Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 9,280 million, representing a 11.3% increase from HKD 8,336 million in 2023[11]. - The company reported a loss attributable to shareholders of HKD 364 million for 2024, compared to a loss of HKD 155 million in 2023[11]. - The net debt ratio increased to 107.1% in 2024, up from 88.9% in 2023, indicating a significant rise in financial leverage[11]. - In 2024, the company recorded a revenue of HKD 9.3 billion, an increase of 11.3% compared to HKD 8.3 billion in 2023[41]. - The company reported a net loss attributable to shareholders of HKD 364 million in 2024, compared to a loss of HKD 155 million in 2023, indicating a significant increase in losses[41]. - The construction business recorded a revenue of HKD 8.9 billion in 2024, a 10% increase from HKD 8.1 billion in 2023, but profit decreased by 51.3% to HKD 201 million from HKD 413 million in 2023[55][56]. - The average pre-tax profit margin for 2024 is projected to decline to 2.3% of revenue, down from 5.1% in the previous year, primarily due to lower profit margins on public housing projects awarded during intensified market competition amid the pandemic[121]. Contract Acquisition and Business Growth - The company secured new contracts worth HKD 11.5 billion in Hong Kong and Macau, setting a record for recent years[21]. - The construction business secured a substantial increase in contracts, with expectations to generate new contracts valued between HKD 6 billion to 8 billion by 2025[35]. - The group secured new construction, maintenance, and renovation contracts worth HKD 11.5 billion in 2024, significantly higher than HKD 6.6 billion in 2023, with total contracts on hand increasing by 38.2% to HKD 36.9 billion[57]. - New contracts worth HKD 589 million were secured in 2024, contributing to a more balanced business portfolio[108]. Industry Outlook and Economic Environment - The overall economic outlook for Hong Kong shows a moderate GDP growth of 2.5%, which is expected to positively impact the construction sector[21]. - The construction sector in Hong Kong experienced moderate growth in 2024, driven by public sector projects, although private construction activities faced a decline[48]. - The outlook for Hong Kong's economy is expected to see moderate growth, with a forecasted real growth of 2-3% in 2025[112]. Safety and Employee Well-being - The company maintained a low accident rate, reducing from 5.3 incidents per 1,000 workers in 2019 to 3.3 incidents in 2024, achieving a new low[28]. - The group recorded a construction injury rate of 3.3 incidents per 1,000 workers in 2024, maintaining the same rate as in 2023, with a total of 21 injuries reported[191]. - A total of 189,857 training sessions were conducted in 2024 to enhance safety awareness among employees, focusing on protective measures and internal safety regulations[190]. - The company emphasizes the importance of employee well-being and safety as a priority in daily operations[147]. Innovation and Technology - The company is focusing on digital transformation and has invested heavily in innovative construction technologies, including Building Information Modeling (BIM) and Modular Integrated Construction (MiC)[27]. - The group is investing in modernizing IT infrastructure and integrating advanced technologies into construction projects to improve operational efficiency and safety[52]. - The integration of Building Information Modeling (BIM) technology has improved project management processes, reducing errors and waste during construction[165]. - The company is leveraging artificial intelligence and robotics to enhance safety and efficiency on construction sites, including the use of robots for plastering and painting tasks[168]. - The group has adopted AI-driven cameras and sensors for real-time monitoring of construction sites, enhancing safety management and operational efficiency[189]. Sustainability and Corporate Responsibility - The company is integrating sustainability into all business operations to meet future industry demands and expectations[31]. - The company is committed to integrating sustainable practices into its operations, aligning with the United Nations Sustainable Development Goals (SDGs)[143]. - The Sustainable Development Steering Committee oversees the company's ESG performance and ensures effective implementation of sustainability strategies[149]. - The company is adopting green building designs and sustainable construction practices to minimize environmental impact[148]. - The group has established a sustainable development code urging partners and suppliers to adhere to social responsibility standards, including business ethics and environmental protection[176]. Talent Development and Workforce Management - The company is focusing on talent development and automation to address the shortage of skilled labor in the construction industry[31]. - The company aims to reduce employee turnover rate to 20% by 2024, compared to a baseline of 25% in 2020[141]. - The average training hours per employee is targeted to be 20 hours by 2024, with a goal of increasing total training hours by 130% compared to 2020[141]. - The company has implemented a new safety smart site system (4S) utilizing 5G technology to monitor high-risk construction sites in real-time, with seven projects awarded the 4S label in 2024[188]. Property Management and Rental Income - The rental income from properties in mainland China showed growth, with occupancy rates remaining stable despite market challenges[41]. - The group recorded a revenue increase from HKD 264 million in 2023 to HKD 388 million in 2024, with rental income rising to HKD 105 million[94]. - The occupancy rate for retail and office properties in Chengdu improved to 89% and 88% respectively by the end of 2024, compared to 87% and 82% in 2023[101]. - The group achieved property sales of HKD 61 million in 2024, with a loss of HKD 38 million, compared to revenue of HKD 12 million and a loss of HKD 3 million in 2023[105].

