Financial Performance - The Group achieved total revenue of approximately HK$1,595.1 million, representing an increase of 56.8% compared to the previous year[21]. - Gross profit for the Group was approximately HK$48.3 million, reflecting an increase of 8.2% year-over-year[21]. - Net profit reached approximately HK$16.9 million, marking a significant increase of 92.5% compared to the prior year[21]. - Revenue from diesel sales amounted to approximately HK$1,511.5 million, accounting for 94.8% of total revenue, with a sales quantity increase of approximately 99.7% from 135.0 million litres to 269.7 million litres[30][31]. - Revenue from lubricant oil sales was approximately HK$44.4 million, representing 2.8% of total revenue, with a sales quantity decrease of approximately 37.0% from 2.7 million litres to 1.7 million litres[37][38]. - Revenue from fleet card services was approximately HK$33.5 million, accounting for 2.1% of total revenue, showing a slight increase from HK$32.4 million in the Corresponding Period[40][45]. - Revenue from other products, mainly bitumen and kerosene, was approximately HK$5.7 million, representing 0.4% of total revenue, down from HK$10.0 million in the Corresponding Period[41][46]. - The Group's cost of sales increased by approximately 59.1% to HK$1,546.7 million from HK$972.3 million in the Corresponding Period[50]. - Selling and distribution expenses decreased by approximately HK$1.8 million or 27.4% to HK$4.7 million due to a drop in salaries and allowances[52]. - Administrative expenses decreased by approximately HK$5.5 million or 18.8% to approximately HK$23.7 million, primarily due to the reversal of impairment allowance for trade receivables[57]. - Net profit for the Current Period increased by approximately HK$8.1 million or 92.5% to approximately HK$16.9 million, with net profit margin rising from 0.9% to 1.1%[61]. Market Conditions and Business Outlook - The increase in revenue was primarily driven by sales of diesel following the reopening of the China border[21]. - The Group's operations benefited from a gradual economic recovery and increased logistics demand in Hong Kong[22]. - Future economic uncertainties include reduced consumer spending and a sluggish property market, which may impact business operations[10]. - The Group remains cautiously optimistic about business prospects, anticipating fluctuations in demand for petrochemical products[11]. - The Group aims to navigate economic uncertainties through strategic planning, operational efficiency, and innovation to deliver consistent value to stakeholders[28]. Corporate Governance and Management - The management team includes experienced executives with over 52 years of experience in the sales and distribution of petrochemical products[93]. - The Chief Executive Officer, Mr. Eric Hui, has 11 years of experience in promoting fleet cards and managing corporate strategies[97]. - The marketing director, Mr. Kong Man Ho, oversees the sales and marketing strategies of the Group, bringing 10 years of experience in sales and marketing[101]. - The Group's overall business development strategies are primarily managed by the Chairman, Mr. Hui, who has extensive experience in the industry[93]. - The Board consists of 2 female members and 6 male members, establishing effective risk management and internal control systems[147][150]. - The Company has implemented comprehensive risk management procedures and guidelines for key business processes, including financial reporting and human resources[146][149]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development, as highlighted in its seventh Environmental, Social and Governance (ESG) report, which details achievements in promoting sustainability[129]. - The ESG report covers the sustainability performance of the company’s diesel sales, fleet card services, and lubricant oil segments for the period from April 1, 2023, to March 31, 2024[130]. - The Board has adopted the Environmental, Social and Governance Reporting Guide requirements as per the Stock Exchange of Hong Kong[131]. - The company calculates and discloses environmental and social KPIs based on relevant standards and guidelines issued by the Stock Exchange of Hong Kong[140]. - The Group is committed to supporting 9 of the 17 United Nations Sustainable Development Goals, focusing on global challenges such as poverty, inequality, and climate change[165]. - The Group has implemented energy and water-saving initiatives to conserve natural resources, regularly reviewing daily operations for efficiency[171]. - The Group adheres to "Green Operations" principles, regularly upgrading production equipment and encouraging carbon reduction actions among employees[173]. - The Group promotes energy-saving practices, such as installing energy-efficient lighting and maintaining office temperatures between 24 to 26 degrees Celsius[178]. - The Group has joined "Earth Hour 2024" to enhance staff understanding of low carbon office operations and energy-saving habits[180]. - The Group is implementing carbon reduction strategies and formulating department-level carbon footprint targets and action plans[200]. Stakeholder Engagement and Communication - The Group emphasizes stakeholder engagement, maintaining communication with key stakeholders such as government bodies, customers, and investors[159][160]. - The Company maintains various communication channels with stakeholders, including annual reports and employee satisfaction surveys[161]. - The Company encourages employees to raise concerns regarding financial reporting and internal control[146][149]. - The Board regularly reviews ESG guidelines and management objectives to identify and manage ESG-related risks[154][157].

