Financial Performance - Total revenue for the year 2024 was HKD 236.8 million, a decrease of 8.6% from HKD 259.2 million in 2023[6] - Reported profit decreased by 25.1% to HKD 78.6 million, primarily due to unrealized fair value losses on investment properties amounting to HKD 26 million[6] - Basic recurring profit fell by 13.0% to HKD 103.6 million[6] - Total revenue for the year ended December 31, 2024, was HKD 236,800,000, a decrease of 8.6% from HKD 259,200,000 in 2023, primarily due to weak performance in healthcare and property investment segments[14] - Healthcare segment revenue decreased by 11.3% to HKD 217,367,000, with a notable decline in sales from China, which dropped 17.2% to HKD 167,797,000[17][18] - Reported profit decreased by 25.1% to HKD 78,600,000, largely due to unrealized fair value losses on investment properties, which increased to HKD 23,900,000 from HKD 6,900,000 in 2023[15][16] - The property investment segment recorded a revenue of HKD 9,111,000, down 5.2% from HKD 9,612,000, with a significant loss of HKD 18,500,000 compared to HKD 7,100,000 in the previous year[21][22] - The financial investment segment saw a substantial increase in revenue by 134.7% to HKD 10,281,000, driven by higher interest income from increased term deposits[25] - Basic earnings per share decreased to HKD 25.2 from HKD 33.7, reflecting a 25.2% decline[15] - The company reported a net profit of HKD 78,629,000 for 2024, compared to HKD 105,039,000 in 2023, reflecting a decrease of 25.2%[58] - The company's profit attributable to equity holders decreased to HKD 78,629,000 in 2024 from HKD 105,039,000 in 2023, representing a decline of approximately 25.2%[70] - Basic and diluted earnings per share fell to HKD 0.252 in 2024 from HKD 0.337 in 2023, a decrease of about 25.3%[70] Dividends - Proposed final dividend of HKD 0.038 per share and special final dividend of HKD 0.067 per share, pending approval at the upcoming annual general meeting[7] - The company reported a total of HKD 62,328,000 in dividends for 2024, slightly down from HKD 63,886,000 in 2023, a decrease of about 2.4%[69] - The company has proposed a special final dividend of HKD 0.067 per share for 2024, down from HKD 0.082 per share in 2023, a decrease of approximately 18.3%[82] Market and Segment Performance - The healthcare segment remains the main revenue source despite a slowdown in sales post-pandemic, prompting a shift towards digital marketing and online sales channels[8] - The treasury investment segment performed well due to higher interest rates, helping to offset challenges faced by other segments[9] - Future focus will be on enhancing e-commerce growth and digital marketing strategies in the Chinese market, while also expanding in Southeast Asia[11] - The Hong Kong leasing market is expected to remain challenging, particularly for office and retail properties, with ongoing demand fluctuations[11] - The company maintains a cautious approach to asset management to improve occupancy rates and stabilize rental income[11] - Southeast Asia revenue increased by 7.3% to HKD 36,600,000, driven by strong sales growth in the Philippines[19] - The company remains optimistic about the Southeast Asian market outlook for 2025, despite potential challenges in the U.S. market due to higher import tariffs[20] - Revenue from the North America region increased significantly to HKD 11,907,000 in 2024 from HKD 7,294,000 in 2023, a growth of 63.5%[60] Asset and Liability Management - The total valuation of investment properties decreased by 11.1% to HKD 227,000,000, primarily due to a weakening office investment market in Hong Kong[32] - The company maintained a debt-to-equity ratio of 0.6% and a current ratio of 16.2 times as of December 31, 2024[33] - Non-current assets decreased to HKD 504,113,000 from HKD 590,191,000, representing a decline of 14.6%[41] - Current assets increased to HKD 339,241,000 from HKD 317,274,000, an increase of 6.9%[41] - Current liabilities decreased significantly to HKD 20,887,000 from HKD 44,185,000, a reduction of 52.8%[41] - The net asset value of the company was HKD 731,908,000, down 4.4% from HKD 765,183,000 in 2023[41] - The company reported a decrease in investment properties from HKD 255,264,000 to HKD 227,040,000, a decline of 11.0%[41] - The company’s long-term liabilities related to deferred tax decreased from HKD 51,015,000 to HKD 42,328,000, a decrease of 17.0%[41] - The company's total liabilities decreased to HKD 12,497,000 in 2024 from HKD 20,498,000 in 2023, a reduction of about 39.0%[73] Operational Efficiency - Total employee costs slightly decreased by 1.6% to HKD 43,300,000, primarily due to a reduction in management and employee bonus provisions[28] - Other operating expenses rose by 15.6% to HKD 28,200,000, with advertising and promotional expenses being the main contributor[29] - Financial costs decreased by 5.0% to HKD 584,000, attributed to lower bank loan balances despite an increase in interest rates[30] - Tax expenses decreased by 19.7% to HKD 19,100,000, mainly due to a decline in taxable operating profits from subsidiaries[31] - Operating profit for 2024 was HKD 98,347,000, down 23.9% from HKD 129,421,000 in 2023[58] Governance and Compliance - The company has adopted all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules[85] - The company has ensured compliance with the Standard Code for Securities Transactions by Directors during the year ending December 31, 2024[86] - The board of directors includes the chairman and CEO, Mr. Yan Wei Shan, and two other executive directors, ensuring a balance of power[87]
白花油(00239) - 2024 - 年度业绩