Financial Summary
 
For the year ended 31 December
(HK$'000) 2023 20247 2025 % Change
Revenue 5,891,068 5,135,591 5,055,750 -2%
Gross profit 3,466,028 2,651,519 1,083,970 -59%
Gross profit margin 59% 52% 21% -60%
Adjusted gross profit margin1 59% 52% 33% -37%
Profit for the year 2,300,938 1,814,975 744,611 -59%
Profit attributable to owners of
  the Company ("Owners")
1,889,247 1,494,066 632,499 -58%
EBITDA2 3,924,133 3,088,616 1,656,352 -46%
Basic earnings per share (HK cents) 37.556 30.12 12.42 -59%
Dividend per share (HK cents) 28.0 30.0 12.0
- Interim (HK cents) 10.0 9.0 6.0
- Final (Proposed) (HK cents) 18.0 21.0 6.0
 
As at 31 December
(HK$'000) 2023 2024 2025 % Change
Total assets 22,491,544 22,948,823 22,189,284 -3%
of which: Cash and cash equivalents and time deposits with original maturity over three months 7,944,731 9,181,322 7,994,947 -13%
Unpledged bill receivables 87,762 15,340 - -100%
Total liabilities (4,021,026) (4,047,566) (3,805,083) -6%
of which: Total borrowings
Total equity 18,470,518 18,901,257 18,384,201 -3%
of which: Equity attributable to Owners 16,281,846 16,480,074 16,435,008 -0.3%
Equity per share attributable to Owners (HK$) 3.30 3.24 3.23 -0.3%
Current ratio (times)3 3.97 4.25 4.03 -5%
Gearing ratio4
Return on equity 12.40% 9.70% 4.00% -143%
Adjusted return on equity5 17.59% 13.69% 6.19% -121%

Notes:
  • Adjusted gross profit margin excludes revenue and costs from trading of coal products.
  • EBITDA is defined as profit before income tax plus finance costs, share of loss of an associate, impairment loss on an associate, depreciation and amortisation.
  • Current ratio is computed from total current assets divided by total current liabilities.
  • Gearing ratio is computed from total borrowings divided by total equity.
  • The adjusted return on equity is calculated by dividing the adjusted profit for the year (after deducting the additional amortisation for the year, net of tax, arising from the revaluation increment of mining rights recognised upon the acquisition of the three mines in 2008) by the average adjusted net assets (after deducting the carrying amounts of goodwill, revaluation increment of mining rights, and related deferred tax liabilities arising from the acquisition of the three mines in 2008).
  • Restated by adjusting the weighted average number of ordinary shares in issues for the bonus element due to the rights issue completed on 13 November 2024
  • Certain comparative figures have been reclassified to conform with current year’s presentation.