Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2024, was HKD 146,000,000, an increase of HKD 49,000,000 (+51%) compared to HKD 97,000,000 in 2023[6]. - The hotel business generated revenue of HKD 556,000,000, representing a 14% increase from HKD 488,000,000 in 2023[12]. - The net profit attributable to shareholders from the hotel group was HKD 104,000,000, up HKD 63,000,000 (+151%) from HKD 41,000,000 in 2023[12]. - The overall profit of the hotel group increased mainly due to a 16% rise in hotel revenue, from approximately HKD 452,000,000 to approximately HKD 526,000,000[14]. - Total revenue for the year ended December 31, 2024, was HKD 683,973,000, representing a 12.8% increase from HKD 606,035,000 in 2023[136]. - The company reported a loss before tax of HKD 288,063,000 for 2024, compared to a loss of HKD 11,822,000 in 2023, indicating a significant decline in performance[136]. - The net loss for the year was HKD 308,457,000, which is a substantial increase from the net loss of HKD 84,862,000 in the previous year, reflecting a worsening financial situation[136]. - The company's basic loss per share for 2024 was HKD 56.67, compared to HKD 14.26 in 2023, highlighting increased losses on a per-share basis[136]. - The company reported a total comprehensive loss of HKD 308,457,000 for the year ended December 31, 2024, compared to a loss of HKD 84,862,000 in the previous year, indicating a significant increase in losses[141]. Dividends and Retained Earnings - The company decided not to declare a final dividend for the year ended December 31, 2024, due to the challenging economic environment and high operational costs[7]. - The board does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[84]. - The company reported a retained profit of HKD 1,246,109,000 as of December 31, 2024, compared to HKD 1,167,353,000 in 2023, reflecting an increase of approximately 6.8%[86]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors including financial conditions and future funding needs[78]. Operational Costs and Expenses - Administrative expenses decreased by 23% to HKD 65,996,000 from HKD 85,980,000 in 2023[11]. - Hotel operating costs surged by 29% due to increased staffing, wages, and operational expenses related to newly renovated hotels[18]. - The company’s financial costs increased by 2% to HKD 61,478,000 from HKD 60,043,000 in 2023[11]. - The company incurred administrative expenses of HKD 5,431,000 payable to the hotel group for services provided at cost[100]. Assets and Liabilities - Non-current assets decreased to HKD 9,258,032,000 in 2024 from HKD 9,529,563,000 in 2023, indicating a reduction in asset value[138]. - Current liabilities increased to HKD 484,744,000 in 2024 from HKD 249,206,000 in 2023, suggesting a rise in short-term financial obligations[138]. - Total equity decreased to HKD 8,222,788,000 in 2024 from HKD 8,560,036,000 in 2023, reflecting a decline in the company's net worth[139]. - The group reported a current liability exceeding current assets by HKD 218,397,000 as of December 31, 2024, indicating liquidity considerations[158]. Investment Properties - The company’s investment properties were revalued as of December 31, 2024, with an impairment of approximately HKD 313,000,000 recognized in the consolidated income statement[88]. - The company reported a fair value loss on investment properties of HKD 312,632,000 for 2024, compared to a loss of HKD 93,700,000 in 2023, indicating significant impairment[136]. - As of December 31, 2024, the carrying value of investment properties is HKD 4,571,490,000, a decrease from HKD 4,685,260,000 in 2023[190]. - The group’s investment properties are measured using the fair value model, with valuations conducted by independent professional valuers[189]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, emphasizing high-quality board composition and transparency to shareholders[32][33]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with the listing rules[35]. - The company encourages continuous professional development for all directors, with all participating in relevant training sessions in 2024[43]. - The company has mechanisms in place for directors to seek independent professional advice when necessary, with costs covered by the company[37]. Market and Economic Conditions - The group faces risks related to economic conditions, regulatory changes, and market competition that could impact financial performance[115]. - The group continuously evaluates geopolitical prospects and economic developments in different countries to align its hotel portfolio with its risk tolerance[117]. - The company’s operational and market conditions, along with its financial status, are continuously assessed to inform future strategies and decisions[79]. Revenue Streams - The hotel division's operating expenses are significant, leading to a market margin of only about 30% to 40% of total hotel revenue[117]. - Revenue from food and beverage sales was HKD 16,404,000, significantly up from HKD 7,450,000 in the prior year[198]. - Property rental income increased to HKD 127,887,000, a rise of 8.9% from HKD 117,665,000 in 2023[194]. - The revenue from the Shanghai Huamei International Hotel surged to HKD 24,036,000 from HKD 5,394,000, indicating a significant growth in this market[198].
顺豪物业(00219) - 2024 - 年度财报