The board of directors of Sinomax Group Limited informed the shareholders of the Company and potential investors that, based on a preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2023 and other information currently available to the Board, the Group is expected to record a profit after taxation for FY2023 of not less than HKD 80 million as compared to a loss after taxation for the year ended 31 December 2022 of approximately HKD 37.2 million. This was primarily attributable to the increase in sales as well as savings derived from various cost cutting measures adopted by the Group including: improvement on production efficiency; more stringent control on cost of labour; and reduction of cost of raw materials.