[Interim Consolidated Results Announcement](index=1&type=section&id=Interim%20Consolidated%20Results%20Announcement) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue increased by **16.76%** to **HK$2,319.02 million**, but profit for the period decreased by **32.83%** to **HK$8.02 million**, impacted by higher finance costs and lower other net income Consolidated Statement of Profit or Loss | Indicator | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 2,319,015 | 1,986,173 | | Direct costs | (2,265,949) | (1,945,035) | | Gross profit | 53,066 | 41,138 | | Operating profit | 19,738 | 19,018 | | Profit before tax | 9,854 | 11,652 | | Profit for the period | 8,021 | 11,940 | | Profit attributable to equity holders of the Company | 8,294 | 11,762 | | Basic/Diluted earnings per share | 2.07 HK Cents | 2.94 HK Cents | - Period revenue increased by **16.76%** year-on-year, mainly driven by general building and civil engineering projects[3](index=3&type=chunk)[30](index=30&type=chunk) - Profit for the period decreased by **32.83%** year-on-year, primarily due to increased finance costs and reduced other net income[3](index=3&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period was **HK$8.02 million**, aligning with profit for the period, indicating no significant impact from other comprehensive income after tax Consolidated Statement of Comprehensive Income | Indicator | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the period | 8,021 | 11,940 | | Other comprehensive income for the period (after tax) | – | – | | Total comprehensive income for the period | 8,021 | 11,940 | | Attributable to equity holders of the Company | 8,294 | 11,762 | | Non-controlling interests | (273) | 178 | - Total comprehensive income for the period is identical to profit for the period, indicating no significant impact from other comprehensive income items such as exchange differences[4](index=4&type=chunk)[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly increased, but net assets and total equity decreased, with a significant rise in current liabilities leading to a lower current ratio and higher gearing ratio Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 57,889 | 65,664 | | Current assets | 1,713,810 | 1,576,990 | | Current liabilities | 1,400,846 | 1,260,915 | | Net current assets | 312,964 | 316,075 | | Total assets less current liabilities | 370,853 | 381,739 | | Non-current liabilities | 7,703 | 10,610 | | Net assets | 363,150 | 371,129 | | Total equity | 363,150 | 371,129 | - Increased current liabilities led to a decrease in net current assets and the current ratio, with the gearing ratio significantly rising to **121.16%**[6](index=6&type=chunk)[54](index=54&type=chunk)[58](index=58&type=chunk) [Notes to the Announcement](index=6&type=section&id=Notes%20to%20the%20Announcement) [1 General Information and Basis of Preparation](index=6&type=section&id=1%20General%20Information%20and%20Basis%20of%20Preparation) The Group primarily operates in Hong Kong, focusing on construction, maintenance, property management, and E&M engineering services, with interim financials prepared under HKAS 34 - The Group primarily engages in construction and maintenance projects, housing and property management services, and electrical and mechanical engineering services in Hong Kong[8](index=8&type=chunk) - The interim financial report was prepared in accordance with HKAS 34 and approved for issue by the Board of Directors on August 25, 2025[9](index=9&type=chunk)[11](index=11&type=chunk) [2 Application of Amendments to Hong Kong Financial Reporting Standards](index=7&type=section&id=2%20Application%20of%20Amendments%20to%20Hong%20Financial%20Reporting%20Standards) Amendments to HKFRS effective this period, including those on financial instruments, had no significant impact on the interim financial report's preparation or presentation - Amendments to HKFRS effective for the first time in the current accounting period had no significant impact on the preparation or presentation of the interim financial report[12](index=12&type=chunk) [3 Revenue and Segment Reporting](index=7&type=section&id=3%20Revenue%20and%20Segment%20Reporting) Revenue primarily from general building and civil engineering, with both segments showing significant growth, while other services revenue declined - The Group's principal activities are general building, civil engineering, and the provision of other services[13](index=13&type=chunk) - Reportable segments include general building, civil engineering, and other services[15](index=15&type=chunk) Revenue by Segment | Segment | June 30, 2025 Revenue (HK$ Thousand) | June 30, 2024 Revenue (HK$ Thousand) | June 30, 2025 Profit (HK$ Thousand) | June 30, 2024 Profit (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | General Building | 1,733,045 | 1,603,763 | 38,076 | 32,757 | | Civil Engineering | 519,382 | 301,725 | 9,001 | 6,294 | | Other | 66,588 | 80,685 | 5,944 | 13,012 | | Total | 2,319,015 | 1,986,173 | 53,021 | 52,063 | [4 Profit Before Tax](index=10&type=section&id=4%20Profit%20Before%20Tax) Profit before tax was impacted by significantly increased finance costs, while staff costs and depreciation remained stable after direct cost allocation Profit Before Tax Components | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Finance costs | 9,884 | 7,366 | | Staff costs (excluding those included in direct costs) | 16,250 | 18,111 | | Depreciation expenses (excluding those included in direct costs) | 3,563 | 3,652 | | Auditor's remuneration | 538 | 512 | - Finance costs increased by **34.19%** year-on-year, primarily due to higher interest on bank borrowings[18](index=18&type=chunk) [5 Income Tax](index=11&type=section&id=5%20Income%20Tax) Income tax shifted from a credit to an expense of **HK$1.83 million**, primarily due to an increase in current tax provision Income Tax Breakdown | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 1,609 | (330) | | Deferred tax | 224 | 42 | | Total income tax | 1,833 | (288) | - Income tax shifted from a credit in the prior period to an expense, mainly due to an increase in current tax provision[19](index=19&type=chunk)[50](index=50&type=chunk) [6 Earnings Per Share](index=11&type=section&id=6%20Earnings%20Per%20Share) Basic earnings per share decreased to **HK$2.07 cents** from **HK$2.94 cents**, with no potential dilutive shares during the period Earnings Per Share Calculation | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company | HK$8,294,000 | HK$11,762,000 | | Shares in issue | 400,000,000 shares | 400,000,000 shares | | Basic earnings per share | 2.07 HK Cents | 2.94 HK Cents | - There were no potential dilutive shares during the period, thus diluted earnings per share are the same as basic earnings per share[21](index=21&type=chunk) [7 Property, Plant and Equipment](index=11&type=section&id=7%20Property%2C%20Plant%20and%20Equipment) Additions to plant and equipment totaled **HK$3.49 million**, with right-of-use asset additions at **HK$1.19 million** for the six months ended June 30, 2025 Property, Plant and Equipment Additions | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Cost of additions to plant and equipment | 3,492 | 1,971 | | Additions to right-of-use assets | 1,189 | 2,755 | [8 Trade and Other Receivables and Prepayments](index=12&type=section&id=8%20Trade%20and%20Other%20Receivables%20and%20Prepayments) Total trade receivables decreased