FIRST PACIFIC(HK:00142)2025-03-28 04:00Revenue and Profitability - Revenue decreased by 4.3% to $10,057.2 million in 2024 from $10,510.7 million in 2023[4] - Gross profit increased by 8.3% to $3,654.3 million in 2024 from $3,374.6 million in 2023[4] - Net profit attributable to shareholders increased by 19.8% to $600.3 million in 2024 from $501.2 million in 2023[5] - Basic earnings per share increased by 19.7% to $14.15 in 2024 from $11.82 in 2023[5] - Total comprehensive income for the year was $999.4 million in 2024, down from $1,375.0 million in 2023[6] - Operating profit contribution from operations increased by 10.7% to $776.5 million in 2024 from $701.5 million in 2023[5] - The company reported a net profit for the year reached $1,603.3 million, compared to $1,341.4 million in the previous year, indicating a year-over-year increase of about 19.5%[8] - The company reported a comprehensive income of $999.4 million for the year, a significant recovery from a comprehensive loss of $35.9 million in the previous year[8] - The company reported a total regular profit of $672.5 million for the year, compared to $5,245.5 million in the previous year, indicating a decrease of 87.2%[16] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.135 per share, up from HKD 0.125 per share in 2023[5] - The total proposed dividend for the year ending December 31, 2024, is $3.27 per share, an increase of 10.8% from $2.95 in 2023, totaling $1,083.8 million compared to $972.7 million in 2023[29] - The board declared a final dividend of HKD 0.135 per share, an increase of 8% from the previous year's HKD 0.125, resulting in a total dividend of HKD 0.255 per share for 2024[47] Assets and Liabilities - Non-current assets totaled $21,941.9 million in 2024, an increase from $21,299.5 million in 2023, representing a growth of 3.0%[7] - Current assets increased to $6,720.4 million in 2024 from $6,035.1 million in 2023, reflecting an increase of 11.4%[7] - Total liabilities rose to $16,747.7 million in 2024, up from $15,778.4 million in 2023, indicating a growth of 6.1%[7] - The company's equity increased to $11,930.2 million in 2024, compared to $11,566.9 million in 2023, marking a growth of 3.1%[7] - The total value of assets less current liabilities was $23,684.9 million in 2024, compared to $22,764.9 million in 2023, indicating an increase of 4.0%[7] - The total liabilities increased to $3,926.2 million by December 31, 2024, compared to $3,688.0 million at the end of 2023, reflecting a rise of approximately 6.5%[8] - The total liabilities due within one year increased to $2,548.7 million in 2024 from $2,195.3 million in 2023, indicating a rise in short-term obligations[151] Debt and Financial Ratios - The net debt increased by 7.7% to $90.985 billion as of December 31, 2024, from $84.503 billion as of December 31, 2023[5] - The debt-to-equity ratio rose to 0.76 as of December 31, 2024, from 0.73 as of December 31, 2023[5] - The total debt of the company as of December 31, 2024, is approximately $1.5 billion, with a net debt of about $1.3 billion[49] - The total debt of Indofood increased by 10% to 708 trillion Indonesian Rupiah ($4.4 billion) as of December 31, 2024[57] - The total debt increased to 2,730 billion pesos ($47 billion) with a debt-to-EBITDA ratio of 2.52 times, while the average pre-tax interest cost rose to 5.1%[76] - The total debt-to-equity ratio of the group increased to 0.76x in 2024 from 0.73x in 2023, primarily due to an increase in net debt levels, offset partially by an increase in equity reflecting profits distributed as dividends[149] Cash Flow and Investments - The net cash flow from operating activities was $1,746.5 million in 2024, slightly up from $1,730.1 million in 2023, showing a marginal increase of 0.9%[10] - Cash flow from financing activities showed a net inflow of $466.9 million in 2024, compared to $88.0 million in 2023, marking a substantial increase[10] - The company invested $692.7 million in associates in 2024, a significant increase from $69.6 million in 2023, indicating a strategic shift towards more investments[10] Employee Compensation and Expenses - The company’s employee compensation expenses related to share-based payments amounted to $1.6 million for the year, consistent with the previous year[8] - Employee compensation, including director remuneration, increased to $898.4 million in 2024 from $837.2 million in 2023, with the number of employees rising to 105,570 from 101,469[34] Market Performance and Outlook - The company’s total revenue for the year ending December 31, 2024, is expected to show growth, supported by ongoing market expansion and new product developments[35] - The outlook for 2025 remains optimistic, with a focus on balancing market share and profitability while maintaining a healthy balance sheet[70] Corporate Governance and Compliance - The company has adopted corporate governance practices in line with the applicable codes, ensuring stakeholder interests are protected[173] - The independent auditor, Ernst & Young, issued an unqualified opinion on the financial statements for the year ending December 31, 2024[176] - Detailed corporate governance practices will be disclosed in the 2024 annual report[174]