Financial Performance - Revenue for the year ended December 31, 2024, decreased by approximately 2.0% to about 913.0 million MYR, compared to 931.9 million MYR for the year ended December 31, 2023[4] - Profit attributable to owners of the company for the reporting period was approximately 28.1 million MYR, an increase from 27.1 million MYR in the previous year[4] - Basic earnings per share for the reporting period was 2.81 sen, compared to 2.71 sen in the previous year[4] - Total comprehensive income for the year was 28.87 million MYR, slightly up from 28.30 million MYR in the previous year[5] - Pre-tax profit for 2024 was 36,575,000 MYR, slightly down from 36,742,000 MYR in 2023[31] - The group recorded a profit of approximately 28.1 million MYR for the reporting period, compared to 27.1 million MYR in the previous year, with net profit margin increasing from 2.9% to 3.1%[61] Revenue Breakdown - Revenue from food and beverage distribution and sales was 902,782 thousand MYR in 2024, down from 922,215 thousand MYR in 2023, reflecting a decline of 2.9%[26] - Revenue from logistics, warehousing, and other services increased to 10,226 thousand MYR in 2024, up from 9,705 thousand MYR in 2023, representing a growth of 5.4%[26] Assets and Liabilities - Non-current assets amounted to 62.65 million MYR, a decrease from 65.39 million MYR in the previous year[6] - Current assets increased to 329.30 million MYR from 283.67 million MYR in the previous year[6] - Total liabilities increased to 112.46 million MYR from 94.38 million MYR in the previous year[7] - Net assets increased to 248.26 million MYR from 227.53 million MYR in the previous year[7] Dividends - The company does not recommend any final dividend payment to shareholders for the reporting period[4] - The company declared a special dividend of 0.0135 HKD per ordinary share for 2024, down from 0.023 HKD in 2023, totaling 8,138,000 MYR[34] - The company did not recommend any final dividend for the year ending December 31, 2024[35] Operational Focus - The company continues to focus on its core business in the food and beverage distribution and sales sector in Malaysia[9] - The group operates primarily in Malaysia, with all revenue from external customers generated in this region[24] - The group has only one operating and reportable segment, focusing on food and beverage distribution and sales, as well as logistics and warehousing services[24] Financial Reporting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with the disclosure requirements of the Hong Kong Companies Ordinance[10] - The group has adopted new and revised International Financial Reporting Standards, but these have not had a significant impact on the consolidated financial statements[14][16][20] - The group’s accounting policies remain consistent with those applied in the preparation of the consolidated financial statements for 2023[10] Employee and Operational Costs - Employee costs for 2024 were 44,268,000 MYR, an increase of 7.3% from 41,127,000 MYR in 2023[28] - Administrative and other operating expenses increased by approximately 5.7 million MYR or 28.3% to about 25.8 million MYR, primarily due to increased employee costs and depreciation of fixed assets[58] - Financing costs decreased by approximately 1.0 million MYR or 43.5% to about 1.3 million MYR, mainly due to reduced bank financing utilization leading to lower interest on bank notes[59] Taxation - The company reported a total tax expense of 8,512,000 MYR for 2024, down from 9,626,000 MYR in 2023[31] - Income tax expenses decreased by approximately 1.1 million MYR or 11.5% to about 8.5 million MYR, primarily due to a decrease in non-deductible expenses and increased tax incentives[60] Trade Receivables and Payables - Trade receivables from third parties increased to 134,608,000 MYR in 2024 from 121,127,000 MYR in 2023[36] - The overdue trade receivables over 90 days increased significantly to 4,666 thousand MYR in 2024 from 1,797 thousand MYR in 2023, indicating a potential liquidity concern[40] - Trade payables to third parties rose to 69,385 thousand MYR in 2024, up from 52,337 thousand MYR in 2023, reflecting increased operational costs[43] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[75] - The audit committee is responsible for reviewing the group's financial information, including compliance with accounting standards and listing rules[76] - The company has established policies for corporate governance and compliance with legal and regulatory requirements[78] Shareholding Structure - As of December 31, 2024, the directors and key executives collectively hold 72.29% of the company's shares through Soon Holdings Limited[77] - The major shareholder, Soon Holdings Limited, holds 723,000,000 shares, representing 72.29% of the total shares[81] - The company’s major shareholders include family members with controlled interests, ensuring significant ownership concentration[86] Future Plans and Investments - The company plans to adopt prudent cost control measures to improve profit margins and maintain competitiveness in a high-inflation business environment[53] - The group plans to reallocate unutilized proceeds to further enhance distribution and sales capabilities, with a revised allocation of HKD 72.2 million for this purpose[63][64] Miscellaneous - There were no significant contingent liabilities as of December 31, 2023, and 2024[72] - There were no major investments, acquisitions, or sales of subsidiaries, associates, or joint ventures during the reporting period[74] - The group had no significant subsequent events reported after December 31, 2024, until the annual performance announcement date[90]
双财庄(02321) - 2024 - 年度业绩