WING ON CO(HK:00289)2024-03-27 08:31Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,056,194,000, an increase of 1.5% from HKD 1,041,028,000 in 2022[3] - Operating profit for the year was HKD 564,593,000, significantly up from HKD 170,619,000 in the previous year, representing a growth of 230.5%[3] - The net profit attributable to shareholders for the year was HKD 123,360,000, compared to a loss of HKD 300,946,000 in 2022, marking a turnaround[3] - Basic and diluted earnings per share for the year were 42.4 cents, compared to a loss of 103.3 cents per share in the previous year[3] - The total comprehensive income for the year was HKD 123,406,000, recovering from a total comprehensive loss of HKD 522,314,000 in 2022[4] Assets and Equity - Non-current assets as of December 31, 2023, amounted to HKD 14,897,770,000, a decrease from HKD 15,234,885,000 in 2022[5] - Current assets increased to HKD 4,354,937,000 from HKD 4,197,833,000 in the previous year, reflecting a growth of 3.7%[5] - The net current assets as of December 31, 2023, were HKD 3,938,971,000, up from HKD 3,772,350,000 in 2022[5] - The total equity attributable to shareholders was HKD 18,355,830,000, slightly down from HKD 18,553,535,000 in the previous year[5] - The accumulated net gain from the fair value of investment properties, after deferred tax, was HKD 11,776,744,000 as of December 31, 2023, compared to HKD 12,131,503,000 in 2022[6] Dividends and Retained Earnings - The company declared dividends totaling HKD 98,794 for the year, which is a decrease from HKD 218,021 paid in the previous year[7] - The retained earnings as of December 31, 2023, were HKD 17,574,290, down from HKD 17,774,219 at the start of the year, indicating a reduction of about 1.13%[7] - Proposed final dividend per share increased to HKD 0.60 in 2023 from HKD 0.15 in 2022, representing a 300% increase[29] Revenue Segmentation - The group's total revenue for 2023 was HKD 1,167,215,000, an increase of 1.3% from HKD 1,151,989,000 in 2022[15] - The department store segment generated revenue of HKD 639,384,000 in 2023, up 5.9% from HKD 603,748,000 in 2022[15] - The property investment segment reported total rental income of HKD 416,810,000 in 2023, compared to HKD 437,280,000 in 2022, reflecting a decrease of 4.7%[15] Expenses and Liabilities - Financial expenses decreased to HKD 483,000 in 2023 from HKD 1,068,000 in 2022, a reduction of 54.8%[16] - The group’s total liabilities for 2023 were HKD 403,133,000, compared to HKD 368,628,000 in 2022, an increase of 9.3%[15] - Total liabilities increased to HKD 1,337,058,000 in 2023 from HKD 1,317,363,000 in 2022, representing a growth of 1.3%[19] Other Income and Tax - The group recorded other income of HKD 139,860,000 in 2023, significantly higher than HKD 77,700,000 in 2022, an increase of 79.9%[16] - The company reported a total tax expense of HKD 54,990,000 in 2023, down from HKD 89,096,000 in 2022, a decrease of 38.4%[26] Strategic Initiatives - The company aims to strengthen its core department store business and enhance rental income from commercial properties as part of its business strategy[40] - The group plans to continue focusing on its current market positioning and aims to provide more value-for-money products and better shopping experiences in 2024[51] - The group has initiated a renovation of its Nathan Road Wing On Plus store, expected to be completed by 2025, to enhance customer shopping experience[46] Shareholder Information - The group repurchased a total of 515,000 shares during the year, with a total payment of HKD 6.5 million[53] - The company will hold its 2024 Annual General Meeting on June 13, 2024, with a notice to be published around April 26, 2024[55] - The current executive directors include the chairman, Mr. Guo Zhi Liang, and the CEO, Mr. Guo Zhi Hang, among others[57]