Financial Performance - Revenue for the year ended December 31, 2023, was HKD 283,671,000, an increase of 3.5% from HKD 273,713,000 in 2022[2] - Gross profit for the same period was HKD 235,457,000, compared to HKD 230,797,000 in the previous year, reflecting a slight increase[2] - Profit before tax decreased to HKD 332,203,000, down 28.4% from HKD 464,146,000 in 2022[2] - Net profit for the year was HKD 248,907,000, a decline of 32.9% from HKD 371,261,000 in the prior year[2] - Earnings per share for the year was HKD 21.44, down from HKD 31.59 in 2022, representing a decrease of 32.1%[2] - The total comprehensive income for the year was HKD 243,006,000, compared to a loss of HKD 117,052,000 in 2022[38] Revenue Sources - The company plans to continue expanding its service offerings in property management and serviced apartments, which contributed HKD 202,192,000 in revenue[51] - Revenue from external customers in Hong Kong increased to HKD 121,991 thousand from HKD 108,208 thousand, a growth of about 12.9%[79] - Revenue from external customers in Mainland China decreased to HKD 161,680 thousand from HKD 165,505 thousand, a decline of approximately 2.2%[79] - Revenue from serviced apartments and property management services was HKD 34,500,000 in 2023, down from HKD 36,682,000 in 2022, a decrease of about 6%[91] - Rental income from leased properties was HKD 202,192,000 in 2023, slightly up from HKD 201,945,000 in 2022, indicating a growth of approximately 0.12%[92] - Dividend income from listed equity investments increased to HKD 46,824,000 in 2023 from HKD 35,086,000 in 2022, a growth of about 33.6%[92] Assets and Liabilities - The total equity attributable to shareholders increased to HKD 8,016,431,000 from HKD 7,882,112,000 in the previous year[40] - Total non-current assets rose to HKD 11,396,026 thousand from HKD 11,279,062 thousand, representing an increase of about 1.04%[59] - Cash and cash equivalents decreased to HKD 452,539 thousand from HKD 571,242 thousand, a decline of approximately 20.8%[59] - The total liabilities decreased to HKD 3,305,184 thousand from HKD 3,446,642 thousand, showing a reduction of about 4.1%[87] - The net current assets increased significantly to HKD 637,772 thousand from HKD 59,478 thousand, indicating a substantial improvement[59] - The equity attributable to non-controlling interests increased to HKD 1,845,385 thousand from HKD 1,772,081 thousand, reflecting a growth of about 4.1%[60] Investment and Fair Value - The fair value change of investment properties amounted to HKD 141,400 thousand, compared to HKD 391,636 thousand in the previous year, indicating a significant decrease[52] - The net change in fair value of investment properties was HKD 141,400,000 in 2023, significantly lower than HKD 391,636,000 in 2022, reflecting a decrease of approximately 64%[92] - The group recorded a fair value net gain of approximately HKD 43,000,000 from equity investments in 2023, compared to a loss of HKD 56,000,000 in 2022[152] Costs and Expenses - Financing costs increased to HKD 79,983 thousand from HKD 37,350 thousand, reflecting a rise of approximately 114%[53] - The pre-tax profit for 2023 was impacted by employee benefits expenses totaling HKD 32,495,000, compared to HKD 30,595,000 in 2022, an increase of about 6.2%[105] - The total tax expense for the year amounted to HKD 83,296,000, a decrease from HKD 92,885,000 in the previous year[140] Government Support and Legal Matters - The group recognized government subsidies related to COVID-19 amounting to HKD 397,000,000, all associated with the Hong Kong government's employment support scheme[95] - The group is currently involved in legal proceedings regarding compensation for land recovery in Zhuhai, which is expected not to significantly impact its operations[151] Other Financial Metrics - The group received tax refunds of approximately HKD 8,721,000 in 2023, up from HKD 6,389,000 in 2022, representing a growth of about 36.4%[104] - Interest income from bank deposits rose to HKD 16,820,000 in 2023 from HKD 9,203,000 in 2022, marking an increase of approximately 82%[107] - The proposed final dividend for 2023 is HKD 16,721,000, consistent with the previous year[141] - The group has not issued any potential dilutive ordinary shares as of the end of the reporting period[134] Liquidity and Investments - As of December 31, 2023, the group held high liquidity equity investments amounting to approximately HKD 803 million, an increase from HKD 761 million as of December 31, 2022, representing a growth of 5.5%[159] - The group has not held any collateral or implemented other credit enhancement measures for its trade receivables[135] - Trade receivables decreased significantly to HKD 3,537,000 in 2023 from HKD 9,915,000 in 2022[135] Future Developments - The group is currently awaiting feedback and approval from multiple government departments regarding a proposed land use adjustment for residential development in the Zhuhai Qianshan project to expedite relocation progress[177]
万事昌国际(00898) - 2023 - 年度业绩