to **HK$198.98 million**, with the majority due within one month Trade and Other Receivables and Prepayments | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables | 198,981 | 277,860 | | Deposits, prepayments and other receivables | 16,846 | 11,240 | | Total | 215,827 | 289,100 | Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 190,375 | 268,908 | | 1 to 2 months | 2,841 | 5,145 | | 2 to 3 months | 4,195 | 1,526 | | Over 3 months but within 6 months | 1,570 | 2,281 | | Total | 198,981 | 277,860 | [9 Cash and Cash Equivalents](index=12&type=section&id=9%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents totaled **HK$192.71 million**, a slight decrease from the end of 2024 Cash and Cash Equivalents | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank and cash in hand | 192,709 | 194,970 | [10 Trade and Other Payables](index=12&type=section&id=10%20Trade%20and%20Other%20Payables) Total trade and other payables decreased to **HK$832.65 million**, with trade payables primarily due within one month Trade and Other Payables | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 258,783 | 260,311 | | Accruals and other payables | 156,196 | 222,432 | | Amounts due to joint venture partners | 1,062 | 1,062 | | Provision for construction works | 1,102 | 3,600 | | Retention money payable | 415,510 | 392,807 | | Total | 832,653 | 880,212 | Trade Payables Ageing Analysis | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 month | 258,583 | 250,478 | | 1 to 2 months | 200 | 9,145 | | 2 to 3 months | – | 246 | | Over 3 months | – | 442 | | Total | 258,783 | 260,311 | [11 Dividends](index=13&type=section&id=11%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, unlike the prior year's **HK$3.0 cents** per share - The Board does not recommend an interim dividend for the six months ended June 30, 2025[25](index=25&type=chunk)[77](index=77&type=chunk) Interim Dividend | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interim dividend proposed after the end of the reporting period | – | 12,000 | [12 Significant Related Party Transactions](index=13&type=section&id=12%20Significant%20Related%20Party%20Transactions) The Group did not enter into any significant related party transactions during the period - The Group did not enter into any significant related party transactions during the period[27](index=27&type=chunk) [13 Financial Guarantees and Contingent Liabilities](index=14&type=section&id=13%20Financial%20Guarantees%20and%20Contingent%20Liabilities) The Group issued **HK$402.36 million** in performance bonds, with claims deemed remote, and all employee compensation and personal injury claims are covered by insurance - As of June 30, 2025, the Group issued performance bonds of approximately **HK$402.36 million** to clients, an increase from **HK$385.34 million** at the end of 2024[28](index=28&type=chunk) - The Directors believe that claims under performance bonds are unlikely, and employee compensation and personal injury claims are adequately covered by insurance, requiring no provision[28](index=28&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) Total revenue grew by **16.76%** driven by general building and civil engineering projects, with total projects on hand increasing to **HK$19 billion** and a new large contract secured post-period - Overall revenue for the period was **HK$2,319.02 million**, an increase of approximately **16.76%** year-on-year, mainly due to undertaking general building and civil engineering projects[30](index=30&type=chunk) - The total original contract sum of projects on hand was approximately **HK$19 billion** (end of 2024: **HK$18 billion**), with uncompleted value of approximately **HK$10.8 billion** (end of 2024: **HK$12.7 billion**)[31](index=31&type=chunk) Ongoing Large Construction and Maintenance Projects (as of June 30, 2025) | Project Type | Business Segment | Scope of Works | Original Contract Sum (Approx. HK$ Million) | Revenue Recognized for the Six Months Ended June 30, 2025 (Approx. HK$ Million) | | :--- | :--- | :--- | :--- | :--- | | E&M works for Drainage Services Department sewage treatment facilities | Civil Engineering | E&M works for sewage treatment facilities | 557.6 | 130.5 | | Infrastructure works for Hong Kong Housing Authority non-public housing facilities | General Building Engineering | Infrastructure works for non-public housing facilities | 1,497.0 | 123.8 | | Construction for Hong Kong Housing Authority managed projects | General Building Engineering | Construction of Kai Tak Site 2B5 and 2B6 public housing development | 2,624.0 | 319.3 | | Design and construction for Hong Kong Housing Authority managed projects | General Building Engineering | Design and construction of Kwu Tung North Area 19 Phase 2 public rental housing development | 4,620.0 | 415.4 | - Subsequent to the reporting period, the Group was awarded and undertook a design and build contract for the Hong Kong Housing Authority, with an original contract sum of **HK$4,694.0 million**[39](index=39&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) Revenue growth was driven by general building and civil engineering, with gross profit margin rising to **2.29%** due to cost control, but profit attributable to equity holders decreased due to lower other income, higher finance costs, and increased income tax expense Revenue by Business Segment | Business Segment | June 30, 2025 Revenue (HK$ Million) | June 30, 2024 Revenue (HK$ Million) | Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Overall Revenue | 2,319.02 | 1,986.17 | 16.76% | | General Building Business | 1,733.05 | 1,603.76 | 8.06% | | Civil Engineering Business | 519.38 | 301.73 | 72.13% | | Other Services | 66.59 | 80.68 | -17.47% | - Overall gross profit increased by **29.00%** to **HK$53.07 million**, with the overall gross profit margin rising from **2.07%** to **2.29%**, mainly due to more effective cost control[45](index=45&type=chunk) - Other income decreased primarily due to lower interest income; other net income significantly decreased as the prior period included a one-off gain of **HK$10.43 million** from the disposal of a subsidiary[46](index=46&type=chunk)[47](index=47&type=chunk) - Administrative expenses remained relatively stable, while finance costs increased mainly due to higher average bank borrowings[48](index=48&type=chunk)[49](index=49&type=chunk) - Profit attributable to equity holders of the Company decreased to **HK$8.29 million**[51](index=51&type=chunk) [Liquidity Financial Resources and Capital Structure](index=22&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) Capital structure includes share capital and bank loans, with total bank loans increasing to **HK$440.00 million** for working capital, while liquidity and gearing ratios deteriorated, but the Group maintains unutilized facilities and complies with covenants Liquidity and Capital Structure Indicators | Indicator | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Share Capital | 363.15 | 371.13 | | Total Bank Borrowings | 440.00 | 300.00 | | Cash and Cash Equivalents | 192.71 | 194.97 | | Current Ratio | 1.22 | 1.25 | | Gearing Ratio | 121.16% | 80.83% | | Unutilized Bank Facilities | 817 | 874 | | Capital Expenditure on Property, Plant and Equipment | 3.49 | 1.97 | - Total bank borrowings increased, primarily to finance working capital for ongoing projects[56](index=56&type=chunk) - The Group continued to comply with