Operational Information
Full-Year Report on Franchise Operation Services for 2024
Highlights:
1. Total number of passengers was recovered to 82% of 2018 level, and 8% increase over last year
- Total number of passengers for the year: 16,215,717
Average number of passengers per sailing: 116 (36% of passenger capacity), decreased by 18% compared to 2018
- The East Rail Line of the MTR to Admiralty Station start in May 2022, as a result, Passenger volume in Wan Chai dropped by 15% in 2024 compared to 2018
2. Fare box revenue increased to nearly HKD 81 million
- Increased by 16% compared to 2023, or 52% compared to 2018
- Yet average revenue per sailing was: HKD 577
- Only to cover 65% of total operating costs.
3. 2024 full-year revenue from franchise routes (including non-fare box revenues) was approximately HKD 136 million
- Increased by 41% compared to 2018
- Increased by 19% compared to 2023
4. Total operating expenses amounted to nearly HKD 124 million, in other words,
- To earn every HKD 1.0 of revenue from franchise routes, incurs an expenditure of HKD 0.9
- Manpower costs per sailing was HKD 480, manpower costs per passenger served exceeded HKD 4.0
5. Profit on franchise routes exceeded HKD 12 million, but still have an outstanding loan over HKD70 million as of 2024 year end (Including franchised & tour service)
6. Negative equity reduced to HKD 93 million
7. Outlook is Bleak
- Uncertainty over visitor arrivals and tourism industry outlook
- Further marginalization of ferry services to and from Wanchai due to the extension of the MTR's East Rail Line.
- Non-fare box revenue will follow the market trend with contracts to be renewed at lower rates.
- Rise of payroll and maintenance costs continued
8. New initiatives
- "Green Ferry" project under study.
- Researching on piers revitalization, starting with the 65-year-old Kowloon Star Ferry Pier.
- Exploring opportunities to increase fare box and non-fare box revenue.
- Various electronic payment solutions installed at piers
|
Franchise Route Operating Data |
Full Year 2024 |
|
|
(1) |
Total number of routes |
2 |
|
(2) |
Number of vessels |
8 |
|
(3) |
Total passenger capacity of the fleet |
3,873 |
|
(4) |
Effective service deployment rate (ratio of actual to planned deployed vessels) |
96.0% |
|
(5) |
Fleet utilization rate (ratio of vessels in service to the fleet) |
87.5% |
|
(6) |
Average age of the fleet |
61 years |
|
(7) |
Total number of passenger trips |
16 million |
|
(8) |
Number of sailings affected by vessel engine failure |
2 times |
|
(9) |
Maritime accidents |
3 cases |
|
(10) |
Complaints referred by the Transport Complaints Unit |
1 case |
|
(11) |
Social services - The company actively supports charitable activities, and employees participated in donations and volunteering works. - The company was awarded the "Caring Company" logo by the Hong Kong Council of Social Service and the "Super MD" recognition by the Employees Retraining Board. - The company was also awarded the "Happy Company 5+" title in Happiness-At-Work Label Award Scheme by Promoting Happiness Index Foundation. |
|
|
(12) |
Service improvement projects
- Ongoing training for coxswains and crews on navigation safety techniques and emergency response measures - Refurbishment of the ceiling in the Tsim Sha Tsui Star Ferry Pier - Various e-payment system introduced at Piers |
|
|
Profit and loss calculation sheet (only for franchise routes) |
Full year 2024 |
|
|
Income |
|
(HKD’000) |
|
|
Ferry Earning |
80,812 |
|
|
Other Income |
55,151 |
|
|
Total Income |
135,963 |
|
Expenses |
|
|
|
|
Payroll & Related Op |
69,839 |
|
|
Launches Expenses |
36,437 |
|
|
Other Expenses |
17,584 |
|
|
Total Expenses |
123,860 |
|
Profit before tax |
|
12,103 |
|
|
||
|
Fixed Assets (For Franchised Services Only) 2024 |
||||
|
|
Terminal Buildings |
Launches Launch Equipment. |
Plant and Furniture |
Total |
|
Cost or Valuation |
(HKD’000) |
(HKD’000) |
(HKD’000) |
(HKD’000) |
|
At January 1, 2024 |
12,401 |
64,590 |
10,601 |
87,592 |
|
Addition |
0 |
0 |
1,574 |
1,574 |
|
Disposal |
0 |
0 |
0 |
0 |
|
At December 31, 2024 |
12,401 |
64,590 |
12,175 |
89,166 |
|
Aggregate depreciation |
|
|
|
|
|
At January 1, 2024 |
12,401 |
56,535 |
9,921 |
78,857 |
|
Charge for 2024 |
0 |
2,649 |
321 |
2,970 |
|
Written back |
0 |
0 |
0 |
0 |
|
At December 31, 2024 |
12,401 |
59,184 |
10,242 |
81,827 |
|
Net book value |
|
|
|
|
|
At December 31, 2024 |
0 |
5,406 |
1,933 |
7,339 |
|
At December 31, 2023 |
0 |
8,055 |
680 |
8,735 |