Financial Performance - Total revenue grew to HKD 604,794,000, representing a year-on-year increase of 14.53% from HKD 528,066,000 in 2023[3]. - The profit for the year was HKD 7,628,000, an increase of over 40% from HKD 5,392,000 in 2023[2]. - The operating profit increased to HKD 3,784,000 from HKD 1,174,000 in 2023[3]. - Basic earnings per share attributable to ordinary equity holders of the parent increased to HKD 1.67 cents from HKD 1.06 cents in 2023[3]. - Gross profit rose to HKD 118,056,000, a year-on-year increase of 10.91% from HKD 106,445,000, with a slight decline in gross margin to 19.52% from 20.16%[39]. - The company reported a fiscal year ending December 31, 2024, with a focus on compliance with GEM listing rules[56]. Market Performance - The Macau market accounted for nearly 50% of the 2024 order volume, despite the total contract value from the group being only about 72% of 2023[2]. - The mainland China market grew by 1.4 times, contributing nearly 40% to the 2024 order volume, with two major clients awarding contracts worth over HKD 200 million[2]. - The Hong Kong market, although the smallest among the three operational markets, experienced a significant year-on-year growth of over 30%[25]. - The total number of visitors to Macau surged from 28.2 million in 2023 to 34.9 million in the current year, supporting a healthy recovery in the gaming market[26]. - The gaming revenue increased from HKD 177.47 billion in 2023 to HKD 219.86 billion in the current year, indicating a robust market recovery[26]. Assets and Liabilities - Non-current assets totalled HKD 65,866 million in 2024, down from HKD 69,557 million in 2023, representing a decrease of approximately 3%[5]. - Current assets increased to HKD 390,498 million in 2024 from HKD 367,303 million in 2023, reflecting an increase of about 6.3%[5]. - Total liabilities increased to HKD 244,702 million in 2024, compared to HKD 227,045 million in 2023, marking an increase of approximately 7.8%[5]. - Total equity rose to HKD 210,897 million in 2024 from HKD 209,815 million in 2023, indicating a slight increase of about 0.5%[6]. - Cash and cash equivalents decreased to HKD 39,119 million in 2024 from HKD 50,280 million in 2023, a decline of approximately 22%[5]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.01 per share for the year[2]. - The proposed final dividend for the year is HKD 0.01 per share, marking the eleventh consecutive year of dividend payments[47]. Operational Efficiency - The company has adopted revised Hong Kong Financial Reporting Standards, which did not impact its financial position or performance significantly[9][10]. - The company confirmed that there were no significant changes in the classification of liabilities as current or non-current following the adoption of the revised standards[10]. - The company operates under a multi-brand strategy, enhancing its market positioning and service offerings to meet customer needs[23]. - The company reorganized its technology team into smaller, more agile units to enhance efficiency and prepare for future challenges[29]. Competition and Market Challenges - The company is witnessing increased competition in the gaming sector, leading to a reduction in profit margins and necessitating concessions in payment terms to secure contracts[27]. - The software-defined wide area network (SD-WAN) business in Hong Kong grew nearly 1.8 times year-on-year, despite a decline of over 25% in the data network business[30]. - The software-defined wide area network business in mainland China grew approximately 17% year-on-year, facing significant competition from both international and domestic players[34]. Workforce and Management - The workforce remained stable, with adjustments made to fill vacancies with employees possessing broader skills and experience[41]. - The management believes that providing quarterly updates and real-time information on business developments is sufficient for the board to fulfill its responsibilities[51]. - Two independent non-executive directors did not attend the annual general meeting this year[51]. - The company secretary's detailed guidance is considered adequate for board contributions by one director[51]. Investment and Financial Position - The fair value of the company's investment in TTSA was HKD 30,373,000 as of December 31, 2024, down from HKD 36,380,000 on December 31, 2023, representing 6.66% of the company's total assets[38]. - The company maintained a healthy balance sheet with total contract assets and trade receivables amounting to HKD 255,628,000, against contract liabilities and trade payables of HKD 178,970,000[43]. - The company continues to evaluate new business opportunities while ensuring prudent financial management[47].
爱达利网络(08033) - 2024 - 年度业绩