Revenue and Profitability - Revenue increased by approximately 56.8% from HKD 1,017,000,000 for the year ended March 31, 2023, to HKD 1,595,100,000 for the year ended March 31, 2024[3] - Net profit surged by approximately 92.5% from HKD 8,800,000 to HKD 16,900,000 year-over-year[3] - Basic and diluted earnings per share increased from HKD 0.88 to HKD 1.69[4] - Total revenue for 2024 reached HKD 1,595,083,000, up from HKD 1,017,037,000 in 2023, marking a significant increase of 56.7%[15] - The company reported a net profit of HKD 16,933,000 for 2024, up from HKD 8,796,000 in 2023, indicating a growth of 92.4%[25] - Net profit increased by approximately 92.5% to about HKD 16,900,000 from HKD 8,800,000, with net profit margin rising from approximately 0.9% to 1.1%[53] Revenue Sources - Revenue from diesel sales increased to HKD 1,511,507,000 in 2024 from HKD 937,700,000 in 2023, representing a growth of 61.2%[15] - Diesel sales generated revenue of approximately HKD 1,511,500,000, accounting for 94.8% of total revenue, with sales volume increasing by approximately 99.7% to 269,700,000 liters[41] - Lubricant sales revenue was approximately HKD 44,400,000, representing 2.8% of total revenue, with sales volume decreasing by about 37.0% to 1,700,000 liters[42] - Fleet card services generated revenue of approximately HKD 33,500,000, accounting for 2.1% of total revenue[44] Financial Position - Non-current assets decreased from HKD 140,532,000 to HKD 131,193,000, while current assets increased from HKD 120,284,000 to HKD 141,977,000[6] - Total liabilities decreased from HKD 54,586,000 to HKD 49,772,000, indicating improved financial stability[6] - Current assets as of March 31, 2024, were approximately HKD 142,000,000, up from HKD 120,300,000 in the previous year[62] - Current liabilities decreased to approximately HKD 49,800,000 from HKD 54,600,000, resulting in a current ratio of 2.9 compared to 2.2 in the previous year[62] - Trade receivables amounted to approximately HKD 47,284,000, an increase from HKD 38,010,000 in the previous year[27] - Trade payables were recorded at HKD 10,382,000, an increase from HKD 8,098,000 in the previous year[31] Expenses and Costs - Sales cost increased by approximately 59.1%, amounting to HKD 1,546,700,000 compared to HKD 972,300,000 in the corresponding period[46] - Gross profit rose by about 8.2% from HKD 44,700,000 to HKD 48,300,000 during the same periods[3] - Gross margin decreased from 4.4% to 3.0%[47] - Selling and distribution expenses decreased by approximately 27.4% to HKD 4,700,000 from HKD 6,400,000 due to reduced salaries and allowances[49] - Administrative expenses decreased by approximately 18.8% to about HKD 23,700,000 from HKD 29,200,000, primarily due to the reversal of trade receivables impairment[50] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ended March 31, 2024, compared to no dividend in the previous year[3] - The company did not declare any dividends for 2024, consistent with 2023[24] - The board did not recommend any final dividend for the year ending March 31, 2024[57] - The annual report for the fiscal year 2023/2024 will be made available to shareholders at the appropriate time[74] - The company plans to hold its annual general meeting on September 11, 2024, with a notice to be published in due course[76] - The board expresses gratitude to shareholders, business partners, and customers for their support over the past year[77] Strategic Focus and Development - The company continues to focus on the sale of diesel, lubricants, and fleet card services, indicating a stable business model[8] - The company is committed to ongoing product and technology development to enhance market competitiveness[8] - The group remains cautiously optimistic about business prospects despite economic challenges, focusing on strategic planning and operational efficiency[37] - The group aims to maintain high standards and adapt to market dynamics to provide continuous value to stakeholders[39] Compliance and Governance - The company has applied new Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements[11] - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules and corporate governance codes[72] - The group's financial statements for the year ending March 31, 2024, have been reviewed and confirmed to be consistent with the audited consolidated financial statements[73] Other Financial Information - Interest income from banks rose to HKD 495,000 in 2024, compared to HKD 187,000 in 2023, an increase of 164.2%[19] - The total financing costs decreased slightly to HKD 1,456,000 in 2024 from HKD 1,514,000 in 2023[21] - The deferred tax expense for 2024 was HKD 783,000, compared to HKD 780,000 in 2023, showing a marginal increase[23] - The company confirmed government subsidies totaling approximately HKD 121,000 related to IT solutions during the pandemic[19] - The group did not engage in any significant investments, acquisitions, or disposals of subsidiaries during the period[59] - The company’s property, plant, and equipment are solely located in Hong Kong, with no expansion into other regions reported[17] - The group's capital structure remained unchanged, with equity attributable to owners amounting to approximately HKD 220,000,000[63]

