Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 132,584,000, a significant increase from HKD 23,843,000 in 2023, representing a growth of approximately 455%[3] - Gross profit for the same period was HKD 40,217,000, compared to HKD 9,385,000 in 2023, indicating a growth of about 328%[3] - The net profit for the year was HKD 17,105,000, a turnaround from a loss of HKD 4,041,000 in the previous year[3] - The basic and diluted earnings per share for the year were HKD 0.43, compared to a loss of HKD 0.10 per share in 2023[4] - The profit attributable to the company's owners for the year ended December 31, 2024, was approximately HKD 17,110,000, a turnaround from a loss of HKD 4,040,000 in the previous year[43] Revenue Sources - Property sales revenue reached HKD 122,322,000 for the year ending December 31, 2024, compared to HKD 13,018,000 in 2023, indicating an increase of about 839%[32] - Property management income was HKD 8,850,000 in 2024, slightly up from HKD 8,339,000 in 2023, reflecting a growth of approximately 6%[32] Financial Position - Total assets less current liabilities amounted to HKD 953,533,000, a decrease from HKD 1,003,148,000 in 2023[5] - The company's cash and bank balances decreased to HKD 32,760,000 from HKD 46,472,000, a decline of about 29.5%[5] - The total liabilities decreased from HKD 1,215,939,000 in 2023 to HKD 1,132,326,000 in 2024, indicating a reduction of approximately 6.9%[5] - Trade payables decreased to HKD 25,311,000 in 2024 from HKD 45,357,000 in 2023, showing a reduction of approximately 44.3%[42] - The total current assets amounted to approximately HKD 801,870,000, while total current liabilities were approximately HKD 1,132,330,000, resulting in a debt-to-equity ratio of about 2.5%[54] Expenses and Costs - Total financial expenses increased to HKD 1,166,000 in 2024 from HKD 706,000 in 2023, marking a rise of about 65%[32] - Employee costs, including director remuneration, increased to HKD 20,273,000 in 2024 from HKD 17,156,000 in 2023, reflecting a rise of approximately 12.3%[34] - The company incurred a loss of HKD 88,004,000 from the cost of properties sold in 2024, compared to HKD 9,821,000 in 2023, indicating a significant increase in property sales activity[34] - The total income tax expense for the year was HKD 4,823,000, up from HKD 106,000 in the previous year, primarily due to the recognition of Chinese corporate income tax and land appreciation tax[37] Shareholder and Governance Matters - The company did not recommend any dividend distribution for the years ended December 31, 2024, and 2023[38] - The company has a financial support commitment from a major shareholder amounting to approximately HKD 930,732,000 until the company can repay its obligations[11] - The company has maintained compliance with corporate governance codes as per the listing rules throughout the fiscal year[63] Projects and Developments - The company has received a pre-sale permit for the first phase of the Jinliwan project, which will cover a total construction area of approximately 430,000 square meters[44] - The company has established a sales center and exhibition hall for the first phase of the Jinliwan project, which is set to open soon[44] - The Jinbao City project in Shanwei is expected to generate property sales of approximately HKD 122,320,000 for the year ending December 31, 2024, compared to HKD 13,020,000 in 2023[47] - The Jinbao City project has received pre-sale deposits of approximately HKD 52,260,000 as of December 31, 2024, down from HKD 113,550,000 a year earlier[47] - The Honghai Bay project is currently on hold, with the company reassessing its positioning based on market conditions and local government guidelines[48] Legal and Contingent Liabilities - A final court ruling requires the company to pay approximately RMB 18,500,000 (around HKD 20,300,000) to the contractor, with an appeal currently in process[49] - The company has initiated a lawsuit against Greenland Hong Kong for approximately RMB 123,900,000 (around HKD 134,200,000) related to shareholder loans under the cooperation agreement[51] - The company reported contingent liabilities of approximately RMB 155,630,000 (equivalent to about HKD 164,990,000) related to guarantees provided for housing loans[58] Accounting and Reporting - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position[26] - The company expects that the adoption of new accounting standards will not have a significant impact on its financial performance or position in the future[26] - The company has consolidated its resources and does not present separate financial information for independent operating segments[30] Audit and Financial Disclosures - The group has been unable to obtain sufficient appropriate audit evidence regarding the equity interest and receivable from the associate company, which may impact the financial performance and disclosures in the consolidated financial statements[70] - The group has taken all reasonable steps to request updated financial information from the associate company but has only received unaudited financial data for the six months ending June 30, 2024[69] Employment and Staffing - The company employed 81 staff members as of December 31, 2024, with total employee costs amounting to approximately HKD 18,520,000, an increase from HKD 15,790,000 in the previous year[61] Market and Investment Strategy - The company continues to focus on mid-to-high-end commercial and tourism property development and investment strategies[53] - The company has not engaged in any significant investments, acquisitions, or disposals during the fiscal year ending December 31, 2024[57] - The company has not hedged its foreign exchange risks, which may impact its operational performance due to fluctuations in the RMB and HKD exchange rates[56] Shareholder Rights - The company will suspend the transfer of shares from June 3, 2025, to June 6, 2025, to determine the rights of shareholders attending the annual general meeting[72]
大中华控股(00021) - 2024 - 年度业绩