Financial Performance - Revenue for the fiscal year 2024 was approximately HKD 173.3 million, a significant increase from HKD 1.2 million in fiscal year 2023, representing a growth of over 14,400%[5] - Gross profit for the fiscal year 2024 was approximately HKD 54.2 million, compared to HKD 0.1 million in fiscal year 2023, indicating a substantial improvement[5] - The net profit for fiscal year 2024 was approximately HKD 114.6 million, a turnaround from a loss of HKD 14.2 million in fiscal year 2023[5] - The company reported a basic and diluted earnings per share of HKD 264.51 for fiscal year 2024, a significant recovery from a loss per share of HKD (32.67) in fiscal year 2023[6] - The company recorded a profit of HKD 114,621,000 for the year ending December 31, 2024, after a loss in the previous year[8] - The company reported a pre-tax profit of HKD 114,621, a substantial recovery from a loss of HKD 14,158 in 2023[41] Operating Expenses and Liabilities - The total operating expenses for fiscal year 2024 were approximately HKD 27.2 million, up from HKD 10.9 million in fiscal year 2023, reflecting an increase of about 149%[5] - The company’s total liabilities decreased from HKD 59,534,000 in 2023 to HKD 1,217,000 in 2024, indicating a reduction of 97.95%[48] - The company has a current liability exceeding current assets by approximately HKD 229,941,000 as of December 31, 2024[13] - The total liabilities exceeded total assets by approximately HKD 228,610,000 as of December 31, 2024[13] Equity and Assets - Total assets less current liabilities for fiscal year 2024 were approximately HKD (228,138) thousand, compared to HKD (340,916) thousand in fiscal year 2023, showing an improvement[7] - The company's equity attributable to owners was approximately HKD (228,703) thousand in fiscal year 2024, compared to HKD (341,009) thousand in fiscal year 2023, indicating a reduction in losses[7] - The total assets as of December 31, 2024, were approximately HKD 80.9 million, compared to HKD 1.8 million in the fiscal year 2023, while total liabilities were approximately HKD 309.5 million, down from HKD 342.7 million[69] Cash Flow and Liquidity - The company has cash and bank balances at a low level of approximately HKD 2,182,000 as of December 31, 2024[13] - The group's bank balance and cash were maintained at a low level of approximately HKD 2.18 million as of December 31, 2024[86] - The company has taken measures to alleviate liquidity issues and improve financial conditions, including seeking financial support from investors[13] Dividends and Share Capital - The board of directors does not recommend the payment of dividends for fiscal year 2024, consistent with the previous fiscal year[5] - The company did not declare or recommend any dividends for both 2024 and 2023, maintaining a consistent policy[38] - Following a special shareholders' meeting on February 18, 2025, the company will execute a capital reorganization effective February 20, 2025, which includes a consolidation of every 60 existing shares into 1 consolidated share[55] Business Strategy and Market Position - The company has not disclosed any new product developments or market expansion strategies in the current report[5] - The company has launched its own online retail platform and established two new stores on overseas platforms to enhance market competitiveness[58] - The group continues to expand its product portfolio to meet new customer demands and enhance market competitiveness[19] Debt Restructuring and Financial Strategy - The company is negotiating with creditors to restructure existing debts and has reached agreements on settlement plans[13] - The company completed a debt restructuring and share subscription on March 13, 2025, as part of its financial strategy[59] - The company plans to issue new shares to potential investors, with net proceeds expected to be approximately HKD 230 million by March 2025[13] Legal and Compliance Matters - The company is involved in several minor lawsuits but does not expect any significant impact on its financial condition or performance from these cases[54] - The audit committee consists of three independent non-executive directors, responsible for reviewing and supervising the group's financial reporting processes[81] - The group is committed to enhancing its corporate governance practices to ensure compliance with the corporate governance code[77] Employee and Operational Metrics - Employee costs totaled HKD 3,536,000 in 2024, slightly up from HKD 3,457,000 in 2023, indicating a 2.28% increase[35] - As of December 31, 2024, the group employed 33 staff members, a decrease from 50 in the previous fiscal year[80]
IDT INT'L(00167) - 2024 - 年度业绩