Financial Performance - Revenue for the year ended December 31, 2024, increased to HKD 9,280 million, up from HKD 8,336 million in 2023, representing a growth of 11.3%[2] - The company reported a shareholder attributable loss of HKD 364 million for 2024, compared to a loss of HKD 155 million in 2023, indicating a significant increase in losses[2] - The group recorded a consolidated loss before tax of HKD 289 million for the year ending December 31, 2024, compared to a loss of HKD 13 million for the year ending December 31, 2023[64][65] - The annual loss for 2024 was HKD 313 million, compared to a loss of HKD 75 million in 2023, indicating a significant decline in profitability[54] - The company's basic loss per share for 2024 was HKD 0.98, compared to HKD 0.41 in 2023, reflecting increased financial challenges[53] - The group recorded a loss of HKD 364 million for the year ending December 31, 2024, compared to a loss of HKD 155 million in 2023, with total revenue increasing to HKD 9.28 billion from HKD 8.34 billion[75] Assets and Liabilities - The total assets as of December 31, 2024, amounted to HKD 9.5 billion, a slight increase from HKD 9.2 billion in 2023[2] - The total value of contracts on hand as of December 31, 2024, was HKD 36.9 billion, up 38.2% from HKD 26.7 billion in 2023, with uncompleted contracts valued at HKD 20.5 billion, a 30.6% increase from HKD 15.7 billion[23] - The total assets increased to HKD 94.60 billion as of December 31, 2024, from HKD 91.66 billion in 2023, while net assets decreased to HKD 19.86 billion from HKD 23.71 billion[83] - The net debt ratio rose to 107.1% in 2024 from 88.9% in 2023, reflecting increased financial leverage[2] - The company reported a net current liability of HKD 748 million, a significant decrease from a net current asset of HKD 241 million in 2023[55] Construction Business - The construction business secured new contracts worth HKD 11.5 billion, setting a record for the group in recent years[3] - The construction business recorded a revenue of HKD 8.9 billion in 2024, a 10% increase from HKD 8.1 billion in 2023, but profit decreased by 51.3% to HKD 201 million[22] - The group anticipates new contracts valued between HKD 6 billion to 8 billion by 2025 from current bidding projects, contributing to stable revenue and cash flow[14] - The construction industry is expected to benefit from the government's infrastructure spending, with public housing supply projected to reach 190,000 units over the next five years[5] - The group is preparing to leverage future market opportunities in the construction sector, driven by ongoing economic growth and public infrastructure investments[17] Real Estate Performance - The real estate portfolio, which constitutes approximately 56% of total assets, continues to suppress financial performance amid a sluggish commercial property investment climate[10] - The group's real estate business recorded a loss of HKD 119 million in 2024, an improvement from a loss of HKD 141 million in 2023, attributed to reduced property valuation losses[37] - Total revenue for the real estate segment increased from HKD 264 million in 2023 to HKD 388 million in 2024, driven by rental income of HKD 105 million and sales revenue of HKD 51 million[37] - The overall consumer sentiment remains weak, impacting leasing performance despite increased foot traffic in the group's malls[37] - Property management company achieved record revenue of HKD 232 million in 2024, up from HKD 150 million in 2023, with new contracts valued at HKD 589 million[47] Labor and Operational Efficiency - The company aims to address labor shortages by participating in the government's labor importation scheme and investing in local talent development[8] - The group has introduced approximately 450 contract workers to address labor shortages starting from January 2024[17] - The company plans to enhance its operational efficiency through the adoption of Building Information Modeling (BIM) technology and Modular Integrated Construction (MiC) methods, with projects expected to complete by early 2025[6] - The company is focusing on innovation, efficiency, and adaptability to overcome challenges in the current business environment[52] Market Conditions and Future Outlook - The economic outlook for 2025 remains bleak due to geopolitical tensions, rising interest rates, and weak domestic demand in China[49] - Hong Kong's economy is projected to grow moderately by 2-3% in 2025, supported by tourism and government measures, despite significant challenges[50] - The company is committed to implementing cost-saving measures across all business areas to maintain competitiveness and sustainability[50] - The group anticipates that short-term fluctuations in the Renminbi will impact its business performance and financial condition, as a significant portion of its revenue and real estate assets in mainland China are denominated in Renminbi[88] Technology and Innovation - The company aims to enhance its competitiveness by investing in new technologies such as MiC 3.0 and robotic equipment for public housing construction[22] - A joint R&D project with Hong Kong University of Science and Technology integrates solar technology (BIPV) with MiC in public housing projects, marking a successful attempt to utilize solar energy[21] - The group is focused on integrating innovative technologies to enhance service offerings and adapt to industry changes[19] - The development of the proprietary 4S system aims to enhance construction site safety and worker welfare through technology[51] - The company is at the forefront of adopting smart building technologies to improve productivity, quality, safety, and sustainability in construction processes[51]

