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Public company info - Ming Fai International Holdings Ltd. , 03828.HK
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Ming Fai International Holdings Ltd., 03828.HK - Company Profile
Chairman Ching Chi Fai
Share Issued (share) 734,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Cosmetics & Personal Care
Corporate Profile Business Summary: The Group is principally engaged in manufacturing and trading of hospitality supplies products and trading of operating supplies and equipment. Performance for the year: For the year ended 31 December 2019, the total revenue of the Group recorded a mere decrease of 0.5% to approximately HK$2,043.1 million compared with approximately HK$2,052.7 million in 2018. The Group’s gross profit for the year ended 31 December 2019 increased 6.6% to approximately HK$496.3 million, compared with approximately HK$465.3 million for the year ended 31 December 2018. Gross profit margin increased 1.6 percentage points to 24.3% from 22.7% as compared with the prior year. Profit attributable to owners of the Company for the year ended 31 December 2019 was approximately HK$97.9 million (for the year ended 31 December 2018: approximately HK$100.2 million). Basic earnings per Share attributable to owners of the Company for the year ended 31 December 2019 was HK13.5 cents (for the year ended 31 December 2018: HK13.9 cents). Business Review Hospitality Supplies Business According to the recent publication by UNWTO, there were 1.5 billion international tourist arrivals globally in 2019, which was a 4% increase compared to arrivals in 2018. Despite all regions seeing a rise in total tourist arrivals, growth in 2019 was still low compared with the exceptionally high rates from 2017 and 2018. The advanced economies were the most affected by the slowdown of tourism, particularly in Europe, Asia and the Pacific, together with the continuing geopolitical tensions, including uncertainty surrounding the China-U.S. trade war, Brexit, protests in second half of 2019 in Hong Kong, and the riding trend of environmental protection and “plastic free” driving the changes in related laws and regulations around the world, the revenue from the Group’s hospitality supplies business for the year ended 31 December 2019 decreased 1.3% to approximately HK$1,868.4 million (for the year ended 31 December 2018: approximately HK$1,892.9 million), which contributed 91.4% (2018: 92.2%) to the Group’s total revenue. Gross profit from the hospitality supplies business increased 7.1% to approximately HK$450.8 million for the year ended 31 December 2019 (for the year ended 31 December 2018: approximately HK$420.9 million). The segment’s gross profit margin increased 1.9 percentage points to 24.1%, compared with 22.2% for the year ended 31 December 2018. Revenue of the hospitality supplies business from the PRC decreased 2.6% to approximately HK$614.1 million for the year ended 31 December 2019 (for the year ended 31 December 2018: approximately HK$630.3 million), representing 32.9% (2018: 33.3%) of the hospitality supplies business segment revenue. Revenue from Hong Kong increased 6.9% to approximately HK$300.2 million (for the year ended 31 December 2018: approximately HK$280.9 million), which accounted for 16.1% (2018: 14.8%) of the hospitality supplies business segment revenue. For the year ended 31 December 2019, revenue from North America was approximately HK$393.0 million (for the year ended 31 December 2018: approximately HK$411.3 million), and accounted for 21.0% (2018: 21.7%) of the hospitality supplies business segment revenue. Revenue from the European market was approximately HK$232.3 million (for the year ended 31 December 2018: approximately HK$240.5 million) and accounted for 12.4% (2018: 12.7%) of the hospitality supplies business segment revenue. Revenue from the other Asia Pacific regions was approximately HK$285.3 million (for the year ended 31 December 2018: approximately HK$277.4 million), which comprised 15.3% (2018: 14.7%) of the hospitality supplies business segment revenue. Revenue from Australia was approximately HK$39.6 million (for the year ended 31 December 2018: approximately HK$48.6 million), contributing 2.1% (2018: 2.6%) of the hospitality supplies business segment revenue. During the year ended 31 December 2019, the Group expanded the scale of its production in Cambodia to lessen the impact of the China-U.S. trade war and stabilise the performance of its hospitality supplies business. The Group believes that extending new hospitality supplies production lines in Cambodia in future will reduce overall production costs, as well as increase the Group’s market share in Cambodia and other Southeast Asian countries. Operating Supplies and Equipment Business Benefiting from the growing number of hotel projects in the other markets, revenue from the Group’s OS&E business increased to approximately HK$168.4 million for the year ended 31 December 2019, representing an increase of 9.1% as compared with approximately HK$154.3 million for the year ended 31 December 2018, and contributing 8.2% (2018: 7.5%) to the Group’s total revenue. Gross profit from the OS&E business increased by 10.7% to approximately