Financial Performance - The company's revenue for the six months ended September 30, 2023, was approximately HKD 726.7 million, an increase of 44.0% compared to HKD 504.6 million for the corresponding period in 2022[15]. - The net profit for the period was approximately HKD 12.3 million, an increase of 42.8% compared to the corresponding period[9]. - Profit before tax increased to HKD 16,908,000, compared to HKD 10,257,000 in the previous year, reflecting a 65% rise[71]. - Basic and diluted earnings per share rose to HKD 1.23, up from HKD 0.86, marking a 43% increase[71]. - The group reported a profit attributable to owners of HKD 12,301,000 for the six months ended September 30, 2023, compared to HKD 8,616,000 in the previous year, marking a year-on-year increase of 42.5%[113]. Revenue Breakdown - Diesel sales generated revenue of approximately HKD 685.3 million, accounting for 94.3% of total revenue, compared to HKD 461.3 million and 91.4% for the corresponding period[16]. - Lubricant sales revenue was approximately HKD 22.1 million, representing 3.0% of total revenue, compared to HKD 22.6 million and 4.5% for the corresponding period[17]. - Revenue from fleet card services decreased by approximately HKD 1,900,000 or 10.9% to about HKD 15,400,000 due to slow local economic growth and increased market competition[18]. - Revenue from the sale of other products was approximately HKD 3,800,000 and HKD 3,400,000, accounting for 0.5% and 0.7% of total revenue, respectively[20]. - Revenue from Hong Kong was HKD 725,504,000, a significant increase from HKD 503,590,000 in the prior year[101]. Cost and Expenses - Sales costs increased by approximately HKD 216,500,000 or 45.0% to about HKD 697,300,000, aligning with revenue trends[21]. - Gross profit increased by approximately HKD 5,500,000 or 23.1% to about HKD 29,300,000[22]. - Selling and distribution expenses decreased by approximately HKD 600,000 or 46.2% to about HKD 700,000[23]. - Administrative and other operating expenses decreased by approximately HKD 700,000 or 5.2% to about HKD 12,800,000[25]. - Financing costs decreased by approximately HKD 100,000 or 12.5% to about HKD 700,000 due to reduced bank borrowings[26]. Assets and Liabilities - Current assets as of September 30, 2023, were approximately HKD 142,000,000, up from HKD 120,300,000 as of March 31, 2023[36]. - Total assets as of September 30, 2023, were HKD 217,685,000, compared to HKD 206,230,000 as of March 31, 2023[74]. - Trade receivables increased to HKD 43,770,000 as of September 30, 2023, compared to HKD 38,010,000 as of March 31, 2023, reflecting a rise of 15.5%[125]. - Trade payables amounted to HKD 435,000 (unaudited), a decrease of 32.7% from HKD 647,000 as of March 31, 2023[127]. - Bank borrowings as of September 30, 2023, totaled HKD 42,878,000, a slight decrease from HKD 43,773,000 as of March 31, 2023[130]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions during the reporting period[44]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and has no objections to the accounting treatments adopted by the company[57]. - The company has ensured compliance with the corporate governance code and has maintained a robust internal control system[57]. - The directors have confirmed their compliance with the securities trading code during the reporting period[45]. - The company has confirmed that all directors have adhered to the securities trading standards during the reporting period[45]. Market and Economic Conditions - The economic situation in Hong Kong and China poses challenges for the fleet card division, potentially affecting overall demand for commercial fuel[11]. - The construction of Route 11 is expected to increase demand for construction materials and fuel, aligning with the company's core products[12]. - The company plans to explore initiatives promoting clean fuel and environmentally friendly practices in response to global sustainability trends[12]. - The company will closely monitor economic trends and adjust marketing and operational strategies to ensure sustainable growth amid economic uncertainties[13]. - The increase in revenue is primarily attributed to rising demand for diesel due to the easing of cross-border road freight restrictions[15]. Cash Flow and Financing - The operating cash flow for the six months ended September 30, 2023, was HKD 14,005,000, compared to a negative cash flow of HKD 2,095,000 in the same period of 2022, showing a significant turnaround[78]. - The company's financing activities resulted in a net cash outflow of HKD 2,489,000 for the six months ended September 30, 2023, compared to an outflow of HKD 13,544,000 in the same period of 2022, indicating improved cash management[80]. - Cash and cash equivalents increased to HKD 51,911,000 as of September 30, 2023, from HKD 36,723,000 at the end of the previous year, marking a rise of about 41.3%[80]. - Interest expenses for the six months ended September 30, 2023, totaled HKD 719,000, a decrease of 10.9% from HKD 807,000 in the same period of 2022[107]. - Current tax expense for the period increased significantly to HKD 4,664,000 from HKD 1,698,000, representing a growth of 174.5%[109].

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，概不對因本公告全部 或任何部份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。 Vico International Holdings Limited 域高國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1621） 截至二零二三年九月三十日止六個月中期業績公告 財務摘要 • 收益由截至二零二二年九月三十日止六個月的約504,600,000港元增加約 44.0%至截至二零二三年九月三十日止六個月的約726,700,000港元。 • 毛利由截至二零二二年九月三十日止六個月的約23,800,000港元增加約 23.4%至截至二零二三年九月三十日止六個月的約29,300,000港元。 • 純利由截至二零二二年九月三十日止六個月的約8,600,000港元增加約 42.8%至截至二零二三年九月三十日止六個月的約12,300,000港元。 • 董事會不建議就截至二零二三年九月三十日止六個月派付中期股息（截 至二零二二年九月三十日止六個月：無）。 ...

