Financial Performance - For the six months ended September 30, 2023, the company's revenue was approximately HKD 257.8 million, an increase of 9.8% compared to HKD 234.7 million in the same period of 2022[9]. - Gross profit for the same period was HKD 60.9 million, representing a 20.4% increase from HKD 50.6 million year-on-year[9]. - Net profit decreased by 14.8% to approximately HKD 17.8 million, down from HKD 20.9 million in the previous year[9]. - Operating profit decreased to HKD 21,157,000, down 13.0% from HKD 24,448,000 in the previous year[45]. - The company's profit attributable to owners for the six months ended September 30, 2023, was HKD 17,272,000, a decrease of 15.0% from HKD 20,297,000 in the same period of 2022[100]. - Basic earnings per share for the six months ended September 30, 2023, was HKD 4.3, down from HKD 5.1 in the previous year, reflecting a decline of 15.7%[100]. Revenue Breakdown - Retail business revenue increased to approximately HKD 127.3 million, up from HKD 118.1 million, reflecting a growth of about 9.2%[11]. - Distribution business revenue was approximately HKD 130.5 million, an increase from HKD 116.6 million, indicating a significant recovery post-COVID-19[16]. - For the six months ended September 30, 2023, total revenue was HKD 257,846,000, with distribution business contributing HKD 130,503,000 and retail business contributing HKD 127,343,000[79]. - Distribution business revenue was HKD 130,503,000, up from HKD 116,561,000, representing a growth of 11.9%[89]. - Retail business revenue increased to HKD 127,343,000 from HKD 118,110,000, marking a rise of 7.4%[89]. Expenses and Costs - Selling and distribution expenses were approximately HKD 19.0 million, an increase of about 8.6% from approximately HKD 17.5 million in the same period of 2022[24]. - Administrative expenses were approximately HKD 20.1 million, reflecting an increase of about 4.7% from approximately HKD 19.2 million in the same period of 2022[25]. - Employee benefit expenses increased to HKD 55,766,000 from HKD 50,313,000, representing a rise of 10.9%[94]. - Depreciation of property, plant, and equipment decreased to HKD 2,442,000 from HKD 4,854,000, a decline of 49.7%[94]. - Total expenses related to short-term leases amounted to HKD 8,549,000 for the six months ended September 30, 2023, compared to HKD 8,358,000 in 2022, reflecting an increase of approximately 2.3%[123]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.025 per share, with a payout ratio of approximately 58.1% of the profit attributable to shareholders[9]. - The interim dividend declared on November 27, 2023, is HKD 0.025 per share, totaling HKD 10,000,000, consistent with the previous year's dividend[101]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 269,529,000, a slight increase from HKD 267,673,000 as of March 31, 2023[49]. - Total liabilities decreased to HKD 103,483,000 from HKD 118,986,000, indicating improved financial stability[49]. - Cash and cash equivalents at the end of the period were HKD 58,717,000, down from HKD 75,630,000 at the beginning of the period[54]. - Trade receivables from third parties increased to HKD 65,860,000 as of September 30, 2023, up 21.1% from HKD 54,434,000 as of March 31, 2023[110]. - Trade payables decreased to HKD 16,550,000 as of September 30, 2023, down from HKD 19,541,000 as of March 31, 2023, a reduction of 15.2%[116]. Corporate Governance - Major shareholders include ACAC Investment Limited, SCSC Holdings Limited, and CCST Investment Limited, each holding 25.0% (100,000,000 shares) of the company's total issued shares[153]. - The company emphasizes high standards of corporate governance, adhering to the principles of the corporate governance code as of September 30, 2023[157]. - The roles of Chairman and CEO are held by the same individual, Mr. Chen Jinquan, to enhance agility and efficiency in business strategy formulation and execution[157]. - The board consists of four executive directors and three independent non-executive directors, ensuring a high level of independence[159]. Financial Risks and Litigation - The group continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since the last reporting date[71][72]. - The company is involved in ongoing litigation regarding a supply agreement for masks, with potential claims amounting to HKD 27,186,000 from the supplier, which includes HKD 9,750,000 for delivered masks[142]. - Management believes that the supplier's claims are unfounded and expects to prevail in the litigation, with no additional provisions required for the remaining claim amounts[143].
宾仕国际(01705) - 2024 - 中期财报