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Public company info - Hung Fook Tong Group Holdings Limited , 01446.HK

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Hung Fook Tong Group Holdings Limited, 01446.HK - Company Profile
Chairman Tse Po Tat
Share Issued (share) 656,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Soft Drinks
Corporate Profile Business Summary: The Group is principally engaged in the production and sales of Chinese herbal drinks and other drink products, Chinese-style soups, herbal tortoise plastron jelly and other food products under Hung Fook Tong brand. Performance for the year: The Group’s revenue for the continuing operations slightly decreased by 1.0% to HK$775.8 million (2018: HK$783.4 million). profit attributable to owners of the Company for 2019 increased by 6.8% to HK$10.0 million (2018: HK$9.4 million). Business Review: Hong Kong Retail The Hong Kong retail business continued to be the largest revenue contributor of the Group during the financial year. The operation generated HK$581.1 million (2018: HK$557.9 million) in segment revenue – a yearon-year increase of 4.2%, and accounted for 74.9% of total revenue. The rise was due to satisfactory growth achieved during the first three quarters of the financial year, which was able to offset a sales decline in the fourth quarter as a result of shortened business hours for certain shops due to social activities. Same-store sales growth was achieved, in part, from favourable demand for the Group’s Joyous Series (自家喜慶系列) products. In particular, Organic Chicken Essence (有機滴雞精) achieved high double-digit sales growth, while an expanded product range that now includes rice water (自家米水) and Herbal Extract Drink (補氣美肌飲) provided added sales momentum. Yet other contributing factors include price adjustments made to certain products during the first half year, as well as a notable increase in coupon sales and redemptions, owing to online retailers and sales derived from the Group’s participation in various trade expositions. Further adding to retail business growth was revenue from Handmade Bakery (嚐麥手作) that the Group acquired in April 2019, which operated two shops as at the end of the financial year. It is worth noting that segment profit rose as well, climbing to HK$81.1 million (2018: HK$74.6 million), up 8.7% year-on-year, attributed to higher revenue and gross profit margin, the latter resulting from the effective control of production costs. Wholesale The wholesale operation experienced a decline in revenue of 13.7% to HK$194.7 million (2018: HK$225.5 million), due to lower sales in both the Hong Kong and Mainland China markets. Segment loss amounted to HK$4.9 million (2018: profit of HK$4.4 million), which can be attributed to a decline in segment results from the Hong Kong wholesale operation – the product of lower revenue against higher selling and administration expenses. Loss from the Mainland China wholesale business enlarged due to the suspension of business ties with a number of the Group’s key accounts arising from social activities in Hong Kong. Prospects: Though the year ahead is full of challenges, including those posed by the unresolved China-US trade war, social instability in Hong Kong and outbreak of the Novel Coronavirus, the Group nonetheless see opportunities amid such challenges. With rising public concern over health and wellness, the Group will be raising customer awareness of the benefits of maintaining a natural, non-additive diet, complemented by the introduction of more new high-quality and healthy products that are able to allay their concerns. In addition, the Group will continue to observe rigorous hygiene standards at the Group’s shops, factories and workplaces, hence protect the well-being of customers and staff alike. With respect to the Group’s retail operations, the Group will chart a prudent course that allows us to navigate through the uncertain economic and social conditions while at the same time carefully manage the Group’s retail network. Furthermore, the Group will implement stringent cost controls, extending to the securing of more equitable rental agreements with landlords. To achieve growth, the Group will capitalise on the rising trend towards takeaway food which has been driven by growing health concerns over dining out. This will include working collectively with food delivery services and drawing public attention to the Group’s pre-packed products, all of which abide by strict food safety standards and have been specifically developed for takeaway. In addition, the Group will look at seizing more business opportunities, including those involving the Group’s bakery acquisition.

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