Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 100,977,000, representing an increase of 91.5% compared to HKD 52,702,000 in 2023[3] - Gross profit for the year was HKD 21,319,000, up 20.8% from HKD 17,769,000 in the previous year[3] - The company reported a loss from continuing operations before tax of HKD 80,794,000, which is a 97.7% increase compared to a loss of HKD 40,887,000 in 2023[3] - The net loss for the year was HKD 80,813,000, compared to a net loss of HKD 37,296,000 in 2023, indicating a 116.5% increase in losses[4] - Basic and diluted loss per share from continuing and discontinued operations was HKD 4.79, compared to HKD 2.29 in the previous year[4] Asset and Liability Changes - Non-current assets decreased to HKD 324,253,000 from HKD 404,124,000, reflecting a decline of 19.7%[6] - Current assets decreased to HKD 68,203,000 from HKD 98,707,000, a reduction of 30.9%[6] - Total liabilities decreased to HKD 48,156,000 from HKD 49,888,000, a slight decline of 3.5%[7] - The company's total equity decreased to HKD 340,881,000 from HKD 452,943,000, representing a decrease of 24.7%[7] - Total assets decreased from HKD 502,831 thousand in 2023 to HKD 392,456 thousand in 2024, representing a decline of approximately 22%[25] - Total liabilities increased slightly from HKD 49,888 thousand in 2023 to HKD 51,575 thousand in 2024, an increase of about 3.4%[25] Revenue Sources - Revenue from the sale of daily necessities, healthcare, and hygiene products amounted to HKD 88,360,000, up from HKD 42,948,000, representing a growth of 105.4%[15] - Revenue from food products and nutritional supplements increased to HKD 6,397,000 from HKD 2,910,000, marking a rise of 119.5%[15] - The revenue from customer contracts recognized at a point in time was HKD 94,757,000, compared to HKD 45,858,000 in the previous year, reflecting a growth of 106.5%[16] - The distribution segment generated revenue of HKD 88,400,000 in 2024, a 105.7% increase from HKD 42,900,000 in 2023[50] - The production segment reported revenue of HKD 6,400,000 in 2024, a 119.8% increase from HKD 2,900,000 in 2023[51][57] Operational Challenges - The company reported a significant increase in depreciation expenses, rising from HKD 5,103 thousand in 2023 to HKD 4,282 thousand in 2024, a decrease of approximately 16%[26] - Interest income from banks and non-bank financial institutions dropped sharply from HKD 1,656 thousand in 2023 to HKD 116 thousand in 2024, a decline of about 93%[27] - The company incurred a loss of HKD 15,013 thousand due to goodwill impairment in 2024, compared to no such loss in 2023[26] - The company recognized a loss of HKD 3,375 thousand from the disposal of an associate in 2024, compared to a loss of HKD 691 thousand in 2023[27] - The company’s total other income decreased from HKD 3,703 thousand in 2023 to HKD 166 thousand in 2024, a decline of approximately 95%[27] Tax and Dividends - The effective tax expense for the year was HKD 19 thousand in 2024, compared to a tax credit of HKD 480 thousand in 2023[29] - The company reported a loss attributable to shareholders of HKD 80,813,000 for the year 2024, compared to a loss of HKD 38,601,000 in 2023, representing an increase in loss of 109%[32] - The company did not declare or propose any dividends for the year ending December 31, 2024, consistent with 2023[33] Employee and Operational Efficiency - Total employee costs decreased from HKD 24,509 thousand in 2023 to HKD 22,030 thousand in 2024, a reduction of approximately 10%[31] - The company's administrative and other operating expenses from continuing operations were HKD 44,700,000 in 2024, a decrease of 7.3% from HKD 48,200,000 in 2023[60] - The group employed approximately 59 employees as of December 31, 2024, a decrease from 62 employees in 2023[86] Future Outlook and Strategic Initiatives - The company is optimistic about the local economic outlook despite challenges, with government support measures in place to stimulate demand[77] - The group is considering selling several properties in China to supplement liquidity and mitigate increasing market risks in the real estate sector[79] - The group aims to optimize its business segments to enhance sales and profitability while seeking to reduce costs further[79] - The group is committed to diversifying revenue sources and creating profits for long-term sustainable growth and enhancing overall shareholder value[79] Compliance and Governance - The audit committee has reviewed and approved the consolidated financial statements for the year ending December 31, 2024[94] - The financial figures in the announcement have been agreed upon by the company's auditor, Zhonghui Anda CPA Limited[95] - The annual report containing all information required by the Stock Exchange Listing Rules will be sent to shareholders in due course[96] - The board of directors includes four executive directors and three independent non-executive directors as of March 26, 2025[98]
恒嘉融资租赁(00379) - 2024 - 年度业绩