Financial Performance - The company achieved a revenue of HKD 2,745.5 million for the fiscal year 2024, representing a year-on-year growth of 30.5%[13] - EBITDA increased by 53.6% to HKD 207.4 million, indicating a significant recovery in profitability[13] - In the fiscal year 2024, the company achieved a revenue of approximately HKD 2,745.5 million, representing a year-on-year growth of 30.5% compared to HKD 2,104.0 million in fiscal year 2023[21] - The company's EBITDA for fiscal year 2024 was approximately HKD 207.4 million, an increase of about 53.6% from HKD 135.1 million in fiscal year 2023, primarily due to a rebound in business operations[21] - The air freight agency business generated revenue of approximately HKD 1,178.6 million in fiscal year 2024, a 40.2% increase from HKD 840.5 million in fiscal year 2023[34] - The company's operations in China contributed revenue of HKD 638.1 million, reflecting a 32.0% increase from HKD 483.3 million in fiscal year 2023, driven by rising freight rates and increased air freight volumes[23] - The Italian office's revenue increased significantly by 56.9% to HKD 708.7 million in fiscal year 2024, up from HKD 451.6 million in fiscal year 2023[24] - The company's new branch, 嘉泓快递, generated approximately HKD 315.2 million in its first year of operation[29] - The cruise logistics segment contributed revenue of HKD 430.2 million, showing a stable year-on-year growth of 11.4% from HKD 386.4 million in fiscal year 2023[30] - The company's Vietnam office reported revenue of HKD 88.0 million, a growth of approximately 59.0% compared to the previous fiscal year[26] - The revenue from the shipping agency business for FY2024 was approximately HKD 780.4 million, an increase of about 64.4% compared to FY2023's HKD 474.7 million, with gross profit rising by approximately 92.5% to HKD 180.1 million[35] - The revenue from the cruise logistics segment for FY2024 was approximately HKD 430.3 million, an increase of about 11.4% from FY2023's HKD 386.4 million, while gross profit decreased to HKD 129.2 million from HKD 141.9 million[37] - The revenue from the wine distribution and logistics segment for FY2024 was approximately HKD 356.2 million, a decrease from FY2023's HKD 402.4 million, with gross profit declining by about 15.9% to approximately HKD 46.0 million[39] Strategic Initiatives - A new e-commerce logistics solution was launched targeting outbound logistics demand from Hong Kong and mainland China, integrating local transport, international freight forwarding, customs clearance, warehousing, and last-mile delivery services[13] - The acquisition of a major stake by DP World, a multinational logistics company based in Dubai, enhances the company's operational capabilities and financial strength[14][15] - Future strategies include expanding business through new office openings and leveraging DP World's network, as well as deploying automation and AI technologies to improve operational efficiency[16] - The company aims to explore new verticals for sustainable growth while reinforcing its existing business[16] - The logistics industry is expected to present new opportunities as the most challenging periods are gradually receding[16] - The company is optimistic about opportunities in the Southeast Asian market and is steadily increasing investments in the region to enhance scalability and profitability[28] - The partnership with DP World, which became a controlling shareholder in August 2024, is a strategic milestone aimed at expanding market presence and enhancing service excellence[57] Sustainability and Corporate Responsibility - The company is committed to sustainable development and green supply chain initiatives, actively promoting green logistics measures to reduce carbon footprint[15] - The company emphasizes its commitment to corporate social responsibility and environmental practices throughout its operations[15] - The company is committed to environmental protection and continues to implement energy-saving and emission reduction projects to improve environmental management[157] Shareholder Returns - The company plans to distribute a final dividend of HKD 0.01 per ordinary share to reward shareholders for their unwavering support[13] - The board proposed a final dividend of HKD 0.01 per share for the fiscal year 2024, totaling HKD 3,004,890, pending shareholder approval[61] - The company reported a final dividend of HKD 0.01 per ordinary share for the fiscal year 2024, totaling HKD 3,004,890, consistent with the previous fiscal year[85] - The board of directors emphasizes a stable and sustainable return for shareholders as a key objective in its dividend policy[86] Financial