On behalf of the Board of Crystal International Group Limited, I am pleased to present the annual results of the Group for the year ended 31 December 2024.
2024 was a landmark year for Crystal International, achieving record high profits after tax. This financial success reflects the effective execution of our strategic initiatives and the unwavering commitment of our team. Furthermore, we enhanced our profits after tax percentage, a testament to our improved operational efficiencies and robust financial management.
Under the strategic leadership of our CEO, Mr. Andrew LO, we have achieved significant success, as evidenced by the improvement in our profits after tax percentage and factory profitability. This accomplishment highlights the effective execution by our management at all levels in delivering the Group’s strategies. Our team has successfully enhanced profitability, optimised capacity, and improved operational efficiency, demonstrating a strong alignment with our strategic objectives. This success underscores the robust implementation of our initiatives, which have positioned us well for sustained growth and operational excellence.
A significant driver of our enhanced efficiency is our ongoing commitment to digital transformation. We have made substantial progress in integrating digital solutions across our value chain, leveraging enhanced automation, standardisation and vertical integration to optimise processes and increase productivity. This includes adopting innovative working methods and artificial intelligence to refine our governance, strategy, and policy and then enhance efficiency.
Recognising the evolving global landscape, we have proactively addressed the uncertainty surrounding tariffs and policy risks, particularly those stemming from the new US Administration, by exploring diverse opportunities worldwide to mitigate potential impacts.
Our commitment to sustainability is integral to our business strategy. In 2024, we further advanced our sustainability initiatives, focusing on minimising our environmental footprint and promoting responsible practices throughout our supply chain. We are also working to standardise data collection related to sustainability, ensuring the quality and reliability of our reporting.
The Group has been in full swing to advance towards the set goals of Crystal Sustainability Vision 2030 (“CSV2030”), which was launched in 2023. During the reporting year, we formulated an action agenda to propel our progresses towards CSV2030. Referencing the United Nations Sustainable Development Goals, CSV2030 consists of relevant goals associated with eight impact areas across environmental, people and community dimensions. We have engaged with both internal and external stakeholders, who have affirmed and supported our vision and efforts. While tree planting continues to be one of our environmental foci, we carried on the momentum of our accomplishments by setting new tree planting target, which is to plant 2 million trees globally by 2030.
The Group continued to pay utmost effort in achieving net zero, making notable and gratifying progress in energy productivity enhancement, energy efficiency and rooftop solar photovoltaic (“PV”), in line with our strategies of company-wide Net Zero Roadmap. In 2024, we installed 8MW of solar PV capacity in Bangladesh, Sri Lanka and China, expanding its total PV capacity to 20MW. In particular, rooftop solar PV has been installed in all facilities in Sri Lanka, with operations mostly powered by solar PV and renewable electricity redirected to the local grid via feed-in tariffs. In addition, the Group has completed around 120 energy efficiency measures among over 200 planned measures, with an estimated carbon reduction of 32,000 tonnes. Meanwhile, employee care remains our priority, with comprehensive wellness programmes, such as organising Clear Vision Workplace programme to free employees from the blurry vision they had long endured. I welcome you all to peruse our Sustainability Report 2024 for details of our achievements.
We understand that strong corporate governance is crucial for long-term value creation. Our Board comprises elites and talents with diversified backgrounds and portfolios, enriching our discussions, balancing our decisions, and ensuring holistic consideration when setting long-term strategies for the sustainable growth of the Group. In line with our commitment to ensuring a smooth succession and stable leadership transition, we are pleased to announce that Mr. Andrew LO, our CEO and Executive Director, has been appointed as Vice Chairman of the Board, effective January 2025. This strategic appointment not only recognises Andrew’s exceptional leadership and contributions to the Group but also enhances his role and responsibilities within the Board. By assuming this additional leadership position, Andrew will play a pivotal role in ensuring a seamless transition and effective succession planning for the Group, thereby safeguarding the continuity of our strategic vision and operational excellence. This year, we reorganised our Board committees to enhance board efficiency and oversight. Additionally, we established a People Committee to oversee people related risks and strategies, including succession planning, ensuring we have the talent and leadership necessary to achieve our strategic objectives.
I extend my sincere gratitude to our shareholders, customers, partners, and employees for their continued support and dedication. Looking forward, our Group is well-prepared to build upon our achievements and deliver sustainable value in the years to come. We are committed to transparency, trust, and engagement with all stakeholders. The foundation we have built positions us to navigate future challenges and seize emerging opportunities. Together, with the unwavering support of our stakeholders, we are confident in our ability to continue driving growth, creating value, and making a positive impact on the world. Thank you for your trust and partnership as we embark on the next chapter of our journey.
Mr. LO Lok Fung Kenneth
Chairman of the Board
Hong Kong, 20 March 2025