its loan covenants during the period up to the date of this announcement[57](index=57&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's functional currency is HKD, with all major operations and assets/liabilities denominated in HKD, leading the Board to assess no significant foreign exchange risk - The Group's functional currency is HKD, with its operations and assets/liabilities denominated in the functional currency, and the Board believes there is no significant foreign exchange risk[60](index=60&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries Associates and Joint Ventures and Future Plans for Material Investments or Capital Assets](index=24&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures%2C%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred, nor were there any future plans for material investments or capital assets during the period - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any future plans for material investments or capital assets during the period[61](index=61&type=chunk) [Material Investments Held](index=24&type=section&id=Material%20Investments%20Held) The Group held no material investments during the period, other than those in subsidiaries and joint ventures - Other than investments in subsidiaries and joint ventures, the Group held no other material investments during the period[62](index=62&type=chunk) [Financial Guarantees and Contingent Liabilities](index=24&type=section&id=Financial%20Guarantees%20and%20Contingent%20Liabilities) The Group had no other financial guarantees and contingent liabilities as of June 30, 2025, beyond those disclosed in Note 13 - Save as disclosed in Note 13 to the condensed consolidated financial statements, the Group had no other financial guarantees and contingent liabilities as at June 30, 2025[63](index=63&type=chunk) [Capital Commitments](index=24&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments[64](index=64&type=chunk) [Employees and Remuneration Policies](index=25&type=section&id=Employees%20and%20Remuneration%20Policies) The Group employed **1,044** staff in Hong Kong with total remuneration of approximately **HK$279 million**, offering competitive benefits, training, and a share option scheme Employee Information | Indicator | June 30, 2025 | | :--- | :--- | | Number of Employees | 1,044 | | Total Remuneration | Approx. HK$279 Million | - The Group provides salaries, medical benefits, and bonuses, with eligible employees also potentially receiving share options[65](index=65&type=chunk) - The Group offers on-the-job technical and operational training to employees and has a share option scheme to enhance loyalty and retention[65](index=65&type=chunk)[66](index=66&type=chunk) [Future Prospects](index=25&type=section&id=Future%20Prospects) The Board is confident in future growth, anticipating government economic stimulus and continued commitment to land and public housing development, enabling the Group to achieve long-term objectives - The Board remains confident in the Group's future development, anticipating further government measures to stimulate the Hong Kong economy and continued commitment to land development and public housing supply[67](index=67&type=chunk) - The Group will continue to leverage its existing competitive advantages to achieve its long-term business objectives[67](index=67&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance Practices](index=25&type=section&id=Corporate%20Governance%20Practices) The company maintains high corporate governance standards despite deviations regarding the Chairman's dual role, lack of an independent internal audit, and an independent non-executive director's AGM absence, with the Board affirming the existing structure's effectiveness - The Company is committed to achieving and maintaining high standards of corporate governance[68](index=68&type=chunk) - Deviation from CG Code Provision C.2.1: The Chairman also serves as the Managing Director, which the Board believes is in the best interest of the Group[68](index=68&type=chunk)[69](index=69&type=chunk) - Deviation from CG Code Provision D.2.2: No independent internal audit function is established, but external internal control consultants are appointed to perform the function[68](index=68&type=chunk)[70](index=70&type=chunk) - Deviation from CG Code Provision C.1.5: One independent non-executive Director was unable to attend the Annual General Meeting[68](index=68&type=chunk)[71](index=71&type=chunk) [Standard Code for Securities Transactions](index=26&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions from Listing Rules Appendix C3, with all Directors confirming compliance during the period - The Company has adopted the Standard Code for Securities Transactions as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance during the period[72](index=72&type=chunk) [Purchase Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[74](index=74&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, the Board is unaware of any significant events after the reporting period requiring disclosure - As of the date of this announcement, the Board is not aware of any significant events after the reporting period that require disclosure[75](index=75&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The Board's Audit Committee reviewed the Group's adopted accounting principles and practices, along with the unaudited condensed consolidated interim financial statements - The Board's Audit Committee has reviewed the accounting principles and practices adopted by the Group and has reviewed the unaudited condensed consolidated interim financial statements[76](index=76&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Publication of Interim Results and Interim Report](index=28&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim consolidated results announcement is published on the company and HKEX websites, with the interim report to be dispatched to shareholders - This interim consolidated results announcement is published on the Company's website and the HKEX website, and the interim report will be dispatched to the Company's shareholders[78](index=78&type=chunk) [Board of Directors](index=28&type=section&id=By%20Order%20of%20the%20Board) As of the announcement date, the Board of Directors consists of three executive directors and three independent non-executive directors - As of the date of this announcement, the Company's executive directors are Mr. Chan Ki Chun, Mr. Yung Kin Man, and Mr. Yeung Chor Yin; independent non-executive directors are Mr. Jim Huen Kwong, Mr. Chan Kim Hung, and Dr. Kou Chi Fai[80](index=80&type=chunk)

格隆汇8月12日丨新福港(01447.HK)公布，公司将于2025年8月25日召开董事会会议，以（其中包括）审 议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

SFK CONSTRUCTION HOLDINGS LIMITED 新福港建設集團有限公司 (於百慕達註冊成立的有限公司) (股份代號：1447) 董事會召開日期 新福港建設集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會議 將於二零二五年八月二十五日（星期一）舉行，藉以考慮及批准（其中包括）本公司及其 附屬公司截至二零二五年六月三十日止之六個月之中期業績及其公告發佈，以及考慮派發 中期股息（如有）。 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告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告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。 香港，二零二五年八月十二日 於本公告日期，本公司執行董事為陳麒淳先生、容劍文先生及楊楚賢先生；及本公司獨立 非執行董事為詹勳光先生、陳劍雄先生及寇志暉博士。 承董事會命 新福港建設集團有限公司 主席 陳麒淳 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新福港建設集團有限公司 (於百慕達註冊成立的有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01447 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | ...

