CRYSTAL INTL-晶苑国际(02232) - 2024 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2024, the revenue was $2,470 million, an increase of 13.5% compared to$ 2,177 million in 2023[4] - The net profit for the fiscal year was $201 million, up from$ 164 million in 2023, representing a growth of 22.6%[4] - Gross profit for the year was $486 million, reflecting a gross margin of approximately 19.7%, compared to$ 418 million in 2023[5] - The operating profit before tax was $248 million, an increase of 27.2% from$ 195 million in the previous year[5] - The company reported a total comprehensive income of $194 million for the year, compared to$ 155 million in 2023, marking a growth of 25.0%[6] - Basic earnings per share increased to $0.0703 from$ 0.0573 in 2023, representing a growth of 22.0%[6] - The group achieved a 22% increase in net profit to $201 million in 2024, compared to$ 164 million in 2023[54] - The gross margin improved to 19.7% in 2024, up from 19.2% in 2023, while the net profit margin increased to 8.1% from 7.5%[54] Dividends - The proposed final dividend is HKD 0.19 per share (approximately USD 0.024), with a total dividend of HKD 0.383 per share for the year, compared to HKD 0.180 in 2023[4] - The company plans to celebrate its 55th anniversary with a special dividend of HKD 0.055 per share[4] - The proposed final dividend for the year ended December 31, 2024, is 19.0 HKD per share, compared to 13.0 HKD per share in 2023, which is an increase of approximately 46.2%[37] - The company has proposed a special dividend of 5.5 HKD per share, totaling approximately 156,905,000 HKD (about 20,209,000 USD), which was not paid in the previous year[36] - The company's mid-term dividend for the year ended December 31, 2024, was 13.8 HKD per share, significantly higher than 5.0 HKD per share in 2023, reflecting an increase of approximately 176%[36] Revenue Sources - Revenue from external sales reached $2,469,629 thousand in 2024, with significant contributions from sportswear ($ 694,237 thousand) and casual wear ( $554,603 thousand)[20] - Revenue from major customer A increased to$ 898,614,000 in 2024 from $712,836,000 in 2023, representing a growth of approximately 26%[24] - Revenue from the Asia-Pacific region was$ 982,088,000 in 2024, up from $877,298,000 in 2023, indicating a growth of about 11.9%[25] - North America revenue also saw an increase to$ 942,461,000 in 2024 from $843,110,000 in 2023, reflecting a growth of approximately 11.8%[25] Costs and Expenses - The total sales cost for the year was$ 1,983 million, which is an increase from $1,760 million in 2023, indicating a rise in operational costs[5] - Total employee costs rose to$ 594,998,000 in 2024 from $516,743,000 in 2023, marking an increase of about 15.1%[29] - Income tax expenses for the year totaled$ 49,678,000, compared to $36,637,000 in the previous year, indicating an increase of approximately 35.5%[31] - Sales and distribution expenses remained stable at 1.6% of revenue in 2024, compared to 1.2% in 2023[65] - Administrative and R&D expenses as a percentage of revenue decreased to 7.4% in 2024 from 8.5% in 2023, reflecting effective cost-saving measures[67] Assets and Liabilities - Total assets increased to$ 2,254,453 thousand in 2024 from $1,974,562 thousand in 2023, representing a growth of approximately 14.2%[8] - Current assets rose to$ 1,360,337 thousand in 2024, up from $1,135,020 thousand in 2023, indicating an increase of about 19.9%[8] - Total equity increased to$ 1,535,446 thousand in 2024, compared to $1,438,902 thousand in 2023, reflecting a growth of approximately 6.7%[10] - The total amount of trade and other payables increased to$ 478,046,000 in 2024 from $380,969,000 in 2023, marking a rise of approximately 25.5%[44] - The company's trade payables as of December 31, 2024, were$ 176,404,000, compared to $125,496,000 in 2023, representing an increase of approximately 40.6%[44] Research and Development - Research and development expenses remained stable at$ 32 million, slightly increasing from $32 million in 2023[5] - The company incurred research and development expenses of$ 32,441 thousand in 2024, highlighting its commitment to innovation[20] Future Outlook - The group is confident in achieving strong performance in 2025, driven by core customers that include influential leading apparel brands, aiming to enhance market penetration[82] - The group plans to focus on sportswear, leisurewear, and fitted underwear in 2025, deepening collaboration with major brand customers[83] - The group anticipates sufficient production capacity to meet the increasing order volume in 2025, supported by a mid-2024 capacity expansion[83] - The group's profitability is expected to continue improving due to economies of scale from anticipated revenue growth, with a commitment to strict cost control[85] - Capital expenditure plans for 2025 will be similar to 2024, focusing on upgrading automation equipment and expanding apparel production capacity[86] Corporate Governance - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange Listing Rules for the fiscal year ending December 31, 2024[91] - The board confirmed compliance with the standard code for securities trading by directors for the fiscal year ending December 31, 2024[92] - The audit committee reviewed the audited consolidated financial statements and expressed satisfaction with the accounting policies and financial judgments applied by the company[96] Sustainability Initiatives - The group expanded its solar photovoltaic capacity to 20 gigawatts in 2024, contributing to its sustainability goals[57] - The group received multiple awards for its sustainability achievements, including the "Best Sustainable Development Company" award from Ernst & Young[58]