]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors throughout the year[116]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial reporting procedures and internal controls for the year[120]. Strategic Initiatives and Future Outlook - The group emphasized a strategy of "holding profits and ensuring stability" through prudent investment and development strategies[50]. - The group plans to pursue stable expansion strategies, considering acquisition or organic growth opportunities despite challenges from the business environment[51]. - The environmental hygiene business is undergoing a transformation driven by government policies aimed at promoting green and smart development, with investments in advanced cleaning technologies[62]. - The group aims to enhance operational efficiency and reduce administrative and operational costs in future years[66]. - The group is actively seeking acquisition opportunities, particularly in property management, tourism, and environmental services, to enhance its rental portfolio and expand stable income sources[75]. Employee and Operational Metrics - The total employee costs, including directors' remuneration, amounted to HKD 98,770,000 in 2024, slightly down from HKD 98,973,000 in 2023[37]. - The total number of employees as of December 31, 2024, is approximately 2,100, with employee costs around HKD 98.8 million[109].
东胜智慧城市服务(00265) - 2024 - 年度业绩