Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 65,193,000, a decrease of 9.4% from HKD 71,886,000 in 2023[2] - The company reported a pre-tax profit of HKD 6,593,000, down 51.2% from HKD 13,514,000 in the previous year[3] - Net profit attributable to shareholders was HKD 4,509,000, a significant drop of 83.2% compared to HKD 26,788,000 in 2023[3] - Total comprehensive income attributable to shareholders for the year was HKD 4,884,000, down 76.3% from HKD 20,591,000 in the prior year[3] - Interest income from lending activities decreased to HKD 49,800,000 from HKD 62,530,000, representing a decline of 20.4%[8] - The company recorded a loss of HKD 4,620,000 on financial assets measured at fair value through profit or loss in 2024, compared to a loss of HKD 7,121,000 in 2023[15] - The company’s other income decreased to HKD 37,680,000 in 2024 from HKD 41,894,000 in 2023, a decline of approximately 10.3%[15] - Profit attributable to the company's owners decreased by 83% to HKD 4,509,000 in 2024, down from HKD 26,788,000 in 2023[29] - Basic earnings per share were HKD 0.02 in 2024, compared to HKD 0.13 in 2023[29] Assets and Liabilities - The company’s total assets increased to HKD 2,231,737,000 from HKD 2,237,511,000, indicating a slight decrease of 0.25%[4] - The company’s total liabilities decreased slightly to HKD 15,125,000 from HKD 25,783,000, a reduction of 41.2%[4] - The total assets of the company increased to HKD 2,270,664,000 in 2024 from HKD 2,278,329,000 in 2023, a slight decrease of about 0.3%[14] - The total liabilities decreased to HKD 54,052,000 in 2024 from HKD 66,601,000 in 2023, a reduction of about 18.9%[14] - The company’s total receivables from interest-bearing loans included HKD 302,902,000 due within one year in 2024, down from HKD 640,230,000 in 2023[23] Employee Costs - Employee costs increased to HKD 39,811,000 from HKD 33,427,000, marking an increase of 19.4%[2] - Employee costs increased to HKD 39,811,000 in 2024 from HKD 33,427,000 in 2023, reflecting an increase of approximately 19.3%[18] Dividends - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[19] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024[28] Impairment and Provisions - The company made a provision for impairment losses on receivables of HKD 10,646,000 in 2024, compared to a reversal of HKD 10,263,000 in 2023[29] - The company’s provision for impairment losses on other receivables decreased to HKD 655,000 in 2024 from HKD 10,764,000 in 2023[29] - The impairment provision for receivables decreased by 25% or HKD 120,301,000 to HKD 365,835,000 as of December 31, 2024[38] - The group has made full impairment on debt instruments due to increased credit risk, with a loss of HKD 4,418,000 recognized in the fiscal year 2024[34] Securities and Investments - The company reported a decrease in the fair value of listed investments from HKD 9,912,000 in 2023 to HKD 7,108,000 in 2024[26] - As of December 31, 2024, the group's securities investments included a financial asset portfolio valued at HKD 7,108,000, down from HKD 9,912,000 in 2023[31] - The group recorded income from securities investments of HKD 1,892,000 for the fiscal year 2024, a significant increase from HKD 152,000 in 2023[32] - The group recognized a loss of HKD 6,959,000 from securities investments, an improvement compared to a loss of HKD 26,543,000 in 2023[31] - The fair value loss of debt instruments through other comprehensive income was HKD 4,418,000, reduced from HKD 17,659,000 in 2023[33] Business Operations - The lending business generated revenue of HKD 51,944,000, a decrease of 17% from HKD 62,530,000 in 2023[37] - The profit from the lending business fell by 34% to HKD 45,959,000, down from HKD 69,917,000 in 2023, primarily due to a provision for loan impairment losses of HKD 10,646,000[37] - The total loan portfolio decreased by 29% or HKD 363,285,000 to HKD 890,083,000, primarily due to borrower repayments[39] - As of December 31, 2024, 98% of the loan portfolio was secured by collateral, with 2% being unsecured, compared to 99% and 1% respectively in 2023[40] - The group did not generate any income from trade activities during the fiscal year 2024, consistent with 2023[36] Future Plans - The company plans to diversify its business by acquiring 26.8% of Citystate Savings Bank, Inc. in the Philippines, aiming to capitalize on opportunities in the Southeast Asian financial market[48] Financial Ratios - The group’s current assets amounted to HKD 2,008,692,000, with a current ratio of approximately 51.6, indicating strong liquidity[45] - The capital-to-debt ratio was approximately 2%, down from 3% in 2023, reflecting a low level of leverage[47] Governance - The board of directors includes one non-executive director, two executive directors, and four independent non-executive directors[54]
中策资本控股(00235) - 2024 - 年度业绩