Financial Performance - The total revenue of the Group increased by 19.67% to HK$4,609.27 million for the year ended 31 December 2024, compared to HK$3,851.62 million in 2023[11]. - The net profit attributable to equity shareholders of the Company was HK$27.77 million, up from HK$25.32 million in 2023[11]. - Revenue increased by approximately HK$757.65 million, or approximately 19.67%, from HK$3,851.62 million for 2023 to HK$4,609.27 million for 2024[53]. - Revenue from general building business increased by approximately HK$613.41 million, or approximately 20.31%, from HK$3,020.76 million for 2023 to HK$3,634.17 million for 2024[54]. - Revenue from civil engineering business increased by approximately HK$163.48 million, or approximately 27.86%, from HK$586.86 million for 2023 to HK$750.34 million for 2024[55]. - Revenue from other services decreased to HK$224.76 million in 2024 from HK$244.00 million in 2023, representing 4.88% of total revenue[56]. - Gross profit for 2024 was HK$101.19 million, compared to HK$97.90 million for 2023, with a gross profit margin of 2.20%[62][63]. - The gross profit margin for the Group was 2.20% in 2024, down from 2.54% in 2023, indicating a decline in profitability amidst intense competition[98]. Project Awards and Contracts - The Group was awarded 17 new projects in Hong Kong with a total original contract sum of approximately HK$2,662 million, a decrease from HK$7,373 million in 2023[12]. - The Group has been awarded 3 additional projects after the year-end, with a total original contract sum of approximately HK$3,702 million[12]. - A total of 17 projects were awarded as a main contractor in Hong Kong, with a total original contract sum of approximately HK$2,662 million[25]. - As of December 31, 2024, the Group had 10 general building works projects and 25 civil engineering works projects on hand, with a total original contract sum of approximately HK$18 billion[31]. - The Group has been awarded new contracts for general building works, including a public housing development project with a contract sum of HK$2,494.0 million[43]. - A new contract for maintenance and improvement works for properties managed by the Housing Authority has a contract sum of HK$567.9 million[43]. Revenue Breakdown - Revenue from general building works amounted to HK$3,634.17 million, representing approximately 78.84% of total revenue for the year[39]. - Revenue from civil engineering works was HK$750.34 million, accounting for approximately 16.28% of total revenue[39]. - Other services contributed approximately 4.88% of total revenue, down from 6.33% in the previous year[40]. Cost and Expenses - Direct costs for 2024 amounted to HK$4,508.08 million, compared to HK$3,753.72 million for 2023[62]. - Administrative expenses increased to HK$69.59 million in 2024 from HK$63.27 million in 2023, primarily due to increased staff costs[69]. - Finance costs rose to HK$16.73 million in 2024 from HK$8.28 million in 2023, attributed to higher bank interest rates and average loan balances[70]. Operational Highlights - The accident rate for 2024 was 11 per 1,000 workers, significantly lower than the construction industry average of 27.6 per 1,000 workers in 2023[99][102]. - The Group has 1,128 employees as of December 31, 2024, with total remuneration approximately HK$495 million[106]. - The Group has established quality assurance measures and is committed to high safety standards, enhancing public image and customer confidence[45][46]. - The Group holds ISO9001, ISO14001, ISO45001, and ISO50001 certifications, which are increasingly required in tenders, providing a competitive advantage[46]. Financial Position - As of December 31, 2024, the Group's capital structure consisted of equity of HK$371.13 million and bank loans of HK$300.00 million, an increase from HK$240.00 million in 2023[125][131]. - The Group's cash and cash equivalents as of December 31, 2024, were HK$194.97 million, down from HK$348.96 million in 2023, with a current ratio of 1.25 compared to 1.20 in 2023[126][133]. - The Group's gearing ratio increased to 80.83% as of December 31, 2024, from 64.59% in 2023, calculated based on interest-bearing borrowings divided by total equity[136][141]. - The Group incurred capital expenditures of HK$5.33 million for the year, slightly down from HK$5.48 million in 2023, primarily for the purchase of plant and equipment[138][143]. Compliance and Risk Management - The Group maintained compliance with all applicable laws and regulations in Hong Kong and Macau during the year, obtaining all necessary licenses and permits[124][130]. - The construction industry remains highly regulated, with the Group required to maintain various registrations and licenses, which could impact operations if not complied with[80][84]. - The Group's reliance on contracts from the Hong Kong Government poses a risk, as any decrease or delay in government spending could adversely affect business operations[82][85]. Future Outlook - Future growth prospects depend on the continued prosperity of the property market and availability of major construction projects in Hong Kong[93][96]. - The local economy is expected to continue recovering in 2025, with confidence in government measures to boost economic growth[150]. - The Board expresses confidence in the Group's future development amid ongoing government efforts in land development and public housing[154].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 4,609,266,000, representing an increase of 19.7% compared to HKD 3,851,621,000 for the year ended December 31, 2023[3] - Gross profit for the year was HKD 101,185,000, up from HKD 97,903,000, indicating a growth of 3.1%[3] - Operating profit increased to HKD 47,006,000 from HKD 40,911,000, reflecting a rise of 15.1%[3] - Net profit attributable to equity shareholders was HKD 27,772,000, compared to HKD 25,324,000, marking a growth of 9.7%[3] - Basic earnings per share rose to HKD 6.9 cents from HKD 6.3 cents, an increase of 9.5%[3] - Total comprehensive income for the year was HKD 27,946,000, up from HKD 25,740,000, showing an increase of 8.6%[5] - The company reported other income of HKD 11,840,000, compared to HKD 3,571,000 in the previous year, indicating a significant increase[3] Expenses and Costs - Administrative expenses rose to HKD 69,590,000 from HKD 63,274,000, reflecting an increase of 10.5%[3] - Finance costs increased to HKD 16,726,000 from HKD 8,284,000, which is a substantial rise of 101.5%[3] - Direct costs for 2024 were HKD 4,508.08 million, up from HKD 3,753.72 million in 2023, while gross profit increased to HKD 101.19 million from HKD 97.90 million[66] - Gross profit margin decreased to 2.20% in 2024 from 2.54% in 2023, primarily due to losses from a general building contract[67] - Other income for 2024 was HKD 3.57 million, down from HKD 5.37 million in 2023[69] Assets and Liabilities - Non-current assets decreased from HKD 73,957 million in 2023 to HKD 65,664 million in 2024, representing a decline of approximately 11.3%[7] - Current assets increased from HKD 1,576,990 million in 2023 to HKD 1,867,979 million in 2024, reflecting a growth of about 18.4%[7] - Total liabilities rose from HKD 1,260,915 million in 2023 to HKD 1,551,097 million in 2024, indicating an increase of approximately 23%[8] - The company's cash and cash equivalents decreased from HKD 348,960 million in 2023 to HKD 194,970 million in 2024, a decline of about 