Financial Performance - The company's total revenue for the year 2023 was $208,138,000, a decrease of 4.8% from $218,188,000 in 2022[10] - Gross profit for 2023 was $43,752,000, compared to $40,592,000 in 2022, reflecting an increase of 5.3%[19] - The net profit attributable to shareholders for 2023 was $14,879,000, up from $10,345,000 in 2022, representing a growth of 43.5%[19] - Total comprehensive income attributable to shareholders rose from $7,071 thousand in 2022 to $13,335 thousand in 2023, an increase of about 88%[29] - The company reported a total income from other sources of $3,410 thousand in 2023, compared to $2,632 thousand in 2022, marking an increase of about 30%[34] - The company reported a net loss of $21 thousand from the sale/write-off of property, plant, and equipment in 2023, compared to a loss of $14 thousand in 2022[36] - Basic earnings per share increased from 0.92 cents in 2022 to 1.33 cents in 2023, reflecting a rise of 0.41 cents[84] Revenue Sources - Sales of outdoor and sports bags amounted to $159,849,000 in 2023, slightly up from $157,176,000 in 2022[4] - Revenue from the United States was $73,359,000 in 2023, down from $92,566,000 in 2022, indicating a decline of 20.7%[16] - Major customer A contributed $81,646,000 to total revenue in 2023, an increase from $76,507,000 in 2022[13] - The outdoor and sports category remains the core segment, accounting for over 76% of total revenue[118] Assets and Liabilities - Non-current assets in mainland China decreased to $17,328,000 in 2023 from $19,658,000 in 2022[12] - Non-current assets decreased from $46,658 thousand in 2022 to $42,136 thousand in 2023, a decline of approximately 9%[21] - Current assets increased from $143,173 thousand in 2022 to $153,556 thousand in 2023, an increase of about 7%[21] - Total liabilities decreased from $42,840 thousand in 2022 to $43,158 thousand in 2023, showing a slight increase of about 0.7%[21] - The total value of non-current liabilities decreased from $5,373 thousand in 2022 to $3,583 thousand in 2023, a reduction of approximately 33%[23] - The net asset value increased from $141,618 thousand in 2022 to $148,951 thousand in 2023, representing a growth of approximately 5%[23] Expenses - Administrative expenses for the year were approximately $17.6 million, representing about 8.5% of total revenue, up from 7.6% in 2022[83] - Research and development expenses were $2,311 thousand in 2023, slightly down from $2,357 thousand in 2022[36] - Sales and distribution expenses for the year were approximately $11.0 million, a decrease of about $1.3 million or 10.5% due to reduced shipment volumes and a general decline in global shipping costs[118] Dividends and Shareholder Returns - The proposed final dividend for 2023 is 5.0 Hong Kong cents per share, up from 4.2 Hong Kong cents per share in 2022[39] - The board has proposed a final dividend of HK$0.05 per share to shareholders listed on the register as of June 28, 2024[123] Market and Operational Insights - The company expects continued cautious order placements from customers in the short term due to macroeconomic uncertainties[43] - The production capacity in Vietnam and Cambodia accounted for over 90% of the group's total production capacity, as sales to the Chinese market fell below 10% of total sales[81] - The company faced foreign exchange risks due to its procurement and operational costs being primarily denominated in RMB, VND, and USD, while most sales proceeds were received in USD[105] Employee and Workforce - The group had approximately 8,500 employees as of December 31, 2023, compared to about 7,500 employees in 2022[59] Other Financial Metrics - Bank interest income significantly increased from $418 thousand in 2022 to $1,638 thousand in 2023, a rise of approximately 291%[34] - Government grants decreased from $133 thousand in 2022 to $25 thousand in 2023, a decline of about 81%[34] - Rental income from investment properties remained stable, with fixed payments slightly increasing from $807 thousand in 2022 to $816 thousand in 2023[34] - Cost of goods sold decreased to $160,856 thousand in 2023 from $172,796 thousand in 2022, representing a reduction of approximately 6.9%[36] - Total sales volume decreased from approximately 20.8 million units in 2022 to about 19.4 million units in the current year, representing a decline of approximately 1.4 million units or 6.9%[118] - The average selling price per unit slightly increased from $10.5 to $10.7, offsetting some of the sales volume decline[118]
其利工业集团(01731) - 2023 - 年度业绩