Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 143,566,000, representing an increase of 13.93% compared to HKD 125,965,000 for the year ended December 31, 2022[5]. - The company reported a net loss of HKD 4,157,000 for the year ended December 31, 2023, compared to a profit of HKD 14,047,000 in the previous year, indicating a significant decline in profitability[5]. - The company reported a loss before tax of HKD 4,157,000 for the year ending December 31, 2023, compared to a profit of HKD 14,047,000 in 2022[40]. - The group recorded a net loss of approximately HKD 4,157,000 and total comprehensive expenses of about HKD 4,578,000 for the year ended December 31, 2023, compared to a net profit of approximately HKD 14,047,000 for the previous year[77]. - Total revenue for the year ending December 31, 2023, increased by approximately HKD 17,601,000 or 14.0% to about HKD 143,566,000 compared to the previous year[49]. Revenue Breakdown - Revenue from recruitment services in Hong Kong decreased to HKD 67,873,000 in 2023 from HKD 78,150,000 in 2022, a decline of about 13.3%[29]. - Revenue from dispatch and payroll services in Hong Kong increased significantly to HKD 56,005,000 in 2023 from HKD 23,429,000 in 2022, marking a growth of approximately 139%[29]. - Revenue from recruitment services decreased, primarily due to adjustments in the job market supply and demand dynamics in Hong Kong and Mainland China[65]. - Recruitment service revenue in Hong Kong decreased by approximately HKD 10,277,000 or 13.2% to approximately HKD 67,873,000 for the year ended December 31, 2023, down from approximately HKD 78,150,000 for the year ended December 31, 2022[66]. - Recruitment revenue from mainland China decreased by approximately HKD 5,434,000 or 24.7% to about HKD 16,551,000 for the year ending December 31, 2023[56]. Employee Costs - Employee costs increased to HKD 119,613,000 from HKD 88,201,000, reflecting a rise of 35.66% year-on-year[5]. - Total employee costs rose to HKD 119,613,000 in 2023 from HKD 88,201,000 in 2022, reflecting an increase in salaries and benefits[35]. - Employee costs, including director remuneration, were approximately HKD 119,613,000 for the year, up from approximately HKD 88,201,000 in 2022[90]. Assets and Liabilities - Total assets decreased to HKD 68,639,000 as of December 31, 2023, down from HKD 75,627,000 in 2022, showing a decline of 9.66%[7]. - The company's cash and cash equivalents decreased to HKD 34,668,000 from HKD 42,734,000, a reduction of 18.93%[7]. - The total equity decreased to HKD 61,229,000 in 2023 from HKD 65,807,000 in 2022, representing a decline of 6.93%[8]. - The company’s non-current assets decreased to HKD 11,847,000 from HKD 16,045,000, a decline of 26.06%[7]. - The company’s current liabilities decreased to HKD 17,574,000 from HKD 21,850,000, a reduction of 19.93%[7]. Other Income and Expenses - The company reported other income of HKD 1,324,000, down from HKD 2,419,000, indicating a decrease of 45.49%[5]. - Other income decreased to HKD 1,324,000 in 2023 from HKD 2,419,000 in 2022, with significant drops in government subsidies from HKD 2,116,000 to HKD 233,000 and investment income from HKD 41,000 to HKD 21,000[32]. - Total other expenses and losses increased by approximately HKD 6,031,000 or 27.1%, reaching about HKD 28,289,000 for the year ended December 31, 2023[74]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM listing rules for the year ending December 31, 2023[99]. - The financial statements for the year ending December 31, 2023, have been reviewed and confirmed by the auditor, Debo CPA Limited[100]. - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements and the annual performance announcement[103]. - The board of directors includes three executive directors and three independent non-executive directors, ensuring a balanced governance structure[105]. Future Outlook and Strategy - The company aims to expand its operations in mainland China and Southeast Asia, with a focus on becoming a leading HR service provider in these regions[46]. - The company plans to establish an office in Shanghai in 2024 to capture new business opportunities and expand its market coverage in Mainland China[57]. - The company intends to maintain a healthy cash flow and manage liquidity prudently while enhancing its internal marketing teams in Hong Kong, Mainland China, and Singapore[60]. - The company recognizes the significant potential in the human resources services market in Hong Kong, Mainland China, and Southeast Asia, with plans to consider expansion into other cities under suitable conditions[59]. - The company is committed to creating long-term value and enhancing corporate social value as a listed company and human resources service provider[60].
高奥士国际(08042) - 2023 - 年度业绩