Financial Performance - Revenue for 2024 decreased by 9.9% to HK$6,044.9 million compared to HK$6,709.3 million in 2023[6] - Gross profit fell by 4.7% to HK$2,853.4 million, resulting in a gross profit margin of 47.2%, up from 44.6% in 2023[6][8] - Operating profit decreased by 31.7% to HK$856.2 million, with an operating profit margin of 14.2%, down from 18.7% in 2023[6][8] - Profit for the year dropped by 38.1% to HK$720.9 million, with profit attributable to owners of the Company at HK$713.4 million, a decrease of 38.2%[6] - Basic earnings per share decreased by 37.8% to HK$0.669, while diluted earnings per share fell by 37.4% to HK$0.658[7] - Profit for the year was HK$720.9 million, down 38.1% compared to HK$1,165.1 million in 2023[66] - Earnings per share decreased by 37.8% to HK$0.669 for the year ended 31 December 2024, compared to HK$1.075 for 2023[90] - Annual profit for 2024 was HK$720.9 million, down 38.1% from HK$1,165.1 million in 2023[89] Dividends - Proposed final dividend per ordinary share increased by 8.7% to HK$0.25, up from HK$0.23 in 2023[7] - The proposed final dividend increased to HK$0.25 per share, totaling approximately HK$265,426,000, up from HK$246,056,000 in 2023[67] Assets and Liquidity - Total current assets rose by 1.2% to HK$7,646.1 million, while total assets increased by 1.0% to HK$9,169.5 million[6] - The current ratio slightly decreased to 5.0 from 5.1 in 2023, indicating a stable liquidity position[8] - The current ratio as of December 31, 2024, was 5.0, slightly down from 5.1 in 2023, while the quick ratio improved to 4.0 from 3.8[158] - The Group reported net current assets of HK$6,131.0 million as of December 31, 2024, compared to HK$6,064.4 million in 2023[159] Research and Development - Research and development costs increased by 6.1% to HK$683.5 million, indicating a focus on innovation despite declining profits[6] - The company is committed to increasing R&D investment to accelerate the global expansion of the Elys series, fueling long-term growth[124] Market Expansion and Product Development - The company is expanding its product offerings with new Android-based e-payment solutions and unattended service solutions, enhancing its market presence[14][19] - The company is expanding its market presence with subsidiaries in multiple countries, including Japan, India, and Italy[41] - Sales of Android smart products accounted for over 60% of total revenue, with the A920Pro model being particularly popular[74] - SaaS solution revenue grew by 30.5% year-on-year, reaching HK$138.2 million[74] - The EMEA emerged as the largest revenue region with annual sales of HK$2,202.9 million, driven by strong demand for the A920Pro[75] - The Group is expanding its presence in the UEMOA region in Africa, with increasing adoption of the A920 payment terminal[75] - In Latin America, Mexico and Argentina are becoming key contributors, with significant demand for Android smart terminals[76] Management and Governance - The management team includes experienced executives, with the Chairman having over 25 years in the card payment industry[44] - The Chief Executive Officer has over 20 years of experience in sales and marketing within the electronic payment industry[45] - The company has a strong management team with expertise in finance, compliance, and mergers and acquisitions[49] - Independent Non-Executive Directors bring diverse experience from various industries, enhancing corporate governance[52] - The Company emphasizes the importance of good corporate governance for healthy growth and has made considerable efforts to establish appropriate practices[181] - The Board consists of eight members, including four executive Directors and four independent non-executive Directors, ensuring a balanced composition for effective independent judgment[199] Financial Strategy and Risk Management - The company emphasizes risk management and treasury management as key operational focuses[48] - PAX's stringent credit management strategy and shipment optimization have reinforced its financial resilience amid global market challenges[118] - The Group has not entered into agreements to hedge the majority of its exchange rate risks, which may impact operating results due to fluctuations in HK$ or RMB[166] Employee and Workforce - The total number of employees decreased to 1,509 as of December 31, 2024, from 1,771 in 2023, reflecting a reduction in workforce[174] - The Group's remuneration packages for employees are designed to be comprehensive and competitive, including fixed salaries and discretionary bonuses[176]
百富环球(00327) - 2024 - 年度财报