Financial Performance - Revenue for 2023 was $58,916 thousand, a decrease of 8.5% from $64,124 thousand in 2022[2] - Gross profit increased to $17,025 thousand in 2023, up 11.6% from $15,242 thousand in 2022[2] - Operating profit for the year was $13,964 thousand, down 14.7% from $16,374 thousand in 2022[2] - Net profit for 2023 was $8,497 thousand, a decline of 22.3% compared to $10,931 thousand in 2022[2] - Basic earnings per share decreased to 1.93 cents from 2.48 cents in the previous year[2] - The total comprehensive income for 2023 was $8,516 thousand, compared to $10,848 thousand in 2022[14] - The group reported a pre-tax profit of $8.591 million for 2023, down from $10.932 million in 2022, indicating a decrease of approximately 21.4%[51] - Profit decreased from approximately $10.9 million for the year ending December 31, 2022, by about $2.4 million or 22% to approximately $8.5 million for the year ending December 31, 2023, with a net profit margin dropping from about 17.0% to approximately 14.4%[107] Assets and Liabilities - Total assets as of December 31, 2023, were $187,723 thousand, down from $212,651 thousand in 2022[4] - Total liabilities decreased to $63,356 thousand in 2023 from $80,773 thousand in 2022[16] - The group’s assets as of December 31, 2023, totaled $174,279 thousand, with liabilities amounting to $61,845 thousand[24] - The group’s borrowings and lease liabilities totaled approximately $58.9 million as of December 31, 2023, a decrease of about $16.3 million from approximately $75.2 million as of December 31, 2022, mainly due to repayment of debts from operating income[110] - The net asset value as of December 31, 2023, was approximately $124.4 million, compared to $131.9 million as of December 31, 2022[138] Revenue Sources - Revenue from customer contracts under the Hong Kong Financial Reporting Standard was $19,856 thousand for 2023, down from $30,808 thousand in 2022, representing a decline of 35.7%[21] - Income from other sources, specifically from leasing, increased to $39,060 thousand in 2023, up 17.5% from $33,316 thousand in 2022[21] - Revenue from charter services increased significantly from approximately $22.7 million for the year ended December 31, 2022, to approximately $33.7 million for the year ended December 31, 2023, representing a growth of about $11.0 million or 48.5%[67] - Revenue from time charter and shipping contracts decreased from approximately $30.8 million for the year ended December 31, 2022, to approximately $19.9 million for the year ended December 31, 2023, a decline of about $10.9 million or 35.4%[68] Expenses and Costs - The group recognized a current tax expense of $94,000 in 2023, compared to $1,000 in 2022, showing a significant increase[30] - The group incurred tax expenses of $1.417 million in 2023, compared to $1.804 million in 2022, reflecting a decrease of approximately 21.4%[51] - Administrative expenses decreased by approximately $0.2 million or 4.3% to about $4.4 million for the year ending December 31, 2023, primarily due to a reduction in director compensation[103] - The interest expense on lease liabilities decreased to $574,000 in 2023 from $1,579,000 in 2022, a reduction of 63.7%[30] - Borrowing interest increased to $4,799,000 in 2023 from $3,806,000 in 2022, reflecting a rise of 26.1%[30] Market Outlook and Risks - The group anticipates potential risks in the market for 2024, including reduced demand for crude oil and fluctuations in fuel costs, which could impact profitability[65] - The outlook for the crude oil chartering industry remains positive, with expectations of continued demand growth despite global economic uncertainties[92] - The company expects continued demand for crude oil tanker charter services as global economic growth and infrastructure development progress[93] Corporate Governance and Management - The company has adopted the corporate governance code as per the listing rules and confirmed compliance with all applicable provisions as of December 31, 2023[178] - The board does not recommend the payment of a final dividend for the year ending December 31, 2023[180] - The audit committee has reviewed the group's performance for the year ending December 31, 2023, confirming adherence to applicable accounting principles and sufficient disclosures[161] - The company has established a Strategic Development Committee effective from March 26, 2024[194] - Mr. Chen has been appointed as the Chairman of the Strategic Development Committee[198] Employee and Operational Information - The group employed a total of 41 employees as of December 31, 2023, with 33 in China, 3 in Hong Kong, and 5 in Singapore[147] - The group’s total employee benefits expenses, including director compensation, remained stable at approximately $2.8 million for both the years ending December 31, 2023, and 2022[121] Significant Transactions - The company sold the remaining bulk carrier XYMG Noble for approximately $17.0 million, enhancing operational liquidity and financial position[94] - The group entered into a sale and leaseback transaction on December 15, 2023, involving the sale of the vessel Baustella[149] - On December 22, 2023, the group agreed to sell XYMG Noble for a price of $16,950,000[150]
信源企业集团(01748) - 2023 - 年度业绩