2022-03-30-港交所-裕程物流_2021年年报_129页_2mb

8489_Grand Power_AR2021_Full_Report Summary

Disclaimer

• This report is issued by The Stock Exchange of Hong Kong Limited (HKEX) regarding Gem (GEM) market features.
• GEM is designed for small and medium-sized enterprises (SMEs), with higher investment risks compared to main board listings.
• Investors should understand risks and exercise careful consideration before investing.

Key Highlights

1. Compulsory Disclosures:

   • No responsibility for report content accuracy is assumed by HKEX or the issuer.
   • Management discusses 2021 performance, highlighting resilience amid COVID-19 disruptions.

2. Company Profile:

   • Grand Power Logistics Group Ltd. is a logistics service provider focusing on air & sea cargo transport, with operations in Hong Kong, Mainland China, and Macau.
   • Revenue Growth: HKD 892.468 million (2021) vs. HKD 871.883 million (2020).
   • Segment Performance: Air cargo services are the primary revenue driver (94.5% of total revenue in 2021).

3. Financial Summary:

   • EBIT: HKD 28.067 million (2021) vs. HKD 31.120 million (2020).
   • Profit: HKD 22.980 million (2021) vs. HKD 23.174 million (2020).
   • Key Ratios:
     • Asset-to-Equity Ratio (2021): ~25.5% (improved from 47.4% in 2020).
     • Current Ratio (2021): ~1.7.

4. Governance & Management:

   • Board includes experienced directors (e.g., Chairman Choy Kwok-him, CEO Sung Tak-chit).
   • Dividend Policy: No final dividends proposed for 2021.
   • Stock Option Plan introduced to incentivize key personnel.

5. Risks & Outlook:

   • Major Risks: Economic volatility, COVID-19 disruptions, cargo capacity shortages.
   • Future Plans: Expand market presence in China, secure air cargo partnerships, and strengthen cash flow management.

6. Transactions: No major investments, acquisitions, or asset disposals in 2021.