Financial Performance - For the year ending December 31, 2024, the revenue was HKD 114,896,000, a decrease of 7.7% compared to HKD 124,423,000 in 2023[3] - The gross profit margin for the year was 33.5%, down from 36.7% in 2023[3] - The profit attributable to shareholders for the year was HKD 7,035,000, compared to HKD 13,558,000 in 2023[3] - The total comprehensive income for the year was HKD 4,625,000, significantly lower than HKD 12,065,000 in 2023[3] - The company reported a decrease in net profit for 2024 to HKD 7,035,000, down from HKD 13,558,000 in 2023, indicating a decline of approximately 48%[21] - The group recorded a profit of HKD 7,035,000 for the year ended December 31, 2024, down from HKD 13,558,000 in 2023, reflecting a year-on-year revenue decline of approximately 7.7%[32] Assets and Liabilities - Non-current assets decreased from HKD 26,082,000 in 2023 to HKD 23,317,000 in 2024[5] - Current assets increased from HKD 209,435,000 in 2023 to HKD 222,154,000 in 2024[5] - The net current asset value improved from HKD 98,984,000 in 2023 to HKD 106,521,000 in 2024[5] - Trade receivables increased to HKD 39,274,000 in 2024 from HKD 24,787,000 in 2023, with a provision for credit losses of HKD 3,563,000[11] - The aging analysis of trade receivables shows that HKD 28,161,000 was overdue as of December 31, 2024, compared to HKD 1,524,000 in 2023, but these amounts are not considered bad debts[25] - Trade payables decreased to HKD 20,030,000 in 2024 from HKD 25,798,000 in 2023, with the average credit period for purchases being 90 days[27] - The group had cash and cash equivalents totaling HKD 96,630,000 as of December 31, 2024, up from HKD 86,100,000 in 2023[41] - The net current assets of the group as of December 31, 2024, were HKD 106,521,000, an increase from HKD 98,984,000 in 2023[41] - The group maintained a zero debt ratio as of December 31, 2024, consistent with the previous year[41] Revenue Breakdown - The revenue from customer contracts for machinery construction was HKD 108,722,000, with additional sales of other products totaling HKD 6,174,000[11] - Total revenue for the year 2023 was HKD 124,423,000, with HKD 102,897,000 from construction contracts and HKD 21,526,000 from other products[13] - Revenue from the tobacco flavoring machinery contracts reached HKD 108,722,000, accounting for 94.6% of total revenue, compared to HKD 102,897,000 or 82.7% in the previous year[32] Expenses - Operating expenses decreased to HKD 26,191,000 in 2024 from HKD 26,788,000 in 2023, a reduction of HKD 597,000 or 2.2%[35] - Selling and distribution expenses dropped significantly to HKD 6,452,000 from HKD 10,210,000, attributed to a focus on a limited number of key customers[36] - Research and development expenses for the year ended December 31, 2024, were HKD 4,605,000, a slight decrease of HKD 67,000 or 1.4% from HKD 4,672,000 in 2023[37] - Tax expenses for the year ended December 31, 2024, were HKD 3,299,000, compared to HKD 4,360,000 for the year ended December 31, 2023[37] Dividends - The company did not recommend a final dividend for the year ending December 31, 2024[3] - The company has not declared any dividends for 2024, consistent with 2023, maintaining a policy of no dividend distribution[22] - The board does not recommend the payment of dividends for the year ended December 31, 2024, consistent with the previous year[38] Government Support and Other Income - Government subsidies increased to HKD 1,047,000 in 2024 from HKD 574,000 in 2023, representing an increase of 82.5%[17] - The company’s total other income for 2024 was HKD 1,913,000, compared to HKD 1,545,000 in 2023, showing an increase of 23.8%[17] - Other income increased by HKD 368,000 or 23.8% to HKD 1,913,000, primarily due to increased subsidy income[34] Operational Insights - The warranty period for construction services ranges from one to three years, ensuring compliance with agreed specifications[14] - The company’s operations are primarily based in China, with all revenues derived from this market[16] - The average credit period for sales of other products is 90 days from delivery[15] - The average contract value for completed tobacco flavoring machinery contracts was HKD 4,727,000 in 2024, down from HKD 6,431,000 in 2023[34] Workforce - The group employed 136 staff as of December 31, 2024, down from 147 in 2023, with total employee costs approximately HKD 19,798,000 compared to HKD 19,981,000 in 2023[43] Future Outlook - The tobacco machinery industry is expected to maintain stable growth in the coming years, supported by the group's technological advancements and market opportunities[39] - The group will focus on capturing market opportunities in customized products and ensuring contracts across various machinery industries[40] Acquisitions - No significant acquisitions or disposals of subsidiaries occurred during the year ended December 31, 2024[44]
仁恒实业控股(03628) - 2024 - 年度业绩