Position and Risks - As of December 31, 2024, the company's operating cash flow was approximately HKD 58.8 million, down from approximately HKD 100.0 million in FY2023[41] - The company's current ratio as of December 31, 2024, was 1.15, an improvement from 1.00 on December 31, 2023, with operating capital at approximately HKD 143.9 million compared to a negative HKD 3.0 million in the previous year[40] - The company's total bank loans and overdrafts as of December 31, 2024, were approximately HKD 384.1 million, an increase from approximately HKD 320.9 million on December 31, 2023[41] - The capital debt ratio as of December 31, 2024, was approximately 35.2%, up from 18.1% on December 31, 2023[41] - The company faced foreign exchange risks primarily from fluctuations in the Renminbi and Euro, with no specific hedging policies in place[42] Governance and Management - The company views employees as its most valuable asset and maintains good working relationships, with no labor disputes reported for the fiscal year 2024[92] - The company has established compliance and risk management policies, ensuring adherence to significant legal and regulatory requirements for fiscal year 2024[93] - The roles of the Chairman and CEO are held by different individuals to ensure balanced power and perspective, with Liu Shiyou as Chairman and Yan Tianrong as CEO[172] - The board of directors has complied with the requirement of having at least three independent non-executive directors, constituting at least one-third of the board[170] - The company has adopted share option and share award plans to provide incentives and rewards to selected participants, including designated employees[160] - The company has established a securities trading code that meets or exceeds standard requirements, with all directors confirming compliance during the fiscal year 2024[180] - The company has implemented an independent opinion mechanism to improve the efficiency and performance of the board[183] - The audit committee's responsibilities include reviewing the financial reporting system, internal controls, and risk management systems[199] Related Party Transactions - The DP World Group General Agency Agreement is effective from August 29, 2024, to December 31, 2026, with DP World being a related party due to its status as a major shareholder[146] - Independent non-executive directors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[149] - The auditor has confirmed compliance with the disclosure requirements under the listing rules regarding related party transactions for the fiscal year 2024[150] - No significant contracts were entered into with the controlling shareholder or its subsidiaries during the fiscal year 2024, aside from those disclosed in the financial statements[152] Employee and Director Information - Employee costs for the fiscal year 2024 were approximately HKD 339.2 million, up from HKD 328.6 million in the previous fiscal year, with a workforce increase to 861 employees[59] - Ms. Chen has over 20 years of experience in sales and marketing within the freight forwarding industry, having joined the group in October 2001[64] - Ms. Morandin has over 40 years of experience in the Italian freight forwarding industry and was appointed as an executive director on December 22, 2021[66] - Mr. Di Nello has over 30 years of experience in the Italian freight forwarding industry and has been with the group since May 2012[67] - Mr. Varsamidis was appointed as a non-executive director on September 5, 2024, and has nearly 30 years of experience in financial management[68] - Mr. Lin has over 30 years of experience in accounting and finance and has been an executive director of Oriental Watch Holdings Limited since April 2003[70] - Mr. Chan has over 30 years of experience in private equity management and has been a partner at Hong Kong Sky Horizon Ventures since August 2024[72] Committees and Board Activities - The board has established five committees, including the remuneration committee and nomination committee, to oversee specific matters[184] - The remuneration committee is responsible for recommending the company's remuneration policies and structures to the board[185] - The nomination committee evaluates the board's structure and composition annually to align with the company's corporate strategy[189] - The audit committee held two meetings during the fiscal year 2024, reviewing the annual financial statements and interim financial reports[195] - The governance committee reviews compliance with legal and regulatory requirements, as well as the effectiveness of shareholder communication policies[198]
嘉泓物流(02130) - 2024 - 年度财报