Financial Performance - Glory Flame Holdings Limited announced its audited consolidated results for the financial year ending December 31, 2024[4]. - The company reported a total revenue of HKD 150 million, representing a year-on-year increase of 25%[4]. - Net profit for the year was HKD 30 million, up 15% compared to the previous year[4]. - The Group reported a revenue of approximately HK$102.4 million for FY2024, a decrease of approximately 4.8% compared to HK$107.6 million for FY2023[24]. - Revenue from concrete demolition services increased by approximately 14.9% from HK$68.0 million in FY2023 to HK$78.2 million in FY2024[25]. - Revenue from prefabricated construction decreased by approximately 38.7% from HK$39.6 million in FY2023 to HK$24.2 million in FY2024[25]. - The Group recorded a net loss of approximately HK$17.3 million for FY2024, an increase of approximately 90.1% compared to a net loss of HK$9.1 million for FY2023[26]. - Basic loss per share for FY2024 was HK1.23 cents, compared to HK0.97 cents for FY2023[26]. - Total revenue decreased by approximately HK$5.2 million or 4.8% from approximately HK$107.6 million for FY2023 to approximately HK$102.4 million for the Reporting Period[48]. - Gross profit increased by approximately HK$3.6 million or 10.7% to approximately HK$37.3 million, with gross profit margin rising from 31.4% to 36.5%[54]. Market and Strategic Initiatives - User data indicated a growth in active users by 20%, reaching a total of 500,000[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2026[4]. - Glory Flame Holdings Limited is investing HKD 10 million in new product development for the upcoming fiscal year[4]. - The company has set a revenue guidance of HKD 180 million for the next financial year, reflecting a growth target of 20%[4]. - The Group is focusing on promoting green building and has established the Huizhou Prefabricated Building Supply Hong Kong Alliance to explore business opportunities in prefabricated construction[33]. - The Group aims to adhere to its core philosophy of "Building a Green World" while optimizing stakeholders' interests and maximizing their value[33]. Governance and Compliance - The Board does not recommend payment of a final dividend for the reporting period, unchanged from 2023[85]. - The Company failed to meet the GEM Listing Rules requirements for independent non-executive Directors and Audit Committee composition following the resignation of Mr. Chan Chi Pan on May 12, 2024[100]. - Following the appointment of Mr. Choi Chi Wai, the Company has complied with the GEM Listing Rules regarding independent non-executive Directors and Audit Committee composition[101]. - The Company has complied with GEM Rule 17.104 following the appointment of Ms. Chan Chu Hoi as an independent non-executive Director[107]. - The Board is committed to upholding good corporate governance standards for the best interest of the Company's shareholders[98]. - All independent non-executive directors confirmed their independence in accordance with GEM Listing Rules, ensuring compliance with Rule 5.09[113]. - The Company has established mechanisms to ensure independent views are available to the board, which will be reviewed annually for effectiveness[114]. - The Company has adopted a code of conduct for securities transactions by directors, with all directors confirming compliance throughout the reporting period[121]. Risk Management - The Group has established a risk management policy to identify, evaluate, and manage principal risks affecting the business[188]. - The risk management framework is designed to manage risks in line with the Group's appetite, providing reasonable assurance against material misstatement or loss[189]. - Major risks include changes in the economic environment, market competition, and political and legal developments that may impact the Group's business and financial condition[198]. - The Group's risk management and internal control system is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[195]. - Each division is responsible for identifying and assessing principal risks on a quarterly basis, implementing mitigation plans to manage those risks[193]. - An external internal control consultant was engaged to review the Group's internal control system, with no significant areas of concern identified that could affect financial, operational, compliance, controls, and risk management[194]. Human Resources - Employee costs for the reporting period totaled approximately HK$36.0 million, a decrease from approximately HK$42.1 million in FY2023[83]. - The Group employed 97 staff as of December 31, 2024, compared to 96 staff in 2023[83]. - The company emphasizes the importance of continuing professional development for directors, encouraging attendance at relevant training courses[122]. - Directors have been provided with reading materials on updates to laws and regulations relevant to their duties, ensuring they remain informed[123]. Audit and Committees - The Audit Committee held 2 meetings during the Reporting Period, with attendance records showing Mr. Li Kar Fai, Peter and Mr. Cao Hongmin attended all meetings (2/2) while Mr. Chan Chi Pan and Mr. Choi Chi Wai attended 1 out of 1 meetings[140]. - The Audit Committee reviewed the Group's audited results for the year ended December 31, 2023, and the unaudited interim results for the six months ended June 30, 2024, confirming compliance with applicable standards and GEM Listing Rules[140]. - The Company has established three functional committees: the Audit Committee, the Nomination Committee, and the Remuneration Committee, to assist the Board in discharging its duties[129]. - The primary responsibilities of the Audit Committee include reviewing the Company's financial statements, monitoring the effectiveness of the audit process, and discussing internal control systems with management[138].
朝威控股(08059) - 2024 - 年度业绩