Financial Performance - For the fiscal year ending December 31, 2023, the total revenue of Grand Power Logistics Group Limited was approximately HKD 825.7 million, representing an increase of about 22.4% compared to HKD 674.4 million in the fiscal year 2022[16]. - The air freight forwarding services generated revenue of HKD 813.7 million, accounting for 98.5% of total revenue, while sea freight forwarding services contributed HKD 12.0 million, or 1.5%[17]. - The air cargo transshipment segment's revenue increased by approximately 35.8% to about HKD 813,700,000 in the fiscal year 2023, compared to approximately HKD 599,300,000 in fiscal year 2022[19]. - The sea cargo transshipment segment's revenue significantly decreased by approximately 84.0% to about HKD 12,000,000 in fiscal year 2023, down from approximately HKD 75,100,000 in fiscal year 2022[20]. - Service costs rose by approximately 19.5% to about HKD 773,600,000 in fiscal year 2023, compared to approximately HKD 647,100,000 in fiscal year 2022[21]. - Gross profit increased by approximately 91.5% to about HKD 52,100,000 in fiscal year 2023, with a gross margin of approximately 6.3%, up from 4.0% in fiscal year 2022[23]. - The net loss for the group decreased significantly from approximately HKD 27,600,000 in fiscal year 2022 to about HKD 1,500,000 in fiscal year 2023[30]. - Trade receivables increased by approximately 56.5% to about HKD 217,200,000 as of December 31, 2023, compared to approximately HKD 138,800,000 as of December 31, 2022[34]. - Interest-bearing borrowings increased to approximately HKD 53,500,000 as of December 31, 2023, up from approximately HKD 24,500,000 as of December 31, 2022[36]. - The total employee cost for the fiscal year 2023 is approximately HKD 21,100,000, compared to HKD 19,100,000 in fiscal year 2022, reflecting an increase of about 10.5%[49]. - The company reported a total revenue of approximately HKD 28,310,000 as of December 31, 2023, a decrease from HKD 30,438,000 in the previous year[82]. Governance and Compliance - The board of directors confirmed that the financial information presented is accurate and complete, with no misleading elements or omissions[4]. - The company is subject to the GEM listing rules, which cater to small and medium-sized enterprises with higher investment risks[6]. - The board of directors includes experienced professionals, ensuring effective governance and oversight of the company's operations[11]. - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance with all applicable code provisions for the fiscal year 2023, with some deviations noted[131]. - The board has established a governance framework to review and monitor compliance with legal and regulatory requirements[144]. - The company has implemented additional internal control measures to ensure compliance with applicable laws and regulations, including GEM listing rules[177]. - The company has engaged external legal advisors to provide guidance on compliance with GEM listing rules[183]. - The company has adopted a code of conduct for securities trading, ensuring compliance with the GEM listing rules, with all directors confirming adherence during the fiscal year 2023[157]. - The board has received annual confirmations of independence from all independent non-executive directors, ensuring compliance with GEM listing rules[145]. - The company has established procedures for shareholders to propose matters for discussion at general meetings[194]. - The company’s articles of association were revised and adopted on May 31, 2023, to comply with relevant GEM listing rules[195]. Strategic Initiatives and Market Expansion - Grand Power Logistics Group Limited is committed to expanding its market presence in the logistics sector, particularly in air and sea freight services[15]. - The company aims to enhance its logistics services, including cargo retrieval, port handling, and local transportation, to meet customer demands[15]. - The company aims to strengthen its market position in Hong Kong and China by purchasing more cargo space to meet customer demand[53]. - The group plans to expand its reach to potential Chinese customers and improve its cargo space acquisition capabilities through closer cooperation with airlines[53]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 10% market share within the next two years[56]. - A strategic acquisition of a regional logistics firm is in progress, which is expected to enhance service capabilities and increase market presence[56]. Risk Management and Internal Controls - The company has implemented risk management and internal control systems to identify and mitigate existing risks[110]. - The board is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[177]. - The management will regularly assess customer credit ratings to minimize the risk of defaults and cash flow mismatches[183]. - The company has a robust anti-corruption policy to ensure compliance with relevant laws and regulations, including the Prevention of Bribery Ordinance[182]. - Risk management strategies have been enhanced, with a focus on compliance and financial controls to mitigate potential market fluctuations[56]. Employee and Board Diversity - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, with a gender ratio of approximately 14% female representation[150][147]. - The company has 43 full-time employees, with a gender ratio of approximately 1 male to 1.05 females, indicating a balanced gender diversity[150]. - The board has adopted a diversity policy to ensure a balanced mix of skills, experience, and perspectives among its members, with measurable targets set for diversity[147]. - The company is committed to promoting gender diversity at all levels, including senior management, and will continue to invest resources in the career development of female employees[150]. - The board will continue to seek opportunities to increase the proportion of female board members as suitable candidates are identified[148]. Shareholder Communication and Dividends - The company has adopted a shareholder communication policy to ensure timely and transparent communication with shareholders[189]. - The company has complied with the principles and regulations of the shareholder communication policy during the fiscal year 2023[191]. - The board of directors did not recommend any final dividend for the fiscal year 2023, consistent with the previous fiscal year[76]. - The company maintains a dividend policy that ensures sufficient cash reserves to meet operational needs and future business growth[75]. - The company’s cash reserves are evaluated against financial performance, cash flow, and overall business conditions when considering dividend payments[75]. Operational Efficiency and Technology - The company reported a significant increase in operational efficiency, leading to a 15% reduction in operational costs year-over-year[56]. - The company has invested $5 million in research and development for new technologies aimed at improving delivery efficiency[56]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on expanding the logistics technology platform[56]. Board Committees and Meetings - The company has established four board committees: audit, remuneration, nomination, and financial reporting, to oversee specific aspects of the group's affairs[159]. - The audit committee conducted four meetings in fiscal year 2023, reviewing the audited consolidated financial statements and assessing the effectiveness of internal controls[162][164]. - The remuneration committee held one meeting during the fiscal year 2023, discussing director remuneration and the salary range for senior management[166]. - The nomination committee is responsible for evaluating the board's structure and composition, and it consists of three independent non-executive directors[167]. - The board held a total of four meetings in the fiscal year, with all members attending each meeting[153]. Auditor and Financial Reporting - The company appointed Tianzhi Hong Kong CPA Limited as its auditor starting November 16, 2023, following the resignation of Ernst & Young on the same date[119]. - The audit fees for the fiscal year 2023 amounted to HKD 750,000 for audit services and HKD 59,000 for non-audit services, totaling HKD 809,000[184]. - The company’s financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards and reflect a true and fair view of the group's financial position as of December 31, 2023[200].
裕程物流(08489) - 2023 - 年度业绩