Financial Performance - For the fiscal year ending December 31, 2024, the group reported total revenue of approximately HKD 99 million, an increase of about HKD 1.8 million compared to the previous fiscal year[9]. - The group recorded a net loss of approximately HKD 4.2 million for the fiscal year ending December 31, 2024, a significant improvement from a net loss of approximately HKD 20.3 million in the previous year[9][13]. - The company's revenue increased from approximately HKD 97.2 million for the year ended December 31, 2023, to approximately HKD 99.0 million for the year ended December 31, 2024, representing a growth of about 1.9%[21]. - The cost of sales rose from approximately HKD 83.8 million to approximately HKD 98.7 million, an increase of about 17.7%[22]. - The gross profit decreased significantly to approximately HKD 0.3 million, down about 97.8% from approximately HKD 13.3 million, with the gross margin dropping to approximately 0.3% from about 13.7%[23]. - Other income and gains increased from approximately HKD 0.3 million to approximately HKD 3.7 million, primarily due to machinery rental income[24]. - Administrative and other operating expenses rose to approximately HKD 17.5 million, an increase of about 19.9% from approximately HKD 14.6 million, mainly due to higher employee costs[25]. - The company recorded a loss attributable to owners of approximately HKD 4.2 million for the year ended December 31, 2024, compared to a loss of approximately HKD 20.3 million for the previous year[28]. - As of December 31, 2024, the company's cash and bank balances were approximately HKD 2.7 million, down from approximately HKD 4.8 million as of December 31, 2023[30]. - The total debt, including borrowings and lease liabilities, was approximately HKD 9.9 million as of December 31, 2024, significantly reduced from approximately HKD 25.6 million[31]. - The capital debt ratio was approximately 19.9% as of December 31, 2024, a decrease from approximately 60.9% in the previous year[32]. Business Strategy and Operations - The group plans to adopt a prudent and strategic approach to leverage industry expertise and resources to strengthen core business and explore new growth opportunities[10]. - The construction industry continues to face challenges such as rising costs and supply chain disruptions, yet the group has managed to consolidate its market position[9]. - The company aims to provide sustainable value to shareholders by adapting to the changing market environment[10]. - The group focuses on optimizing business operations and improving efficiency as part of its forward-looking strategy[9]. - The company is involved in foundation engineering contracting, site preparation subcontracting, and alcohol beverage trading in China[12]. - The company is focusing on maintaining stable operations in its core business in Hong Kong while actively adjusting its business strategy to adapt to the growing demand in the mainland China's beverage trade market[14]. Corporate Governance - The board expresses gratitude to shareholders, customers, business partners, and employees for their support and trust[10]. - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024, similar to the previous year[43]. - The company has established a remuneration committee to review the remuneration policy and structure for directors and senior management based on the group's performance and market practices[97]. - The board consists of seven members, with three independent non-executive directors, exceeding the requirement of at least one-third independence as per GEM Listing Rules[119]. - The company has implemented a board diversity policy to enhance performance quality, considering various factors such as gender, age, and professional experience[120][123]. - The nomination policy ensures that the board possesses the necessary skills, experience, and diverse perspectives relevant to the company's business[130]. - The independent non-executive directors have confirmed their independence, complying with GEM Listing Rules[119]. - The company has purchased liability insurance for directors and senior management to cover potential legal liabilities arising from their duties[116]. - The roles of the chairman and CEO are maintained separately to enhance independence and accountability[142]. - The board's composition includes one female executive director, contributing to gender diversity[128]. Environmental, Social, and Governance (ESG) Initiatives - The company remains committed to corporate social responsibility, emphasizing safety, health, and environmental sustainability as integral to its operations[9]. - The group emphasizes the importance of combining economic goals with social and environmental responsibilities for long-term value creation[9]. - The ESG report reflects the company's performance in environmental management and social responsibility for the period from January 1, 2024, to December 31, 2024[169]. - The company has identified key ESG issues and performance indicators relevant to its main business activities in Hong Kong[170]. - The board is responsible for ensuring the effectiveness of the company's ESG policies and has established a dedicated team to manage ESG matters[171]. - The company aims to create sustainable value for stakeholders while minimizing its negative environmental impact[171]. - The company is committed to reducing greenhouse gas emissions through various environmental policies and measures[179]. - The company has implemented procedures to manage wastewater in compliance with the Water Pollution Control Ordinance[181]. - The company aims to minimize emissions from construction sites, including air pollutants, noise, wastewater, and waste[180]. - The company is closely monitoring changes in environmental laws and regulations to ensure compliance and mitigate legal risks[179]. Employee and Workforce Management - The total employee cost for the year ending December 31, 2024, is approximately HKD 37.1 million, compared to HKD 28.5 million for the previous year, reflecting an increase of about 30%[44]. - The total number of full-time employees in Hong Kong and China is 32, down from 80 in the previous year[44]. - The company has not reported any significant violations of environmental laws during the reporting period[184]. - The company has implemented measures to educate employees on reducing emissions, including avoiding vehicle use during peak hours and encouraging public transport[183]. Risk Management - The company has established risk management procedures, including annual risk identification and assessment, to provide reasonable assurance against significant errors or fraud[157]. - The company aims to manage, rather than eliminate, risks that may prevent achieving business objectives, providing reasonable assurance against material misstatements or losses[158]. - The company has a structured approach to risk management, including risk identification, assessment, and mitigation strategies[158]. - The board is responsible for overseeing the internal control and risk management systems, conducting annual reviews of their effectiveness[156]. - The company has established an internal control system that has been reviewed and deemed effective by the audit committee and independent consultants[159]. - The company does not have an internal audit function due to the effectiveness of its internal control system, which is regularly reviewed by the audit committee and board[159].
基地锦标集团(08460) - 2024 - 年度财报