HONG KONG, Dec. 20, 2024 (GLOBE NEWSWIRE) — SAMFINE CREATION HOLDINGS GROUP LIMITED (Nasdaq: SFHG) (the “Company” or “Samfine”), a printing service provider headquartered in Hong Kong, today announced its unaudited financial results for the six months ended June 30, 2024.
Overview:
- Revenue was HK$81.9 million (US$10.5 million) for the six months ended June 30, 2024, representing an increase of 61.3% from HK$50.8 million for the same period in 2023.
- Net income was HK$0.8 million (US$106,105) for the six months ended June 30, 2024, as compared with a net loss of HK$3.8 million for the same period in 2023.
Six Month Financial Results Ended June 30, 2024
Revenue. Revenue increased by 61.3% to HK$81,934,259 (US$10,493,226) for the six months ended June 30, 2024 from HK$50,800,321 for the six months ended June 30, 2023. The overall increase in revenue was mainly driven by the increase in demand of book products and novelty and packaging products from customers.
General and administrative expenses. General and administrative expenses increased by 9.2% to HK$11,081,674 (US$1,419,217) for the six months ended June 30, 2024 from HK$10,152,410 for the six months ended June 30, 2023, principally due to increase in legal and professional fee.
Selling and marketing expenses. Selling and marketing expenses increased by 37.5% to HK$5,474,255 (US$701,082) for the six months ended June 30, 2024 from HK$3,982,211 for the six months ended June 30, 2023. The overall increase in selling and marketing expenses was mainly driven by the increase in transportation costs.
Net income. Net income increased by 121.8% to a net income of HK$828,511 (US$106,105) for the six months ended June 30, 2024 from a net loss of HK$3,797,489 for the six months ended June 30, 2023. The increase in net income was mainly due to the increase in assessable profit resulting from the increase in revenue.
About SAMFINE CREATION HOLDINGS GROUP LIMITED
SAMFINE CREATION HOLDINGS GROUP LIMITED is an established one-stop printing service provider which principally provides printing services in Hong Kong and the PRC. With over 20 years of experience in the printing industry, its operating subsidiaries offer a wide range of printed products such as book products and novelty and packaging products. Its operating subsidiaries’ customers principally comprise of book traders located in Hong Kong whose clients are located around the world, mainly in the U.S. and Europe.
Exchange Rate Information
The Company is a holding company with operations conducted in Hong Kong and the PRC through its operating subsidiaries in Hong Kong and the PRC, Samfine HK and Samfine SZ, respectively. SFHG’s reporting currency is HKD. This prospectus contains translations of HKD into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were calculated at the noon buying rate of US$1 = HK$7.8083 on June 28, 2024, as published in H.10 statistical release of the United States Federal Reserve Board. We make no representation that the HKD or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or HKD, as the case may be, at any particular rate or at all.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
Rounding Amounts and Percentages
Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.
For investor and media inquiries, please contact:
SAMFINE CREATION HOLDINGS GROUP LIMITED
Investor Relations
Email: 888@1398.cn
Telephone: (852) 3589 1500
| SAMFINE CREATION HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2023 AND JUNE 30, 2024 |
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| As of December 31, 2023 |
As of June 30, 2024 |
As of June 30, 2024 |
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| HK$ | HK$ | US$ | |||
| ASSETS | (Audited) | (Unaudited) | (Unaudited) | ||
| CURRENT ASSETS | |||||
| Cash and cash equivalents | 17,349,390 | 17,564,301 | 2,249,440 | ||
| Restricted cash | 6,347,680 | 7,852,453 | 1,005,655 | ||
| Accounts receivable, net | 31,670,733 | 47,182,229 | 6,042,574 | ||
| Prepayments and other current assets, net | 10,302,355 | 13,698,032 | 1,754,291 | ||
| Investment in life insurance policy, net | 1,564,333 | 1,565,203 | 200,454 | ||
