On June 20, Grünewald announced annual results. For the fiscal year ended March 31, 2024, the company's revenue was HKD 6.217 billion, a decrease of 2% year-on-year; gross profit was HKD 3.111 billion, an increase of 3% year-on-year; gross profit margin increased from 47.5% to 50.0%; the net profit attributable to equity holders of the company was HKD 116 million, an increase of 155% year-on-year; basic earnings per share were 10.9 HK cents, and the board of directors recommended a final dividend of 6.3 HK cents per ordinary share.
During the reporting period, excluding the impact of exchange rates, the Group's revenue grew by 1% from the previous year. Although revenue in the first half of the fiscal year fell by 3%, revenue in mainland China increased by 10% (in local currency) and the performance of Hong Kong's business was steady. The performance in the second half of the year was enough to make up for the decline in the first half of the year.
Due to the improvement of operating cash flow and the reduction of capital expenditures, cash and bank deposits (excluding bank loans) increased from HKD 30 million to HKD 538 million.
On the sales front, we recorded a significant increase in operating profit in mainland China, driven by strict implementation of sales strategies and improved organizational capabilities. Hong Kong's business also recorded an increase in revenue compared to last year, mainly due to successful product innovation - one of our core business strengths - and the resumption of normal operations at Vitasoy Cha Chaan Teng. However, due to ongoing production challenges, intensified price competition, and tight supply leading to high logistics costs, our business performance in Australia and New Zealand did not meet expectations. We are urgently addressing these issues. In Southeast Asian markets, revenue in Singapore was flat compared to last year, as increased tofu exports were offset by weak local demand for beverages and a slowing of beverage sales as we prepare to switch to a new beverage distributor. Our joint venture in the Philippines saw strong growth in both home-packed products and convenience store platform businesses.