Financial Performance - Revenue for the first half of 2024 increased by 8.1% to HKD 4,098 million compared to HKD 3,790 million in the same period of 2023[8]. - Shareholders' attributable loss for the first half of 2024 was HKD 88 million, slightly higher than the loss of HKD 79 million in the first half of 2023[8]. - The company reported a basic loss per share of HKD 0.24 for the first half of 2024, compared to a loss of HKD 0.21 per share in the same period of 2023[8]. - The group's profit for the first half of 2024 was HKD 191 million, a decrease of 25.1% from HKD 255 million in the same period of 2023, primarily due to significant reductions in contract price adjustments received from clients[23]. - The company reported a loss of HKD 52 million for the six months ended June 30, 2024, compared to a loss of HKD 27 million in the same period of 2023[65]. - The basic loss per share for the period was calculated based on a weighted average of 373 million shares, unchanged from the previous year[95][96]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 9.4 billion, a slight increase from HKD 9.2 billion in 2023[8]. - The company's investment property value stood at HKD 39.47 billion as of June 30, 2024, reflecting a 0.7% decrease in fair value due to currency depreciation[52]. - The total assets of the company reached HKD 9.361 billion, up from HKD 9.166 billion at the end of 2023[54]. - Current liabilities increased to HKD 6,038 million, up from HKD 4,675 million, resulting in a negative net current asset position of HKD 880 million[68]. - The company's total assets less current liabilities decreased to HKD 3,323 million as of June 30, 2024, from HKD 4,491 million at the end of 2023, indicating a decline in financial stability[69]. - The group’s total liabilities included bank loans classified as non-current liabilities amounting to HKD 1.4 billion as of June 30, 2024, demonstrating a stable debt structure[77]. Debt and Financial Management - The net debt ratio increased to 101.3% in 2024 from 88.9% in 2023, indicating a significant rise in leverage[8]. - Financial expenses increased due to rising Hong Kong Interbank Offered Rate (HIBOR), with net financial expenses rising to HKD 118 million from HKD 95 million year-on-year[53]. - The group reported a net current liability of HKD 880 million as of June 30, 2024, which includes revolving bank loans of HKD 1.053 billion, indicating a reliance on short-term financing[76]. - The group has ongoing discussions with banks to secure additional credit facilities and is considering refinancing existing bank loans, which reflects proactive financial management strategies[76]. Construction and Contracts - The construction business continued to generate profits, supported by an increase in revenue and a solid backlog of contracts[12]. - The group secured new contracts worth HKD 10.2 billion in the first half of 2024, significantly higher than HKD 2.9 billion in the same period last year, marking a record for the group[23]. - The construction business recorded a revenue of HKD 3.9 billion in the first half of 2024, up 7.2% from HKD 3.7 billion in the same period of 2023[23]. - The group aims to enhance construction productivity and project delivery quality while expanding its construction team and enhancing talent training to support business growth[45]. - Major contracts include a three-year contract with CLP Power for HKD 900 million and a three-year contract with the Housing Authority for HKD 672 million[25]. Real Estate and Rental Income - The rental income from the real estate segment showed stability, with improved occupancy rates during the period[14]. - The group recorded a loss of HKD 21 million in the real estate business for the first half of 2024, significantly improved from a loss of HKD 61 million in the same period of 2023, primarily due to stable leasing performance[36]. - Total revenue for the first half of 2024 was HKD 172 million, including rental income of HKD 51 million, sales revenue of HKD 23 million, and property management service income of HKD 98 million, compared to HKD 126 million in the same period of 2023[36]. - The leasing income remained stable at HKD 51 million for both the first half of 2024 and 2023, with an overall occupancy rate of 89% for retail and 88% for office properties as of June 30, 2024[39]. Market Conditions and Economic Outlook - The economic growth in the primary operating markets contributed positively, with China's GDP growth at 5.0% in the first half of 2024[14]. - The financial market conditions tightened, leading to an increase in financial costs from HKD 95 million in the previous year to the current period[14]. - The group anticipates that fluctuations in the Renminbi will impact its business performance and financial condition in the short term[59]. - The company is optimistic about the potential for growth in the Hong Kong public housing market and ongoing infrastructure projects in the Greater Bay Area[48]. Corporate Governance and Management - The company maintains a high level of corporate governance and continuously improves its governance practices[128]. - The board consists of seven members, including two executive directors and five non-executive directors, with three being independent[129]. - The remuneration committee is responsible for determining the remuneration policies for all directors and senior management, ensuring transparency in the process[131]. - The audit committee reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, ensuring compliance with accounting principles and practices[130]. Strategic Initiatives and Future Plans - The group aims to strengthen and expand its core business to achieve stable income and enhance profitability moving forward[12]. - The group is modernizing its IT infrastructure and enhancing digital capabilities to improve operational efficiency and competitive advantage[20]. - The group is developing a public housing project using the Modular Integrated Construction (MiC) method, which will provide 1,410 public housing units by mid-2025[20]. - The group is focusing on energy optimization solutions driven by AI video analysis and recalibration technology to enhance operational efficiency[32].