Financial Performance - The Group achieved total revenue of approximately HK$1,017 million for the year ended 31 March 2023, representing a decrease of 25.7% compared to the previous year[19]. - Gross profit for the same period was approximately HK$44.7 million, reflecting an increase of 2.8% year-over-year[19]. - Net profit for the year was approximately HK$8.8 million, which is a decrease of 4.3% compared to the previous year, primarily due to increased impairment on trade receivables[19]. - Diesel sales revenue amounted to approximately HK$937.7 million, representing 92.2% of total revenue, down from HK$1,279.7 million (93.4%) in the previous period[27]. - Revenue from lubricant oil sales was approximately HK$36.9 million, accounting for 3.6% of total revenue, down from HK$50.4 million (3.7%) in the previous period[34]. - Revenue from fleet card services was approximately HK$32.4 million, representing 3.2% of total revenue, compared to HK$31.2 million (2.3%) in the previous period[36]. - The cost of sales for the current period was approximately HK$972.3 million, a decrease of 26.7% from HK$1,326.1 million in the corresponding period[48]. - The gross profit margin increased from 3.2% in the corresponding period to 4.4% in the current period[45]. - Selling and distribution expenses decreased by approximately HK$0.7 million or 9.9% to HK$6.4 million, primarily due to a reduction in truck driver wages[50]. - Administrative expenses increased by approximately HK$3.0 million or 11.5% to approximately HK$29.2 million, mainly due to an increase in impairment allowance of trade receivables[53]. - Finance costs rose by approximately HK$0.3 million or 25% to HK$1.5 million, attributed to an increase in bank interest rates[54]. - Income tax expense increased by approximately HK$1.4 million or 51.9% to approximately HK$4.1 million, due to under-provision of tax in the prior year[55]. - Current assets amounted to approximately HK$120.3 million, with current liabilities at approximately HK$54.6 million, resulting in a current ratio of 2.2[75]. - The gearing ratio was 28.4%, down from 37.9% in the previous year[75]. Market and Operational Insights - The Group operated a total of 56,193 fleet card accounts as of 31 March 2023, up from 51,259 accounts in the previous year[18]. - The Group focused on increasing trading volumes of lubricant oil in Dubai amidst market uncertainties due to the pandemic[9]. - The recovery of international trade and tourism is expected to positively impact the demand for fleet card services and diesel oil in Hong Kong[10]. - The construction industry in Hong Kong is anticipated to recover, which would positively affect the demand for lubricant oil in 2023[10]. - The Group's operations maintained stable daily sales of diesel and provision of fleet card services in Hong Kong despite challenges[20]. - The management conducted an in-depth assessment of market demand to adapt to the changing business environment[9]. - The group anticipates gradual recovery in demand for fleet card services and diesel oil as the local economy improves[25]. Management and Governance - The Group's management team has extensive experience in the sales and distribution of petrochemical products, with over 51 years in the industry for the Chairman[89]. - The Chief Executive Officer has 10 years of experience in promoting fleet cards and managing corporate strategies[94]. - The marketing director oversees sales and marketing strategies, contributing to the Group's growth in the petrochemical sector[98]. - The Group's strategic planning and overall business development are led by experienced executives, ensuring effective decision-making[89]. - The company has a diverse board with members holding various professional qualifications, enhancing its governance and strategic decision-making capabilities[111]. - The independent non-executive directors contribute to the audit and remuneration committees, ensuring compliance and accountability within the organization[108]. - The management team includes individuals with significant experience in both local and international financial markets, which supports the company's growth strategy[113]. - The company is focused on expanding its market presence and enhancing its service offerings through strategic appointments and governance improvements[105]. - The board's composition reflects a commitment to maintaining high standards of corporate governance and financial oversight[104]. - The management team is well-equipped to navigate the complexities of the financial landscape, leveraging their extensive backgrounds in finance and investment[103]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development and has published its sixth Environmental, Social and Governance (ESG) report, detailing achievements in promoting sustainability and governance performance[126]. - The ESG report covers sustainability performance and initiatives related to diesel sales, fleet card services, and lubricant oil segments for the period from April 1, 2022, to March 31, 2023[127]. - The Board has adopted the Environmental, Social and Governance Reporting Guide requirements as per the listing rules on the Stock Exchange[128]. - The ESG report highlights the company's commitment to sustainable development and its achievements in environmental, social, and governance performance[133]. - The reporting period for the ESG report covers from April 1, 2022, to March 31, 