Financial Performance - For the year ended December 31, 2024, total revenue decreased by 14% to HKD 5,057 million from HKD 5,891 million in 2023[2] - Gross profit fell by 25% to HKD 2,588 million, resulting in a gross margin of 51%, down from 59%[2] - Net profit attributable to owners decreased by 21% to HKD 1,494 million compared to HKD 1,889 million in the previous year[2] - EBITDA declined by 21% to HKD 3,089 million from HKD 3,924 million in 2023[2] - The company reported a decrease in total comprehensive income to HKD 1,398 million from HKD 1,884 million in 2023, a decline of 26%[5] - The total revenue from customer contracts for the year ended December 31, 2024, was HKD 5,057,000, a decrease from HKD 5,891,068 in 2023, representing a decline of approximately 14.1%[15] - The company reported a net profit attributable to shareholders of HKD 1,494,066,000 for 2024, down from HKD 1,889,247,000 in 2023, indicating a decrease of about 20.9%[23] - The basic and diluted earnings per share for 2024 were HKD 0.301, compared to HKD 0.375 in 2023, reflecting a decline of approximately 19.7%[23] - The company’s top five customers accounted for approximately 62% of total operating revenue, with the largest customer contributing about 40%[39] Dividends and Payouts - The company proposed a final dividend of HKD 0.21 per share, up from HKD 0.18 in 2023, resulting in a total payout ratio of approximately 100% for the year[2] - The company declared a final dividend of HKD 0.18 per share for 2023, totaling HKD 886,831,000, down from HKD 0.28 per share in 2022, which amounted to HKD 1,414,515,000[22] - The total dividend proposed for the year ended December 31, 2024, is HKD 30 per share, an increase from HKD 28 per share in 2023[31] Assets and Liabilities - Total assets increased to HKD 22,948 million, up from HKD 22,492 million in 2023, reflecting a growth of 2%[6] - Current ratio improved to 4.25 from 3.97 in the previous year, indicating better short-term financial health[2] - Cash and cash equivalents rose to HKD 7,676 million, compared to HKD 6,552 million in 2023, showing an increase of 17%[6] - The net asset value attributable to owners per share decreased by 2% to HKD 3.24 from HKD 3.30 in the previous year[2] - The group's accounts payable decreased to HKD 282.26 million in 2024 from HKD 303.10 million in 2023[28] - The group's impairment loss on trade receivables decreased to HKD 182.86 million in 2024 from HKD 184.43 million in 2023[28] - The group’s total accounts receivable and notes receivable were recorded at HKD 757.52 million in 2024, compared to HKD 621.47 million in 2023[28] Production and Sales - The group's raw coking coal production decreased by 6% to approximately 4.96 million tons in 2024, down from 5.25 million tons in 2023[34] - The group's refined coking coal production fell by 3% to about 3.16 million tons in 2024, compared to 3.25 million tons in 2023[35] - The sales volume of refined coking coal increased by 1% to 3.13 million tons in 2024, up from 3.10 million tons in 2023[34] - The average selling price of refined coking coal decreased by 14% to RMB 1,666 per ton in 2024, down from RMB 1,932 per ton in 2023[34] - The cost of sales increased by approximately HKD 44 million or 2% year-on-year to HKD 2.469 billion, primarily due to a 1% increase in coking coal sales volume[42] Operational Changes and Strategy - The company reported no significant operational changes during the year, maintaining its focus on coking coal mining and production[8] - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or future periods[11] - The company plans to assess the impact of newly issued accounting standards on its financial performance and position, although it has not yet determined if these will have a significant effect[13] - The group did not engage in any significant investments or acquisitions during the fiscal year ending December 31, 2024[56] - The company completed the construction acceptance of its coal mine project in 2024 and obtained a safety production license[72] - The company aims to enhance production management and safety capabilities through digital management and automation[72] Governance and Management - The company has complied with the corporate governance code as per the listing rules during the fiscal year ending December 31, 2024[75] - The board of directors is composed of key executives including the chairman and several independent directors[80] - The presence of both executive and independent directors suggests a focus on governance and oversight in decision-making[80] - The board's composition reflects a diverse range of expertise, which may enhance strategic decision-making processes[80] Market and Economic Conditions - The company’s external customer revenue from China represents the majority of its total revenue, highlighting its reliance on this market[16] - The total revenue from external customers in Hong Kong remained at zero for 2024, compared to HKD 4,061 in 2023, indicating a complete withdrawal from this market[16] - The group experienced a foreign exchange loss of approximately HKD 168 million due to the depreciation of the RMB against the HKD[62] - The average trading volume increased by 11% for the year ending December 31, 2024, improving liquidity in stock trading[67] - The current ratio as of December 31, 2024, was 7% higher compared to December 31, 2023, and free cash resources increased by 15% year-on-year[67]
首钢资源(00639) - 2024 - 年度业绩