Extraordinary Leadership (00933) announced its annual results for the year ended December 31, 2023, and the group achieved revenue of 11...
According to the Zhitong Finance App, Extraordinary Leadership (00933) announced the results for the year ended December 31, 2023. The group obtained a profit of HK$11.219 billion, an increase of 62.6% over the previous year; the company's equity holders should have accounted for a loss of HK$119 million, compared with a profit of HK$850 million in the same period last year; a loss of HK1.04 cents per share and a final dividend of HK$0.008 per share.
According to the announcement, the loss was due to the completion of the acquisition of Viva Qile Limited (previously known as “LionRock Capital Partners Qile Limited”), which holds the majority of Clark's shares in July 2022, resulting in a bargain acquisition of approximately HK$956 million in FY2022. Excluding this one-time gain, the adjusted loss attributable to the company's equity holders for FY2022 was approximately HK$106 million. The losses attributable to the company's equity holders in FY2023 increased compared to the adjusted loss due to the FY2022 fiscal year, which was mainly due to: Clark Group incurred one-time restructuring expenses in FY2023, which reduced some positions to streamline business and improve profitability; and high impairment and inventory provisions for FY2023. This is due to severe challenges in the retail market since the second half of 2023, particularly in the UK and US markets.