Financial Performance - Revenue for the first half of 2024 increased by 8.1% to HKD 4,098 million compared to HKD 3,790 million in the same period of 2023[2] - Shareholders' attributable loss for the first half of 2024 was HKD 88 million, compared to a loss of HKD 79 million in the same period of 2023[2] - Profit for the first half of 2024 was HKD 191 million, down 25.1% from HKD 255 million in the same period of 2023, primarily due to a significant decrease in contract price adjustment amounts charged to clients[7] - The company reported a loss of HKD 52 million for the six months ended June 30, 2024, compared to a loss of HKD 27 million in the same period of 2023[26] - The total comprehensive expense for the period was HKD 76 million, compared to HKD 134 million in the same period of 2023[26] - The basic loss per share for the period was HKD 0.24, compared to HKD 0.21 for the same period in 2023[25] - The company recorded a foreign exchange loss of HKD (16) million for the six months ended June 30, 2024, significantly improved from a loss of HKD (50) million in the same period of 2023[35] - Total tax expense for the six months ended June 30, 2024, was HKD 40 million, down from HKD 51 million in the same period of 2023, representing a 22% decrease[36] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 9.4 billion, up from HKD 9.2 billion as of December 31, 2023[1] - As of June 30, 2024, the group recorded a net current liability of HKD 880 million, including revolving bank loans of HKD 1,053 million[28] - The group’s total liabilities included bank loans classified as non-current liabilities amounting to HKD 1,400 million and HKD 306 million as of January 1 and June 30, 2024, respectively[28] - The group’s bank loans net amount increased to HKD 22.89 billion from HKD 21.08 billion at the end of 2023[52] - The net asset value per share decreased to HKD 6.1 from HKD 6.4 due to the loss incurred during the period and the depreciation of the RMB against the HKD[50] - The net debt ratio increased to 101.3% as of June 30, 2024, compared to 88.9% as of December 31, 2023[1] Construction Business - The construction business continues to generate profits despite a decrease in contributions, with financial expenses rising significantly to HKD 118 million from HKD 95 million year-on-year[2] - The construction business recorded a revenue of HKD 3.9 billion in the first half of 2024, an increase of 7.2% compared to HKD 3.7 billion in the same period of 2023[7] - The group secured new contracts worth HKD 10.2 billion in Hong Kong and Macau during the first half of 2024, significantly higher than HKD 2.9 billion in the same period last year[7] - The pre-tax profit margin slightly decreased from 5.1% in 2023 to 4.9% in the first half of 2024[7] - The group completed contracts worth HKD 4 billion in the first half of 2024, including significant projects in Central and Tseung Kwan O[13] - Revenue from construction and maintenance increased by 7% to HKD 3.926 billion, with the building construction business accounting for 60% of this segment's income[44] Real Estate Segment - The real estate segment recorded a loss of HKD 21 million in the first half of 2024, significantly improved from a loss of HKD 61 million in the same period of 2023, due to stable leasing performance[16] - Total revenue for the real estate business in the first half of 2024 was HKD 172 million, including rental income of HKD 51 million, sales revenue of HKD 23 million, and property management service income of HKD 98 million, compared to HKD 126 million in the same period of 2023[16] - The leasing income for the first half of 2024 remained stable at HKD 51 million, consistent with the first half of 2023[19] - Property sales revenue for the first half of 2024 was HKD 23 million, compared to HKD 7 million in the same period of 2023, indicating a recovery despite ongoing market challenges[21] - The property management segment recorded revenue of HKD 98 million in the first half of 2024, contributing stable income and cash flow to the group[23] Market and Economic Conditions - The Hong Kong economy recorded a GDP growth of 2.8% and 3.3% in the first and second quarters of 2024, respectively[3] - The company anticipates moderate growth in the Hong Kong economy in the short term, supported by tourism and government initiatives[24] - The ongoing expansion of the public housing construction market in Hong Kong is expected to provide significant business opportunities for the company[24] - The construction industry faces challenges due to high building costs, necessitating improved operational efficiency and risk management[24] Workforce and Labor - The group introduced approximately 450 workers to address labor shortages in the construction industry starting January 2024[5] - As of June 30, 2024, the group employed approximately 2,749 people in Hong Kong and Macau, an increase of 18.5% from 2,321 employees as of December 31, 2023[55] - The group maintains competitive salary and benefits for employees, including retirement plans and medical insurance, to attract and retain talent[55] Strategic Initiatives - A joint R&D project with Hong Kong University of Science and Technology focuses on integrating solar technology and modular construction in public housing projects[6] - The group aims to enhance its market coverage by applying for recognition as a specialized contractor in various categories[8] - The group is focusing on enhancing smart facilities and energy efficiency in its malls to meet changing consumer expectations and trends[20] - The group aims to optimize its retail experience in shopping malls to increase tenant sales and improve leasing performance[24] Governance and Compliance - The audit committee reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, including accounting principles and practices[57] - The remuneration committee has revised its responsibilities, delegating certain compensation matters to executive directors, which deviates from the corporate governance code[58] - The group did not apply any new accounting standards that have been issued but not yet effective[29]

