Financial Performance - For the year ended December 31, 2024, the Group recorded a revenue of approximately HK$131,256,000, a year-on-year decrease of 14.2% compared to HK$152,950,000 in the previous financial year[15]. - The loss attributable to the equity shareholders of the Company was approximately HK$6,861,000, compared to a profit of approximately HK$680,000 in 2023[15]. - The Group's revenue decreased by approximately HK$21,694,000 or 14.2% to approximately HK$131,256,000 for the year ended December 31, 2024, primarily due to a suspension of a project in Tuen Mun[31]. - The Group's gross profit decreased by approximately HK$5,825,000 or 30.3% to approximately HK$13,382,000 for the year ended December 31, 2024, with a gross profit margin decline from approximately 12.6% to 10.2%[37]. - The cost of services decreased by approximately HK$15,869,000 or 11.9% to approximately HK$117,874,000 for the year ended December 31, 2024, compared to approximately HK$133,743,000 for the previous year[36]. - The total staff costs for the year ended December 31, 2024, were approximately HK$26,098,000, down from approximately HK$32,157,000 in 2023[88]. Assets and Liabilities - Current assets decreased to HK$134,840,000 in 2024 from HK$170,597,000 in 2023, reflecting a decline of 21%[12]. - Non-current assets decreased to HK$1,661,000 in 2024 from HK$2,116,000 in 2023, a reduction of 21.5%[12]. - Current liabilities decreased to HK$15,381,000 in 2024 from HK$20,364,000 in 2023, a decrease of 24.5%[12]. - The net assets of the Group were HK$120,967,000 in 2024, down from HK$151,828,000 in 2023, representing a decline of 20.4%[12]. - The Group's net current assets were approximately HK$119,459,000 as of December 31, 2024, down from approximately HK$150,233,000 in 2023[63][69]. - The quick ratio improved to approximately 8.7 times as of December 31, 2024, compared to approximately 8.3 times in 2023[63][69]. - The Group's gearing ratio was approximately 0.7% as of December 31, 2024, down from 1.0% in 2023[66][72]. Market Conditions and Future Outlook - The Group's operations faced challenges due to sluggish property transactions and a weak property market, impacting revenue generation[16]. - The construction industry in Hong Kong is expected to gradually recover, which may benefit the Group's operations moving forward[17]. - The property value threshold for levying the Stamp Duty will be raised from HK$3 million to HK$4 million effective February 26, 2025, which may positively influence the market[17]. - The Group aims to maintain relationships with suppliers and customers while exploring potential development opportunities to enhance future profitability[18]. - Competition is expected to remain keen, with profit margins tightening due to rising labor and operating costs[58][62]. Dividends and Shareholder Information - A special dividend of HK2.40 cents per ordinary share was declared on July 25, 2024, while no final dividend was recommended for the year ended December 31, 2024[48][54]. - The Group does not have a fixed dividend policy, and future dividends will depend on various factors including operations, earnings, and cash flow position[154]. - The Board has approved a special dividend of HK2.40 cents per ordinary share for the year ended 31 December 2024, compared to no dividend in 2023[153]. - The Company will hold its Annual General Meeting on June 5, 2025[159]. Management and Governance - The Group's overall strategy planning, business development, and corporate management are primarily overseen by Mr. Tony Cheung and Mr. Gary Cheung[103]. - The Group's management team is responsible for significant contract approvals, investment decisions, and senior management appointments[106]. - The combined experience of the management team exceeds 100 years in the air-conditioning and engineering services sector, positioning the Group for future growth[106]. - The Board received annual confirmations of independence from all independent non-executive Directors and considers them to be independent[188]. Risks and Compliance - The Group faces risks such as reliance on major customers and fluctuations in revenue and profit margins due to various factors[150]. - There were no material breaches of laws and regulations that significantly impacted the Group's business and operations during the year[140]. - The Group currently does not have a foreign currency hedging policy due to insignificant foreign currency risk exposure[87]. - The Group's monetary assets and liabilities are primarily denominated in Hong Kong dollars, minimizing foreign exchange risk[86]. Customer and Supplier Concentration - For the year ended December 31, 2024, 35.3% of the Group's revenue was generated from the largest customer, while the five largest customers accounted for 99.5% of total revenue[186]. - The largest supplier represented approximately 22.4% of the total direct costs, with the five largest suppliers accounting for 46.1%[186].
万顺集团控股(01746) - 2024 - 年度财报