The Directors are pleased to announce that the Group's turnover for 1994 increased by 37% from the previous year to HK$3,760,689,189. Profit attributable to shareholders rose 32% to HK$437,193,563.
The Directors are highly satisified with the expansion and overall performance of the Group's core business in 1994. Through acquisitions and strategic investment, the Group has acquired a further 40% stake in Shenzhen Brewery Company Limited, increasing its attributable interest from 24.5% to 64.5%; 100% interests in The Wharney Hotel, Guangdong Hotel and Guangdong (International) Hotel Management Limited; a 45.9% controlling interest in Shaoguan Power (D) Plant; a 75.59% interest in Nanhai Tannery & Leather Products Co. Ltd.; additional interests in Guangdong Teem (Holdings) Limited, making it a 51% subsidiary of the Group; a 26.01% controlling interest in Guangnan (Holdings) Limited, whose shares were successfully listed on The Hong Kong Stock Exchange on 9 December 1994; and has undertaken the establishment of two joint ventures, namely Guang Dong Nanhua Cement Limited with Yingde Cement Plant and Qingyuan Cement No. 2 Limited with Qingyuan Longweishan Cement Plant, of which contracts have been signed respectively.
All Acquistions have been completed according to schedule and the anticipated objective has been achieved, laying a solid foundation in the balanced development of the Group's five core businesses, strengthening the Group's flexibility in responding to changes in market conditions and its competitiveness, as well as enabling its varous businesses to complement each other. The businesses of the Group's key subsidiaries have shown outstanding performance, despite a slowdown in economic growth in both China and Hong Kong and rising interest rates last year.
The Company was selected as a Hang Seng Index constituent stock in November 1994.
An interim dividend of 3.8 cents per share was paid on 28 October 1994. The Directors recommend the payment of a final dividend of 4.8 cents per share, in respect of the year ended 31 December 1994, to shareholders on the register of members on 28 June 1995.