Financial Performance - Revenue for the fiscal year ending February 29, 2024, was HKD 179,307,000, an increase of 8.1% from HKD 165,841,000 in the previous year[3] - Profit before tax was HKD 103,282,000, reflecting a slight increase of 0.5% compared to HKD 102,727,000 in the prior year[3] - Net profit attributable to shareholders was HKD 86,447,000, up 0.4% from HKD 86,107,000 year-on-year[3] - Operating profit was HKD 109,412,000, a decrease from HKD 112,500,000 in the previous year[4] - The group reported a pre-tax profit of HKD 86,447,000 for 2024, slightly up from HKD 86,107,000 in 2023, reflecting a marginal growth of 0.4%[61] Assets and Liabilities - The total assets increased by 3.0% to HKD 1,188,706,000 from HKD 1,153,570,000[3] - The total equity rose by 4.8% to HKD 1,079,682,000 compared to HKD 1,030,045,000 in the previous year[3] - Total liabilities decreased from 89,815,000 HKD in 2023 to 101,811,000 HKD in 2024, reflecting a change of approximately 13.4%[25] - The net asset value increased from 1,030,045,000 HKD in 2023 to 1,079,682,000 HKD in 2024, representing a growth of around 4.8%[26] - The total lease liabilities decreased from HKD 15,540,000 in 2023 to HKD 13,985,000 in 2024, representing a reduction of approximately 10%[89] Revenue Sources - The company reported an increase in revenue from the sale of recovered assets due to stable brand watch prices and rising gold prices[18] - Revenue from the sale of recovered assets was approximately 58,300,000 HKD in 2024, compared to 49,200,000 HKD in 2023, marking an increase of about 18.5%[36] - The revenue from pawn loan business for the year 2024 was HKD 79,559,000, an increase from HKD 74,309,000 in 2023, representing a growth of approximately 3.4%[51] - The interest income from mortgage loans for 2024 was HKD 99,748,000, compared to HKD 91,532,000 in 2023, indicating an increase of about 8.5%[51] - The revenue from mortgage loans increased by 9.0% or HKD 8,200,000 to HKD 99,700,000 for the fiscal year ending February 29, 2024, compared to HKD 91,500,000 for the previous fiscal year[139] Expenses and Costs - Other operating expenses increased by 6.1% to approximately HKD 15,700,000, primarily due to higher legal and professional fees[10] - Employee costs rose from 20,368,000 HKD in 2023 to 21,737,000 HKD in 2024, an increase of approximately 6.7%[37] - The total employee costs for the fiscal year 2024 amounted to approximately HKD 31,700,000, an increase of about HKD 2,100,000 or 7.1% from the previous fiscal year[165] - Operating expenses increased by approximately HKD 2,400,000 or 4.2% to about HKD 59,500,000 for the fiscal year 2024[175] Dividends - The company proposed a final dividend of HKD 0.76 per share, down from HKD 0.87 in the previous year[16] - The company declared an interim dividend of HKD 20,043,000 for the fiscal year 2024, compared to HKD 17,730,000 for the previous year[137] - The group has paid dividends amounting to HKD 36,810,000 for the fiscal year 2024, down from HKD 38,550,000 in the previous year[183] Credit and Receivables - The expected credit loss provision amounted to approximately HKD 15,100,000 for the year, with HKD 1,100,000 written off due to borrowers' inability to fulfill their credit obligations[97] - The company’s receivables from pawn loans increased by 4.3% to approximately HKD 180,500,000 as of February 29, 2024[113] - The group’s total receivables amounted to HKD 973,929,000 in 2024, compared to HKD 953,230,000 in 2023, reflecting an increase of approximately 2.2%[95] - The impairment loss recognized for receivable loans was approximately HKD 15,100,000 for the fiscal year ending February 29, 2024[149] Financing and Debt - The total financing costs decreased to HKD 6,130,000 in 2024 from HKD 9,773,000 in 2023, a reduction of about 37.5%[56] - Financing costs decreased by approximately HKD 3,700,000 or 37.8% to about HKD 6,100,000 due to a reduction in issued debt securities[121] - The group has made repayments of debt securities amounting to HKD 12,000,000 in the fiscal year 2024, compared to HKD 50,000,000 in the previous year[183] Strategic Initiatives - The company has entered into a strategic partnership with PACM Group (Holdings) Limited to establish a limited partnership fund, marking its entry into the real estate private credit investment management sector[164] - The group aims to enhance customer experience and expand its potential customer base through a new premium service center and advanced mobile application at the East Tsim Sha Tsui Station[191] - The group has maintained a focus on modernizing the industry by integrating new technologies with its pawn business[191] Market Conditions - The company continues to monitor property price trends in Hong Kong, which saw a decline of 6.8% in 2023, to capture potential investment opportunities[142] - The group does not anticipate any significant foreign exchange risk for the fiscal year 2024, as the impact is minimal[194]
霭华押业信贷(01319) - 2024 - 年度业绩