On March 27, GLONGHUI | Cosmos Group (00544.HK) announced that for the year ended December 31, 2023, the total revenue of the Group was approximately HK$298,000,000, an increase of about 9.2% over the previous year. Profit attributable to the company's equity holders was approximately HK$5,700,000, an increase of 18.8% over the previous year.
The Board believes that the slight increase in profit is mainly due to (i) the turning of losses into profits in the food and beverage trading and sales business in mainland China. Due to the implementation of effective sales strategies, the revenue of this business increased significantly by about 100.6% compared to 2022; and (ii) recorded a one-time income from the sale of a subsidiary. These favorable factors were partly offset by: (iii) the refrigerated storage and related services business recorded a decline of about 3.3% in revenue in 2023 compared to 2022; and (iv) the Hong Kong Special Administrative Region Government did not receive government subsidies under the Employment Protection Scheme that can be received in 2022.