Financial Performance - Revenue increased by approximately HKD 28.2 million or 7.6% to approximately HKD 398.5 million for the year ended December 31, 2024, compared to approximately HKD 370.2 million for the year ended December 31, 2023[5] - Gross profit for the year ended December 31, 2024, was approximately HKD 71.4 million, slightly up from approximately HKD 71.1 million in 2023[5] - Profit attributable to owners of the company for the year ended December 31, 2024, was approximately HKD 31.5 million, compared to approximately HKD 25.2 million in 2023, representing a growth of 25.8%[5] - Basic earnings per share remained stable at approximately HKD 1.7 cents for both years ended December 31, 2024, and 2023[5] - The net profit for the year increased by approximately HKD 6.3 million or 25.0%, from HKD 25.2 million in 2023 to HKD 31.5 million in 2024, with a net profit margin rising from 6.8% to 7.9%[40] Assets and Liabilities - Total assets increased to approximately HKD 313.3 million as of December 31, 2024, from approximately HKD 257.1 million as of December 31, 2023[7] - Total liabilities decreased to approximately HKD 59.9 million in 2024 from approximately HKD 120.8 million in 2023, a reduction of 50.4%[8] - Trade receivables rose to approximately HKD 63.9 million in 2024 from approximately HKD 43.2 million in 2023, indicating a growth of 47.9%[7] - As of December 31, 2024, the group's net current assets amounted to approximately HKD 218.9 million, an increase from HKD 117.7 million in 2023[41] - Bank borrowings decreased to approximately HKD 5.9 million as of December 31, 2024, down from HKD 9.9 million in 2023[42] - The debt-to-equity ratio improved from approximately 9.5% on December 31, 2023, to about 5.0% on December 31, 2024, due to a reduction in bank borrowings and an increase in total equity[43] Dividends and Shareholder Returns - The board of directors decided not to recommend a final dividend for the year ended December 31, 2024[5] - The company declared an interim dividend of approximately HKD 26,586,000 in January 2024, with HKD 10,000,000 paid in cash and HKD 16,586,000 offset against amounts receivable from directors and related companies[24] - The group declared an interim dividend of approximately HKD 26.6 million in January 2024, with HKD 10.0 million paid in cash and HKD 16.6 million offset against amounts receivable from directors and related companies[58] Revenue Sources - The company's revenue from steel structure engineering for 2024 was HKD 398,463,000, representing an increase of 7.8% from HKD 370,226,000 in 2023[14] - Revenue from major customers included HKD 220,721,000 from Customer 1, which significantly increased from HKD 76,487,000 in 2023, indicating a growth of 188.5%[16] Expenses and Costs - The total expenses for employee benefits, including directors' remuneration, were HKD 40,233,000 in 2024, slightly down from HKD 40,743,000 in 2023[18] - The administrative expenses increased by approximately HKD 7.4 million or 38.7%, from HKD 19.1 million in 2023 to HKD 26.5 million in 2024, primarily due to increased costs related to financial and administrative staff, legal and professional fees post-listing, and entertainment expenses[38] - The service costs increased from approximately HKD 299.1 million in 2023 to HKD 327.1 million in 2024, reflecting a rise of about HKD 27.9 million or 9.3% due to increased project volumes[35] Project and Contract Management - The company had 22 ongoing projects as of December 31, 2024, with an unfinished project value of approximately HKD 322.1 million, down from HKD 550.5 million in 2023[32] - The total value of contract assets decreased from HKD 165.7 million in 2023 to HKD 98.5 million in 2024, with a net value of HKD 95.4 million after impairment provisions[11] Financial Health and Outlook - The company remains cautiously optimistic about the steel structure engineering industry in Hong Kong despite the current economic uncertainties affecting the construction sector[33] - The company has begun evaluating the impact of revised accounting standards, which are expected to take effect in the coming years, but no significant impact on financial performance is anticipated[15] - The company recorded a financial asset and contract asset impairment loss of approximately HKD 64,000 for the year ended December 31, 2024, compared to HKD 1.6 million in 2023[39] Corporate Governance and Compliance - The audit committee has reviewed the annual performance for the year ending December 31, 2024, confirming compliance with applicable financial reporting standards[67] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[73] - The company has maintained at least 25% of its total issued share capital held by the public from the listing date to the announcement date[66] Capital and Investments - Capital expenditures for the year ended December 31, 2024, were approximately HKD 17.0 million, significantly higher than HKD 1.4 million in 2023[46] - The total amount raised from the share offering was HKD 125 million, with a net amount of approximately HKD 91.0 million after deducting underwriting commissions and related expenses[55] - As of December 31, 2024, the group had utilized HKD 56.0 million of the net proceeds for preliminary project costs, with HKD 33.1 million allocated for acquiring land and establishing a new production facility[55] Miscellaneous - The company has adopted a stock option plan effective from February 5, 2024, which will remain valid for 10 years[63] - The company expresses gratitude to management, employees, shareholders, and business partners for their support during the period[72] - The annual general meeting is scheduled for June 23, 2025, with a suspension of share transfer registration from June 18 to June 23, 2025[69][70] - The annual results announcement and annual report for the year ending December 31, 2024, will be published on the company's website and the stock exchange's website[71] - The company has not purchased, sold, or redeemed any of its listed securities from the listing date to the announcement date[62] - No management or administrative contracts related to significant parts of the company's business have been established or are in effect, except for service contracts with directors or full-time employees[65] - The group has not experienced any significant difficulties or impacts from foreign exchange fluctuations during the year ended December 31, 2024[51] - The audit firm, PwC, has verified the consistency of the financial statements with the draft consolidated financial statements for the year ending December 31, 2024[68]
泓基集团(02535) - 2024 - 年度业绩