Financial Performance - Revenue for 2023 reached HKD 8,336 million, a 32% increase from HKD 6,307 million in 2022[10] - The company reported a loss attributable to shareholders of HKD 155 million in 2023, compared to a loss of HKD 232 million in 2022[10] - The net asset value per share decreased to HKD 6.35 in 2023 from HKD 7.04 in 2022[10] - The group recorded a net loss attributable to shareholders of HKD 1.55 billion due to increased financial costs of HKD 212 million and a decrease in fair value of investment properties by HKD 133 million[41] - The group recorded a loss of HKD 155 million for the year ended December 31, 2023, a decrease from a loss of HKD 232 million in 2022, with total revenue increasing to HKD 8.336 billion from HKD 6.307 billion[143] - The profit for 2023 was HKD 413 million, down 23.7% from HKD 541 million in 2022, primarily due to a sharp decline in market prices for steel products[94] - The pre-tax profit margin decreased from 9.0% in 2022 to 5.1% in 2023[94] - The total value of new contracts obtained in 2023 was HKD 6.6 billion, compared to HKD 7.9 billion in 2022[95] Debt and Assets - The net debt ratio increased to 88.9% in 2023, up from 60.9% in 2022[10] - Total assets as of December 31, 2023, were HKD 9.2 billion, slightly up from HKD 9.1 billion in 2022[10] - The total bank loans increased to HKD 31.08 billion from HKD 30.52 billion, with net bank loans rising to HKD 21.08 billion from HKD 16.01 billion[156][157] - The total assets increased to HKD 91.66 billion from HKD 91.09 billion year-on-year, while net assets decreased to HKD 23.71 billion from HKD 26.29 billion, primarily due to an annual loss of HKD 155 million and a 1.5% depreciation of RMB against HKD[154][156] Construction and Contracts - New contracts worth HKD 6.6 billion were secured in 2023, with an additional HKD 8.9 billion in the first three months of the following year, demonstrating the group's commitment to expanding its construction business[46] - The group achieved an operating revenue of HKD 2.8 billion from building maintenance and repair services, supported by a steady demand in the public sector[41] - The construction business recorded a revenue of HKD 8.1 billion in 2023, a significant increase of 33.8% compared to HKD 6.0 billion in 2022[94] - The total contract amount on hand reached a record high, supporting healthy growth in the coming years[60] - The group is actively seeking business opportunities in the aging building repair market, applying to become a contractor for the Comprehensive Support Scheme for Building Rehabilitation[80] Strategic Initiatives - The company launched a strategic partnership with Shanghai Weijian Technology to apply more robotics on construction sites[23] - Investment in Carnot Innovations was made to develop AI solutions for optimizing energy consumption in cooling systems[20] - The company established a venture platform, BetaBox Ventures, in collaboration with Crystal Investment to invest in real estate technology companies[22] - The company aims to enhance its digital transformation and implement smart construction practices for improved efficiency and sustainability[2] - The group is collaborating with Guangzhou Wanyou to supply MiC components, aiming to improve project efficiency and quality[52] Market and Economic Conditions - The construction industry in Hong Kong is experiencing a recovery, driven by government initiatives for public housing supply and the development of the Northern Metropolis[42] - The Hong Kong government aims to construct 30,000 modular public housing units by 2027/28, with the group leveraging its 40 years of experience in public housing construction[49] - The Hong Kong economy is projected to face volatility, but government measures to boost tourism and consumer spending may provide short-term support[135] - The unemployment rate in the construction industry decreased from 4.9% in December 2022 to 3.7% in December 2023, indicating an improving labor market[83] Sustainability and Innovation - The group aims to integrate sustainable development goals into its business operations, focusing on responsible construction and innovative technologies[167][168] - The company emphasizes sustainable building design to reduce energy consumption and greenhouse gas emissions[171] - The company has established a sustainable development policy and regularly evaluates its effectiveness to allocate necessary resources[172] - The company aims to reduce carbon emissions and implement environmentally friendly construction practices[181] - The company is committed to creating a safe, healthy, and harmonious work environment for its employees[181] Workforce and Talent Development - The group is actively recruiting and training young talent to support the rapid development of high-tech and safe construction sites[46] - Employee headcount increased to approximately 2,321 in Hong Kong and Macau, up from 2,013 in the previous year, indicating growth in workforce[159] - The company focuses on building a sustainable supply chain as part of its environmental strategy[181] - The company is focused on attracting skilled talent to support innovation in the construction industry through development opportunities and enhanced training programs[199]

