Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 285,848,000, a slight increase of 0.4% from HKD 283,671,000 in 2023[2] - Gross profit for the same period was HKD 238,142,000, up from HKD 235,457,000, reflecting a stable gross margin[2] - Net profit for the year was HKD 283,923,000, representing a 13.9% increase compared to HKD 248,907,000 in 2023[5] - Basic and diluted earnings per share increased to HKD 28.13 from HKD 21.44, marking a growth of 31.2%[2] - The adjusted profit before tax for the year 2024 was HKD 316,514 thousand, compared to HKD 332,203 thousand in 2023, indicating a decrease of about 4.7%[23] - The group reported a pre-tax profit of approximately HKD 235,177,000 for 2024, compared to HKD 179,229,000 in 2023, indicating an increase of around 31.2%[36] - The total tax expense for 2024 was HKD 32,591,000, significantly lower than HKD 83,296,000 in 2023, a reduction of approximately 60.9%[34] Asset and Liability Management - Total assets decreased to HKD 12,837,439,000 from HKD 12,033,798,000, indicating a reduction in asset base[7] - The total assets as of December 31, 2024, amounted to HKD 13,377,314 thousand, up from HKD 13,208,804 thousand in 2023, reflecting an increase of approximately 1.3%[23] - The company reported a total liability of HKD 3,419,498 thousand for 2024, compared to HKD 3,305,184 thousand in 2023, which is an increase of approximately 3.4%[23] - Non-current liabilities increased to HKD 2,879,623,000 from HKD 2,130,178,000, primarily due to higher interest-bearing bank borrowings[8] - Total bank borrowings amounted to approximately HKD 1.641 billion as of December 31, 2024, an increase from HKD 1.537 billion in 2023[58] - The company's asset-liability ratio was approximately 14% as of December 31, 2024, compared to 13% in 2023[58] Investment and Income Sources - The fair value change of financial assets recognized in profit or loss was HKD 176,705,000, significantly higher than HKD 43,031,000 in the previous year[2] - Dividend income from listed equity investments increased to HKD 60,036,000 in 2024, up from HKD 46,824,000 in 2023, marking a growth of approximately 28.3%[27] - The company's equity investments generated a fair value gain of approximately HKD 177 million, up from HKD 43 million in 2023[52] - Dividend income from equity investments increased by approximately 28% to about HKD 60 million, compared to HKD 47 million in 2023[52] Revenue Breakdown - Revenue from property investment for 2024 was HKD 193,517 thousand, a decrease from HKD 202,192 thousand in 2023, representing a decline of about 4.3%[23] - Revenue from serviced apartments and property management services decreased to HKD 31,979,000 in 2024 from HKD 34,500,000 in 2023, a decline of approximately 7.4%[27] - Rental income from leased properties fell to HKD 193,517,000 in 2024 compared to HKD 202,192,000 in 2023, representing a decrease of about 4.3%[27] - Rental and property management fee income decreased by approximately 5% to about HKD 225 million, with rental income from Hong Kong down about 3% to HKD 72 million[52] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 388,261,000 from HKD 452,539,000, reflecting a tighter liquidity position[7] - The group holds high liquidity equity investments amounting to approximately HKD 980 million as of December 31, 2024, an increase from HKD 803 million in 2023[48] - The company provided corporate guarantees for bank credit amounting to approximately HKD 1.899 billion as of December 31, 2024, down from HKD 1.972 billion in 2023[59] Market and Operational Insights - The residential leasing market remains slightly resilient, but the office and retail markets in Hong Kong are expected to face complex challenges by 2025 due to declining corporate and consumer demand[65] - The group is actively seeking opportunities to acquire quality properties and land reserves in Malaysia to ensure stable long-term growth, believing in the investment value of the Malaysian real estate market[66] - The Hong Kong capital market shows strong recovery in 2024, reflecting continued optimism and improved market sentiment post-COVID-19[67] - The group plans to adopt a prudent and balanced risk management strategy while regularly reviewing and adjusting business strategies in response to changing market conditions[67] Legal and Development Matters - The group is awaiting government approval for a land adjustment proposal in Zhuhai to expedite the relocation of residents, as the current progress is slow[46] - The compensation amount for the land recovery in Doumen is approximately RMB 205.54 million, with ongoing legal proceedings against the local government[47] - The group has proposed to allocate part of the commercial land in Zhuhai for residential development to facilitate the return of residents[46] - The group is actively involved in legal actions to protect its rights regarding the land recovery process in Doumen[47]
万事昌国际(00898) - 2024 - 年度业绩