44%[7] - The total equity attributable to shareholders remained stable at HKD 371,129 million in 2024 compared to HKD 371,583 million in 2023, showing a slight decrease of 0.1%[8] - The company's current liabilities increased from HKD 880,212 million in 2023 to HKD 1,015,213 million in 2024, which is an increase of approximately 15.3%[8] - The company's total assets decreased from HKD 1,551,097 million in 2023 to HKD 1,867,979 million in 2024, reflecting a decline of about 6.5%[7] Revenue Segmentation - The total revenue for the reportable segments reached HKD 4,609,266,000, with General Building contributing HKD 3,634,172,000, Civil Engineering contributing HKD 750,345,000, and Others contributing HKD 224,749,000[27] - The revenue from general building was HKD 3,634,172,000, up from HKD 3,020,760,000, indicating a growth of about 20.3%[19] - The revenue from civil engineering services was HKD 750,345,000, an increase from HKD 586,863,000, showing a growth of around 27.8%[19] - The revenue from property management services decreased to HKD 12,168,000 from HKD 29,446,000, a decline of approximately 58.7%[19] Project and Market Activity - The company was awarded a total of 17 projects in Hong Kong, with a total contract value of approximately HKD 2,662 million, comprising 12 public sector projects and 5 private sector projects[45] - As of December 31, 2024, the company has 10 general building projects and 25 civil engineering projects, with a total original contract value of approximately HKD 18 billion[47] - Major ongoing projects include a wastewater treatment facility with a contract value of approximately HKD 557.6 million and a non-profit housing facility with a contract value of approximately HKD 1,497 million[49] - The company continues to expand its project portfolio, reflecting a strong pipeline of future work[47] - The total number of projects awarded and ongoing indicates a robust market position and growth potential in the construction sector[45] Corporate Governance and Compliance - The company has established a high standard of corporate governance, ensuring effective operations and stakeholder rights protection, complying with applicable governance codes[94] - The financial figures for the group as of December 31, 2024, have been verified by the external auditor, confirming consistency with the draft financial statements[104] - The Audit Committee, established on November 19, 2015, reviews the group's annual consolidated financial statements and risk management systems[103] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[2] - The local economy is expected to recover by 2025, with confidence in the government's commitment to land development and public housing, supporting the company's long-term business objectives[93]

Revenue Performance - The overall revenue for the six months ended June 30, 2024, amounted to HK$1,986.17 million, representing an increase of approximately 33.59% compared to HK$1,486.80 million for the same period in 2023[9]. - Revenue increased by approximately HK$499.37 million, or approximately 33.59%, from HK$1,486.80 million for the six months ended 30 June 2023 to HK$1,986.17 million for the six months ended 30 June 2024[30]. - Revenue from general building business increased by approximately HK$422.77 million, or approximately 35.80%, from HK$1,180.99 million to HK$1,603.76 million during the same period[30]. - Revenue from civil engineering business increased by approximately HK$87.79 million, or approximately 41.03%, from HK$213.94 million to HK$301.73 million[31]. - Revenue from other services amounted to HK$80.68 million, representing 4.06% of total revenue, a decrease from 6.18% in the previous year[32]. Project and Contract Details - As of June 30, 2024, the total original contract sum of ongoing projects was approximately HK$18 billion, up from HK$17 billion as of December 31, 2023[11]. - The outstanding value of projects on hand as of June 30, 2024, was approximately HK$11.5 billion, slightly down from HK$11.7 billion as of December 31, 2023[11]. - The Group is engaged in 11 general building works projects and 18 civil engineering works projects as of June 30, 2024[11]. - Major projects contributing to revenue growth were outlined in the management discussion section[9]. - The original contract sum for the construction of public housing developments at Kai Tak Sites 2B5 and 2B6 is approximately HK$2,624.0 million, with recognized revenue of HK$388.0 million[16]. - The company is involved in the construction of public housing development at North West Kowloon Reclamation Site (East) with an original contract sum of HK$2,407.0 million, expected to complete by January 2027[18]. - The original contract sum for the design and construction of public housing development at Kwu Tung North Area 19 Phase 2 is approximately HK$4,620.0 million, with recognized revenue of HK$388.0 million[18]. - The company has ongoing projects with an original contract sum of HK$1,497.0 million for infrastructure works for non-public housing facilities, expected to complete by December 2024[15]. Financial Performance - The interim results were announced as unaudited for the six-month period ending June 30, 2024[9]. - The report includes comparative figures for the corresponding period in 2023, highlighting significant growth in financial performance[9]. - Overall gross profit decreased by HK$0.33 million or approximately 0.80% to HK$41.14 million for the six months ended June 30, 2024, with a gross profit margin decline from 2.79% to 2.07%[35]. - Profit attributable to equity shareholders was HK$11.76 million for the six months ended June 30, 2024, compared to HK$9.30 million for the same period in 2023[38]. - The Group's consolidated profit before taxation for the six months ended June 30, 2024, was HK$11,652,000, slightly up from HK$11,544,000 in the same period of 2023[105]. Cash Flow and Financial Position - Cash and cash equivalents decreased to HK$198.44 million as of June 30, 2024, down from HK$348.96 million as of December 31, 2023[42]. - As of June 30, 2024, total bank loans amounted to HK$310.00 million, up from HK$240.00 million as of 31 December 2023[44]. - The Group's gearing ratio increased to 84.44% as of June 30, 2024, compared to 64.59% as of December 31, 2023[45]. - The net cash used in operating activities was $(198,890) thousand, compared to $(149,450) thousand in the same period of 2023, representing a 33% increase in cash outflow[95]. - The total cash and cash equivalents at June 30, 2024, amounted to $198,436 thousand, slightly up from $191,671 thousand in 2023, marking a 3% increase[95]. Administrative and Operational Expenses - Administrative expenses rose to HK$34.75 million for the six months ended June 30, 2024, up from HK$30.37 million for the same period in 2023[35]. - Finance costs increased to HK$7.37 million for the six months ended June 30, 2024, compared to HK$1.70 million for the same period in 2023[35]. - Staff costs for the six months ended June 30, 2024, were HK$247,238,000, slightly up from HK$242,039,000 in the same period of 2023[111]. Shareholder Information and Governance - The Company declared an interim dividend of HK3.0 cents per share, amounting to approximately HK$12 million, consistent with the previous period[64]. - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, ensuring compliance with accounting principles[82]. - The Group maintains a strong governance structure with an active audit committee overseeing financial practices[82]. - The interests of substantial shareholders are required to be recorded in the register of interests under Section 336 of the SFO, ensuring transparency[77]. Future Outlook and Market Focus - The Group's focus remains primarily on the Hong Kong market during the reporting period[32]. - The Board remains confident in the Group's future development, supported by the Hong Kong Government's commitment to land development and public housing[57].