Financial Performance - The total revenue for the year ended December 31, 2023, increased to HKD 8,336 million from HKD 6,307 million in 2022, representing a growth of approximately 32%[2] - Shareholders' attributable loss decreased to HKD 155 million in 2023 from HKD 232 million in 2022, showing an improvement of about 33%[2] - The group recorded a net loss attributable to shareholders of HKD 155 million in 2023, an improvement from a loss of HKD 232 million in 2022[18] - The profit for 2023 was HKD 413 million, down 23.7% from HKD 541 million in 2022, primarily due to a sharp decline in market prices for steel products[36] - The annual loss narrowed to HKD 75 million in 2023 from HKD 122 million in 2022, representing a 38.8% improvement[73] - Total comprehensive loss for the year was HKD 178 million, down from HKD 497 million in the previous year, a reduction of 64.2%[73] - The group recorded a consolidated loss before tax of HKD 13 million for the year ended December 31, 2023, compared to a loss of HKD 40 million in 2022, showing an improvement[85] Debt and Financial Ratios - The net debt ratio rose significantly to 88.9% in 2023 from 60.9% in 2022, indicating increased financial leverage[2] - The company's equity attributable to shareholders decreased to HKD 2,371 million in 2023 from HKD 2,629 million in 2022[75] - The company's net loss attributable to shareholders for the year ended December 31, 2023, was HKD 155 million, compared to a loss of HKD 232 million for the previous year[106] - The net debt-to-equity ratio increased from 60.9% to 88.9%, driven by the annual loss and increased debt obligations[117] Revenue Segments - The construction and maintenance segment generated revenue of HKD 8,072 million, up from HKD 6,032 million in the previous year, reflecting a growth of about 34%[87] - The real estate segment reported revenue of HKD 264 million, compared to HKD 275 million in 2022, indicating a slight decrease of approximately 4%[89] - Revenue from construction and maintenance projects saw a significant increase of 34%, driven by rapid development in public sector projects in Hong Kong[104] Market and Industry Outlook - The construction industry in Hong Kong is recovering, with significant increases in construction volume and ongoing public housing projects driven by government initiatives[6] - The total construction expenditure for public and private projects in Hong Kong is expected to reach HKD 300 billion annually over the next few years, presenting unprecedented opportunities for the construction industry[20] - The group is optimistic about future growth, supported by a record backlog of contracts and a stable number of new engineering contracts in Hong Kong and Macau[14] - The construction industry in Hong Kong is expected to thrive in the coming years, driven by government initiatives to increase public housing supply[68] Safety and Management Practices - The group is focusing on safety management at construction sites, enhancing training and implementing smart safety management systems[8] - The group recorded an accident rate of 3.3 incidents per 1,000 workers in 2023, significantly lower than the industry average, reflecting its commitment to safety[33] - A focus on workplace safety has been established for 2024, with initiatives planned to promote a safe working environment[69] Technological Advancements - The company is actively adopting Modular Integrated Construction (MiC) technology, with a project expected to provide 2,500 public housing units and 1,750 elderly care places by 2025[7] - The group is advancing its digital transformation and innovative technology applications in construction, including Building Information Modeling (BIM) and the use of artificial intelligence and robotics[31] - The group is leveraging advanced technologies to improve construction quality, safety, and efficiency, while reducing material waste and environmental impact[32] Labor Market and Employment - The unemployment rate in the construction industry decreased from 4.9% in December 2022 to 3.7% in December 2023, indicating a tightening labor market[27] - The group has received approval to import approximately 150 workers, with an additional 400 expected in the coming months to address labor shortages in construction projects[28] - The group will continue to expand its construction team and attract young talent to mitigate labor shortages in the industry[68] Real Estate and Retail Performance - The group’s real estate business recorded a loss of HKD 141 million in 2023, compared to a loss of HKD 130 million in 2022, primarily due to property valuation and impairment losses of HKD 133 million and HKD 105 million, respectively[52] - Total revenue for 2023 was HKD 264 million, including rental income of HKD 102 million, sales revenue of HKD 12 million, and property management service income of HKD 150 million, down from HKD 275 million in 2022[52] - The rental rates for retail properties improved, with Chengdu Ruian City Center achieving a retail occupancy rate of 87% in 2023, up from 71% in 2022[57] Future Strategies and Initiatives - The group plans to respond to the Hong Kong government's commitment to affordable housing by contributing to community development[16] - The group is actively integrating solutions to streamline operations and optimize green operations to enhance business resilience[13] - Future marketing strategies will target specific demographics to drive foot traffic and increase rental income from retail properties[61]