2023[130]. - The Board of Directors has established effective risk management and internal control systems to evaluate risks associated with the Group's strategic objectives[143]. - The company emphasizes the importance of stakeholder engagement, maintaining communication with key stakeholders including government, customers, suppliers, and local communities[155]. - The company aims to promote a low-carbon working environment and develop eco-friendly products and services[140]. - The Board approved the ESG report on June 23, 2023, ensuring compliance with relevant guidelines[141]. - The company has implemented consistent statistical methodologies for meaningful comparisons of ESG data over time[137]. - The Chief Operating Officer is responsible for executing the ESG plans and monitoring progress towards achieving ESG targets[151]. - The company encourages employees to raise concerns regarding financial reporting and internal control[142]. - The Board regularly reviews the Group's ESG guidelines and management objectives to identify and manage ESG-related risks and opportunities[150]. - The Group is committed to supporting 8 of the 17 United Nations Sustainable Development Goals, focusing on global challenges such as poverty, inequality, and climate change[161]. - During the reporting period, there were no non-compliance issues with relevant laws and regulations, including the Air Pollution Control Ordinance and the Waste Disposal Ordinance in Hong Kong[168]. Community Engagement and Corporate Social Responsibility - The Group engages with stakeholders through various communication channels, including annual reports, company website, and general meetings for shareholders and investors[157]. - Customer satisfaction surveys and hotlines are utilized to gather feedback from customers, ensuring their needs are addressed[160]. - The Group conducts quarterly business review meetings with business partners to strengthen collaboration and improve operational efficiency[160]. - Charity and volunteering activities are organized to engage with the local community, enhancing corporate social responsibility[160]. - The Group actively raises awareness of environmental protection in the workplace through electronic leaflets and green posters[172]. Environmental Protection and Sustainability Efforts - The Group aims to protect the environment by implementing "Green Operations," which includes regular maintenance of production equipment and encouraging employees to take carbon reduction actions[169]. - Energy and water-saving initiatives are in place to conserve natural resources, with regular reviews of daily routines to enhance resource efficiency[167]. - The company has implemented energy-saving measures, including installing T5 fluorescent tubes and LED lights, and maintaining office temperatures between 24 to 26 degrees Celsius to reduce energy consumption[6]. - The company aims to integrate electric vehicles into its fleet to lower carbon dioxide emissions and optimize delivery routes for fuel savings and emission reduction[16]. - The company has adopted TCFD recommendations to manage climate-related risks and has established a top-down risk management system for operational risks[177][184]. - The company is focused on minimizing unnecessary materials in packaging and avoiding over-packaging throughout the supply chain to reduce waste disposal[185]. - The company has set carbon footprint targets and action plans at the department level to implement carbon reduction strategies[196]. - The company has joined "Earth Hour 2023" to enhance staff understanding of low carbon office operations and energy-saving habits[176]. - The company regularly checks its sewage system and production facilities to prevent wastewater leakage[15]. - The company promotes the use of low-emission vehicles that comply with Euro V or above standards[12]. - The company has established disaster emergency plans and conducts regular emergency drills to improve disaster protection levels[194]. - The company is redirecting financial losses arising from climate-related risks via insurance[185]. - Severe rainstorms and floods may increase operational and maintenance costs for the Group, particularly affecting product delivery fleet[198]. - Consumers are increasingly likely to switch to products with lower carbon emissions and smaller carbon footprints due to climate change[199]. - The Group is widening its product range by introducing more low SAPS and environmentally friendly products[200]. - The Group is implementing reusable packaging for products to enhance eco-friendliness[200]. - Discounts are being offered to consumers who bring in reusable containers[200]. - The Group is actively adopting green office initiatives to promote energy conservation and sustainability[200]. - Regular checks on the drainage system are conducted to mitigate potential operational disruptions[200]. - Employee education on energy conservation and climate vulnerability is being encouraged across departments[200]. - Financial losses are being reduced through insurance measures[200]. - Stakeholder concerns are being attentively listened to and responded to by the Group[199].

