On June 25th, founder of Safety Godown (00237.HK) announced that for the full fiscal year ended on March 31, 2024, revenue increased by 20% year-on-year to HKD 177 million, and loss per share decreased from HKD 0.46 to HKD 0.30. Excluding investment property fair value loss, the group's core profit before tax (a financial measurement indicator under non-Hong Kong financial reporting standards) increased by 165% from HKD 36.547 million to HKD 96.986 million.
Since the outbreak of the epidemic, Hong Kong's economic recovery has not met expectations, and companies generally adopt a wait-and-see and conservative business strategy. Therefore, the group's logistics business recorded a considerable decline compared to last year, with average warehousing capacity dropping from about 14,000 cubic meters last year to about 11,000 cubic meters this year, which is disappointing. In response to changes in the business environment, the group rented out two floors of its warehouse in Kwai Chung, reducing the warehousing space of its warehouse business so that it could maintain an average warehousing rate of 58% throughout the year.