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 1,986,173, an increase of 33.7% compared to HKD 1,486,802 for the same period in 2023[2] - Gross profit for the period was HKD 41,138, slightly down from HKD 41,471 in the previous year, indicating a gross margin of approximately 2.1%[2] - Operating profit increased to HKD 19,018, up 43.5% from HKD 13,248 in the same period last year[2] - Net profit for the period was HKD 11,940, representing a 24.1% increase from HKD 9,613 in the prior year[3] - Basic earnings per share rose to HKD 2.94, compared to HKD 2.32 for the same period in 2023, reflecting a growth of 26.7%[2] - The total revenue for the period was HKD 1,986.17 million, an increase of approximately 33.59% compared to HKD 1,486.80 million in the same period last year[30] - Revenue from general building works rose by approximately 35.80% from HKD 1,180.99 million to HKD 1,603.76 million during the same period[37] - Revenue from civil engineering works increased by approximately 41.03% from HKD 213.94 million to HKD 301.73 million[37] - Other services contributed HKD 80.68 million, accounting for 4.06% of total revenue, down from 6.18% in the previous period[38] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,444,569, a decrease from HKD 1,867,979 at the end of 2023[4] - The total assets of the group reached HKD 1,513,386,000, with reportable segment assets of HKD 1,266,859,000[14] - The company reported cash and cash equivalents of HKD 198,436, down from HKD 348,960 at the end of 2023, suggesting a need for cash flow monitoring[4] - Current liabilities decreased to HKD 1,131,277 from HKD 1,551,097, indicating improved liquidity management[5] - The company’s non-current liabilities included bank loans of HKD 310,000, an increase from HKD 240,000 in the previous year[5] - The total liabilities of the group were HKD 1,146,265,000, including current tax liabilities of HKD 875,000 and deferred tax liabilities of HKD 2,066,000[14] - The company reported a total asset value of 1,941,936 thousand HKD as of December 31, 2023, with total liabilities amounting to 1,570,353 thousand HKD[15] Dividends and Shareholder Returns - The interim dividend declared was HKD 3.0 cents per share, amounting to HKD 12,000,000 for the six months ended June 30, 2024, consistent with the previous year[24] - The interim dividend for the fiscal year ending December 31, 2023, was declared at HKD 4.0 cents per share, totaling HKD 16,000,000[25] - The basic earnings per share for the six months ended June 30, 2023, was calculated based on a profit attributable to ordinary equity shareholders of 11,762 thousand HKD, compared to 9,295 thousand HKD for the same period in 2022[18] Operational Highlights - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming periods[1] - The group operates primarily in general building, civil engineering, and other services, with a focus on construction and maintenance projects[12] - The company continues to engage in construction and maintenance projects under the "SFK" brand in Hong Kong and Macau[29] - The company has a strong pipeline of projects, with ongoing large-scale construction and maintenance projects[30] - As of June 30, 2024, the company had a total of 11 general building projects and 18 civil engineering projects, with a total contract value of approximately HKD 18 billion[30] Financial Management and Governance - The group’s financial report is prepared in accordance with Hong Kong Financial Reporting Standards[9] - The group’s management has made judgments and estimates that may affect the reported amounts of assets, liabilities, income, and expenses[9] - The group’s financial performance and position may be significantly influenced by changes in accounting policies[11] - The audit committee has reviewed the accounting principles and practices adopted by the group, ensuring compliance with financial reporting standards[63] - The company has adopted corporate governance standards to ensure effective and transparent operations, maintaining high standards of corporate governance[58] Future Outlook - The local economy is expected to recover in 2024, with confidence in government measures to stimulate economic growth and ongoing commitments to land development and public housing[57] - The company plans to continue leveraging its competitive advantages to achieve long-term business objectives[57] Miscellaneous - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the current accounting period[11] - There have been no significant events requiring disclosure after June 30, 2024, indicating stable operations[62] - The company has not engaged in any buying, selling, or redeeming of its listed securities during the reporting period[61] - The company has implemented appropriate measures to fulfill internal audit functions despite not having an independent internal audit department[59] - The interim report will be available on the company's website and sent to shareholders, ensuring transparency in financial performance[66]

Financial Performance - The total revenue of the Group increased by 5.03% to HK$3,851.62 million for the year ended 31 December 2023, compared to HK$3,667.08 million in 2022[10]. - The net profit attributable to equity shareholders of the Company was HK$25.32 million, up from HK$18.73 million in 2022[10]. - Revenue for 2023 increased by approximately HK$184.54 million, or 5.03%, from HK$3,667.08 million in 2022 to HK$3,851.62 million in 2023[57]. - Revenue from general building business rose by approximately HK$242.78 million, or 8.74%, from HK$2,777.98 million in 2022 to HK$3,020.76 million in 2023[58]. - Revenue from civil engineering business decreased by approximately HK$24.94 million, or 4.08%, from HK$611.80 million in 2022 to HK$586.86 million in 2023[59]. - Gross profit increased to HK$97.90 million in 2023 from HK$77.41 million in 2022, with a gross profit margin of 2.54% compared to 2.11% in the previous year[66][67]. - Other revenue decreased significantly from HK$33.02 million in 2022 to HK$5.37 million in 2023, primarily due to the absence of government subsidies received in 2022[68][71]. - Finance costs rose to HK$8.28 million in 2023 from HK$3.18 million in 2022, attributed to increased bank interest rates and average loan balances[76][81]. - Administrative expenses remained relatively stable at HK$63.27 million in 2023 compared to HK$63.16 million in 2022[75][80]. - The share of results from a joint venture showed a reduced net loss of HK$1.02 million in 2023, down from a loss of HK$2.13 million in 2022[77][82]. - Income tax expense decreased to HK$5.87 million in 2023 from HK$24.26 million in 2022, mainly due to the reversal of deferred tax assets[78][83]. Project Awards and Ongoing Projects - The Group was awarded 17 new projects in Hong Kong with a total original contract sum of approximately HK$7,373 million, compared to HK$4,163 million in 2022[11]. - The