Combine Will International Holdings (N0Z) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 32.2% to HK$1.471bn; profit after tax increased 7.5% to HK$45.7m, supported by order growth and Indonesian plush production.

• Strategic expansion in Indonesia and green manufacturing targets underpin growth plans; FY2025 green-product output target is 65%.

Financial highlights

• Revenue HK$1,471.3m, up 32.2% YoY; gross profit HK$153.8m, up 19.7% YoY.

• Profit from operations HK$91.7m, up 17.3% YoY; profit after tax HK$45.7m, up 7.5% YoY.

• 2H FY2024 revenue HK$806.8m, up 34.0% YoY; profit after tax HK$24.4m, up 10.7% YoY.

• Finance costs increased 6.4% to HK$31.2m, mainly reflecting higher commercial loans for land and fixed-asset investment.

Outlook and guidance

• FY2025 target: green products to reach 65% of production volume, following output exceeding 40% in FY2024.

• Indonesia plush production facilities are on track to begin operations by Q2 FY2025, with capacity expected to nearly double.

• Priorities include supply-chain resilience, supplier and customer collaboration, strategic expansion, and operational efficiency amid dynamic market conditions.