MIRAMAR HOTEL(HK:00071)2024-04-24 09:22Financial Performance - The group's total revenue for 2023 was HKD 2,552 million, an increase of 84.7% compared to HKD 1,382 million in 2022[17]. - Profit attributable to shareholders rose to HKD 977 million, up 103.5% from HKD 480 million in the previous year[17]. - Basic earnings per share increased to HKD 1.19, compared to HKD 0.76 in 2022, reflecting a 56.8% growth[14]. - The total revenue for the hotel and serviced apartment business reached HKD 581.9 million, an increase of 82.8% compared to HKD 318.4 million in the previous year[22]. - The overall revenue for the restaurant business increased by 61.3%, significantly outperforming the average growth of 26.1% in the Hong Kong dining industry[34]. - The group's travel business revenue rebounded strongly to HKD 896.1 million, with EBITDA of HKD 46.7 million, compared to HKD 90.6 million and a loss of HKD 13.3 million in the same period last year[35]. - Total revenue for the year reached HKD 2.553 billion, an increase of 84.7% compared to 2022[44]. - Shareholders' profit attributable to the company was HKD 977 million, reflecting a growth of 103.5% year-over-year[44]. Business Segments Performance - Revenue from the hotel and serviced apartment business reached HKD 582 million, significantly up from HKD 318 million in 2022[9]. - The restaurant business generated revenue of HKD 279 million, compared to HKD 173 million in the previous year[9]. - The travel business saw a substantial increase in revenue to HKD 896 million, up from HKD 91 million in 2022[9]. - The rental business maintained stable performance with a revenue of HKD 795 million, slightly down from HKD 800 million in 2022[9]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.30 per share, bringing the total dividend for the year to HKD 0.53 per share[18]. - The board of directors has approved a dividend payout of HKD 0.50 per share, reflecting a commitment to returning value to shareholders[153]. Operational Efficiency and Cost Management - The overall operating costs increased by 34.5% to HKD 228.7 million, up from HKD 170 million in 2022, while the increase in operating expenses was lower than the revenue growth[38]. - The company has reported a 10% reduction in operational costs due to improved efficiencies and cost management strategies implemented over the past year[154]. Sustainability and Corporate Governance - The group has received multiple awards for sustainability and corporate governance, highlighting its commitment to responsible business practices[40]. - The company has implemented recycling programs across 20 projects, enhancing its sustainability efforts[44]. - The company has established effective risk management and internal control processes to identify and manage potential operational risks, with no violations of the Prevention and Control of Disease Ordinance reported during the reporting period[80]. - The company emphasizes the importance of environmental and social governance (ESG) data, with a focus on energy consumption, greenhouse gas emissions, and water usage metrics[149]. Employee Engagement and Training - The company provided more than 10,800 hours of training for employees, both online and offline[44]. - A total of 990 employees received training, with an average training duration of 8.43 hours per employee in the general staff category[136]. - The company provided training funding for employees, enabling participation in 45 external professional training courses in 2023, including food safety and environmental governance[127]. Community Engagement and Social Responsibility - The company donated approximately 1,000 meals to the Heartfelt Foundation in 2023[44]. - Mira Group actively participates in social services through the "Mira Care" platform, focusing on nurturing the next generation[100]. - The group engages in community support by donating mooncakes and providing assistance to underprivileged groups during the Mid-Autumn Festival[109]. Market Outlook and Future Plans - The company has set a future outlook with a revenue guidance of HKD 1.5 billion for the next fiscal year, reflecting a projected growth of 25%[155]. - New product launches are expected to contribute an additional HKD 300 million in revenue, with a focus on enhancing customer experience and expanding market share[156]. - Market expansion plans include entering two new international markets by Q3 2024, which is anticipated to increase overall market reach by 30%[158]. Risk Management and Compliance - The company has established anti-corruption training for directors and employees, enhancing compliance risk management[147]. - The company has a defined process for maintaining and protecting intellectual property, which is crucial for compliance risk management[148]. - The company has conducted limited assurance engagements on selected ESG data, ensuring the accuracy and reliability of reported information[150]. Board and Management Structure - The board consists of 13 members, including 5 executive directors, 2 non-executive directors, and 6 independent non-executive directors, ensuring a balanced composition for independent judgment[184]. - The management team includes experienced professionals with over 30 years in strategic management accounting, tax, auditing, and corporate governance[168]. - The company emphasizes the importance of good corporate governance practices and procedures, ensuring compliance with applicable codes and standards[179].