Financial Performance - The Group's revenue for the year ended December 31, 2023, was approximately HK$1,008,101,000, representing an increase of approximately 23.0% compared to HK$819,302,000 in 2022[13]. - The net profit for the year ended December 31, 2023, was approximately HK$22,168,000, a decrease of approximately 21.0% from HK$28,065,000 in 2022[13]. - Excluding the exceptional item from the previous year, the adjusted net profit for 2022 would be approximately HK$15,887,000, indicating a 39.5% increase in net profit for 2023 compared to this adjusted figure[13]. - The Group's gross profit for the year ended December 31, 2023, was approximately HK$129,565,000, an increase of approximately 13.6% from approximately HK$114,023,000 in 2022[24]. - The profit attributable to owners of the Company for the year ended December 31, 2023, was approximately HK$22,168,000, a decrease of approximately 21.0% from approximately HK$28,065,000 in 2022[40]. - The Group's other income decreased by approximately 81.5%, from approximately HK$12,405,000 in 2022 to approximately HK$2,295,000 in 2023, primarily due to the absence of subsidies from the Employment Support Scheme[26]. Business Development and Technology - The Group launched the "Oodles Smart Solution" in March 2023, which utilizes artificial intelligence for real-time interior design modifications[15]. - The patented "Cubicles and Smart Washroom Solution" and "Oodles Transformer" were also successfully launched, enhancing the Group's technology offerings[15]. - The Group aims to diversify its business through the realization of opportunities arising from new technologies and technical solutions[15]. - The Group has launched new technology solutions, including "Oodles Smart Solution" and "Cubicles and Smart Washroom Solution," to enhance its service offerings and market position[20]. Market Outlook - The Group expects 2024 to be a challenging year due to slow post-pandemic economic recovery, high interest rates, inflation, and talent shortages[50]. - The Group plans to increase its market share in the fitting-out industry in Hong Kong as supported by the government's development of land resources to meet housing demand[51]. Corporate Governance - The Board is committed to achieving a high standard of corporate governance and has complied with all applicable code provisions as set out in the Corporate Governance Code[89]. - The Board currently comprises five members, including two executive Directors and three independent non-executive Directors[101]. - The Company has established mechanisms for independent non-executive directors to express their views openly and provide independent professional judgments on the Group's development and risk management[107]. - The Company has mechanisms in place to deal with conflicts of interest through physical Board meetings rather than written resolutions[115]. - The Company has adopted a Board Diversity Policy to ensure a balanced mix of expertise, skills, and perspectives among board members[135]. Employee and Workforce Management - The Group employed a total of 238 employees as of December 31, 2023, a decrease from 272 employees as of December 31, 2022[68]. - Employee benefit expenses, including Directors' emoluments, amounted to approximately HK$119,216,000 for the year ended December 31, 2023, compared to approximately HK$116,827,000 in 2022, representing an increase of about 2.4%[76]. - Contributions to the MPF Scheme charged to the Group's consolidated statement of comprehensive income during the year ended December 31, 2023, were approximately HK$5,831,000, an increase from approximately HK$3,821,000 in 2022, reflecting a rise of about 52.6%[75]. Risk Management and Internal Control - The Group's risk management and internal control procedures aim to safeguard assets against misappropriation and ensure reliable accounting records[199]. - The Directors acknowledged their responsibility for preparing consolidated financial statements that accurately reflect the Group's state of affairs as of December 31, 2023[192]. - There were no material uncertainties regarding events or conditions that could significantly doubt the Company's ability to continue as a going concern[193]. Committees and Meetings - The Audit Committee held three meetings during the year ended December 31, 2023, to review the Group's financial results and audit plans[154]. - The Remuneration Committee also held three meetings for the year ended December 31, 2023[179]. - The Nomination Committee held three meetings during the year ended December 31, 2023[163].
德合集团(00368) - 2023 - 年度财报