Financial Performance - The company reported revenue of approximately $309.9 million for 2024, a decrease of about 41% compared to $526.1 million in 2023[5]. - Gross profit for the year was approximately $5.2 million, down from $9.9 million in 2023[5]. - The company recorded a net loss of approximately $0.3 million in 2024, compared to a net profit of $2.4 million in 2023[5]. - Revenue from iron ore transportation services was approximately $26.6 million, a year-on-year decrease of about 36% from approximately $41.7 million in 2023[13]. - Total revenue for the year ended December 31, 2024, was $309,937 thousand, a decrease of 41.2% compared to $526,119 thousand in 2023[187]. - Gross profit for 2024 was $5,190 thousand, down 47.8% from $9,946 thousand in 2023[187]. - The company reported a pre-tax loss of $274,000 for 2024, a significant decrease from a profit of $2,619,000 in 2023[195]. - Operating cash flow before changes in working capital was $3,095,000, down from $7,400,000 in the previous year, indicating a decline of approximately 58.1%[195]. Assets and Liabilities - The total assets decreased to $71.4 million in 2024 from $109.2 million in 2023[8]. - As of December 31, 2024, total assets were approximately $71.4 million, down from approximately $109.2 million in 2023[14]. - Total liabilities decreased to approximately $41.4 million, a reduction of about $37.4 million from approximately $78.8 million in 2023[14]. - Current liabilities also decreased to $41,108 thousand in 2024 from $78,834 thousand in 2023, a decline of 47.8%[189]. - The company's equity total was $29,982 thousand as of December 31, 2024, down from $30,339 thousand in 2023[190]. Market Conditions - The company faced challenges due to weak downstream steel demand and macroeconomic pressures, impacting overall performance[5]. - The iron ore market is expected to face downward pressure in 2025 due to weak domestic steel demand in China and increased port inventories[28]. - The group anticipates continued volatility in iron ore demand and market prices, influenced by China's economic recovery and government stimulus measures[28]. Operational Highlights - The company sold approximately 2.9 million tons of iron ore during the reporting period, a decline of about 33% from 4.3 million tons in 2023[12]. - The average Platts IODEX price for iron ore was approximately $109 per ton during 2024, down from $136 per ton in December 2023[11]. - The average iron ore grade during the reporting period was approximately 65%, remaining stable compared to the same period last year[13]. - During the transition period at Koolan, the shipping rate temporarily decreased, and the iron grade dropped to an average of approximately 63%[13]. Governance and Board Structure - The board consists of seven directors, including two executive directors, one non-executive director, and four independent non-executive directors[34]. - The company has appointed at least three independent non-executive directors, meeting the requirement of one-third of the board's composition[36]. - The nomination committee is responsible for reviewing the board's structure, composition, and diversity, and making recommendations for changes to align with the company's strategy[43]. - The company has established mechanisms to ensure independent viewpoints and opinions are available to the board, including direct consultations with senior management and external experts[37]. - The board held a total of five meetings and one annual general meeting during the fiscal year 2024 to review and approve financial and operational performance[57]. Risk Management and Internal Controls - The board has reviewed the effectiveness of the group's risk management and internal control systems for the fiscal year 2024, covering financial, operational, ESG, and compliance matters[76]. - The risk management department regularly conducts internal audits to ensure the effectiveness of risk management and internal controls[79]. - The audit committee is responsible for reviewing the financial reporting system and ensuring the adequacy and effectiveness of the internal audit function[86]. - The group has established a comprehensive risk management and internal control framework consistent with the guidelines issued by the Hong Kong Institute of Certified Public Accountants[79]. Shareholder Communication and Dividends - The company is committed to ensuring shareholder rights and interests by presenting individual resolutions for significant matters at the shareholders' meeting[102]. - The company has adopted a dividend policy allowing shareholders to receive declared dividends, subject to the board's discretion based on business conditions, cash flow, financial performance, and other relevant factors[102]. - The company reported no final dividend for the fiscal year 2024, consistent with the previous year[126]. - The company expects not to declare any dividends in years without distributable profits[103]. Employee and Social Responsibility - The company has maintained a close relationship with employees, providing attractive compensation and development opportunities, while also ensuring a fair and safe workplace[140]. - The company is committed to enhancing environmental protection and has established green office guidelines to improve employee awareness and capabilities regarding environmental issues[138]. - The group made charitable donations of approximately $8,000 during the reporting period, down from $13,000 in 2023[166].
新矿资源(01231) - 2024 - 年度财报