Financial Performance - The group's revenue for the period was approximately HKD 504.6 million, a decrease of 18.9% compared to HKD 622.2 million in the corresponding period[33]. - Gross profit for the period was approximately HKD 23.8 million, down 13.5% from the previous year's HKD 27.5 million[33]. - Net profit for the period was approximately HKD 8.6 million, a decrease of 15.8% compared to HKD 10.2 million in the corresponding period[33]. - Revenue for the six months ended September 30, 2022, was HKD 504,565,000, a decrease of 19% from HKD 622,171,000 in the same period of 2021[144]. - The company recorded a profit before tax of HKD 10,257,000, compared to HKD 11,601,000 in the previous year, indicating a decrease of approximately 11.6%[120]. - The total comprehensive income for the six months ended September 30, 2022, was HKD 8,616,000, a decrease from HKD 10,233,000 in the same period of 2021, representing a decline of approximately 15.8%[125]. - Basic and diluted earnings per share were HKD 0.86, compared to HKD 1.02 for the same period last year, reflecting a decrease of approximately 15.7%[120]. Revenue Breakdown - Diesel sales generated revenue of approximately HKD 461.3 million, accounting for 91.4% of total revenue, compared to HKD 578.2 million and 92.9% in the corresponding period[37]. - Revenue from lubricants was approximately HKD 22.6 million, representing 4.5% of total revenue, down from HKD 25.2 million and 4.0% in the corresponding period[40]. - Revenue from fleet card services increased by approximately HKD 1.8 million or 11.5% to about HKD 17.3 million[41]. - Diesel sales contributed HKD 461,304,000, down 20% from HKD 578,245,000 year-on-year[150]. - Fleet card service revenue increased to HKD 17,260,000, up 11.4% from HKD 15,476,000 in the previous year[150]. - Lubricant sales decreased to HKD 22,585,000, down 10% from HKD 25,137,000 year-on-year[150]. Cost and Expenses - Total sales cost for the period was approximately HKD 480.8 million, a decrease of 19.2% from HKD 594.7 million in the corresponding period[44]. - Selling and distribution expenses decreased by HKD 1,000,000 or 44.6% to HKD 1,300,000 from HKD 2,300,000 in the corresponding period[47]. - Administrative and other operating expenses decreased by approximately HKD 300,000 or 1.9% to about HKD 13,500,000 from approximately HKD 13,800,000 in the corresponding period[48]. - Financing costs increased by approximately HKD 300,000 or 70.3% to HKD 800,000 from HKD 500,000 in the corresponding period due to rising bank borrowing rates[49]. Assets and Liabilities - Current assets as of September 30, 2022, were approximately HKD 117,500,000, compared to HKD 117,100,000 as of March 31, 2022[60]. - Current liabilities decreased to approximately HKD 58,100,000 from HKD 69,600,000 as of March 31, 2022[60]. - The current ratio improved to 2.0 from 1.7 as of March 31, 2022[60]. - The debt-to-equity ratio decreased to 24.6% from 32.6% as of March 31, 2022[61]. - Total assets as of September 30, 2022, amounted to HKD 206,075,000, an increase from HKD 198,391,000 as of March 31, 2022[122]. - The company's net asset value increased to HKD 202,910,000 from HKD 194,294,000, showing a growth of about 4.2%[122]. Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2022[56]. - As of September 30, 2022, the company has a total of 730,000,000 shares held by controlling entities, representing 73% of the issued share capital[99]. - The controlling entity, Jun Long Holdings Limited, is owned by Mr. Xu, Ms. Tang, and Mr. Xu Yehao, holding 35%, 35%, and 30% respectively[95]. - The company has no other directors or senior management with disclosed interests in the company's shares or related securities as of September 30, 2022[98]. Operational Insights - The group managed a total of 50,347 fleet card accounts as of September 30, 2022, compared to 50,582 accounts in the previous year[32]. - The group plans to focus on self-developed products to enhance independence from brand companies and capitalize on market opportunities[35]. - The group anticipates that infrastructure and residential development projects in the Northern Metropolis will stimulate local demand for petrochemical products[35]. Cash Flow and Investments - The net cash used in operating activities for the six months ended September 30, 2022, was HKD 2,095,000, compared to a net cash inflow of HKD 1,044,000 in the same period of 2021[131]. - The cash and cash equivalents decreased by HKD 16,877,000 during the six months ended September 30, 2022, with cash and cash equivalents at HKD 36,723,000 as of September 30, 2022, down from HKD 40,622,000 in 2021[131]. - The net cash used in investing activities for the six months ended September 30, 2022, was HKD 1,238,000, a significant decrease from HKD 12,058,000 in the same period of 2021[131]. - The company incurred depreciation expenses of HKD 3,219,000 for property, plant, and equipment in the six months ended September 30, 2022, compared to HKD 3,809,000 in the same period of 2021, reflecting a decrease of approximately 15.5%[128]. - The group acquired property, plant, and equipment totaling 1,448,000 HKD during the six months ended September 30, 2022, significantly lower than 6,290,000 HKD in the same period of 2021[177]. Related Party Transactions - The company reported related party transactions with significant payments, including HKD 462,000 to Yau Fai Development Limited and HKD 330,000 to Cheng Wing Investment Limited for lease and interest payments[199]. - Total compensation for key management personnel increased to HKD 2,173,000 in the six months ended September 30, 2022, compared to HKD 1,844,000 in the same period of 2021, reflecting a growth of approximately 17.8%[199].