| Due from a related party | 2,086,415 | 2,416,977 | 309,540 | ||
| Inventories, net | 8,293,287 | 10,464,922 | 1,340,231 | ||
| Prepaid income tax | 8,003 | 8,003 | 1,025 | ||
| Total current assets | 77,622,196 | 100,752,120 | 12,903,210 | ||
| NON-CURRENT ASSETS | |||||
| Plant and equipment, net | 15,817,168 | 18,934,526 | 2,424,923 | ||
| Intangible assets, net | 869,832 | 651,620 | 83,452 | ||
| Other non-current assets | 1,985,940 | — | — | ||
| Prepayment for acquisition of plant and equipment | 1,357,434 | 290,668 | 37,226 | ||
| Right-of-use assets, net | 5,022,022 | 4,615,352 | 591,083 | ||
| Deferred tax assets, net | 2,640,387 | 2,417,601 | 309,620 | ||
| Total non-current assets | 27,692,783 | 26,909,767 | 3,446,304 | ||
| Total assets | 105,314,979 | 127,661,887 | 16,349,514 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES | |||||
| Accounts and bills payable | 47,485,156 | 67,107,440 | 8,594,373 | ||
| Accruals and other payables | 7,203,230 | 13,863,430 | 1,775,474 | ||
| Banks and other borrowings | 9,559,450 | 12,095,674 | 1,549,079 | ||
| Due to related parties | 2,032,193 | 1,494,193 | 191,360 | ||
| Operating lease liabilities | 3,928,046 | 3,492,618 | 447,296 | ||
| Finance lease liabilities | 145,240 | 9,509 | 1,218 | ||
| Tax payable | 10,095 | — | — | ||
| Total current liabilities | 70,363,410 | 98,062,864 | 12,558,800 | ||
| NON-CURRENT LIABILITIES | |||||
| Banks and other borrowings | 10,514,517 | 4,841,582 | 620,056 | ||
| Operating lease liabilities | 1,093,976 | 1,122,734 | 143,787 | ||
| Total non-current liabilities | 11,608,493 | 5,964,316 | 763,843 | ||
| Total liabilities | 81,971,903 | 104,027,180 | 13,322,643 | ||
| COMMITMENTS AND CONTINGENCIES | |||||
| SHAREHOLDERS’ EQUITY | |||||
| Ordinary shares: US$0.0000625 par value, 800,000,000 shares authorized, 18,000,000 shares issued and outstanding as of December 31, 2023 and June 30, 2024 | 8,775 | 8,775 | 1,125 | ||
| Additional paid-in capital | 15,491,225 | 15,491,225 | 1,983,281 | ||
| Accumulated other comprehensive income | 4,465,962 | 3,929,082 | 503,856 | ||
| Retained earnings | 3,377,114 | 4,205,625 | 538,609 | ||
| Total shareholders’ equity | 23,343,076 | 23,634,707 | 3,026,871 | ||
| Total liabilities and shareholders’ equity | 105,314,979 | 127,661,887 | 16,349,514 | ||
| SAMFINE CREATION HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2024 |
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| Six months ended June 30, | ||||||||
| 2023 | 2024 | 2024 | ||||||
| HK$ | HK$ | US$ | ||||||
| REVENUE | 50,800,321 | 81,934,259 | 10,493,226 | |||||
| COST OF REVENUE | (40,455,750 | ) | (64,895,629 | ) | (8,311,109 | ) | ||
| Gross profit | 10,344,571 | 17,038,630 | 2,182,117 | |||||
| OPERATING EXPENSES | ||||||||
| Selling and marketing | (3,982,211 | ) | (5,474,255 | ) | (701,082 | ) | ||
| General and administrative | (10,152,410 | ) | (11,081,674 | ) | (1,419,217 | ) | ||
| Total expenses | (14,134,621 | ) | (16,555,929 | ) | (2,120,299 | ) | ||
| (LOSS) INCOME FROM OPERATION | (3,790,050 | ) | 482,701 | 61,818 | ||||
| OTHER EXPENSES | ||||||||
| Interest income | 66,229 | 66,785 | 8,553 | |||||
| Interest expense | (693,483 | ) | (682,011 | ) | (87,344 | ) | ||
| Other income | 368,773 | 291,314 | 37,308 | |||||
| Other gain, net | 252,386 | 892,516 | 114,303 | |||||
| Total other (expenses) income, net | (6,095 | ) | 568,604 | 72,820 | ||||
| (LOSS) INCOME BEFORE INCOME TAX EXPENSE | (3,796,145 | ) | 1,051,305 | 134,638 | ||||
| INCOME TAX EXPENSE | (1,344 | ) | (222,794 | ) | (28,533 | ) | ||
| NET (LOSS) INCOME | (3,797,489 | ) | 828,511 | 106,105 | ||||
| FOREIGN CURRENCY TRANSLATION ADJUSTMENT | (777,889 | ) | (536,880 | ) | (68,758 | ) | ||
| TOTAL COMPREHENSIVE (LOSS) INCOME | (4,575,378 | ) | 291,631 | 37,347 | ||||
| Weighted average number of ordinary shares: | ||||||||
| Basic and diluted | 18,000,000 | 18,000,000 | 18,000,000 | |||||
| (LOSS) EARNINGS PER SHARE: | ||||||||
| BASIC AND DILUTED | (0.21 | ) | 0.05 | 0.01 | ||||
The post SAMFINE CREATION HOLDINGS GROUP LIMITED Announces First Half 2024 Unaudited Financial Results first appeared on CXP – Customer Experience Asia.