域高国际控股(01621) - 2025 - 年度业绩

Financial Highlights and Results Announcement Financial Highlights For the fiscal year ended March 31, 2025, the company's revenue, gross profit, and net profit all declined year-over-year, primarily due to falling oil prices FY2025 Results Summary | Indicator | Year Ended March 31, 2025 | Year Ended March 31, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HK$1,544.8 million | HK$1,595.1 million | -3.2% | | Gross Profit | HK$45.9 million | HK$48.3 million | -5.0% | | Net Profit | HK$12.3 million | HK$16.9 million | -27.1% | - The Board of Directors does not recommend the payment of a final dividend for the year ended March 31, 2025[4] Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income During the reporting period, revenue was HK$1.545 billion, a year-over-year decrease of 3.2%, while profit before tax and net profit for the year also declined significantly Key Data from Consolidated Statement of Profit or Loss (HK$ thousands) | Item | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,544,763 | 1,595,083 | -3.2% | | Gross Profit | 45,912 | 48,339 | -5.0% | | Profit Before Tax | 15,422 | 21,336 | -27.7% | | Profit for the Year | 12,346 | 16,933 | -27.1% | | Basic Earnings Per Share (HK cents) | 1.23 | 1.69 | -27.2% | Consolidated Statement of Financial Position As of March 31, 2025, the company's net assets grew by 5.6% to HK$232 million, with improved liquidity as net current assets increased to HK$109 million Key Data from Consolidated Statement of Financial Position (HK$ thousands) | Item | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 128,964 | 131,193 | -1.7% | | Current Assets | 158,323 | 141,977 | +11.5% | | Current Liabilities | 48,967 | 49,772 | -1.6% | | Non-current Liabilities | 5,951 | 3,375 | +76.3% | | Net Assets (Total Equity) | 232,369 | 220,023 | +5.6% | Notes to the Consolidated Financial Statements General Information and Accounting Policies The company is an investment holding company primarily engaged in selling diesel oil and providing fleet card services, with newly adopted accounting standards having no material impact - The Group is principally engaged in the sale of diesel oil, lubricant oil, and other products, as well as the provision of fleet card services[8] - During the year, the Group adopted several revised Hong Kong Financial Reporting Standards issued by the HKICPA, which had no material impact on the consolidated financial statements[10][12] Revenue and Segment Information The company's revenue is dominated by diesel sales in Hong Kong, which constitute 95.1% of the total, and exhibits a high degree of customer concentration Revenue by Major Product (HK$ thousands) | Product/Service | 2025 | % of Total | 2024 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Sale of diesel oil | 1,468,987 | 95.1% | 1,511,507 | 94.8% | | Provision of fleet card services | 30,985 | 2.0% | 33,475 | 2.1% | | Sale of lubricant oil | 39,319 | 2.5% | 44,427 | 2.8% | | Sale of other products | 5,472 | 0.4% | 5,674 | 0.3% | | Total | 1,544,763 | 100% | 1,595,083 | 100% | - Geographically, the vast majority of revenue, 99.7%, is derived from Hong Kong[21] - Revenue from four major customers (A, B, C, and D) accounted for 66.3% of the Group's total revenue, indicating a high level of customer concentration[22] Key Profit or Loss Items Other income, finance costs, and income tax expense all decreased year-over-year due to factors including reduced rental income and lower taxable profits Other Income, Finance Costs, and Income Tax Expense (HK$ thousands) | Item | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Other income | 1,739 | 2,806 | -38.0% | | Finance costs | (1,186) | (1,456) | -18.5% | | Income tax expense | (3,076) | (4,403) | -30.1% | Earnings Per Share and Dividends For the year ended March 31, 2025, basic and diluted earnings per share decreased to 1.23 HK cents, and the Board does not recommend a final dividend Calculation of Earnings Per Share | Item | 2025 | 2024 | | :--- | :--- | :--- | | Earnings (HK$ thousands) | 12,346 | 16,933 | | Weighted average number of ordinary shares (shares) | 1,000,000,000 | 1,000,000,000 | | Basic and diluted earnings per share (HK cents) | 1.23 | 1.69 | - The Board of Directors does not recommend the payment of a final dividend for the year ended March 31, 2025[28] Key Balance Sheet Items Net trade receivables decreased to HK$36.36 million, with a significant reduction in overdue amounts over 90 days, indicating improved collections Aging Analysis of Trade Receivables (Net of Impairment, HK$ thousands) | Aging | 2025 | 2024 | | :--- | :--- | :--- | | 0 to 30 days | 35,620 | 41,945 | | 31 to 60 days | 391 | 495 | | 61 to 90 days | 12 | 33 | | Over 90 days | 333 | 3,541 | | Total | 36,356 | 46,014 | - Trade payables increased from HK$275 thousand to HK$509 thousand, with the entire balance aged within 0 to 30 days[33] Management Discussion and Analysis Business Review and Outlook The decline in FY2025 performance was mainly due to lower oil prices, and the company plans to pursue growth through overseas expansion and digital enhancement - The decrease in profit was primarily due to falling oil prices, which directly impacted revenue, leading to a significant decline in overall profitability[37] - Looking ahead, management maintains a cautiously optimistic outlook but notes adverse factors such as weak consumer sentiment, shelved public projects, and geopolitical uncertainties[38] - To pursue new growth, the Group is actively seeking opportunities to expand its lubricant business into selected overseas markets and will enhance its digital capabilities and sustainability efforts[39] Financial Review This section analyzes revenue and cost changes, where a 3.2% revenue drop due to oil prices, despite higher sales volumes, led to a 27.1% decline in net profit Revenue Analysis Despite a 9.5% increase in diesel sales volume, revenue from this core segment fell by 2.8% due to lower oil prices, with other segments also seeing revenue declines - Diesel sales volume increased by approximately 9.5% from 269.7 million liters to 295.3 million liters, but the corresponding revenue decreased by 2.8% to HK$1,469 million due to falling oil prices[41] - Lubricant oil sales volume increased by approximately 17.6% to 2.0 million liters, but the related revenue decreased by 11.5% to HK$39.3 million[42] - Revenue generated from fleet card services decreased by 7.5% to HK$31.0 million[43] Cost, Gross Profit, and Expense Analysis Cost of sales moved in line with revenue, maintaining a 3.0% gross margin, while increases in operating expenses were partially offset by lower finance costs - Cost of sales decreased by approximately 3.1% year-on-year, largely in line with the revenue trend, and the gross profit margin remained stable at 3.0%[46][47] - Selling and distribution expenses increased by 13.6% year-on-year, primarily due to an increase in commission expenses[48] - Administrative expenses increased by 8.9% year-on-year, mainly due to changes in the impairment of trade and other receivables[49] - Finance costs decreased by 18.5% year-on-year, mainly due to the progressive completion of finance lease agreements[50] Profitability Analysis Net profit for the period decreased by 27.1% from HK$16.9 million to HK$12.3 million, with the net profit margin declining from 1.1% to 0.8% Changes in Profit and Net Profit Margin | Indicator | This Period | Corresponding Period | Change | | :--- | :--- | :--- | :--- | | Net Profit | Approx. HK$12.3 million | Approx. HK$16.9 million | -27.1% | | Net Profit Margin | 0.8% | 1.1% | -0.3pp | Liquidity, Capital Resources, and Risk Management The company maintains a solid liquidity position with improved ratios, a healthy gearing ratio of 23.6%, and minimal exposure to foreign exchange risk Key Financial Ratios | Indicator | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | HK$109.4 million | HK$92.2 million | | Current Ratio | 3.2 | 2.9 | | Gearing Ratio | 23.6% | 24.2% | - The Group primarily finances its operations through cash generated from operating activities, as well as interest-bearing bank borrowings and overdrafts[58] - The Group believes it has no significant US dollar foreign exchange risk and its operating cash flows are not subject to foreign exchange volatility[63] Corporate Governance and Other Information Corporate Governance and Compliance The company complied with the Corporate Governance Code during the reporting period, and the Audit Committee has reviewed the annual results - The Board believes that the Company has complied with all code provisions of the Corporate Governance Code during the period[65] - The Audit Committee has reviewed the Group's accounting principles, risk management, internal controls, and the consolidated annual results for the period[67] Shareholder Information The Board does not recommend a final dividend for the year ended March 31, 2025, and the Annual General Meeting is scheduled for September 10, 2025 - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025 (2024: Nil)[55] - The Company plans to hold its 2025 Annual General Meeting on September 10, 2025[56]