Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 3,499,037,16, a decrease of 8.3% compared to HKD 10,422,620 for the year ended December 31, 2023[2] - Gross profit for the same period was HKD 529,945, a significant increase from HKD 266,143, indicating a gross margin improvement[2] - Operating profit before tax was HKD 92,141, recovering from an operating loss of HKD 326,634 in the previous year[3] - The company reported a net profit of HKD 43,391, compared to a net loss of HKD 371,251 in the prior year, showing a turnaround in profitability[3] - Earnings per share for ordinary shares was HKD 0.028, up from a loss per share of HKD 0.298 in the previous year[3] - The total revenue for the reporting period was approximately HKD 9,900,000,000, a decrease of 5.0% compared to HKD 10,400,000,000 for the year ending December 31, 2023[87] - The company reported a total profit attributable to ordinary shareholders of HKD 45,578 thousand for 2023, a significant improvement from a loss of HKD (490,335) thousand in 2022[33] - The improvement in profitability was primarily due to enhanced gross margins in the Singapore construction segment and optimized debt structure, leading to reduced financial costs and administrative expenses[93] Cost Management - The company incurred total selling and administrative expenses of HKD 283,648, down from HKD 326,990, reflecting cost control measures[2] - The financial cost decreased to HKD 223,852 from HKD 327,730, suggesting improved financial management[2] - The total cost of sales and operating expenses amounted to HKD 9,726,368, a decrease of 8.3% compared to HKD 10,607,468 in the previous year[28] - Selling and marketing expenses were approximately HKD 41,300,000, accounting for about 0.4% of total revenue, down from 0.9% in the previous year[90] - General and administrative expenses were approximately HKD 283,600,000, representing about 2.9% of total revenue, a decrease from 3.1% in the previous year[91] - Financial costs decreased to approximately HKD 223,900,000, down from HKD 327,700,000 in the previous year due to a reduction in total borrowings[92] Asset and Liability Management - Total assets decreased from HKD 11,121,372,000 in December 2023 to HKD 9,093,312,000 in December 2024, representing a decline of approximately 18.2%[4] - The company's cash and cash equivalents decreased from HKD 1,604,091,000 to HKD 1,127,809,000, a drop of approximately 29.6%[4] - Total liabilities decreased from HKD 7,052,393,000 to HKD 4,078,241,000, indicating a reduction of about 42.3%[6] - The company's total borrowings decreased from HKD 5,048,518,000 in 2023 to HKD 3,218,763,000 in 2024[52] - The company's total current liabilities include trade payables of HKD 1,645,692,000 as of December 31, 2024[54] Revenue Breakdown - Revenue from construction contracts increased to HKD 8,835,550 thousand in 2024, up from HKD 7,782,591 thousand in 2023, reflecting a growth of approximately 13.5%[27] - Revenue from property sales decreased from HKD 2,638,670 thousand in 2023 to HKD 1,064,674 thousand in 2024, a decline of about 59.7%[27] - Revenue generated from Singapore and Southeast Asia projects was approximately HKD 6,900,000,000, compared to HKD 7,000,000,000 in the previous year[88] - The construction business in Singapore generated revenue of about HKD 5,900,000,000, an increase of 35.2% from HKD 4,400,000,000 in the same period last year[88] Market Expansion and Strategy - The company expects to continue its market expansion efforts, focusing on new product development and technological advancements in the upcoming fiscal year[2] - The company plans to enhance its operational efficiency and explore potential mergers and acquisitions to drive future growth[2] - The company continues to focus on expanding its operations in Singapore and Southeast Asia, leveraging its existing customer base and market presence to drive future growth[23] - The company plans to focus on expanding operations in Singapore and Southeast Asia to drive future growth[26] Construction and Development Projects - The group completed 5 external construction projects in Singapore during the reporting period, with a total contract value of approximately HKD 7.86 billion for 4 public housing projects and 2 private apartment projects expected in 2024[69] - The group has 22 ongoing external construction projects in Singapore with an outstanding contract value of approximately HKD 12.04 billion as of December 31, 2024[69] - The group secured 14 new projects in foundation and superstructure construction with a total contract value of approximately HKD 4.75 billion, and has 38 ongoing projects with an outstanding contract value of about HKD 7.17 billion[70] Financial Reporting and Compliance - The consolidated financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[10] - The financial statements are based on historical cost principles, excluding financial assets measured at fair value through profit or loss[11] - The Group has applied the new amendments to the Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on the current and prior financial positions[12] - The audit committee has reviewed the consolidated financial statements for the reporting period and recommended them for approval by the board of directors[115] Shareholder Information - The company did not recommend the payment of a final dividend for the year ending December 31, 2024, maintaining the dividend at zero for 2023[36] - The convertible preference shares have a nominal value totaling HKD 9,519,000, providing priority over ordinary shareholders in asset distribution during liquidation[34] - The company’s convertible preference shares have an annual interest rate of 0.01% and are non-cumulative, ensuring equal rights to dividends with ordinary shareholders[34] Economic and Market Outlook - The Singapore government plans to build 700,000 new housing units by 2030 to accommodate population growth, with about 200,000 units already in preparation or progress[96] - The Singapore construction market outlook remains optimistic, supported by ongoing government investments in infrastructure and urban renewal projects[96] - The potential housing supply in Hong Kong for the upcoming year is approximately 15,150 units, alongside 120,000 square meters of commercial space and 544,000 square meters of industrial space[102]
青建国际(01240) - 2024 - 年度业绩