SITOY GROUP (01023) announces annual performance, with a net profit of approximately 102 million Hong Kong dollars, a year-on-year decrease of 49.76%.

SITOY GROUP (01023) announced its performance for the year ending June 30, 2024, with revenue of approximately HK$1.606 billion, a decrease of approximately 12.1% year-on-year; net profit of approximately HK$102 million, a decrease of 49.76% year-on-year; and basic earnings per share of HK$0.1058, with a proposed final dividend of HK$0.04 per share. Among them, the revenue from the retail business increased by approximately 11.9% year-on-year to HK$528 million, generating a pre-tax profit of approximately HK$26.8 million, compared to approximately HK$29.4 million last year, mainly due to the growth of the e-commerce business. In the 2024 fiscal year, the group received purchase orders from its external customers decreased by approximately 20.6% compared to the previous year. The manufacturing business generated branch revenue of approximately HK$1.066 billion from external customers, with a pre-tax profit of approximately HK$110 million, compared to HK$233 million last year, mainly due to some major customers experiencing excess inventory and therefore reducing their order volumes.