18 Jun 2024
CDC revenue was up by 8.3% YoY to HK$8.69bn in FY24. Revenue from Mainland China up by 14.5% YoY to HK$1.51bn during the year, which accounted for 17.4% of total revenue. (FY23: 16.5%), while revenue from HK saw a 7.1% YoY increase to HK$7.18bn, which accounted for 82.6% of total revenue (FY23: 83.5%). GPM was up from 8.8% in FY23 to 11.4% in FY24, mainly due to effective cost control and improvement in staff productivity. The company saw a 1.4ppt YoY decline in RM and packing costs to 27.4%, while staff costs and rental costs were down by 0.2ppt/0.4ppt YoY to 33.5%/11.0% respectively in FY24. Admin cost ratio was also down by 0.3ppt YoY to 6.1%. If excluding a HK$41m of COVID-19 subsidies in FY23 and FV loss on investment props, FY24 adjusted NP was up by 305% YoY to HK$362.4m. The Board has recommended the payment of a final dividend of HK42 cents/share (FY23: HK28 cents/share), together with interim dividend of HK15 cents/share, total payout ratio for FY24 reached 101%.