Financial Performance - For the year ended December 31, 2023, revenue was HKD 124,423,000, an increase of 80.1% year-on-year[4] - The profit attributable to shareholders for the year was HKD 13,558,000, compared to a loss of HKD 2,363,000 in 2022[4] - Total comprehensive income for the year was HKD 12,065,000, compared to a total comprehensive expense of HKD 11,877,000 in 2022[4] - Basic and diluted earnings per share for the year were HKD 1.69, compared to a loss of HKD 0.29 in 2022[5] - The company reported a net profit attributable to shareholders of HKD 13,558,000 in 2023, a turnaround from a loss of HKD 2,363,000 in 2022[28] - The company recorded a profit of HKD 13,558,000 for the year ended December 31, 2023, compared to a loss of HKD 2,363,000 for the previous year, marking a significant turnaround[40] Revenue Breakdown - Total revenue for 2023 reached HKD 124,423,000, a significant increase from HKD 69,083,000 in 2022, representing an increase of approximately 80%[17] - Revenue from the construction of tobacco flavoring and fragrance machinery was HKD 102,897,000 in 2023, compared to HKD 55,551,000 in 2022, marking an increase of about 85%[19] - Sales of other products, including the fiber delivery system and water treatment system, generated HKD 21,526,000 in 2023, up from HKD 13,532,000 in 2022, reflecting a growth of approximately 59%[19] - Revenue from the tobacco machinery segment increased approximately 80.1% year-on-year, contributing HKD 102,897,000 or 82.7% of total revenue[40] Asset and Liability Changes - Non-current assets decreased from HKD 28,082,000 in 2022 to HKD 26,082,000 in 2023[6] - Current assets decreased from HKD 230,366,000 in 2022 to HKD 209,435,000 in 2023[6] - Current liabilities decreased from HKD 144,738,000 in 2022 to HKD 110,451,000 in 2023[6] - Total equity increased from HKD 111,321,000 in 2022 to HKD 123,386,000 in 2023[8] - Trade receivables increased to HKD 21,572,000 in 2023 from HKD 9,213,000 in 2022, reflecting a growth of 134.1%[32] - Trade payables decreased to HKD 25,798,000 in 2023 from HKD 36,383,000 in 2022, a reduction of 29.1%[33] Expenses and Income - Other income decreased slightly to HKD 1,545,000 in 2023 from HKD 1,858,000 in 2022, primarily due to a decline in bank interest income[24] - The impairment loss reversal for trade receivables was HKD (322,000) in 2023, compared to HKD (42,000) in 2022, indicating improved receivables management[26] - Sales and distribution costs increased by 30.9% to HKD 10,210,000 due to marketing activities initiated in response to regulatory trends and the end of the COVID-19 pandemic[44] - Administrative expenses for the year ended December 31, 2023, were HKD 16,578,000, a slight decrease of HKD 77,000 or 0.5% compared to 2022[45] - R&D expenses increased to HKD 4,672,000 for the year ended December 31, 2023, up HKD 348,000 or 8.0% from HKD 4,324,000 in 2022[47] - Tax expenses for the year ended December 31, 2023, were HKD 4,360,000, significantly higher than HKD 1,775,000 in 2022, attributed to profits from subsidiaries in China[47] Dividends and Shareholder Returns - The board did not recommend the payment of a final dividend for the year ended December 31, 2023[4] - No dividends were declared or proposed for 2023, consistent with the previous year[29] - The group did not recommend any dividend for the year ended December 31, 2023, consistent with 2022[48] Market and Operational Insights - The company’s primary operations are concentrated in China, with all revenues derived from this market[23] - The warranty period for construction services ranges from one to three years, ensuring compliance with agreed specifications[20] - The tobacco machinery industry is expected to maintain stable growth, supported by the group's technological advancements and market opportunities[49] - The group did not engage in any significant acquisitions or disposals of subsidiaries during the year ended December 31, 2023[55] Cash and Liquidity - The group reported cash and cash equivalents of HKD 86,100,000 as of December 31, 2023, down from HKD 97,195,000 in 2022[52] - Current assets net value increased to HKD 98,984,000 as of December 31, 2023, compared to HKD 85,628,000 in 2022[52] - The group maintained a current ratio of 1.9 and a quick ratio of 1.2 as of December 31, 2023, compared to 1.6 and 0.9 in 2022, respectively[52] - The group had a total employee cost of approximately HKD 19,981,000 for the year ended December 31, 2023, compared to HKD 19,041,000 in 2022[54]
仁恒实业控股(03628) - 2023 - 年度业绩