Financial Performance - Revenue for the year ended December 31, 2024, was HKD 200,634,000, representing an increase of 4.3% from HKD 192,402,000 in 2023[3] - Gross profit decreased to HKD 48,092,000, with a gross margin of 24.0%, down from HKD 52,788,000 and a gross margin of 27.4% in the previous year[3] - Net profit for the year was HKD 4,275,000, a significant decline of 77% compared to HKD 18,631,000 in 2023[3] - Operating profit fell to HKD 10,797,000, down from HKD 27,137,000, indicating a decrease of 60% year-over-year[3] - The construction revenue decreased to HKD 145,523,000 in 2024 from HKD 179,145,000 in 2023, while revenue from renewable energy solutions was HKD 22,728,000, newly introduced in 2024[21] - The group reported a basic earnings per share of 0.71 HKD for the year ending December 31, 2024, down from 3.21 HKD in 2023, representing a decrease of approximately 77.9%[33] - The group reported a net profit of HKD 4,275,000 for the year, down from HKD 18,631,000 in 2023, reflecting a significant decline in profitability[23] - The group's net profit for the year dropped from approximately HKD 18.6 million to about HKD 4.3 million, primarily due to a significant decline in profit margins from the permanent mooring business and increased administrative expenses[65] Assets and Liabilities - Total assets increased to HKD 251,171,000 from HKD 205,916,000, reflecting a growth of 21.9%[5] - Current assets rose to HKD 209,024,000, compared to HKD 202,427,000 in 2023, showing a slight increase of 3.9%[5] - Total liabilities increased to HKD 139,898,000 from HKD 100,154,000, marking a rise of 39.5%[6] - Total liabilities increased to HKD 139,898,000 in 2024 from HKD 100,154,000 in 2023, indicating a rise in financial obligations[24] - Trade receivables decreased to 18,371,000 HKD in 2024 from 34,705,000 HKD in 2023, a decline of 47.1%[39] - Contract assets increased to 87,124,000 HKD in 2024 from 83,394,000 HKD in 2023, reflecting a growth of 4.1%[43] - The total borrowings of the group increased from approximately HKD 59.7 million to about HKD 79.7 million, with interest rates ranging from 3.00% to 5.58%[67] - The net debt-to-equity ratio rose from 15% to approximately 20%, mainly due to increased borrowings for business development purposes[68] - As of December 31, 2024, the group had contingent liabilities of approximately HKD 30.62 million, an increase from HKD 15.33 million in the previous year[77] Expenses and Costs - The company’s administrative expenses rose to HKD 35,375,000 in 2024, compared to HKD 24,267,000 in 2023, reflecting increased operational costs[26] - The group's administrative expenses increased from approximately HKD 24.3 million to about HKD 35.4 million, a rise of approximately HKD 11.1 million, primarily due to increased employee costs and other expenses related to the development of green energy business[62] - The net financial costs rose from approximately HKD 2.8 million to about HKD 3.5 million, attributed to an increase in borrowings[63] - Income tax expenses decreased from HKD 5.7 million to HKD 3.0 million, mainly due to a reduction in pre-tax profits from the permanent mooring business[64] - The total income tax expense for the year was 3,037,000 HKD, a decrease of 47% from 5,735,000 HKD in 2023[30] Business Development and Strategy - The company plans to enhance its green energy business, which includes the development and sales of renewable energy generation and storage systems[19] - The company plans to expand its green power energy business in Southeast Asia, targeting a total installed capacity of 10-20 GW over the next five years[56] - The company established a technology subsidiary in Beijing focused on AI applications in the renewable energy sector, achieving significant results in a national AI power trading competition[53] - The company anticipates continued growth in the green power energy business due to increasing global demand for sustainable solutions[51] - The company is engaged in the design and construction solutions for permanent mooring systems and green energy development, indicating a focus on sustainable energy solutions[7] Acquisitions and Investments - The group completed the acquisition of 51.22% of Future Energy Auckland Limited for 2,100,000 NZD (approximately 10,053,000 HKD) on July 5, 2024[36] - The group reported a net identifiable asset value of 10,053,000 HKD from the acquisition of Future Energy after accounting for non-controlling interests[38] - The company acquired Future Energy in July 2024, which contributed over HKD 22.7 million in revenue in the second half of 2024, demonstrating effective integration benefits[54] Governance and Compliance - The company has adopted corporate governance practices to enhance accountability and protect shareholder interests[82] - The audit committee, composed of three independent non-executive directors, reviewed the audited financial results for the year[89] - The company’s auditor, PwC, confirmed that the financial figures in the preliminary announcement are consistent with the audited financial statements[90] - The annual report for the year will be sent to shareholders and published on the stock exchange and the company's website[91] Shareholder Information - The group did not declare a final dividend for the year, consistent with 2023[31] - The board does not recommend the payment of a final dividend for the year[87] - The annual general meeting is scheduled for June 17, 2025, with a suspension of share transfer registration from June 12 to June 17, 2025[86][88] - The company entered into a placement agreement on March 17, 2025, to issue up to 124,800,000 shares at a placement price of HKD 0.138 per share[80] - The company will hold a special general meeting to consider and approve the subscription agreement with Treasure Ship, involving the issuance of 220,000,000 shares at the same price of HKD 0.138 per share[80] Employment and Workforce - As of December 31, 2024, the group had 133 full-time employees, an increase from 66 employees on December 31, 2023[79]
益美国际控股(01870) - 2024 - 年度业绩