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Public company info - Hingtex Holdings Limited , 01968.HK
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Hingtex Holdings Limited, 01968.HK - Company Profile
Chairman Tung Tsun Hong
Share Issued (share) 640,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Textile & Apparels
Corporate Profile Business Summary: The principal activities of the Group are the manufacturing and sales of denim fabric. Performance for the year: Total revenue for the year ended 31 December 2019 decreased by approximately 21.0% year-to-year to HK$506.3 million, as compared with total revenue of HK$640.7 million for the year ended 31 December 2018. Net profit attributable to owners of the Company for the year ended 31 December 2019 decreased by approximately 92.7% to HK$5.3 million, as compared with net profit of HK$72.8 million for the year ended 31 December 2018. Basic earnings per Share for the year ended 31 December 2019 was HK0.82 cents as compared with basic earnings per Share of HK13.14 cents for the year ended 31 December 2018. Business Review The Group has always valued building strong communication links and bonds with its customers. Over the past year, the Group has been able to seize opportunities owing to the nurturing of such relations. In particular, the Group has expanded the Group's business portfolio by adding new product lines and brands, as well as by developing a number of tailor-made fabrics to meet the Group's customers’ needs. Furthermore, by stationing top management and sales agents in key markets, the Group has been able to quickly react to a constantly changing business environment, as well as facilitate the prompt processing of orders and adjustment in products. Such deployments have thus enabled the Group to enhance its competitiveness and standout from rivals. Also recognising the importance of research and development (“R&D”), the Group has continued to direct such energies on creating denim fabrics that possess advanced functionalities while maintaining high-quality, comfort and aesthetic appeal. In the past three years alone, the Group has in fact been able to introduce more than 600 types of stretchable blended denim fabrics, while this year, the Group has introduced more sustainable materials such as recycled cotton and polyester into the Group's fabric mix. To bring such materials to market, the Group has acquired advanced machinery to bolster capacity, as well as better control on the production costs. the Group will continue to conduct R&D and invest in such capabilities so that even more breakthroughs are brought to market. Prospects: The past financial year was highly challenging owing to uncertainty arising from strained trade relations between the PRC and the U.S., compounded by the outbreak of the COVID-19 pandemic towards year end. In the coming year, global economic growth is expected to remain subdued owing to both concerns, hence calling for more conservative expectations towards the industry and the Group's own prospects. The Group will nonetheless persist in raising its competitiveness so as to quickly react to positive market adjustments when they appear. Correspondingly, the Group will continue the Group's R&D efforts, including the development of environmentally friendly products and practices. Furthermore, reducing costs and improving the Group's operating environment will be of high priority, hence new machinery is set to enter service in 2020, and will help incorporate innovative ideas in the Group's denim fabrics while at the same time reduce production costs such as water and electricity. The Group will also continue to explore business opportunities in various locations and strengthen the Group's brand image in key markets. In addition, the Group will seek to make further inroads in Europe and the PRC. Consistent with such objectives, the Group will participate in trade shows and co-operate with renowned designers around the world.

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