Plastec Technologies Reports Fiscal 2024 Financial Results

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal year ended December 31, 2024.

Balance Sheet Highlights at December 31, 2024*

• $5.7 million in cash and cash equivalents, compared to $12.3 million at December 31, 2023, primarily as a result of a special one-time dividend issued in December 2024.
• $5.6 million in working capital, compared to $11.1 million at December 31, 2023.
• Book value per share was $0.43, compared to $0.86 at December 31, 2023.

* Balance Sheet highlights are amounts are presented in U.S. dollars ($) based on a conversion rate of $1.0: HK$7.8, while financial tables/amounts at the end of this release are in Hong Kong dollars (HK$).

Recent Developments

On December 20, 2024, the Company distributed a special one-time cash dividend of $0.35 per share to the holders of the Company’s ordinary shares as of December 13, 2024 record date, using the Company’s available cash and cash equivalents position which at June 30, 2024 was $12.2 million.

The Company also announced that it is currently in the process of applying for the liquidation of its BVI-incorporated subsidiaries: ‘Viewmount Development Limited,’ ‘Sun Ngai Spraying and Silk Print Co. Ltd.,’ and ‘Sun Terrace Industries Ltd.’ After the completion of liquidation, there will be no subsidiaries under Plastec Technologies, Ltd.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “Following the disposal of Sun Line Industrial Limited assets announced in November 2024 for HKD4.65 million, we made the strategic decision to further streamline and simplify the group’s organizational structure, given the limited operations at the three remaining subsidiaries. The streamlined structure gives us the ability to act quickly on any new opportunities that may arise in the future.”

Forward Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.

PLASTEC TECHNOLOGIES, LTD.   CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
			Year ended December 31,			Year ended December 31,			Year ended December 31,
			2022			2023			2024
			HK$			HK$			HK$
Revenues			-			-			-
Operating expenses, net
Selling, general and administrative expenses			(3,326	)		(3,084	)		(4,813	)
Other income			91			-			118
Total operating expenses, net			(3,235	)		(3,084	)		(4,695	)
Loss from operations			(3,235	)		(3,084	)		(4,695	)
Interest income			917			4,065			4,543
(Loss)/profit before income tax expense			(2,318	)		981			(152	)
Income tax expense			(907	)		(1,047	)		(7,758	)
Net loss attributable to the Company’s shareholders			(3,225	)		(66	)		(7,910	)
Comprehensive loss attributable to the Company’s shareholders			(3,225	)		(66	)		(7,910	)

Net loss per share:
Weighted average number of ordinary shares			12,938,128		12,938,128		12,938,128
Weighted average number of diluted ordinary shares			12,938,128		12,938,128		12,938,128
Basic net loss per share			HK$(0.25)		HK$(0.005)		HK$(0.61)
Diluted net loss per share			HK$(0.25)		HK$(0.005)		HK$(0.61)

PLASTEC TECHNOLOGIES, LTD.   CONSOLIDATED BALANCE SHEETS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
					December 31,		December 31,
					2023		2024
					HK$		HK$

ASSETS
Current assets
Cash and cash equivalents					96,303			44,171
Deposits, prepayment and other receivables					4,269			-
Total current assets					100,572			44,171
Non-current assets
Property, plant and equipment, net					7			-
Intangible assets					438			-
Total non-current assets					445			-
Total assets					101,017			44,171

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals					1,173			538
Tax payable					12,980			-
Total current liabilities					14,153			538
Total liabilities					14,153			538
Commitments and contingencies					-			-
Shareholders’ equity
Ordinary shares (U.S.$0.001 par value; 100,000,000 authorized, 12,938,128 and 12,938,128 shares issued and outstanding as of December 31, 2023 and 2024, respectively)					101			101
Additional paid-in capital					26,049			26,049
Accumulated other comprehensive income					(30	)		(30	)
Retained earnings					60,744			17,513
Total shareholders’ equity					86,864			43,633
Total liabilities and shareholders’ equity					101,017			44,171

PLASTEC TECHNOLOGIES, LTD.   CONSOLIDATED STATEMENTS OF CASH FLOWS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
		Year ended December 31,			Year ended December 31,			Year ended December 31,
		2022			2023			2024
		HK$			HK$			HK$
Operating activities
Net loss		(3,225	)		(66	)		(7,910	)
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables		(423	)		(715	)		4,269
Other payables and accruals		(345	)		398			(635	)
Tax payables		907			1,047			(12,980	)
Net cash (used in)/generated from operating activities		(3,086	)		664			(17,256	)
Investing activity
(Purchase)/Proceeds from disposal of plant and machinery		-			(7	)		445
Net cash (used in)/generated from investing activity		-			(7	)		445
Financing activity
Dividends paid		-			-			(35,321	)
Net cash used in financing activity		-			-			(35,321	)
Net (decrease)/increase in cash and cash equivalents		(3,086	)		657			(52,132	)
Cash and cash equivalents, beginning of year		98,732			95,646			96,303
Cash and cash equivalents, end of year		95,646			96,303			44,171
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest income		917			4,065			4,543
Income taxes paid		-			-			(16,930	)

 

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Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

ning@plastec.com.hk

INVESTOR RELATIONS:

The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610 / azhang@equityny.com

Lena Cati, Senior Vice President

(212) 836-9611 / lcati@equityny.com

Source: Plastec Technologies, Ltd.