Financial Performance - Revenue for the year ended March 31, 2024, was HKD 458,725,000, a decrease of 1.3% from HKD 467,349,000 in 2023[5] - Gross profit for the same period was HKD 66,561,000, down 15.4% from HKD 78,737,000 in 2023[5] - Profit before tax decreased to HKD 49,289,000, a decline of 18.5% compared to HKD 60,541,000 in the previous year[5] - Net profit for the year was HKD 40,766,000, representing a decrease of 18.6% from HKD 50,152,000 in 2023[5] - Basic earnings per share for 2024 was 14.6 HK cents, down from 17.9 HK cents in 2023, reflecting a decline of 18.3%[5] - For the fiscal year ending March 31, 2024, the group recorded revenue of approximately HKD 458.7 million, a decrease of about HKD 8.6 million or 1.8% compared to the fiscal year ending March 31, 2023[18] - The net profit attributable to the company for the fiscal year ending March 31, 2024, was approximately HKD 40.8 million, down by about HKD 9.4 million or 18.7% from approximately HKD 50.2 million for the fiscal year ending March 31, 2023[18] - The group’s basic earnings per share for the fiscal year ending March 31, 2024, was HKD 0.145, down from HKD 0.179 in the previous year[37] - The net profit for the fiscal year ending March 31, 2024, was approximately HKD 40.8 million, down from HKD 50.2 million for the fiscal year ending March 31, 2023, primarily due to decreased revenue and lower gross margin[76] Assets and Liabilities - Total assets increased to HKD 261,472,000, up from HKD 233,040,000 in 2023, marking a growth of 12.2%[12] - Current assets rose to HKD 219,152,000, compared to HKD 191,399,000 in the previous year, an increase of 14.5%[12] - The company reported cash and cash equivalents of HKD 104,907,000, significantly up from HKD 59,371,000 in 2023, a growth of 77.0%[12] - As of March 31, 2024, the group's bank and cash balance was approximately HKD 104.9 million, an increase from HKD 79.4 million as of March 31, 2023[99] - The group's asset-liability ratio was approximately 0.4% as of March 31, 2024, down from 0.9% as of March 31, 2023[101] - As of March 31, 2024, the group had total equity of approximately HKD 261.4 million, up from HKD 231.8 million as of March 31, 2023[120] - The group had no bank borrowings as of March 31, 2024, consistent with the previous year[122] - The group has pledged leasehold land and buildings totaling approximately HKD 48.6 million as of March 31, 2024, down from HKD 50.7 million as of March 31, 2023[126] Revenue Sources and Market Conditions - The group primarily engages in the import and wholesale of frozen seafood products, with revenue recognized upon delivery to customers[22][42] - The company's revenue decreased by approximately 1.8% from HKD 467.3 million in 2023 to HKD 458.7 million in 2024, primarily due to reduced sales of various products such as Japanese sashimi scallops and Canadian snow crab claws[62] - Revenue from the Hong Kong region decreased from HKD 368.1 million in 2023 to HKD 326.2 million in 2024, representing a decline of about 11.4%[45] - The company anticipates continued pressure on the food service industry due to shifts in consumer spending habits[59] - The board remains cautious about the business outlook due to the slowdown in the Hong Kong economy and changing consumer trends[58] Expenses and Costs - The cost of goods sold for the year ended March 31, 2024, was approximately HKD 392.2 million, an increase of about 0.9% from HKD 388.6 million in 2023[63] - Gross profit for the year ended March 31, 2024, was approximately HKD 66.6 million, a decrease of about 15.5% from HKD 78.7 million in 2023, resulting in a gross margin of approximately 14.5%[63] - For the fiscal year ending March 31, 2024, the company's sales and distribution costs were approximately HKD 11.6 million, an increase of about 5.4% compared to HKD 11.0 million for the fiscal year ending March 31, 2023[64] - Administrative expenses remained relatively stable at approximately HKD 8.7 million for both the fiscal years ending March 31, 2024, and March 31, 2023[83] - Financial costs decreased from approximately HKD 93,000 for the fiscal year ending March 31, 2023, to approximately HKD 72,000 for the fiscal year ending March 31, 2024[84] - Tax expenses decreased by approximately HKD 1.9 million or 18.0%, from HKD 10.4 million for the fiscal year ending March 31, 2023, to HKD 8.5 million for the fiscal year ending March 31, 2024[85] - Employee costs totaled approximately HKD 7.3 million for the fiscal year ending March 31, 2024, compared to HKD 6.9 million for the fiscal year ending March 31, 2023[88] Corporate Governance and Compliance - The company has adhered to the corporate governance code since its listing date on October 19, 2017, with no deviations reported[130] - The company has complied with the GEM Listing Rules regarding director securities transactions since its listing date until March 31, 2024[133] - There are no reported conflicts of interest between the directors and the group's business operations[135] - The audit committee was established on September 21, 2017, and consists of three independent non-executive directors[148] - The group's auditor, Deloitte, has confirmed that the financial statements for the year ending March 31, 2024, are consistent with those approved by the board on June 18, 2024[147] Future Outlook and Strategic Plans - The company aims to enhance its corporate image and explore potential business opportunities with new suppliers and customers following its listing[60] - The company plans to closely monitor market conditions, particularly in the local retail market, and will enhance cost-saving measures in light of challenging circumstances[77] - The company aims to strengthen its market position in the Hong Kong frozen seafood import and wholesale industry through the net proceeds from share issuance[78] - The company will continue to seek exclusive agency or sales arrangements with existing and new overseas suppliers to enrich its product portfolio and maintain competitiveness[79] - The company expects no significant impact on the consolidated financial statements from the application of the new and revised Hong Kong Financial Reporting Standards in the foreseeable future[24] - The company has not been aware of any employee violations of the standard code or insider information policies since its listing date[143] Dividend and Shareholder Information - The board of directors proposed a final dividend of HKD 0.04 per ordinary share for the fiscal year ending March 31, 2024, consistent with the previous year[36] - The annual general meeting is scheduled for August 22, 2024, with a notice to be issued in due course[140] - The company will suspend share registration procedures from August 29 to August 30, 2024, for the proposed final dividend[146]
大洋环球控股(08476) - 2024 - 年度业绩