Financial Performance - The company achieved a revenue of HKD 454,250,000 for the year, a decrease of 14.9% compared to HKD 533,759,000 in 2022[29]. - Revenue from mainland China decreased by HKD 125,170,000, representing a decline of 37.7% due to ongoing challenges in the real estate sector[29]. - The company signed 188 new contracts with external clients, valued at approximately HKD 744,758,000, a decrease of 25.1% from HKD 557,812,000 in 2022[28]. - The backlog of contracts as of December 31, 2023, was approximately HKD 1,393,992,000, down 8.5% from HKD 1,523,790,000 in 2022[28]. - The annual gross profit for the continuing operations was HKD 58,542,000, a decrease of 18.0% from HKD 71,423,000 in 2022, with gross margins of 12.9% and 13.4% respectively[32]. - The annual loss for 2023 was HKD 19,080,000, compared to a loss of HKD 11,136,000 in 2022, with losses attributable to the company's owners amounting to HKD 21,240,000 in 2023 versus HKD 18,797,000 in 2022[35]. - The annual service cost for continuing operations was HKD 395,780,000, a reduction of 14.4% from HKD 462,336,000 in 2022[30]. Market Expansion and Opportunities - In 2023, the company faced unprecedented challenges, but managed to maintain and slightly expand its market share through diverse project types and revenue sources[11]. - The company reported a significant increase in project numbers in Macau, benefiting from new local government policies and gaming licenses, with expectations for further revenue growth in the next 12 months[12]. - The company celebrated its fifth anniversary in the Middle East and North Africa region, highlighting growth and innovation in delivering projects like agricultural eco-tourism resorts and Abu Dhabi port[13]. - The company is actively seeking new investment opportunities, particularly in medical technology projects aimed at transferring healthcare technology to mainland China[14]. - The company aims to leverage opportunities in the Greater Bay Area, focusing on economic growth and innovation, while promoting green smart building development in key markets[40]. - The Vision 2030 plan in Saudi Arabia is expected to create significant opportunities in the real estate sector, emphasizing sustainability and self-sufficiency[41]. - The company has expanded its business scope to Southeast Asia and the Middle East, enhancing market penetration and diversification[48]. Sustainability and Innovation - The company is committed to digital transformation and sustainable development practices, aiming to accelerate global sustainable transformation despite current market challenges[41]. - The company emphasizes sustainable practices and has implemented various policies to monitor environmental, social, and governance (ESG) performance[98]. - The company has implemented the ISO 14001 environmental management system and has been certified since 2018, focusing on systematic prevention and mitigation of adverse environmental impacts[107]. - The company has adopted Modular Integrated Construction (MiC) technology, significantly improving construction productivity and sustainability since 2019[108]. - The company aims to reduce carbon emissions by improving energy efficiency and complying with applicable environmental laws and regulations[113]. - The company has received multiple awards for its green building projects, including the Quality Building Award and the Hong Kong Green Building Council's Environmental Building Award[118]. - The company is committed to integrating sustainable development into its business strategy and operations, aiming to create long-term value for the community[125]. Corporate Governance and Management - The company adheres to good corporate governance practices, ensuring responsible decision-making and transparency in shareholder communications[168]. - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance with regulatory requirements[169]. - The company focuses on maintaining high standards of business ethics and governance across all operations, with training programs for new employees on compliance standards[171]. - The board consists of nine members, including six executive directors and three independent non-executive directors, ensuring a balanced skill set and diversity[176]. - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee to oversee specific areas of governance[190]. - The company emphasizes the importance of a diverse board to enhance performance quality, considering various factors such as gender, age, and professional qualifications[198]. Employee Engagement and Development - The company has a strong presence in Greater China, with offices in major cities including Hong Kong, Shenzhen, Beijing, Guangzhou, Shanghai, Chongqing, Xiamen, and Macau[99]. - The company employs approximately 710 full-time employees as of December 31, 2023, a decrease from approximately 1,130 in 2022[70]. - The employee turnover rate for management was low, indicating high employee satisfaction and engagement[133]. - The company maintained a gender diversity ratio of 63% male and 37% female in 2023, with a notable increase in female representation in senior management positions[134]. - The percentage of trained employees was 21% for senior management and 56% for general employees, reflecting a commitment to professional development[136]. - The company actively recruits graduates from renowned universities, hiring over 10 interns in the past year to support various teams[128]. Community and Stakeholder Engagement - The company emphasizes the importance of community investment through participation in community programs and donations[106]. - The company is committed to creating value for the community and environment, not just for shareholders, through its business decisions[102]. - The company actively participates in environmental protection and community welfare initiatives, including beach clean-ups and tree planting activities[159]. - The company encourages employee health and wellness through participation in charity runs and fitness challenges, with over 2.4 million participants in the Dubai Fitness Challenge[165]. Risk Management and Compliance - The company engages with stakeholders to understand their expectations and concerns regarding business development strategies and risk management[103]. - The company has implemented measures to promote environmental and social risk identification within its supply chain management practices[128]. - The company has not reported any significant non-compliance incidents related to environmental protection during the reporting period[110]. - The company has not identified any violations of bribery, extortion, fraud, or money laundering laws during the reporting period[155].
思城控股(01486) - 2023 - 年度财报