Financial Performance - The company reported a significant revenue increase of 37.6% year-on-year, reaching HKD 3,790 million for the first half of 2023[26] - Shareholders' attributable loss was HKD 79 million, compared to a loss of HKD 60 million in the same period of 2022[26] - Profit for the first six months of 2023 was HKD 255 million, down 15.6% from HKD 302 million in the same period of 2022, primarily due to lower profit contributions from new contracts in the early stages of construction[45] - The group reported a total segment profit of HKD 119 million for the six months ended June 30, 2023, compared to HKD 146 million for the same period in 2022, reflecting a decrease of approximately 18.5%[138] - The company reported a loss of HKD 27 million for the period, compared to a profit of HKD 1 million in the previous year, resulting in a basic and diluted loss per share of HKD 0.21[110] - The group’s revenue from customer contracts for the six months ended June 30, 2023, was HKD 3,751 million, compared to HKD 2,718 million for the same period in 2022, indicating a significant increase of approximately 37.9%[131] Debt and Equity - The net debt ratio rose to 82.2% as of June 30, 2023, up from 60.9% in 2022[9] - Shareholders' equity decreased from HKD 26.29 billion to HKD 24.44 billion, with a corresponding decrease in net asset value per share from HKD 7.0 to HKD 6.5[96] - The net debt-to-equity ratio increased from 60.9% as of December 31, 2022, to 82.2% as of June 30, 2023, attributed to RMB depreciation and a decrease in cash reserves[100] - The net bank loans increased from HKD 16.01 billion as of December 31, 2022, to HKD 20.09 billion as of June 30, 2023[99] - The company’s total liabilities increased due to the repayment of bank loans and interest payments, impacting overall cash flow management[122] Construction and Real Estate - The construction business recorded a revenue of HKD 3.7 billion in the first half of 2023, a significant increase of 40.5% compared to HKD 2.6 billion in the same period of 2022[45] - The group secured new construction contracts worth HKD 2.9 billion in Hong Kong and Macau during the first half of 2023, compared to HKD 3 billion in the same period last year[48] - The construction market in Hong Kong is experiencing a rebound, with private sector projects showing strong growth and public sector contracts maintaining moderate increases[37] - The group is actively preparing to benefit from the anticipated growth in public construction projects, driven by government initiatives addressing housing and healthcare issues[37] - The group completed two three-year maintenance and renovation contracts for public housing estates during the first half of 2023[52] Economic Environment - The economic growth in Mainland China accelerated to 5.5% in the first half of 2023, compared to 2.5% in the same period of 2022[27] - The Hong Kong economy showed signs of recovery with GDP growth of 2.9% and 1.5% in the first and second quarters of 2023, respectively[27] - The group anticipates that private consumption and tourism will remain key drivers of Hong Kong's economic growth in the short term, supported by government measures to stimulate recovery[84] Technology and Innovation - The group invested in Carnot Innovations, a software company focused on AI solutions to optimize energy consumption in cooling systems, expanding its smart facility management capabilities[31] - The group is enhancing its technological capabilities by investing in BIM technology and expanding MiC production capacity to improve operational efficiency and service quality[41] - The group aims to leverage innovative technologies and digital customer service to enhance retail experiences in its shopping malls, thereby increasing foot traffic and rental performance[84] Sustainability and Community Engagement - The company aims to integrate sustainability into its long-term development strategy through the "Better Tomorrow 2021-2030" blueprint[7] - The group is focusing on enhancing the shopping experience by integrating green lifestyle elements and smart facilities in its malls[74] - The group is actively engaging in community activities to stimulate foot traffic and increase rental income[76] Rental and Property Management - The rental income from properties in Mainland China increased as occupancy rates stabilized[23] - The group maintained a stable rental income of HKD 51 million in the first half of 2023, slightly up from HKD 49 million in the same period of 2022[71] - The group’s property management segment recorded revenue of HKD 68 million in the first half of 2023, contributing stable cash flow[79] Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[149] - The weighted average number of ordinary shares used to calculate basic and diluted loss per share was 373 million for the six months ended June 30, 2023, slightly down from 374 million in 2022[151] Governance and Compliance - The company is committed to maintaining high standards of corporate governance and continuously improving its governance practices[189] - The board consists of seven members, including two executive directors and five non-executive directors, with three being independent non-executive directors[190] - The Audit Committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023, ensuring compliance with accounting principles and practices[191]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 瑞安建業有限公司* SOCAM Development Limited （於百慕達註冊成立的有限公司） (股份代號：983) 截至 2023 年 6 月 30 日止六個月中期業績 財務摘要 截至6月30日止六個月 2023年 2022年 營業額 港幣百萬元 3,790 2,754 股東應佔虧損 港幣百萬元 (79) (60) 每股基本虧損 港幣 (0.21) (0.16) 於2023年 於2022年 ...

