Financial Performance - For the six months ending June 30, 2024, the company achieved a revenue of HKD 4.722 billion, maintaining stability compared to the previous year[6]. - Shareholders' profit reached HKD 551 million, representing a growth of 26.1% year-on-year[6]. - Earnings per share increased to HKD 0.2441, also reflecting a 26.1% year-on-year growth[6]. - The total revenue for the six months ended June 30, 2024, was HKD 4.722 billion, a slight increase from HKD 4.716 billion in the same period last year[14]. - The profit attributable to shareholders increased by 26.1% to HKD 551 million, compared to HKD 437 million for the same period last year[14]. - The gross profit for the first half of 2024 was HKD 760.6 million, compared to HKD 675.4 million in the same period of 2023, indicating a gross margin improvement[26]. - The net profit attributable to shareholders for the six months ended June 30, 2024, was HKD 550.5 million, an increase from HKD 436.7 million in the prior year[26]. - The group reported a total comprehensive income of HKD 476.5 million for the six months ended June 30, 2024, compared to HKD 428.7 million for the same period in 2023[27]. - Profit before tax for the six months ended June 30, 2024, was HKD 550,470,000, up from HKD 436,655,000 in 2023, reflecting a growth of 26%[46]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.07 per share, considering its profit situation and cash flow levels[6]. - The company declared an interim dividend of HKD 0.072177 per share for the six months ended June 30, 2024, compared to HKD 0.054133 per share in 2023, representing a 33.4% increase[45]. - The interim dividend declared is HKD 0.07 per share for the period ending June 30, 2024, compared to HKD 0.055 per share for the same period in 2023, reflecting a 27.3% increase[59]. Business Operations and Market Focus - The company continues to focus on the curtain wall business, emphasizing market opportunities in Hong Kong, Macau, and key overseas markets[7]. - In the first half of 2024, the company secured several large-scale curtain wall projects in Hong Kong, including the West Kowloon Cultural District and other major commercial projects[8]. - The Macau market remains strong, with ongoing projects like the Galaxy Phase IV, enhancing the company's competitive advantage with major clients[9]. - The company is expanding its presence in Singapore, aiming to establish a local team and capture new project opportunities[9]. - The company is actively exploring potential projects in Belt and Road countries, including Saudi Arabia, UAE, Thailand, and Cambodia[9]. - The company has adopted a differentiated competition strategy in mainland China, winning multiple large curtain wall projects, including those for OPPO and Sina[9]. Financial Position and Assets - As of June 30, 2024, the group's cash and bank balances amounted to HKD 685 million, a decrease from HKD 713 million as of December 31, 2023[20]. - Total bank borrowings increased to HKD 1.42 billion as of June 30, 2024, compared to HKD 1.19 billion as of December 31, 2023, reflecting a net gearing ratio of approximately 27.1%[20]. - The group's equity attributable to shareholders was HKD 2.81 billion as of June 30, 2024, up from HKD 2.40 billion as of December 31, 2023[22]. - The total assets of the group as of June 30, 2024, were HKD 11.25 billion, compared to HKD 10.64 billion as of December 31, 2023[28]. - The total equity increased to HKD 2,700,583,000 as of June 30, 2024, compared to HKD 2,295,866,000 at the end of 2023, marking a growth of approximately 17.6%[30]. - Non-current liabilities totaled HKD 1,420,966,000, up from HKD 1,027,662,000 at the end of 2023, indicating an increase of about 38.3%[30]. Cost Management and Expenses - Administrative, sales, and other operating expenses were reduced to HKD 132 million, down from HKD 160 million in the previous year due to strict cost control measures[17]. - Financial expenses increased slightly by 4% to HKD 35 million, despite a 30% rise in the Hong Kong Interbank Offered Rate during the same period[18]. - The operating revenue for the operational management segment decreased to HKD 508 million, down from HKD 554 million year-on-year, influenced by the depreciation of the RMB[16]. Employment and Workforce - The company employed a total of 4,171 staff as of June 30, 2024, down from 4,498 employees as of December 31, 2023[25]. Corporate Governance and Management Changes - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period[69]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024[71]. - Changes in the board of directors include the resignation of Mr. Wu Mingqing as CEO effective June 1, 2024, and the appointment of Mr. Zhu Haiming as CEO effective June 1, 2024[72].
中国建筑兴业(00830) - 2024 - 中期财报