Hong Fok Corporation (H30) AGM 2024 presentation summary

Opening remarks and agenda

• Agenda covered financial highlights, financial position, business segments, properties and looking ahead.

Financial performance review

• FY2023 revenue was $110,601k versus $153,919k in FY2022; profit for the year was $95,018k versus $233,926k.

• FY2023 profit attributable to owners was $88,068k versus $220,099k; basic and diluted EPS were 13.72 cents versus 33.71 cents.

• Profit for FY2023 principally reflected an approximately $87m fair value gain on investment-property revaluation, versus $197m in FY2022.

• Property Investment accounted for 72% of FY2023 revenue versus 46% in FY2022; Property Development and Construction contributed 25% versus 52%.

• Property Investment represented 95% of reportable segment assets in both FY2023 and FY2022; it accounted for 89% and 88% of segment liabilities, respectively.

Financial position

• At 31 Dec 2023, total assets were $3,665,230k, total liabilities $771,499k and total equity $2,893,731k; 2022 comparatives were $3,576,040k, $761,368k and $2,814,672k.

• Net debt was $654,796k at 31 Dec 2023 versus $677,414k a year earlier; net debt/total assets was 0.18x versus 0.19x.

• NAV per share rose to $3.57 from $3.45; net debt/total equity was 0.23x versus 0.24x at 31 Dec 2022.