Financial Performance - The total revenue for the year ended December 31, 2022, was HKD 6.307 billion, an increase of 19.7% compared to HKD 5.267 billion in 2021[6] - The company reported a loss attributable to shareholders of HKD 232 million for 2022, compared to a profit of HKD 76 million in 2021, marking a significant decline[6] - The basic loss per share for 2022 was HKD 0.62, compared to earnings of HKD 0.20 per share in 2021[6] - The total assets as of December 31, 2022, were HKD 9.1 billion, down from HKD 9.6 billion in 2021[6] - The net debt ratio increased to 60.9% in 2022 from 46.9% in 2021, indicating a rise in financial leverage[6] - The group recorded a net loss attributable to shareholders of HKD 232 million in 2022, a decline from a profit of HKD 76 million in 2021, primarily due to a 9.3% depreciation of the RMB against the HKD resulting in a net exchange loss of HKD 232 million[39] - The company faced a significant foreign exchange loss of HKD 567 million due to a 9.3% depreciation of the RMB against the HKD, impacting overall financial performance[130] - The equity attributable to shareholders decreased from HKD 32.64 billion to HKD 26.29 billion, a decline of 19.5% due to a 9.3% depreciation of RMB against HKD[133] - The total value of real estate assets decreased from HKD 68.30 billion (72% of total assets) to HKD 60.12 billion (66% of total assets) due to currency adjustments and fair value changes[132] Construction Contracts and Projects - The company secured new construction contracts worth HKD 7.9 billion during the year, including significant public housing projects[28] - The total value of new contracts obtained in 2022 was HKD 7.1 billion, significantly higher than HKD 3.8 billion in 2021[70] - The company secured multiple new public housing construction contracts, including projects valued at HKD 1.329 billion and HKD 1.243 billion, both set to be completed in 2025[70] - The company completed significant construction and maintenance contracts during the year, including a HKD 570 million renovation contract awarded by the Buildings Department[72] - The company is expanding its market presence in Hong Kong and Macau, focusing on renovation and building refurbishment projects, with new contracts totaling HKD 785 million in 2022[76] - The company is actively seeking to enhance its licensing for large-scale infrastructure projects under the Development Bureau, targeting road and waterworks contracts[47] Operational Efficiency and Technology - The company is committed to enhancing operational efficiency and sustainability through innovative technologies and digitalization[28] - The group is focusing on digital transformation and the application of innovative technologies to improve project management processes and operational efficiency[35] - The introduction of digitalization and innovative technologies has shown significant results in improving bidding advantages and construction efficiency[116] - The company continues to explore the adoption of advanced construction technologies such as BIM and MiC to maintain its competitive edge in the market[118] - The MiC (Modular Integrated Construction) method has been further developed, enhancing productivity, site safety, quality control, and reducing construction time[179] - The company has implemented advanced technologies such as MiC and BIM in its projects, which have reduced construction time and improved safety performance[59] Market Outlook and Government Initiatives - The Hong Kong government plans to build 30,000 modular housing units over the next five years to address the housing supply-demand imbalance[29] - The Hong Kong government plans to increase public housing supply and infrastructure projects, with total construction expenditure expected to reach HKD 300 billion annually over the next decade[44] - The group expects the Chinese real estate market to stabilize in 2023, driven by increasing housing demand and policy support[35] - The public construction market is expected to continue thriving, driven by government initiatives and increased housing supply[65] Sustainability and Community Engagement - The company is integrating sustainable development goals into its operations, aiming to reduce waste and carbon emissions through green building practices[50] - The company aims to reduce carbon intensity by 25% and waste generation by 35% by 2024, based on 2020 levels[147] - The company has implemented a sustainable development strategy, "Building Tomorrow 2021-2030," focusing on innovation and resilience[149] - The company aims to balance environmental, economic, and community needs while exploring innovative energy-saving solutions[32] - The group is enhancing community mall positioning by introducing green lifestyle elements in its properties located in Chengdu, Chongqing, Shenyang, and Tianjin[88] Employee Development and Safety - The company is focusing on talent development to address the aging workforce and ensure future management succession[51] - Total training hours increased by 25.2% year-on-year, with an additional 241 hours of volunteer service[153] - The average training hours per employee increased to 11.4 hours in 2022, up from 9.5 hours in 2021, reflecting a commitment to employee development[194] - The company is committed to promoting safety culture and has established a new safety training center to reduce accident rates on construction sites[121] - The accident rate recorded was 3.1 incidents per 1,000 workers in 2022, highlighting the company's commitment to safety[63] Real Estate Performance - Rental income from retail and office properties in mainland China was HKD 99 million in 2022, down 13% from HKD 114 million in 2021[96] - The group incurred a loss of HKD 130 million in its real estate business for 2022, compared to a loss of HKD 126 million in 2021[90] - The group recorded property sales income of HKD 34 million and a loss of HKD 9 million in 2022, compared to HKD 81 million in income and a profit of HKD 5 million in 2021[107] - The group completed the sale of the last two villa units in Nanjing Ruian Cuihu Mountain, totaling 822 square meters, confirming a sales amount of RMB 21 million[107] Awards and Recognition - The company received multiple awards for its projects, including the Autodesk Excellence Award for Best Architectural Design[64] - The company received the 2022 Autodesk Excellence Award for Best Architectural Design Project for its innovative building design management practices[178]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 瑞安建業有限公司* SOCAM Development Limited (於百慕達註冊成立的有限公司) (股份代號：983) 截至 2022 年 12 月 31 日止年度業績公佈 財務摘要 截至12月31日止年度 2022年 2021年 營業額 港幣百萬元 6,307 5,267 股東應佔（虧損）溢利 港幣百萬元 (232) 76 每股基本（虧損）盈利 港幣 (0.62) 0.20 每股末期股息 港幣 – 0.07 ...