HK$40.3 million for the year ended 31 December 2019, compared with approximately HK$36.4 million for the year ended 31 December 2018. The segment’s gross profit margin slightly increased 0.3 percentage point to 23.9% for the year ended 31 December 2019 (for the year ended 31 December 2018: 23.6%). For the year ended 31 December 2019, OS&E business revenue from the PRC decreased 2.3% to approximately HK$102.1 million (for the year ended 31 December 2018: approximately HK$104.5 million), representing 60.6% (2018: 67.8%) of the OS&E business segment revenue. Revenue from the other markets was approximately HK$66.3 million (for the year ended 31 December 2018: approximately HK$49.8 million), accounted for 39.4% (2018: 32.2%) of the OS&E business segment revenue. The re-order frequency from long-term customers will be a key revenue factor for OS&E business, as such, the Group will continue to focus on building long-term cooperative relationships with its customers by providing vertically-integrated services for hotel products purchasing in a long run. Additionally, the Group will also continue to grow its customer base among newly established, high-end and mid-level hotels in China and other Southeast Asian countries. Prospects: Proactive monitoring of external risks and weakened global markets In addition to pressure from the ongoing China-U.S. trade war, the protests in the second half of 2019 in Hong Kong, and further with the outbreak of COVID-19, the tourism, hospitality and aviation industries were seriously affected. With an even greater decline in both the global and domestic economies, and in international tourist arrivals ahead in 2020, the Group expects that there will be certain impact on the Group’s hospitality supplies and OS&E businesses from 2020 onwards. The Group will continue to assess the Group’s financial performance and operations and closely monitor the Group’s exposure to risks and uncertainties in this connection. Disposable Infection Control Products and Personal Health Care Products Business The Group has been producing the disposable infection control products, such as the medical equipment cover, and the personal health care products under the Group’s self-labeled brands “Pasion” and “everybody LABO”. After the outbreak of COVID-19, the Group has switched some of the production lines to produce anti-epidemic products and has commenced the production of alcoholic instant hand sanitizers and face masks. In response to the increasing worldwide market demand and consciousness of personal hygiene of the general public, the Group will further expand its product lines and contribute resources to cover more disposable infection control products and personal health care related products. Strategic diversification of manufacturing footprint In order to reduce further potential impacts of the China-U.S. trade war, the Group will continue to develop its production base in Cambodia to reinforce its overall competitiveness through reducing labour costs and increase manufacturing efficiencies. Continued focus on margin improvement By increasing production efficiencies and adopting prudent and flexible business strategies to enhance the performance, the Group will continue to work on improving its margins to face the uncertainties ahead. Furthermore, the Group will continue to improve the performance of its hospitality supplies and OS&E businesses, and expand its manufacturing facilities in Cambodia. Continued exploration of new business opportunities By capitalising on the Group’s existing partnerships and closely and cautiously monitoring potential new business streams and strategies, the Group will continue to put effort on expanding the market shares of its hospitality supplies and OS&E businesses to reduce the impact from the China-U.S. trade war, the outbreak of COVID-19 and other geopolitical incidents. New environmental protection laws and regulations On the other hand, the Group’s hospitality supplies business is expected to face additional challenges due to new environmental protection laws and regulations and the rising “plastic free” trend around the world. Some of the countries and cities, especially in Europe and the PRC, are adjusting their regulations and practices to encourage businesses and hotels to eliminate plastic and disposable products, including single-use plastic bottles, plastic drink stirrers and many more items. In response, the Group will allocate resources to research and development of new eco-friendly hospitality supplies products appropriately, and keep abreast of market trends and strengthen its core competitiveness. The impacts of COVID-19 outbreak The impacts of the COVID-19 outbreak on the Group’s customers’ financial positions and the macro-economic conditions as a whole are still uncertain, thus the Group is unable to quantify the related financial effects. However, it is noted that the purchase orders of the Group’s hospitality supplies and OS&E businesses has dropped as compared with the corresponding period of 2019. The Group will pay close attention to the development of the COVID-19 and perform further assessment on its impact and take relevant measures.

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