Financial Performance - For the year ended December 31, 2023, the company reported revenue of HKD 714,129,000, representing a 12% increase from HKD 636,535,000 in 2022[4] - The profit attributable to equity holders for the same period was HKD 58,390,000, a 19% increase compared to HKD 49,218,000 in 2022[4] - Basic earnings per share rose to HKD 4.38 from HKD 3.69 in the previous year[5] - The company's operating profit for the year was HKD 62,605,000, up from HKD 57,783,000 in 2022[5] - The net profit attributable to equity holders for 2023 was HKD 58,390,000, representing a 18.6% increase from HKD 49,218,000 in 2022[25] - Profit attributable to equity holders increased by approximately 18.7% to HKD 58,400,000, up from HKD 49,200,000 in the same period last year[33] Revenue Breakdown - Revenue from construction materials trading, primarily pipes and fittings, for the year ended December 31, 2023, was HKD 714,129,000, an increase of 12.2% from HKD 636,535,000 in 2022[18] - Revenue from Hong Kong increased to HKD 637,052,000 in 2023, up 12.5% from HKD 565,702,000 in 2022[18] - The company recorded a revenue of approximately HKD 714,100,000 for the year, an increase of 12.2% compared to HKD 636,500,000 in the previous year[33] Assets and Liabilities - Total assets increased to HKD 950,129,000 in 2023, compared to HKD 902,372,000 in 2022[9] - Total equity rose to HKD 729,781,000, up from HKD 671,671,000 in the previous year[11] - The company’s total liabilities decreased to HKD 220,348,000 from HKD 230,701,000 in 2022[11] - Trade receivables increased to HKD 188,649,000 in 2023, compared to HKD 152,744,000 in 2022, marking a growth of 23.5%[28] Financial Income and Expenses - The company reported a net financial income of HKD 6,239,000, significantly up from HKD 459,000 in 2022[5] - The total tax expense for 2023 was HKD 10,454,000, an increase from HKD 9,024,000 in 2022[23] - The cost of goods sold for 2023 was HKD 512,443,000, compared to HKD 449,904,000 in 2022, indicating an increase of 13.9%[21] - Total operating expenses for 2023 were HKD 652,719,000, up from HKD 582,816,000 in 2022, reflecting an increase of 11.9%[21] - The company’s sales and distribution costs increased by 21.8% to HKD 24,000,000, primarily due to higher promotional expenses and transportation costs[38] - Financial income rose by 103.1% to HKD 13,000,000, driven by increased bank deposit interest rates[38] Inventory and Cash Management - The company’s inventory decreased to HKD 217,326,000 from HKD 243,703,000 in 2022[9] - The company’s cash and bank balances increased to HKD 228,138,000 from HKD 206,487,000 in the previous year[9] - The company’s cash and bank balances amounted to approximately HKD 275,200,000, an increase from HKD 252,500,000 in the previous year[41] Corporate Governance and Compliance - The company confirmed full compliance with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[49] - All directors confirmed compliance with the standard code regarding securities transactions for the year ending December 31, 2023[51] - The audit committee, composed of four independent non-executive directors, reviewed the annual accounts, and the figures in the preliminary announcement were consistent with the audited financial statements[50] Employee and Operational Updates - As of December 31, 2023, the group employed 164 full-time employees, an increase from 155 in 2022, with total employee benefit expenses amounting to approximately HKD 75,900,000, up from HKD 65,700,000 in 2022[46] - The company opened a new store in Tsuen Wan to expand market coverage and improve customer service[34] - The company successfully launched several new products, including OPAL copper pipes and a full range of valves, enhancing its market competitiveness[33] Dividends and Shareholder Relations - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with 2022[26] - The board of directors did not recommend the distribution of a final dividend for the year ending December 31, 2023, consistent with the previous year[47] - The company did not repurchase any shares during the year, nor did it buy or sell any shares of the company or its subsidiaries[48] - The company expressed gratitude to shareholders, customers, suppliers, and banks for their continued support and trust[53] Other Income - Other income decreased to approximately HKD 1,200,000 from HKD 4,100,000 in the previous year, primarily due to the absence of government pandemic relief funding[37] Market Outlook - The company anticipates continued growth in the Hong Kong construction industry due to ongoing government investments in housing and infrastructure projects[40]
中国管业(00380) - 2023 - 年度业绩