Financial Performance - The group's revenue for the period was approximately HKD 1,369,600,000, an increase of 67.8% compared to HKD 816,400,000 in the corresponding period[23] - The group's gross profit was HKD 43,500,000, a decrease of 7.8% from the previous year[19] - The net profit for the period was HKD 9,200,000, down 49.7% compared to the previous year[19] - The increase in revenue was primarily due to a substantial rise in oil prices during the period[23] - Diesel sales generated revenue of approximately HKD 1,279,700,000, accounting for 93.4% of total revenue, with sales volume increasing by 5.2% to 287,600,000 liters[24] - Lubricant sales revenue was approximately HKD 50,400,000, representing 3.7% of total revenue, with sales volume decreasing by 8.8% to 3,100,000 liters[25] - Fleet card services generated revenue of approximately HKD 31,200,000, accounting for 2.3% of total revenue, an increase from HKD 28,900,000 in the previous period[26] - Total sales cost increased by approximately 72.4% to HKD 1,326,100,000, in line with revenue trends[29] - Gross profit decreased by approximately 7.8% to HKD 43,500,000, with gross margin declining from 5.8% to 3.2%[30] - Net profit decreased by approximately 49.7% to HKD 9,200,000, with net profit margin declining from 2.2% to 0.7%[36] Impact of COVID-19 - The COVID-19 pandemic significantly impacted the logistics and construction industries, leading to a 77.5% loss in the passenger transport sector, valued at HKD 39 billion[15] - The group anticipates economic recovery driven by increased vaccination rates and the implementation of vaccine passports[21] - The group has taken swift action to allocate resources appropriately in response to the challenges posed by the COVID-19 pandemic[21] - The group experienced a significant decline in lubricant sales due to delays in large construction projects during the pandemic[20] Management and Governance - The company has a strong management team with extensive experience in finance and business operations, enhancing its strategic direction[60] - The company is committed to maintaining high standards of corporate governance and transparency in its operations[63] - The independent non-executive directors bring diverse expertise and experience, contributing to the company's strategic oversight[64] - The management team emphasizes the importance of internal controls and corporate governance to ensure operational efficiency[59] - The board consists of 2 female and 7 male members, ensuring effective risk management and internal control systems[89] Sustainability and ESG Initiatives - Environmental, social, and governance (ESG) initiatives are being prioritized, with a commitment to reduce carbon emissions by 30% over the next five years[77] - The company is focused on expanding its product range to include more environmentally friendly products, such as biodiesel and low-sulfur lubricants[87] - The group is committed to supporting the United Nations Sustainable Development Goals, identifying seven goals to contribute to long-term value creation for the environment, employees, and communities[98] - The company aims to achieve net zero emissions in its operations by 2040 and across its entire supply chain by 2050, aligning with the Paris Agreement's goal to limit temperature rise to 1.5 ºC[115] - The company promotes energy-saving education among employees to enhance awareness of climate vulnerability[114] Employee Engagement and Training - Employees completed an average of 25 hours of training during the reporting period, with a turnover rate of 7.9%[163] - The group has not experienced any work-related fatalities in the past three years, and there were no reported injuries during the reporting period[171] - The group strictly adheres to local laws and regulations regarding occupational health and safety, which significantly impact its operations[164] - The group provides safety training to employees to raise awareness of workplace safety[167] Risk Management - The company has established a risk management mechanism to address climate-related risks, including a board responsible for reviewing climate change-related developments[111] - The group has implemented various preventive measures to ensure employee safety during the COVID-19 crisis, including mandatory mask-wearing and temperature checks[168] - The group encourages employees to report potential hazards in the workplace to continuously improve safety measures[167] Customer Relations and Quality Control - The company has a strict quality control policy throughout the procurement, production, and delivery cycles, ensuring stable product quality by sourcing from approved suppliers[184] - Customer data protection policies include encryption and regular backups of sensitive information, with a retention period of two years before destruction[188] - The company has established a customer service hotline to address complaints related to sales and service, ensuring clear communication with customers[179] Community Engagement - The group actively promotes social responsibility and community contributions while developing its business[191] - The group participated in Earth Hour 2022 to support carbon reduction and sustainable development initiatives[191] - The group encourages employees to participate in community activities to foster a harmonious and stable society[191]

Financial Performance - The group's revenue for the period was approximately HKD 622.2 million, an increase of 60.4% compared to HKD 387.9 million in the corresponding period[46]. - The gross profit for the period was approximately HKD 27.5 million, reflecting a slight increase of 2.3% from the previous period[40]. - The net profit for the period was approximately HKD 10.2 million, a decrease of 20.5% compared to the previous period, primarily due to a reduction in other income related to government pandemic relief measures[40]. - Revenue for the six months ended September 30, 2021, was HKD 622,171 thousand, an increase of 60.4% compared to HKD 387,920 thousand in the same period of 2020[106]. - Gross profit for the same period was HKD 27,474 thousand, slightly up from HKD 26,861 thousand, indicating a gross margin improvement[106]. - The net profit for the six months was HKD 10,233 thousand, down 20.4% from HKD 12,870 thousand in the previous year[106]. - Basic and diluted earnings per share were HKD 1.02, compared to HKD 1.29 in the prior year[106]. - The total segment