Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was HKD 3,445,784, a decrease of 16.8% compared to HKD 4,145,653 in 2023[3] - Gross profit for the year was HKD 649,069, representing an increase of 3.8% from HKD 625,238 in the previous year[3] - The company's net profit for the year was HKD 180,433, up 12.1% from HKD 160,892 in 2023[3] - Basic earnings per share increased to HKD 27.53, compared to HKD 24.19 in the previous year, reflecting a growth of 9.7%[4] - Total comprehensive income for the year was HKD 167,052, an increase of 11.0% from HKD 150,418 in 2023[4] - The company reported a pre-tax profit of HKD 208,262 for the year ending December 31, 2024, compared to HKD 178,756 in 2023, reflecting an increase of approximately 16.5%[23][24] - Profit attributable to the company after deducting non-controlling interests was approximately HKD 158,098,000, an increase of 14% year-over-year[45] Revenue Breakdown - Revenue from metal products amounted to HKD 1,087,072,000, while revenue from construction materials was HKD 2,354,264,000 for the year ended December 31, 2024[16] - The revenue breakdown for 2024 shows HKD 1,087,072 from metal products and HKD 2,354,264 from building materials, compared to HKD 1,168,812 and HKD 2,976,657 respectively in 2023, indicating a decrease of 6.9% and 21%[23][24] - Revenue from the metal products segment was approximately HKD 1,090,361,000, a decrease of about 7%, while profit before interest and tax increased by 45% to approximately HKD 121,055,000[46] - Revenue from the construction materials segment was approximately HKD 2,354,428,000, a decrease of 21%, with profit before interest and tax decreasing by 8% to approximately HKD 151,721,000[48] Assets and Liabilities - Non-current assets increased to HKD 704,304, up from HKD 651,263 in the previous year, indicating a growth of 8.2%[5] - Current assets decreased to HKD 2,007,599 from HKD 2,268,065, a decline of 11.5%[5] - The company's total equity rose to HKD 1,513,056, compared to HKD 1,387,127 in 2023, marking an increase of 9.1%[6] - Trade receivables decreased to HKD 711,368,000 in 2024 from HKD 913,338,000 in 2023, representing a decline of 22.1%[35] - The total amount of trade, notes, loans, and other receivables was HKD 808,528,000 in 2024, down from HKD 1,032,096,000 in 2023, a decrease of 21.7%[35] - The outstanding loan balance for the group was HKD 4,002,000 in 2024, with 86.26% classified as secured installment loans[38] - Total borrowings as of December 31, 2024, were approximately HKD 536,733,000, down from HKD 906,133,000 as of December 31, 2023[51] Expenses and Losses - Financial expenses decreased significantly to HKD 34,254 from HKD 52,880, a reduction of 35.5%[3] - The total tax expense for 2024 was HKD 27,829,000, up from HKD 17,864,000 in 2023, reflecting a 55.5% increase year-over-year[31] - The loss from the sale of properties, plants, and equipment increased to HKD 9,107,000 in 2024 from HKD 1,767,000 in 2023, indicating a significant rise in losses[31] - The impairment loss for trade receivables under the expected credit loss model was HKD 68,270,000 in 2024, compared to HKD 60,924,000 in 2023, indicating an increase in expected credit losses[35] Dividends - The company declared a proposed final dividend of HKD 0.04 per share for the year ending December 31, 2024, totaling HKD 22,975,000, compared to HKD 20,103,000 for the previous year[33] - The total dividend for the fiscal year, including an interim dividend of HKD 0.025 per share, will be HKD 0.065 per share[60] Compliance and Governance - The company has maintained compliance with corporate governance codes as stipulated by the Hong Kong Stock Exchange throughout the fiscal year[54] - The company anticipates that the application of the new Hong Kong Financial Reporting Standards will not have a significant impact on its financial position and performance[12] - The company has not early adopted the new and revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[11] Future Outlook - The company has established a medical testing center, Assure Medical Imaging (AMI), which is expected to start generating revenue in 2025[49] - The company plans to enhance value-added processing services in the construction materials business to avoid pure price competition[48] - The company anticipates ongoing challenges in the global political and economic environment, particularly due to geopolitical uncertainties[50] - The company aims to maintain prudent management and a pragmatic approach to achieve long-term development goals and maximize shareholder returns[50] Employee and Operational Metrics - The group had a total of 1,483 employees as of December 31, 2024, with compensation based on performance and industry standards[53] - The current ratio as of December 31, 2024, was 2.04:1, compared to 1.67:1 as of December 31, 2023[51] - The net debt-to-equity ratio as of December 31, 2024, was -0.04:1, improving from 0.18:1 as of December 31, 2023[52]
高力集团(01118) - 2024 - 年度业绩