Financial Performance - In 2024, the company's revenue was HKD 401,303,000, a decrease of 11.7% compared to HKD 454,250,000 in 2023[33]. - Revenue from mainland China decreased by HKD 36,139,000, representing a decline of 17.5%, while revenue from Hong Kong decreased by HKD 32,941,000, a decline of 18.9%[33]. - The total service cost for the year was HKD 339,060,000, down 14.3% from HKD 395,708,000 in 2023, primarily due to cost-cutting measures in mainland China and Hong Kong[35]. - The gross profit for the year was HKD 62,243,000, an increase of 6.3% from HKD 58,542,000 in 2023, with gross margins of 15.5% in 2023 and 12.9% in 2024[36]. - Administrative expenses decreased to HKD 74,971,000, down 16.2% from HKD 89,487,000 in the previous year, mainly due to reduced management and administrative staff costs[37]. - The annual loss from continuing operations in 2024 was HKD 14,419,000, compared to a loss of HKD 34,068,000 in 2023[38]. Market Position and Strategy - The company reported a gradual recovery in its project portfolio, adapting marketing strategies and diversifying offerings in response to market volatility in 2024[17]. - The company achieved a global ranking of 32nd in the prestigious World Architecture 100 list, highlighting its adaptability and professionalism in managing projects from diverse cultural backgrounds[20]. - The company is strategically positioning its Hong Kong and mainland China offices to better support projects in the Middle East, leveraging global expertise to provide world-class design solutions[19]. - The real estate and development sectors in the UAE and Saudi Arabia showed significant resilience and growth, driven by initiatives like Saudi Arabia's Vision 2030[18]. - The company is actively participating in major industry events to enhance its presence in the Middle East, including the 16th Saudi Arabian Real Estate Development Summit[18]. - The company believes that policy support and domestic demand will provide a solid foundation for market stability despite varying recovery speeds across cities[17]. Talent Development and Workforce - The company emphasizes the importance of talent development, focusing on both traditional architects and emerging professionals skilled in digital and smart technologies[18]. - The company recognizes the urgent demand for professional talent due to continuous technological and industry advancements[18]. - The company employs approximately 615 full-time employees as of December 31, 2024, down from 710 in 2023[67]. - The employee turnover rate is low, indicating high employee satisfaction and engagement, with many employees having worked for the company for over 5 years[121]. - The percentage of employees receiving training in 2024 is 83% for senior management and 49% for general employees, compared to 58% and 59% respectively in 2023[134]. Sustainability and Environmental Practices - The company is focused on sustainable development as a cornerstone for survival in the current challenging market environment[17]. - The group is committed to environmental sustainability and has implemented the ISO 14001 environmental management system, obtaining ISO 14001:2015 certification since 2018[98]. - The company recognizes climate change as a significant business opportunity and allocates substantial resources to its green building initiatives[111]. - The company has set a conscious electricity reduction target and records monthly electricity consumption to promote energy-saving measures[105]. - The carbon dioxide equivalent emissions for the company were 474,535 kg, covering a total building area of 9,126 square meters, compared to 451,172 kg for 12,511 square meters in 2023[104]. Governance and Corporate Structure - The board consists of nine members, including six executive directors and three independent non-executive directors, ensuring a balanced governance structure[166]. - The company has implemented a code of conduct that emphasizes high standards of business ethics and corporate governance across all operations[163]. - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee to oversee specific areas of governance[176]. - The independent non-executive directors have confirmed their independence and have signed appointment letters with a specific term of three years[173]. - The company has implemented a board diversity policy to ensure a balanced mix of skills, experience, and diverse perspectives among board members[169]. Community Engagement and Social Responsibility - The company participated in a volunteer activity providing gifts to 250 elderly households, enhancing community awareness and support[142]. - The company actively supports the growth of future architects and designers by sponsoring the inaugural RIBA Gulf Student Awards in the MENA region, highlighting its commitment to fostering creativity and innovation[151]. - The company emphasizes employee health and well-being by investing in initiatives such as participation in charity marathons and fitness challenges, reinforcing a culture that values physical health[153][154]. - The company has established partnerships with multiple organizations to facilitate career exploration for students in the construction field[148]. - The company expanded its educational outreach, participating in over 30 seminars and discussions to bridge the gap between academic learning and industry practice[146].
思城控股(01486) - 2024 - 年度财报