Fenbo Holdings Limited, a Cayman Islands-based holding company, reported its annual financial performance for the year ending December 31, 2023. The company, through its subsidiaries, specializes in manufacturing and selling premium personal care electric appliances, such as hair styling products. Despite a challenging economic environment marked by the COVID-19 pandemic and global supply chain disruptions, Fenbo Holdings managed to generate revenues of HK$119.1 million (approximately US$15.2 million) in 2023, a slight decrease of 0.5% from the previous year. The cost of sales saw a decrease to HK$97 million (US$12.4 million), resulting in a gross profit of HK$22.1 million (US$2.8 million), an increase from the previous year's HK$18.8 million. However, the company reported a net loss of HK$1.5 million (US$188,000), compared to a...Show More

Fenbo Holdings Limited, a Cayman Islands-based holding company, reported its annual financial performance for the year ending December 31, 2023. The company, through its subsidiaries, specializes in manufacturing and selling premium personal care electric appliances, such as hair styling products. Despite a challenging economic environment marked by the COVID-19 pandemic and global supply chain disruptions, Fenbo Holdings managed to generate revenues of HK$119.1 million (approximately US$15.2 million) in 2023, a slight decrease of 0.5% from the previous year. The cost of sales saw a decrease to HK$97 million (US$12.4 million), resulting in a gross profit of HK$22.1 million (US$2.8 million), an increase from the previous year's HK$18.8 million. However, the company reported a net loss of HK$1.5 million (US$188,000), compared to a net income of HK$8.7 million in 2022. The loss was attributed to various factors, including fluctuations in raw material costs and a high concentration of revenue from a single customer, Spectrum Brands, which accounted for all of the company's revenue. Fenbo Holdings' total assets stood at HK$102.9 million (US$13.2 million), with liabilities amounting to HK$43.2 million (US$5.5 million). The company's financial position was also influenced by foreign currency risks, particularly the fluctuation of the Renminbi (RMB) against the Hong Kong Dollar (HKD). Fenbo Holdings' financial statements were audited by Centurion ZD CPA & Co, which confirmed the accuracy of the reported figures.