Financial Performance - The rental income for the year ended December 31, 2024, was approximately HKD 25,400,000, an increase from HKD 23,400,000 in 2023, primarily due to a rise in overall property portfolio occupancy rates [8]. - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 25,383,000, an increase of 8.3% compared to HKD 23,437,000 in 2023 [32]. - The gross profit for the same period was HKD 19,380,000, reflecting a gross margin of approximately 76.4% [32]. - The company reported a net loss of HKD 37,919,000 for the year, compared to a loss of HKD 40,816,000 in 2023, indicating a narrowing of losses [32]. - The company incurred a loss from continuing operations before tax of HKD 35,439,000, an improvement from a loss of HKD 38,068,000 in the previous year [32]. - Total comprehensive loss attributable to shareholders for 2024 was HKD 37,929,000, slightly improved from HKD 40,753,000 in 2023 [128]. - The basic and diluted loss per share for 2024 was HKD 0.0977, an improvement from HKD 0.1051 in 2023 [127]. Financial Position - As of December 31, 2024, the group's cash and cash equivalents were approximately HKD 8,200,000, a significant decrease from HKD 159,000,000 in 2023 [11]. - Total assets decreased to HKD 1,636,266,000 from HKD 1,815,307,000 in 2023, representing a decline of approximately 9.9% [34]. - Total liabilities also decreased to HKD 210,247,000 from HKD 343,596,000, marking a reduction of about 38.7% [34]. - The company's net assets as of December 31, 2024, were HKD 1,426,019,000, down from HKD 1,471,711,000 in 2023 [132]. - The group had a net current liability of approximately HKD 158,051,000, slightly up from HKD 155,942,000 in 2023 [149]. Cash Flow - Operating cash flow before changes in working capital was HKD 14,329,000, up from HKD 13,210,000 in 2023, indicating an increase of about 8.5% [139]. - Net cash inflow from operating activities was HKD 10,287,000, down from HKD 12,212,000 in 2023, reflecting a decrease of approximately 15.8% [139]. - The company experienced a net cash outflow from investing activities of HKD 14,075,000, compared to a net inflow of HKD 971,000 in 2023, indicating a significant change in investment strategy [139]. - Cash and cash equivalents at the end of the year were HKD 8,167,000, a decrease from HKD 158,992,000 at the beginning of the year, representing a decline of approximately 94.9% [141]. - The net cash outflow from financing activities was HKD 146,872,000, compared to HKD 27,962,000 in 2023, indicating a substantial increase in financing costs [141]. Business Strategy and Outlook - The group plans to expand its business and invest in real estate development in Malaysia, actively seeking opportunities to acquire quality properties and land reserves for sustained long-term growth [17]. - The residential leasing market remains slightly resilient due to demand from high-income groups, although the office and retail markets in Hong Kong are expected to face complex challenges in 2025 [17]. - The company continues to explore market expansion opportunities and new product development strategies [28]. Corporate Governance - The board of directors has confirmed compliance with relevant laws and regulations, with no significant violations reported during the review year [37]. - The company has adhered to the corporate governance code principles and rules throughout the fiscal year ending December 31, 2024 [72]. - The board consists of three executive directors and four independent non-executive directors, with independent directors accounting for over one-third of the total board members [76]. - The company has arranged directors and officers liability insurance, which is reviewed annually [77]. - The board believes that effective corporate governance practices are essential for maintaining stakeholder trust and long-term value creation [71]. Risk Management - The company has confirmed the effectiveness and adequacy of its risk management and internal control systems for the fiscal year ending December 31, 2024 [97]. - The audit committee is responsible for overseeing the financial reporting process of the group [121]. - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error [122]. Environmental and Social Responsibility - The company has implemented various policies and measures to reduce its environmental impact and promote sustainability [36]. Shareholder Information - The proposed final dividend is HKD 0.006 per share, in addition to an interim dividend of HKD 0.008 per share, totaling HKD 0.014 per share for the fiscal year [30]. - The company declared dividends totaling HKD 7,763,000 for the year, consistent with prior year distributions [136].
东方兴业控股(00430) - 2024 - 年度财报