outstanding value of ongoing projects as of 31 December 2023 was approximately HK$11.7 billion, an increase from HK$7.1 billion in 2022[11]. - As of December 31, 2023, the Group had 10 projects for general building works and 24 projects for civil engineering works on hand, with a total original contract sum of approximately HK$17 billion[32]. - Major projects included the construction of public rental housing with an original contract sum of HK$3,740 million, which recognized revenue of HK$383 million during the financial year[33]. - The Group has been awarded new contracts for general building and civil engineering works post-year-end, including maintenance projects with a total contract sum of approximately HK$2,233.1 million[46]. - The company has ongoing projects with a total contract value of HK$2,624.0 million for public housing developments, recognizing revenue of HK$682.6 million in 2023[36]. Dividends and Shareholder Returns - A final dividend of HK4.0 cents per share is recommended to reward shareholders for their support[19]. - The proposed final dividend is set at HK$0.04 per share to reward shareholders for their support[21]. Operational Challenges and Market Conditions - The management acknowledges challenges such as geopolitical tensions and rising interest rates affecting the construction business[13]. - The Group's business remains primarily focused in the Hong Kong market during the year[61]. - The construction industry in Hong Kong is expected to grow due to strong housing needs and government infrastructure projects, but future growth depends on the property market's prosperity[101]. - The Group's primary customer remains the Hong Kong government, and any reduction or delay in government spending could adversely affect business performance[91]. Environmental, Social, and Governance (ESG) Initiatives - SFK Construction is committed to integrating ESG factors into daily operations, aiming to prevent environmental pollution and minimize waste production at construction sites[189]. - The company has established an ESG Working Group led by an Executive Director to manage ESG issues and set environmental and social goals for sustainability[190]. - Measurable targets have been set for key ESG aspects, including gas emissions, waste production, energy use efficiency, and water use efficiency, with regular monitoring of KPIs[191]. - The Group aims for zero compromise in occupational health and safety through diligent management and staff training[196]. - The Group supports various non-profit organizations through sponsorships and donations, especially during the COVID pandemic[197]. - The Group emphasizes the well-being of the community alongside the safety of its workers[199]. - The Group has participated in community relief activities during challenging times, demonstrating its commitment to social responsibility[197]. Financial Position and Liquidity - Cash and bank balances (excluding pledged deposits) increased to HK$348.96 million in 2023, compared to HK$262.56 million in 2022, showing an improvement in cash reserves[109]. - The Group maintained a healthy liquidity position with cash and cash equivalents of HK$348.96 million as of December 31, 2023, up from HK$262.56 million in 2022[135]. - The current ratio of the Group was 1.20 as of December 31, 2023, slightly down from 1.25 in 2022[135]. - The Group had bank loans of approximately HK$240.00 million as of December 31, 2023, with variable interest rates ranging from 6.62% to 6.77% per annum[136]. - The Group's gearing ratio increased to 64.59% as of December 31, 2023, compared to 13.45% in 2022[145]. - Net current assets were HK$316.88 million as of December 31, 2023, slightly up from HK$312.03 million in 2022[146]. Employee and Operational Metrics - As of December 31, 2023, the Group's total remuneration was approximately HK$499 million, with 1,352 employees, including 1,285 full-time and 67 part-time employees[115]. - The accident rate for the Group was 9.5 per 1,000 workers in 2023, higher than 5.22 per 1,000 workers in 2022, but still significantly lower than the industry average of 29.1 per 1,000 workers[109]. - The average accident rate per thousand workers was 9.5, significantly lower than the industry average of 29.1 in 2022[112]. Compliance and Regulatory Issues - The Group's business is subject to strict regulatory compliance, and failure to maintain necessary licenses could severely impact operations[90]. - The Group was fined a total of HK$172,000 for 18 summonses related to violations of the Factories and Industrial Undertaking Ordinance during the year[128].

[Financial Statements](index=2&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's 2023 revenue increased by 5.0% to **HKD 3.85 billion**, with gross profit rising to **HKD 97.9 million** and gross margin improving to 2.5%, while profit attributable to owners of the company decreased by 26.0% to **HKD 18.73 million** Key Profit or Loss Statement Data for FY2023 (HKD) | Metric | 2023 (Thousands) | 2022 (Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3,851,621 | 3,667,077 | +5.0% | | Gross Profit | 97,903 | 77,409 | +26.5% | | Operating Profit | 40,911 | 49,323 | -17.0% | | Profit Before Tax | 31,611 | 44,012 | -28.2% | | Profit for the Year | 19,751 | 25,740 | -23.3% | | Profit Attributable to Owners of the Company | 18,729 | 25,324 | -26.0% | | Basic Earnings Per Share | 4.7 HK Cents | 6.3 HK Cents | -25.4% | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive income for 2023 decreased to **HKD 19.75 million** from **HKD 25.74 million** in 2022, with **HKD 18.73 million** attributable to owners of the company Total Comprehensive Income for the Year (HKD) | Item | 2023 (Thousands) | 2022 (Thousands) | | :--- | :--- | :--- | | Profit for the Year | 19,751 | 25,740 | | Total Comprehensive Income for the Year | 19,750 | 25,739 | | Attributable to Owners of the Company | 18,728 | 25,323 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of end-2023, the Group's total assets increased to **HKD 1.94 billion** and total liabilities to **HKD 1.57 billion**, with net assets remaining stable at **HKD 372 million**, while bank borrowings significantly rose from **HKD 50 million** to **HKD 240 million** and cash and cash equivalents increased to **HKD 349 million** Key Statement of Financial Position Data as of End-2023 (HKD) | Metric | 2023 (Thousands) | 2022 (Thousands) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 73,957 | 77,740 | -4.9% | | Current Assets | 1,867,979 | 1,538,742 | +21.4% | | **Total Assets** | **1,941,936** | **1,616,482** | **+20.1%** | | **Liabilities and Equity** | | | | | Current Liabilities | 1,551,097 | 1,226,712 | +26.4% | | Non-current Liabilities | 19,256 | 17,926 | +7.4% | | **Total Liabilities** | **1,570,353** | **1,244,638** | **+26.2%** | | **Net Assets** | **371,583** | **371,844** | **-0.1%** | | **Key Items** | | | | | Cash and Cash Equivalents | 348,960 | 262,563 | +32.9% | | Bank Borrowings (Current) | 240,000 | 50,000 | +380.0% | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Revenue and Segment Reporting](index=8&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group's total revenue is primarily from general building and civil engineering, with general building revenue significantly growing in 2023, while civil engineering and other services declined, and both segments were profitable, with civil engineering turning profitable, and