On June 28, Geelong Group (00590.HK) announced that its income for the fiscal year ending March 31, 2024 reached HKD 15.3 billion, a year-on-year increase of 28.0%, mainly due to the low base effect and the comprehensive customs clearance between Hong Kong and Macao of China and mainland China, which stimulated the recovery of HK and Macao retail trade, becoming the main driving force for the group's growth. The group's retail income increased significantly by 45.3% to HKD 12.75 billion, accounting for 83.2% of the group's total income, mainly driven by gold product sales. Operating expenses ratio improved by 0.6 percentage points to 15.0% of income. In addition, a one-time valuation gain of approximately HKD 187 million was recorded due to the acquisition of HKRH. Therefore, the operating profit increased by 34.2% to HKD 2.12 billion.
During the reporting period, the profit attributable to equity holders increased by 37.6% to HKD 1.77 billion, the second-highest annual performance in the group's history. It is recommended to pay a final dividend of HKD 0.64 per share, with a total dividend of HKD 1.41 per share for the year, and a payout ratio of 47%.