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- Net Profit Increases by 8% to HK$222 Million
- Captures Opportunities As Market Revives |
HONG KONG, Mar 23, 2023 - (ACN Newswire) - Emperor Watch & Jewellery Limited (the "Group" or "Emperor W&J") (Stock code: 887), a leading retailer of European-made watches and fine jewellery, announced its annual results for the year ended 31 December 2022 (the "Year").
During the Year, the pandemic continued posing an unstable business operating environment for the Group, and the Group's total revenue was HK$3,684.3 million (2021: HK$3,926.6 million). Revenues from Hong Kong and mainland China were HK$1,652.5 million (2021: HK$1,739.3 million) and HK$1,186.3 million (2021: HK$1,227.8 million), respectively, accounting for 44.9% (2021: 44.3%) and 32.2% (2021: 31.3%) of the total revenue, respectively. In terms of revenue by product segment, the sales revenues from the watch and jewellery segments were HK$3,017.6 million (2021: HK$3,268.9 million) and HK$666.7 million (2021: HK$657.7 million), respectively, accounting for 81.9% (2021: 83.3%) and 18.1% (2021: 16.7%) of the total revenue, respectively.
Gross profit was HK$1,177.3 million (2021: HK$1,229.5 million), while the gross profit margin increased slightly to 31.9% (2021: 31.3%). Attributable to the increase in gross profit margin and its effective cost saving measures, the Group's net profit increased by 8.3% to HK$222.1 million (2021: HK$204.7 million) during the Year. Basic earnings per share was HK3.28 cents (2021: HK3.02 cents). The Group has recommended the payment of a final dividend of HK0.62 cent (2021: HK0.35 cent) per share. Together with the interim dividend of HK0.38 cent (2021: HK0.55 cent) per share, the total dividends for the Year are HK1.0 cent (2021: HK0.9 cent) per share.
During the Year, the Group's was in a net cash position, hence its net gearing ratio (calculated on the basis of bank borrowings less cash and cash equivalents over net asset value) was zero (2021: zero).
As at 31 December 2022, the Group had a total of 93 stores in Hong Kong, Macau, mainland China, Singapore and Malaysia. During the Year, the Group opened three jewellery stores in Hong Kong, as well as four jewellery stores and one Rolex store in mainland China. The Group will continue with prudent expansion of its network, and is expected to open jewellery stores in Tai Wai and Kwun Tong, Hong Kong, as well as Chengdu and Hebei, mainland China in 2023.
Ms. Cindy Yeung, Chairperson of Emperor W&J, said, "Subsequent to the Year, the borders between Hong Kong, Macau and mainland China have been fully reopened, and the inbound quarantine measures for all travelers have been lifted. The number of Hong Kong's visitor arrivals is expected to increase, which will accelerate the revival of tourism and the retail industry. In addition, a stabilising property market and a less volatile stock market will provide incentives for luxury consumption. All these factors will serve as a positive influence on the Group's business."
Mr. Ricky Ng, Chief Executive Officer of Emperor W&J, said, "The Group will continue monitoring the market landscape and developments in various regions, and observe customer preferences and spending patterns, in order to devise appropriate business strategies. With the industry gradually recovering from the pandemic, the Group will adopt a prudent approach, and continue exercising stringent control over operating costs, aiming to enhance operating efficiency and improve profitability."
About Emperor Watch & Jewellery Limited
With long establishment history of 80 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer principally engages in the sale of European-made internationally renowned watches, and fine jewellery products under its own brand, "Emperor Jewellery". Through its comprehensive watch dealership, unique marketing campaigns and extensive retail network at prime locations in Hong Kong, Macau, mainland China, Singapore and Malaysia, Emperor W&J established a strong brand image amongst its target customers ranging from middle to high income groups worldwide. In recognition of its efforts in investor relations communications, Emperor W&J was granted with "Best IR Company" (Small Cap) and "Best Investor Presentation Material" (Small cap) in HKIRA Investor Relations Awards 2022 by the Hong Kong Investor Relations Association. For more information, please visit its website: www.EmperorWatchJewellery.com.
Investor/Media Enquiries
Anna Luk
Group Investor Relations Director
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com
Janice Au
Group Investor Relations Manager
Tel: +852 2835 6799
Email: janiceau@emperorgroup.com
Topic: Press release summary
Source: Emperor Watch & Jewellery Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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