Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 2,603.1 million, an increase of about 11.8% compared to HKD 2,327.5 million in 2023[4] - The gross profit for the year was approximately HKD 188.4 million, a decrease of about 8.6% from HKD 206.1 million in 2023, resulting in a gross margin reduction of 1.7 percentage points to approximately 7.2%[11] - The profit attributable to equity shareholders was approximately HKD 53.9 million, representing an increase of about 14.3% from HKD 47.1 million in 2023[11] - The operating profit for the year was approximately HKD 76.4 million, slightly up from HKD 76.3 million in 2023[37] - The total comprehensive income for the year was approximately HKD 58.1 million, compared to HKD 49.4 million in 2023[38] - The company reported a pre-tax profit of HKD 65,826,000 for the year ending December 31, 2024, compared to HKD 62,552,000 in 2023, marking an increase of about 3.6%[52][54] - The company reported a pre-tax profit of HKD 2,126,812,000 for 2024, an increase from HKD 1,856,452,000 in 2023[63] Dividends and Earnings - The board proposed a final dividend of HKD 0.038 per share, totaling HKD 15,770,000, compared to HKD 14,110,000 in 2023[12] - The proposed final dividend per ordinary share for 2024 is HKD 0.038, an increase from HKD 0.034 in 2023, representing a growth of about 11.8%[68] - Basic earnings per share for the year ended December 31, 2024, is HKD 0.129, up from HKD 0.113 in 2023, indicating an increase of approximately 14.2%[70] Revenue Segmentation - The cleaning segment, as the core business, recorded a revenue increase of 14.2% to approximately HKD 2,086.8 million, accounting for about 80.1% of total revenue[6] - Waste management and recycling business revenue increased by approximately 2.5% to about HKD 285.8 million, representing about 11.0% of total revenue[7] - The cleaning segment generated revenue of HKD 2,086,742,000 in 2024, up from HKD 1,827,343,000 in 2023, reflecting a growth of 14.1%[59] - Major clients contributed HKD 1,608,884,000 in revenue, with Client A contributing HKD 1,307,145,000 and Client B contributing HKD 301,739,000 in 2024[58] Cost Management - The overall gross profit decreased to approximately HKD 188.4 million, down 8.6% from HKD 206.1 million in the previous year, resulting in a gross margin of 7.2%[22][23] - The waste management and recycling segment's profit margin improved significantly from 7.6% to 11.6%, driven by effective cost control measures[15] - Administrative expenses decreased by approximately 7.3% to HKD 119.3 million, accounting for about 4.6% of total revenue[26] Assets and Liabilities - The company's total assets and total liabilities as of December 31, 2024, were approximately HKD 725.5 million and HKD 543.0 million, respectively, resulting in a current ratio of approximately 1.3 times[30] - The company's bank borrowings as of December 31, 2024, were approximately HKD 80.8 million, a decrease of about 55.8% from HKD 182.7 million in 2023[31] - The total liabilities decreased from HKD 65,742,000 in 2023 to HKD 54,828,000 in 2024, a reduction of approximately 16.6%[40] - The company's equity attributable to shareholders rose to HKD 411,569,000 in 2024, up from HKD 370,191,000 in 2023, representing an increase of about 11.2%[40] Operational Developments - The company has successfully launched a one-stop smart recycling system, integrating smart digital technology, big data analysis, and IoT technology[9] - The company won two smart contracts from the Environmental Protection Department, highlighting its innovation and market leadership in green technology[10] - The company continues to expand its gardening services and has secured new contracts in various sectors, including private residences and government institutions[10] - The company has existing contracts valued at approximately HKD 3,887.5 million, with about HKD 2,288.6 million expected to be recognized by the end of 2025[16][18] Future Outlook - The company aims to expand its market presence both locally and internationally while exploring mergers, joint ventures, and new business opportunities[18] - The group has entered into a letter of intent for a potential acquisition of a company engaged in property management in Hong Kong[75] Taxation and Government Support - The current tax provision for Hong Kong profits tax for 2024 is HKD 14,330,000, a decrease from HKD 15,678,000 in 2023, reflecting a reduction of approximately 8.6%[9] - The group has received a tax reduction from the Hong Kong SAR government for the 2023/24 tax year, with a cap of HKD 3,000, compared to HKD 6,000 in the previous year[65] Miscellaneous - The company did not engage in any sale-and-leaseback transactions, thus the recent accounting standards revisions had no significant impact on its financial statements[47] - The annual report will be published on the Hong Kong Stock Exchange website and the company's website[83] - The board of directors includes executive directors and independent non-executive directors[84]
碧瑶绿色集团(01397) - 2024 - 年度业绩