estimated future revenue from uncompleted contracts significantly increasing to **HKD 10.02 billion** by year-end Revenue by Service Type (HKD) | Service Type | 2023 (Thousands) | 2022 (Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | General Building | 3,020,760 | 2,777,982 | +8.7% | | Civil Engineering | 586,863 | 611,801 | -4.1% | | Housing Management Services | 29,446 | 55,635 | -47.1% | | Others | 214,552 | 221,659 | -3.2% | | **Total** | **3,851,621** | **3,667,077** | **+5.0%** | Results by Business Segment (HKD) | Business Segment | 2023 Reportable Segment Profit (Thousands) | 2022 Reportable Segment Profit (Thousands) | | :--- | :--- | :--- | | General Building | 51,750 | 72,176 | | Civil Engineering | 30,538 | (16,791) | | Others | 16,018 | 50,794 | - As of end-2023, the estimated total future revenue related to unsatisfied performance obligations significantly increased to **HKD 10.016 billion** from **HKD 5.571 billion** in 2022, indicating sufficient future business reserves[20](index=20&type=chunk) [Dividends](index=15&type=section&id=9%20Dividends) The Board proposed a final dividend of **HKD 4.0 cents** per share, bringing the total annual dividend to **HKD 7.0 cents** per share, a 16.7% increase from last year, with a total payout of **HKD 28 million** for the year FY2023 Dividend Details | Dividend Type | 2023 | 2022 | | :--- | :--- | :--- | | Interim Dividend | 3.0 HK Cents per share | 2.5 HK Cents per share | | Proposed Final Dividend | 4.0 HK Cents per share | 3.5 HK Cents per share | | **Total Annual Dividend** | **7.0 HK Cents per share** | **6.0 HK Cents per share** | [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=17&type=section&id=Business%20Review) In 2023, the Group demonstrated robust business performance with revenue growing 5.0% to **HKD 3.85 billion** and profit attributable to owners of the company increasing to **HKD 25.32 million**, securing **17 new projects** totaling **HKD 7.37 billion** in contract value, and holding **HKD 11.7 billion** in uncompleted project value by year-end, with general building and civil engineering remaining core, accounting for 93.67% of total revenue - In 2023, **17 new projects** were approved with an original contract value of approximately **HKD 7.373 billion**, primarily from the public sector[48](index=48&type=chunk) - As of end-2023, there were **34 ongoing projects** with an original contract value of approximately **HKD 17 billion** and an uncompleted value of approximately **HKD 11.7 billion**[50](index=50&type=chunk) - General building and civil engineering businesses collectively accounted for **93.67% of total revenue**, representing the Group's absolute core[57](index=57&type=chunk) - Subsequent to the year-end, the Group secured **three additional large maintenance contracts** totaling over **HKD 2.2 billion**, further solidifying future revenue[59](index=59&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) The Group's 2023 financial performance showed revenue and profit growth, with revenue increasing 5.0% driven by general building business, gross margin improving from 2.11% to 2.54% due to better cost control and the elimination of prior year's loss-making contract impact, while finance costs significantly rose, leading to a 35.2% increase in profit attributable to owners of the company to **HKD 25.32 million** - Revenue increased by **5.03%** to **HKD 3.852 billion**, primarily driven by an **8.74%** growth in general building business revenue[61](index=61&type=chunk)[62](index=62&type=chunk) - Gross margin increased from **2.11%** to **2.54%**, mainly due to the elimination of the impact from a loss-making civil engineering contract in the prior year and improved cost control during the year[66](index=66&type=chunk)[67](index=67&type=chunk) - Finance costs increased from **HKD 3.18 million** to **HKD 8.28 million**, primarily due to higher bank interest and increased average loan balances[71](index=71&type=chunk) - Profit attributable to owners of the company was **HKD 25.32 million**, a **35.2%** increase from **HKD 18.73 million** in 2022[74](index=74&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=24&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of end-2023, the Group's financial position showed a significant increase in bank borrowings to **HKD 240 million** to support business expansion, causing the gearing ratio to surge from 13.45% to 64.59%, yet the Group maintained a strong cash position with cash and equivalents rising to **HKD 349 million** and **HKD 1.18 billion** in unutilized banking facilities, indicating ample liquidity Capital Structure and Liquidity Ratios | Metric | End-2023 | End-2022 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HKD 349 million | HKD 263 million | | Bank Borrowings | HKD 240 million | HKD 50 million | | Gearing Ratio | 64.59% | 13.45% | | Current Ratio | 1.20 | 1.25 | | Unutilized Banking Facilities | HKD 1.18 billion | HKD 1.517 billion | - The gearing ratio (interest-bearing borrowings/total equity) significantly increased, reflecting higher bank borrowings to support operations[82](index=82&type=chunk) [Future Prospects](index=28&type=section&id=Future%20Prospects) Management is confident in the Group's future development, anticipating more opportunities in the construction sector with the gradual recovery of the local economy and the Hong Kong government's continued investment in land development and public housing, enabling the Group to leverage its competitive advantages to achieve long-term business objectives - The Board maintains an optimistic outlook on the Group's future development, primarily based on Hong Kong's economic recovery and the government's ongoing commitment to land development and public housing[97](index=97&type=chunk) [Corporate Governance and Other Information](index=28&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) The company adopted the Corporate Governance Code and complied with most provisions during the year, with two deviations noted: the Chairman and CEO (Managing Director) roles are held by the same individual, and no independent internal audit department exists, though external consultants perform related functions, which the Board deems effective with sufficient checks and balances - The company deviated from Corporate Governance Code Provision C.2.1, where the Chairman and Managing Director (equivalent to Chief Executive Officer) roles are held by Mr. Chan Ki Chun, which the Board believes facilitates efficient management[99](index=99&type=chunk) - The company deviated from Corporate Governance Code Provision D.2.5 by not establishing an independent internal audit department, but external internal control consultants have been appointed to regularly review the internal control system[100](index=100&type=chunk) [Dividends and Annual General Meeting](index=30&type=section&id=Dividends%20and%20Annual%20General%20Meeting) The Board proposed a final dividend of **HKD 4.0 cents** per share, payable around June 21, 2024, pending approval at the Annual General Meeting scheduled for May 23, 2024, with relevant share register closure dates announced - A proposed final dividend of **HKD 4.0 cents** per share is subject to approval at the Annual General Meeting on May 23, 2024[110](index=110&type=chunk) - To determine dividend entitlement, the share register will be closed from June 4 to June 5, 2024[113](index=113&type=chunk)