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Public company info - Ever Harvest Group Holdings Limited , 01549.HK
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Ever Harvest Group Holdings Limited, 01549.HK - Company Profile
Chairman Lau Yu Leung
Share Issued (share) 1,400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Marine & Harbour Services
Corporate Profile Business Summary: The Group is principally engaged in rendering of sea freight transportation and freight forwarding services in Hong Kong and in the People’s Republic of China (the “PRC”). Performance for the year: During the year ended 31 December 2019, the Group recorded a revenue of approximately HK$336,704,000 (for the year ended 31 December 2018: approximately HK$336,962,000), similar to the same period last year. The Group recorded a gross profit of approximately HK$47,809,000 (for the year ended 31 December 2018: approximately HK$53,797,000), representing a decrease of 11.1% over the same period last year. The gross profit margin decreased from 16.0% to 14.2%. The Group recorded profit for the year of approximately HK$1,602,000 (for the year ended 31 December 2018: loss for the year of approximately HK$5,230,000). Business Review During the year ended 31 December 2019, container throughput of Hong Kong port decreased by 6.6% as compared with the same period last year, according to the data released by Marine Department of the Government of the Hong Kong Special Administrative Region of the PRC. Impacted by the tough operational environment, including the continuous price competition among the peers and the uncertainty over the Sino-US trade war, the Group’s feeder shipping services, carrier owned container services and barge services recorded a decrease in revenue of approximately HK$11,267,000 or 3.7% from approximately HK$308,628,000 to approximately HK$297,361,000, and a decrease in gross profit of approximately HK$6,630,000 or 13.8%, from approximately HK$48,159,000 to approximately HK$41,529,000, for the year ended 31 December 2019, as compared to the same period last year. Due to keen price competition, the Group recorded gross profit margin of the routes ranged from 9.7% to 16.8% for the year ended 31 December 2019 (for the year ended 31 December 2018: ranged from 10.6% to 20.2%). The Group’s sea freight forwarding agency services recorded an increase in revenue of such services of approximately HK$11,009,000 or 38.9%, from approximately HK$28,334,000 to approximately HK$39,343,000, for the year ended 31 December 2019, as compared to the same period last year. The gross profit margin decreased from 19.9% to 16.0%. The Group’s operational costs totalled approximately HK$288,895,000, representing an increase of approximately HK$5,730,000 or 2.0% as compared with the same period last year. The change in operational costs was mainly due to increased costs of sea freight forwarding agency services as compared to the same period last year. The Group’s other income totalled approximately HK$15,126,000, representing an increase of approximately HK$11,895,000 as compared to the same period last year. The change in other income was mainly due to gain on disposal of property, plant and equipment of approximately HK$4,003,000, net fair value gain on financial assets at fair value through profit or loss of approximately HK$3,785,000 and the government grants of approximately HK$4,592,000 for the year ended 31 December 2019. The government grants were mainly incentives for rewarding the Group’s efforts in stablising container shipping capacity and lumber containers, and were in the sole discretion of the local government, subject to relevant PRC laws, regulations and policies. Prospects: The Group has been facing various challenges including the instability in the global trade market brought by the Sino-US trade war, and the keen price competition among regional shipping carriers. In addition, the outbreak of Coronavirus Disease 2019 (“COVID-19”) has created a worrying impact on the global economy. Throughout the Group's long history in the waterborne trade market, the Group experienced several economic cycles and industry storms, and thrived to expand the Group's shipping network by capitalising on market opportunities. In order to maximise and safeguard the interest of the Group's shareholders, the Group has planned ahead for the upcoming challenges and set the Group's investment strategies cautiously.

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