Financial Performance - Total revenue for the year ending December 31, 2024, is reported at HKD 902.316 million, a decrease of 10.5% from HKD 1,008.101 million in the previous year[2]. - Gross profit for the same period is HKD 120.939 million, down 6.6% from HKD 129.565 million year-over-year[2]. - The net profit attributable to equity holders for the year is HKD 18.884 million, a decline of 14.5% compared to HKD 22.168 million in the previous year[2]. - Basic and diluted earnings per share decreased to HKD 2.36 from HKD 2.77, reflecting a 15.1% drop[2]. - The group's profit before tax for the year 2024 was HKD 18,884,000, down from HKD 22,168,000 in 2023, reflecting a decrease of about 14.5%[21]. - Basic earnings per share for 2024 were HKD 2.36, compared to HKD 2.77 in 2023, representing a decline of approximately 14.8%[21]. Expenses and Income - Administrative expenses decreased to HKD 63.295 million from HKD 71.023 million, a reduction of 10.9%[2]. - Other income decreased to HKD 1.332 million from HKD 2.295 million, a decline of 41.9%[2]. - Financial income increased to HKD 194 million from HKD 92 million, a growth of 110.9%[2]. - The group incurred a total expense of HKD 323,338,000 for distribution costs in 2024, compared to HKD 440,229,000 in 2023, indicating a reduction of about 26.6%[17]. - Financial costs increased by approximately 12.6%, totaling about HKD 35.375 million for the year ending December 31, 2024, compared to approximately HKD 31.417 million for the previous year[31]. Assets and Liabilities - Total assets increased to HKD 1,065,422,000 in 2024 from HKD 870,322,000 in 2023, representing a growth of approximately 22.4%[3]. - Total liabilities rose to HKD 845,386,000 in 2024 compared to HKD 669,170,000 in 2023, indicating an increase of about 26.3%[4]. - The company's cash and cash equivalents reached HKD 57,862,000 in 2024, up from HKD 42,391,000 in 2023, reflecting a growth of approximately 36.5%[3]. - The total equity attributable to the company's owners increased to HKD 220,036,000 in 2024 from HKD 201,152,000 in 2023, marking an increase of about 9.4%[3]. - The company's retained earnings grew to HKD 123,530,000 in 2024, compared to HKD 104,646,000 in 2023, which is an increase of approximately 18.0%[3]. - The company's total borrowings amounted to HKD 477,412,000 in 2024, up from HKD 437,992,000 in 2023, reflecting an increase of about 9.0%[4]. - The group's asset-liability ratio as of December 31, 2024, is approximately 66.3%, slightly down from 66.5% as of December 31, 2023[43]. - The group's current ratio as of December 31, 2024, is approximately 1.1, compared to 1.2 as of December 31, 2023[43]. Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming fiscal year[2]. - Future guidance indicates a cautious outlook due to market conditions and competition[2]. - The group anticipates that 2025 will be a challenging year for winning new tenders in the existing renovation industry in Hong Kong due to ongoing economic recovery and growth constraints[36]. - The group plans to invest necessary resources to develop its core business and explore potential opportunities while maintaining cost control and strategic flexibility[37]. - The board remains cautiously optimistic about the long-term prospects of the group's core business and will closely monitor operational cash management and potential product development opportunities[38]. Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.0167 per share, totaling HKD 13,360,000, pending approval at the upcoming annual general meeting[23]. - The board has proposed a final dividend of HKD 0.0167 per share for the year ending December 31, 2024, totaling HKD 13,360,000, pending shareholder approval at the upcoming annual general meeting[51]. - The annual general meeting for 2024 is scheduled to be held on a date determined by the board, with a notice to be published on the stock exchange and the company's website[60]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to review internal controls, risk management, and financial reporting matters[59]. - The independent auditor confirmed that the figures in the preliminary announcement are consistent with the draft consolidated financial statements for the year ending December 31, 2024[61]. - The company has adhered to corporate governance standards as per the listing rules, ensuring a balance of power between the board and management[55]. - There have been changes in the board of directors, with Dr. Ho Ka Yan appointed as an independent non-executive director and Mr. Yip Siu Chan resigning from the same position[56]. Employee and Operational Information - Employee benefit expenses, including director remuneration, amounted to approximately HKD 100,595,000 for the year ended December 31, 2024, down from HKD 119,216,000 for the year ended December 31, 2023[47]. - The group has a total of 233 employees as of December 31, 2024, a decrease from 238 employees as of December 31, 2023[45]. - The group entered into a lease agreement for a property with a present value of approximately HKD 21 million, effective from September 2, 2024, to August 31, 2029[48]. Miscellaneous - The company has not experienced any significant events after the reporting period that would impact its financial position[50]. - The company has not granted any stock options under the stock option plan during the review year[58]. - The company has no significant investments, acquisitions, or disposals as of December 31, 2024[49]. - The company has not implemented any interest rate hedging policies and is closely monitoring interest rate risks[40]. - The company expresses gratitude to shareholders, customers, suppliers, subcontractors, banks, and professionals for their continued support[63].
德合集团(00368) - 2024 - 年度业绩