Tai Ping Carpet (00146) announces annual performance with a net profit attributable to shareholders of HK$421.13 million, representing a year-on-year increase of 9.6%.

TAI PING CARPET (00146) announced its annual performance for the year ending June 30, 2024. The group recorded a revenue of HK$640 million, an increase of 6.6% compared to the previous year. The net profit attributable to shareholders for the year was HK$421.13 million, a 9.6% increase, with basic earnings per share of 19.85 HK cents. The company plans to distribute a final dividend of 12 HK cents per share. The announcement stated that the group's gross profit margin increased by 2% to 62% compared to the previous year, due to a good sales mix, continued productivity improvement at its production facility in Xiamen, and lower global shipping costs. Total operating expenses increased by 9% to approximately HK$349 million, from about HK$320 million the previous year, attributed to sales growth, expanded marketing and promotional activities to support sales growth, and increased strategic investments. Additionally, a one-time loss of approximately HK$6 million was incurred due to the termination of a lease for a showroom in New York. The increase in revenue and gross profit margin resulted in an operating profit of approximately HK$460 million, a 14% increase from the HK$400 million achieved in 2023.