Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 6,084,239, an increase of 49.0% compared to HKD 4,082,694 in 2023[3] - Operating profit for the year was HKD 384,586, a significant recovery from an operating loss of HKD 17,903 in the previous year[3] - Net profit attributable to equity holders for the year was HKD 320,323, compared to a loss of HKD 41,916 in 2023, marking a turnaround[3] - Basic and diluted earnings per share for the year were HKD 44.67, compared to a loss per share of HKD 5.85 in the previous year[3] - The reported segment profit for 2024 was HKD 433,178,000, a significant increase from HKD 13,679,000 in 2023, resulting in a pre-tax profit of HKD 370,936,000 compared to a loss of HKD 29,209,000 in the previous year[19] - The company reported a revenue of approximately HKD 6.084 billion for the year ending December 31, 2024, representing a 49% increase compared to HKD 4.2 million loss for the year ending December 31, 2023, resulting in a profit of approximately HKD 320 million attributable to equity holders[34][35] Assets and Liabilities - Total assets increased to HKD 4,708,309, up from HKD 3,569,187 in 2023, reflecting a growth of 32.0%[5] - Total liabilities rose to HKD 3,714,595, compared to HKD 2,911,996 in 2023, indicating an increase of 27.6%[6] - Cash and cash equivalents at year-end were HKD 711,127, up from HKD 532,147 in 2023, representing a growth of 33.6%[5] - The total accounts payable, including commissions and rebates due within 30 days post-year-end, increased to HKD 495,273,000 in 2024 from HKD 295,165,000 in 2023, reflecting a growth of 67.5%[32] - As of December 31, 2024, the group's cash and bank deposits amounted to HKD 711,127,000, an increase from HKD 532,147,000 in 2023[50] - As of December 31, 2024, the group's net debt-to-equity ratio remains at 0% (2023: 0%) and the total debt-to-equity ratio is also 0% (2023: 25.9%) [51] Revenue Sources - Revenue from property agency business was HKD 6,070,571, up 49.3% from HKD 4,063,351 in the previous year[14] - The net revenue after rebates for the property agency business was HKD 3,372,971, representing a 28.3% increase from HKD 2,630,368 in 2023[14] - The company reported a significant increase in rebates, totaling HKD 2,697,600 in 2024 compared to HKD 1,432,983 in 2023, reflecting a rise of 88.2%[14] - The company’s external customer revenue for the property agency business was HKD 6,084,239, indicating a strong performance in the market[16] - Revenue from external customers in Hong Kong and Macau rose to HKD 5,745,377,000 in 2024, up from HKD 3,786,954,000 in 2023, while revenue from mainland China increased to HKD 338,862,000 from HKD 295,740,000[22] Operational Strategy - The company plans to continue expanding its property agency services in Hong Kong, mainland China, and Macau, focusing on enhancing its market presence[7] - The company is actively evaluating new strategies for market expansion and potential acquisitions to enhance its service offerings[15] - Future guidance indicates a focus on improving operational efficiency and increasing market share in the property sector[15] - The company successfully turned its operations in mainland China from loss to profit due to strategic measures implemented since Q4 2023, including the promotion of a new sales management team and business model reorientation[39][42] - The company has made significant investments in digital transformation and marketing capabilities, establishing a market and innovation technology center to enhance operational efficiency and promote innovative technologies[43] Market Conditions - The property market in Hong Kong saw a 22.8% increase in transactions in 2024, driven by the government's removal of previous restrictions, leading to a 17.1% rise in overall property registrations, the highest in three years[36] - The company experienced a decline in property transactions in mid-2024 due to geopolitical uncertainties and concerns over the US-China trade war, despite ongoing rental price increases driven by demand from incoming talent[37] - The influx of talent and investors from mainland China has been a key factor supporting housing demand, with approximately 92,000 high talent visa applications approved by the Hong Kong government in 2023 and 2024[40] Financial Health - The current ratio is 1.2 (2023: 1.1), indicating a healthy level of financial resources [51] - The return on equity is 32.23% (2023: -6.38%), reflecting a significant improvement in profitability [51] - The group had no interest-bearing borrowings as of December 31, 2024, compared to HKD 169,890,000 in borrowings in 2023[50] - The group has unused borrowing facilities amounting to HKD 1,168,000,000 (2023: HKD 1,405,000,000) [51] Corporate Governance - The group has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules during the year ended December 31, 2024 [61] - The group has adopted its own code of conduct for securities trading by directors, which is not less stringent than the standard code [62] - The audit committee reviewed the consolidated financial statements for the fiscal year ending December 31, 2024, and confirmed that the figures align with the audited financial statements[64] Employee and Community Engagement - The group employed 4,593 full-time employees as of December 31, 2024 (2023: 4,731) [59] - The company expresses gratitude to all employees for their commitment and to customers and partners for their unwavering support[66]
美联集团(01200) - 2024 - 年度业绩