Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 25,383,000, an increase of 8.3% from HKD 23,437,000 in 2023[2] - The gross profit for the same period was HKD 19,380,000, up from HKD 18,241,000, reflecting a gross margin improvement[2] - The company recorded a loss before tax of HKD 35,439,000, a slight improvement from a loss of HKD 38,068,000 in the previous year, indicating a reduction in losses by 4.3%[2] - The total comprehensive loss attributable to shareholders for the year was HKD 37,929,000, compared to HKD 40,753,000 in 2023, showing a decrease of 6.9%[4] - The group reported a pre-tax loss of approximately HKD 37,919,000 for 2024, compared to a loss of HKD 40,816,000 in 2023, indicating an improvement of 4.7%[29] - The total tax expense for the year 2024 was HKD 2,480,000, a decrease of 9.8% from HKD 2,748,000 in 2023[27] - The basic and diluted loss per share for the year was HKD 0.0977, compared to HKD 0.1051 in 2023, indicating an improvement in loss per share[2] - The basic loss per share for 2024 was calculated based on a weighted average of 388,183,600 shares, resulting in a loss of approximately HKD 0.097[29] Assets and Liabilities - The company's total assets less current liabilities stood at HKD 1,453,856,000, down from HKD 1,498,590,000 in 2023, indicating a decline of 3.0%[5] - Non-current liabilities remained stable at HKD 27,837,000, compared to HKD 26,879,000 in the previous year[6] - The company's cash and cash equivalents significantly decreased to HKD 8,167,000 from HKD 158,992,000, a drop of 94.9%[5] - The company reported a net asset value of HKD 1,426,019,000, down from HKD 1,471,711,000, reflecting a decrease of 3.1%[6] - As of December 31, 2024, the group's total borrowings amounted to approximately HKD 164.9 million, a decrease from HKD 294.7 million in 2023, with a debt-to-equity ratio of approximately 11.56%[38] Income and Expenses - Rental income from investment properties for the year 2024 was HKD 25,383,000, an increase of 8.3% from HKD 23,437,000 in 2023[22] - Interest income from bank deposits decreased significantly to HKD 109,000 in 2024 from HKD 981,000 in 2023, a decline of 88.9%[22] - The group’s total employee costs for 2024 were HKD 2,505,000, down from HKD 2,575,000 in 2023, reflecting a reduction of 2.7%[23] - Employee expenses, including director remuneration, were approximately HKD 2.5 million for the year, slightly down from HKD 2.6 million in 2023[41] - The proposed final dividend for 2024 is HKD 2,329,000, a decrease of 50% compared to HKD 4,658,000 in 2023[28] Market Outlook and Strategy - The group plans to expand its business and invest in real estate development in Malaysia, actively seeking opportunities to acquire quality properties and land reserves[42] - The group anticipates complex challenges in the Hong Kong office and retail markets in 2025 due to declining corporate and consumer demand and increased market supply[42] Other Information - The fair value loss adjustment for investment properties in 2024 was HKD 42,610,000, slightly lower than the HKD 44,600,000 loss in 2023[30] - Trade receivables increased to HKD 371,000 in 2024 from HKD 224,000 in 2023, representing a growth of 65.5%[31] - The group has no significant foreign exchange risk as most of its monetary assets and liabilities are denominated in HKD[37] - The group has no significant contingent liabilities as of December 31, 2024[39] - There are no significant post-reporting date events that require disclosure as of the announcement date[40]
东方兴业控股(00430) - 2024 - 年度业绩