Financial Performance - Total revenue for the fiscal year 2024 was approximately HKD 1,058,200,000, representing an increase of about 28.2% compared to HKD 825,700,000 in fiscal year 2023[12]. - Air freight forwarding services generated revenue of approximately HKD 1,045,000,000, up 28.4% from HKD 813,700,000 in the previous year, driven by strong demand from a new major customer[14]. - Sea freight forwarding services saw revenue increase by approximately 9.2% to about HKD 13,200,000, compared to HKD 12,000,000 in fiscal year 2023[15]. - Gross profit decreased by approximately 23.8% to about HKD 39,700,000, down from HKD 52,100,000 in fiscal year 2023, reflecting the inability to offset rising service costs with revenue growth[17]. - Gross margin fell to approximately 3.8% in fiscal year 2024, down from 6.3% in the previous year, due to challenging market conditions and reduced pricing power[17]. - The net loss for the year was reduced to approximately HKD 3,700,000 in fiscal year 2024, compared to a net loss of approximately HKD 1,500,000 in fiscal year 2023, and significantly down from HKD 11,100,000 recorded in the first six months of fiscal year 2024[23]. Cost and Expenses - Service costs rose by approximately 31.6% to about HKD 1,018,400,000, up from HKD 773,600,000 in the previous year, primarily due to increased expenses related to chartered air freight services[16]. - Administrative and other operating expenses decreased by approximately 18.1% to about HKD 40,200,000 in the fiscal year 2024, down from HKD 49,000,000 in fiscal year 2023, due to strict cost control measures[20]. - Financing costs increased by approximately 42.5% to about HKD 3,500,000 in fiscal year 2024, up from HKD 2,500,000 in fiscal year 2023, primarily due to increased operational and capital demands[21]. Assets and Liabilities - As of December 31, 2024, the debt-to-equity ratio was approximately 38.0%, down from 41.7% on December 31, 2023, with total debt of about HKD 48,200,000 and total equity of about HKD 126,700,000[24]. - Cash and bank balances increased to approximately HKD 31,300,000 as of December 31, 2024, compared to HKD 25,900,000 on December 31, 2023[25]. - Trade receivables decreased by approximately 7.2% to about HKD 201,400,000 as of December 31, 2024, down from HKD 217,200,000 as of December 31, 2023, with an average collection period reduced to approximately 72.2 days[27]. - Trade payables decreased by approximately 3.5% to about HKD 110,700,000 as of December 31, 2024, down from HKD 114,700,000 as of December 31, 2023, with an average payment period reduced to approximately 40.4 days[27]. - Interest-bearing borrowings amounted to approximately HKD 46,900,000 as of December 31, 2024, down from HKD 53,500,000 as of December 31, 2023[28]. Shareholder and Governance - The board presented the audited consolidated financial statements for the fiscal year 2024[57]. - The board of directors does not recommend any final dividend for the fiscal year 2024, consistent with the previous fiscal year[61]. - As of December 31, 2024, the distributable reserves available to shareholders are approximately HKD 27,041,000, a decrease from HKD 28,310,000 as of December 31, 2023[66]. - The company has established a compensation committee to review and propose overall compensation policies for all directors and senior management, considering economic conditions and individual performance[84]. - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1[106]. Risk Management - The company has identified key risks including economic risks related to international freight forwarding, social and political risks affecting marketing and sales, sales and pricing risks due to demand fluctuations, and credit risks from slow customer payments[88]. - The group manages credit risk by selecting counterparties based on their credit history and market reputation, ensuring transactions are only conducted with reputable third parties[38]. - The company has a robust anti-corruption policy to ensure compliance with relevant laws and regulations[151]. Employee and Culture - As of December 31, 2024, the group had 37 full-time employees, down from 43 in the previous year, with total employee costs of approximately HKD 17.6 million compared to HKD 21.1 million in the previous fiscal year[41]. - The company promotes a culture of teamwork and recognizes employee passion as crucial for driving organizational performance[110]. - The company has adopted a diversity policy aimed at achieving measurable goals related to age, skills, knowledge, and gender diversity[119]. Environmental and Social Responsibility - The company is committed to environmentally sustainable operations and regularly reviews its environmental practices to enhance sustainability[97]. - The company emphasizes the importance of maintaining good relationships with employees, customers, suppliers, and other stakeholders to achieve long-term goals and sustainable development[89]. Audit and Compliance - The Audit Committee held four meetings during the fiscal year 2024, focusing on reviewing financial statements and internal control effectiveness[133][135]. - The independent auditor's report confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[166]. - The company has established internal control measures to ensure compliance with applicable laws and regulations, including GEM listing rules[147].
裕程物流(08489) - 2024 - 年度财报