FIT Hon Teng Limited has released its 2023 report, which shows that the company's revenue fell from $45.31 billion in 2022 to $41.96 billion for the fiscal year ended December 31, 2023. Despite the drop in revenue, the company's gross profit rose to $8.7 billion from $7.68 billion in 2022. However, operating profit fell from $3.07 million to $2.63 million, and profit attributable to shareholders also fell from $1.70 million to $1.29 million. The company's total assets increased from $45.47 million in 2022 to $5094 billion, total equity increased from $23.47 million to $24.37 million, and total liabilities rose from $22.6 billion to $26.56 million. The Company has decided not to distribute dividends for the year ending December 31, 2023. The audit noted that due to the significant reputation balance and high estimation uncertainty, the valuation of goodwill is...Show More

FIT Hon Teng Limited has released its 2023 report, which shows that the company's revenue fell from $45.31 billion in 2022 to $41.96 billion for the fiscal year ended December 31, 2023. Despite the drop in revenue, the company's gross profit rose to $8.7 billion from $7.68 billion in 2022. However, operating profit fell from $3.07 million to $2.63 million, and profit attributable to shareholders also fell from $1.70 million to $1.29 million. The company's total assets increased from $45.47 million in 2022 to $5094 billion, total equity increased from $23.47 million to $24.37 million, and total liabilities rose from $22.6 billion to $26.56 million. The Company has decided not to distribute dividends for the year ending December 31, 2023. The audit noted that due to the significant reputation balance and high estimation uncertainty, the valuation of goodwill is a key audit issue. The company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code as its governance practice. Year-end cash and cash equivalents increased from $9.14 billion in 2022 to $13.16 billion. The Company's consolidated financial statements are prepared in accordance with the International Financial Reporting Guidelines published by the International Accounting Standards Board and the disclosure requirements of Chapter 622 of the Hong Kong Companies Ordinance. Financial assets and liabilities held by the company are classified as measured by depreciation expense and by fair value through profit and loss, and detailed information is provided in the notes to the financial statements.