Financial Performance - Total revenue for the year ended December 31, 2022, was approximately HKD 405.99 million, a decrease of about 15.38% from HKD 479.76 million in 2021[7]. - Operating profit for the same period was approximately HKD 23.44 million, down about 22.41% from HKD 30.21 million in 2021, primarily due to a reduction in the number of public housing contracts[7]. - Basic and diluted earnings per share for the year were HKD 0.0265, compared to HKD 0.0318 in 2021[8]. - Profit attributable to owners decreased from approximately HKD 25.46 million for the year ended December 31, 2021, to approximately HKD 21.18 million for the year ended December 31, 2022[29]. - Net profit for the year was HKD 21,180,000, a decline of 16.5% compared to HKD 25,457,000 in 2021[183]. - Total comprehensive income for the year was HKD 23,556,000, slightly down from HKD 23,888,000 in 2021, a decrease of 1.4%[184]. Dividends - The board proposed a final dividend of HKD 0.0075 per share, totaling HKD 6.00 million, down from HKD 12.00 million in 2021[8]. - The company declared an interim dividend of HKD 0.0075 per share, totaling HKD 6.00 million for the year ended December 31, 2022, compared to no dividend in 2021[30]. - The proposed final dividend for the same period is also HKD 0.0075 per share, amounting to HKD 6.00 million, compared to HKD 12.00 million in 2021[117]. - The company paid dividends totaling HKD 18,000,000 in 2022, compared to HKD 12,000,000 in 2021, representing a 50% increase in dividend payouts[191]. Revenue Sources - Total revenue from the Housing Authority, the company's sole and most significant client, was approximately HKD 405.99 million, accounting for nearly 100% of total revenue[131]. - Other income increased from approximately HKD 2.07 million in 2021 to about HKD 11.02 million in 2022, mainly due to pandemic relief subsidies received from the Hong Kong government[17]. - The company faced a significant reliance on five major suppliers, which accounted for approximately 81.57% of cleaning material costs[131]. Employee and Operational Costs - Employee benefit expenses totaled approximately HKD 368.89 million for the year ended December 31, 2022, a decrease of about 9.44% from HKD 407.35 million in 2021, accounting for approximately 90.86% of the group's revenue[19]. - The group employed 1,339 employees as of December 31, 2022, a significant reduction from 2,264 employees in 2021, indicating a workforce reduction of approximately 40.9%[44]. - Cleaning materials costs decreased by 20.63% to approximately HKD 4.81 million for the year ended December 31, 2022, compared to HKD 6.06 million in 2021, mainly due to a reduction in public housing contracts[22]. - Other operating expenses were approximately HKD 15.07 million for the year ended December 31, 2022, down about 5.58% from HKD 15.96 million in 2021[23]. Financial Position - The current ratio improved to 3.85 times as of December 31, 2022, from 3.20 times as of December 31, 2021, primarily due to a decrease in other payables and accrued liabilities[34]. - The total equity increased to approximately HKD 150.29 million as of December 31, 2022, from HKD 144.74 million in 2021[31]. - The company’s total liabilities decreased from HKD 64,553,000 in 2021 to HKD 51,692,000 in 2022, a reduction of about 19.9%[186]. - Cash and cash equivalents dropped significantly from HKD 40,915,000 in 2021 to HKD 11,387,000 in 2022, representing a decrease of about 72.1%[191]. Governance and Compliance - The board of directors emphasizes the importance of transparency and accountability for the company as a listed entity, adhering to the corporate governance code since its listing[64]. - The company has maintained compliance with all provisions of the corporate governance code as of December 31, 2022[64]. - The company has established a framework for effective management and business development through good corporate governance practices[64]. - The company has adopted a board diversity policy since its listing date, focusing on measurable goals related to gender, age, race, knowledge, and tenure[86]. Risk Management - The company emphasizes the importance of effective risk management for long-term business development[96]. - The company has identified significant risks related to fraud or error that could lead to material misstatements in the financial statements[178]. - The risk management framework aims to identify and manage risks at an acceptable safety level, utilizing a three-tiered approach[97]. Audit and Internal Controls - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2022, in accordance with applicable financial reporting standards[164]. - The audit committee reviewed the audited consolidated financial statements and confirmed compliance with applicable disclosure requirements[162]. - The company has not established an independent internal audit department but has engaged an external consulting firm for internal control advisory[96]. Strategic Initiatives - The company anticipates strong demand for public housing in Hong Kong, which is expected to drive the expansion of property management services[9]. - The group plans to implement proactive marketing strategies and enhance cost control measures to overcome challenges in the property management sector[13]. - The company is focused on expanding its property management portfolio by seizing opportunities from both public and private sectors in residential and/or commercial properties[10].
雅居投资控股(08426) - 2022 - 年度财报