Financial Performance - For the year ended December 31, 2024, the Group's revenue from continuing operations decreased by 13.9% to HK$349,416,000 compared to the previous year[16]. - The Group recorded a post-tax loss of HK$31,605,000, an improvement from a net loss of HK$35,767,000 in the previous year[16]. - Adjusted EBITDA in 2024 decreased by 11.7% to HK$72,783,000, down from HK$82,450,000 in 2023[16]. - The loss attributable to owners of the Company was HK$26,335,000, compared to a loss of HK$28,582,000 in 2023[19]. - Total revenue for 2024 decreased by 13.9% to HK$349,416,000 compared to HK$405,612,000 in 2023[77]. - Revenue from environmental treatment and disposal services for industrial and medical wastes fell by 17.8% to HK$224,254,000[77]. - Average gross profit margin decreased from 16.1% in 2023 to 15.7% in 2024, reflecting a decline of 2.5%[77]. - Net loss for the year improved by 11.6% to HK$31,605,000 from HK$35,767,000 in the previous year[77]. - Basic and diluted loss per share improved to HK$0.87 from HK$1.09, a reduction of 20.2%[77]. Assets and Liabilities - Equity attributable to owners of the Company as of December 31, 2024, was HK$869,053,000, down from HK$908,251,000 in 2023[19]. - Total assets as of December 31, 2024, were HK$1,247,615,000, a decrease from HK$1,301,424,000 in 2023[162]. - Non-current assets decreased to HK$893,426,000 in 2024 from HK$969,911,000 in 2023, reflecting a decline of 7.8%[162]. - Total liabilities decreased to HK$283,165,000 from HK$288,065,000 in 2023, representing a decline of 0.3%[163]. - Current liabilities amounted to HK$246,862,000, down from HK$249,980,000 in 2023, indicating a reduction of 1%[163]. - Net current assets improved to HK$107,327,000, compared to HK$81,533,000 in 2023, reflecting an increase of 31.6%[163]. Cash Flow and Capital Expenditure - Cash and cash equivalents of the Group as of December 31, 2024, increased to HK$220,823,000 from HK$186,365,000 in 2023[19]. - The Group's cash and bank balances as of December 31, 2024, totaled HK$220,823,000, an increase from HK$186,365,000 in 2023[105]. - For the year ended December 31, 2024, the Group's capital expenditure for environmental treatment and disposal services for industrial and medical wastes was approximately HK$2,986,000, a decrease of 78.9% from HK$14,152,000 in 2023[98]. - The capital expenditure for industrial sewage and sludge treatment services in the Eco-plating Specialised Zone increased to approximately HK$23,149,000, up 287.5% from HK$5,974,000 in 2023[98]. Operational Highlights - The Company collected approximately 167,964 metric tonnes of waste for treatment and disposal in 2024, significantly up from 96,686 metric tonnes in 2023[46]. - Segment revenue from environmental treatment and disposal services for industrial and medical wastes was approximately HK$224,254,000 in 2024, down from HK$272,671,000 in 2023[46]. - The centralized sewage treatment plant handled 315,038 metric tonnes of plating sewage in 2024, down from 330,615 metric tonnes in 2023, indicating a decline of 4.7%[61]. - The Group's four subsidiaries maintained a licensed annual incineration capacity of 135,400 metric tonnes of hazardous waste and 11,800 metric tonnes of regulated medical waste as of December 31, 2024[70]. Strategic Initiatives - The Company plans to explore business restructuring opportunities in 2025 to enhance operational efficiency and financial performance[22]. - The Company aims to adapt its business strategies in response to ongoing market challenges and uncertainties[21]. - The Group is committed to exploring opportunities for business restructuring and industrial upgrading to enhance the sustainability of its environmental operations[71]. - The Group will strengthen marketing functions and contractual relationships with clients to ensure stable operations amid market transitions[150]. Human Resources - The Group had 401 full-time employees as of December 31, 2024, a reduction of 16.8% from 482 in 2023[136]. - Staff costs for the year ended December 31, 2024, were HK$71,574,000, a decrease of 19.8% from HK$89,272,000 in 2023[136]. - Employee compensation and benefits are aligned with current market levels, including bonuses and medical insurance[140]. Risks and Challenges - The Group faces significant competition in the hazardous waste treatment market, necessitating continuous upgrades to facilities and staff development to maintain competitiveness[149]. - The Group is dependent on the renewal of hazardous waste operating permission licenses from the PRC Government, which poses a risk of temporary suspension or delays in renewal[146]. - The Group faces credit risk from underperforming accounts receivable due to distressed clients amid increased economic uncertainties, necessitating regular assessments of recoverability[158]. - The economic conditions in Mainland China may affect hazardous waste discharge quantities and treatment service pricing, impacting the Group's operations[156].
新宇环保(00436) - 2024 - 年度财报