Financial Performance - Revenue for the six months ended June 30, 2023, was HK$44,179,000, a slight decrease of 0.82% compared to HK$44,544,000 in the same period of 2022[18]. - Profit before income tax for the period was HK$32,507,000, compared to HK$32,721,000 in the previous year, reflecting a decrease of 0.65%[18]. - Profit attributable to owners of the Company for the period was HK$27,410,000, which is nearly unchanged from HK$27,426,000 in the prior year[18]. - Basic and diluted earnings per share remained stable at 6.9 HK cents for both 2023 and 2022[18]. - The company reported a total comprehensive income of HK$27,410,000 for the six months ended June 30, 2023[25]. Expenses and Income - Administrative expenses for the period were HK$10,935,000, slightly lower than HK$10,952,000 in the previous year[18]. - Other income increased significantly to HK$533,000 from HK$233,000, marking an increase of 128.76%[18]. - Impairment losses increased to HK$993,000 from HK$500,000, indicating a rise of 98.6%[18]. - Finance costs decreased to HK$277,000 from HK$604,000, a reduction of 54.1%[18]. - Income tax expense for the period was HK$5,097,000, down from HK$5,295,000, reflecting a decrease of 3.74%[18]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HK$908,026,000, a decrease of 3.8% from HK$943,941,000 as of December 31, 2022[21]. - Current assets increased to HK$538,825,000, up 2.3% from HK$527,634,000 at the end of 2022[21]. - Cash and cash equivalents significantly rose to HK$108,504,000, a 111.9% increase from HK$51,156,000 at the end of 2022[21]. - Total liabilities decreased significantly to HK$15,796,000, a reduction of 73.1% from HK$58,721,000 at the end of 2022[22]. - Non-current assets decreased to HK$369,201,000, down 11.3% from HK$416,307,000 at the end of 2022[21]. Cash Flow - For the six months ended June 30, 2023, cash generated from operations was HK$124,861,000, compared to a cash used in operations of HK$22,125,000 in the same period of 2022[30]. - Net cash generated from operating activities was HK$122,078,000, a significant improvement from a net cash used of HK$22,571,000 in the prior year[30]. - Cash and cash equivalents at the end of the period increased to HK$108,504,000 from HK$28,152,000 at the end of June 2022, representing a net increase of HK$57,348,000[30]. - The company reported a net cash used in financing activities of HK$65,263,000, compared to HK$31,519,000 in the previous year, reflecting increased financing activities[30]. Dividends - The company declared dividends of HK$20,400,000 related to the year ended December 31, 2022[25]. - Dividend paid to equity holders was HK$20,400,000, slightly down from HK$21,200,000 in the same period last year[30]. - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[84]. Loans and Credit Risk - As of June 30, 2023, loans receivable amounted to HK$781,401,000, down from HK$871,527,000 as of December 31, 2022, indicating a decrease of approximately 10.35%[87]. - The provision for impairment losses of loans receivable totaled HK$6,539,000 as of June 30, 2023, compared to HK$5,761,000 as of December 31, 2022, reflecting an increase of approximately 13.48%[87]. - The ageing analysis of interest receivables shows that over 90 days receivables increased significantly to HK$5,553,000 from HK$2,068,000, indicating a rise of 168.5%[101]. - The Group's maximum credit risk exposure for loans and interest receivables is reflected in their carrying amounts, which are subject to impairment provisions[96]. Market and Economic Outlook - The Hong Kong economy is expected to continue its post-pandemic recovery in the second half of 2023, although growth may slow due to high interest rates and a challenging global economic environment[174]. - The Group anticipates that the growth of its loan portfolio may be constrained by subdued loan demand and higher funding costs, and will implement stringent cost control measures to maintain profitability[179]. - The property market in Hong Kong showed a mild recovery, but the trend was short-lived due to continued interest rate hikes and a challenging external economic environment[128]. Shareholding Structure - As of June 30, 2023, Blossom Spring holds 300,000,000 shares, representing 75% of the issued share capital of the company[200]. - Mr. Wong Tai Wai, as the spouse of Ms. Jin, is also deemed to be interested in 300,000,000 shares, equating to 75% of the issued share capital[200]. - Ms. Jin is considered to have an interest in all shares held by Blossom Spring due to the Securities and Futures Ordinance (SFO)[200].
环球信贷集团(01669) - 2023 - 中期财报