SITC(HK:01308)2025-04-02 10:30Financial Performance - The company's revenue for 2024 reached $3,058,059 thousand, representing a 25.9% increase from $2,428,959 thousand in 2023[12] - Profit attributable to shareholders surged by 93.5% to $1,028,325 thousand, compared to $531,393 thousand in the previous year[12] - Basic earnings per share increased by 95.0% to $0.39 from $0.20 in 2023[12] - The profit margin improved to 33.8%, up by 11.7 percentage points from 22.1% in 2023[12] - Net cash flow from operating activities rose by 72.3% to $1,158,334 thousand, compared to $672,213 thousand in 2023[12] - Total equity attributable to shareholders increased by 25.6% to $2,404,236 thousand from $1,914,536 thousand[12] - Gross profit for the same period was approximately $1,142.8 million, reflecting an increase of about 83.4% year-on-year[31] - The pre-tax profit was approximately $1,053.6 million, up by about 90.4% from the previous year[31] - Net profit for the year was approximately $1,034.3 million, representing an increase of about 92.9% compared to approximately $536.2 million in 2023[54] - Operating expenses rose by approximately 5.9% from about $136.0 million in 2023 to approximately $144.0 million in 2024[47] Operational Highlights - The number of container vessels operated at year-end increased to 114, up from 103 in 2023[12] - Container throughput for container shipping and extended logistics reached 3,570,184 TEUs, an increase of 345,686 TEUs from 3,224,498 TEUs in 2023[12] - The fleet capacity reached 180,255 TEUs, consisting of 100 owned vessels and 14 leased vessels, with an average vessel age of 8.4 years[37] - The group operates 78 trade routes, including 16 jointly operated routes and 24 routes utilizing container slot exchange arrangements[37] - Total container throughput increased by approximately 10.7% to 3,570,184 TEUs, with an average freight rate of $721.1 per TEU, up 15.7% year-on-year[32] Strategic Initiatives - On January 10, 2024, Haifeng International signed a strategic cooperation framework agreement with Xiamen Port Authority Group[19] - Haifeng International established a joint venture, Haifeng Logistics Asia Co., Ltd., with Hisense Group on February 28, 2024, to enhance supply chain efficiency[20] - The new empty container center in Xiamen, launched on January 11, 2024, aims to enhance resource recycling and reduce environmental impact through advanced energy-saving technologies[19] - A new direct shipping service to Batam Island was successfully launched on March 31, 2024, significantly reducing logistics costs and improving transport efficiency[21] - Haifeng International's self-developed comprehensive ship management platform was officially launched in April 2024, integrating various management modules[21] Awards and Recognition - Haifeng International received multiple accolades in the 2024 Asia-Pacific Best Management Team awards, including "Best CEO" and "Best Investor Relations Team" in the transportation sector[23] - On August 30, 2024, Haifeng International was awarded the "Green Fleet Award in 2023" for its low-carbon operations and outstanding performance in port state control inspections[25] Shareholder Information - The board proposed a final dividend of HKD 1.40 per share for the year ended December 31, 2024[31] - The company's distributable reserves amount to approximately USD 476 million as of December 31, 2024[83] - A total of 2,066,000 shares were purchased under the share plan at an average price of approximately HKD 18.34 per share, totaling about HKD 37.88 million[62] - The company reported a total issued share capital of 2,687,119,908 shares as of December 31, 2024[76] Risk Management - The company has established a comprehensive risk management system, including a new OA risk management module launched in 2024, which integrates seven key aspects of risk management[157] - The company identified digital risk as the largest long-term risk, alongside geopolitical risk and market oversupply risk[157] - The company has implemented measures to mitigate operational risks related to shipping, hazardous materials transport, and yard operations, including regular safety checks and employee training[158] - The company has a strategy to manage fuel price volatility, which is a significant cost component, by selecting reputable suppliers and monitoring market prices[158] Corporate Governance - The board is committed to maintaining high corporate governance standards, which are crucial for protecting shareholder interests and enhancing corporate value[174] - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules[178] - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring the board's strong independence[182] - The company has implemented a written guideline for employees who may possess unpublished price-sensitive information, ensuring compliance with standard codes[176] Employee Relations - The company emphasizes employee training and development, providing various programs to enhance professional skills and promote career growth[169] - The company offers health insurance benefits and wellness programs to support employee health and well-being[168] Future Outlook - The group aims to enhance operational efficiency and continue expanding its service network in the Asian logistics market[29] - The company remains confident in the business environment of the Asian logistics market despite anticipated challenges in the global shipping industry in 2025[33] - The company aims to leverage its unique competitive advantages in the Asian market to provide high-quality, low-carbon supply chain services[39]