profit for the group was HKD 23,940,000, compared to HKD 28,699,000 in the same period last year, indicating a decrease of 16.5%[135]. - The company reported a pre-tax profit of HKD 11,601,000 for the six months ended September 30, 2021, down from HKD 15,029,000 in the previous year[135]. - The company reported a net profit of HKD 10,233,000 for the six months ended September 30, 2021, compared to HKD 12,870,000 for the same period in 2020, representing a decrease of 20.5%[160]. Revenue Breakdown - Diesel sales generated revenue of approximately HKD 578.2 million during the period, accounting for 92.9% of total revenue[47]. - Revenue from lubricating oil sales was approximately HKD 25,100,000, representing 4.0% of total revenue, compared to HKD 23,500,000 and 6.1% in the corresponding period[48]. - Revenue from fleet card services increased by approximately HKD 3,700,000 or 31.9% to about HKD 15,500,000, driven by local economic recovery[49]. - Revenue from other products, mainly lubricants and eco-friendly automotive urea, was approximately HKD 3,300,000, accounting for 0.5% of total revenue, compared to HKD 1,700,000 and 0.4% in the corresponding period[51]. - Diesel sales contributed HKD 578,245,000, up 64.5% from HKD 350,947,000 year-on-year[130]. - Fleet card service revenue increased to HKD 15,476,000, representing a 31.5% growth compared to HKD 11,733,000 in the previous year[130]. - Lubricant sales rose to HKD 25,137,000, a 6.9% increase from HKD 23,512,000 in the prior period[130]. - Major customer A1 contributed HKD 126,336,000 to revenue, up from HKD 90,190,000 in the previous year, reflecting a growth of 40%[147]. Expenses and Costs - Sales costs increased by 64.7% to approximately HKD 594,700,000, compared to HKD 361,100,000 in the corresponding period[52]. - Administrative and other operating expenses rose by approximately HKD 2,000,000 or 17.3% to about HKD 13,800,000, mainly due to increased depreciation and employee costs[55]. - Financing costs increased by approximately HKD 40,000 or 9.2% to HKD 474,000, compared to HKD 434,000 in the corresponding period[57]. - Income tax expenses decreased by approximately HKD 800,000 or 36.6% to about HKD 1,400,000, primarily due to a reduction in profit before tax[58]. - Depreciation of property, plant, and equipment was HKD 3,809,000, an increase from HKD 3,217,000 in the previous year, indicating higher asset utilization[157]. - Interest expenses for bank borrowings increased to HKD 442,000 from HKD 384,000, indicating a rise in financing costs[151]. Assets and Liabilities - As of September 30, 2021, the group recorded net current assets of approximately HKD 81,600,000, compared to HKD 79,600,000 as of March 31, 2021[67]. - As of September 30, 2021, the group's current assets amounted to approximately HKD 128.3 million, slightly up from HKD 128.2 million on March 31, 2021[68]. - The group's current liabilities were approximately HKD 46.6 million, down from HKD 48.6 million as of March 31, 2021[68]. - The current ratio increased to 2.75 as of September 30, 2021, compared to 2.64 on March 31, 2021[68]. - The debt-to-equity ratio was 18.8% as of September 30, 2021, a slight improvement from 19.1% on March 31, 2021[68]. - The group's capital structure remained unchanged during the period, with equity attributable to owners amounting to approximately HKD 205.4 million[69]. - The group had no significant capital commitments outside of the balance sheet as of September 30, 2021[70]. - The group pledged leasehold land and buildings valued at HKD 62.8 million and investment properties valued at HKD 31.4 million for bank borrowings[72]. - Total assets as of September 30, 2021, were HKD 128,279 thousand, a slight increase from HKD 128,235 thousand as of March 31, 2021[109]. - Non-current assets increased to HKD 128,534 thousand from HKD 117,671 thousand, reflecting ongoing investments in fixed assets[109]. - The company’s total equity rose to HKD 205,358 thousand from HKD 195,125 thousand, indicating a strengthening balance sheet[109]. Operational Strategies and Future Outlook - The company aims to expand its business and trade cooperation in more Asian countries due to strong demand for lubricants and petrochemical products[43]. - The acquisition of a multifunctional warehouse in Tsuen Wan is expected to enhance productivity through industrial improvements[43]. - The supply of automotive urea is currently tight, posing challenges to the company's business development[44]. - The company has demonstrated flexibility in managing production equipment and tools, enhancing its risk management capabilities amid COVID-19 challenges[44]. - The company continues to focus on expanding its diesel sales and fleet card services as key growth areas[134]. - The company is committed to maintaining its operational strategies and exploring new market opportunities[134]. Corporate Governance and Shareholder Information - The group adhered to all corporate governance codes during the reporting period[78]. - Major shareholder Jun Long holds 730,000,000 shares, representing approximately 73% of the company's issued share capital[89]. - The maximum number of shares that can be issued under the share option scheme is capped at 100,000,000 shares, which is 10% of the total shares issued on the listing date[99]. - The company has not granted any share options since the adoption of the share option scheme[99].

Financial Performance - The group's revenue, gross profit, and net profit for the year ended March 31, 2021, were approximately HKD 816.4 million, HKD 47.2 million, and HKD 18.3 million, representing a decrease of 21.9%, an increase of 0.6%, and an increase of 14.4% respectively compared to the previous year[23]. - The group's revenue for the period was HKD 816,400,000, a decrease of 21.9% compared to HKD 1,045,300,000 in the corresponding period[27]. - Revenue from diesel sales was approximately HKD 734,700,000, accounting for 90.0% of total revenue, with sales volume increasing by about 16.49% to 273,510,000 liters[28]. - Revenue from lubricants was approximately HKD 49,000,000, representing 6.0% of total revenue, with sales volume decreasing by about 12.8% to 3,400,000 liters[29]. - Fleet card service revenue was approximately HKD 28,900,000, accounting for 3.5% of total revenue, an increase from HKD 26,200,000 in the corresponding period[32]. - Total sales cost was approximately HKD 769,200,000, a decrease of about 23.0% compared to HKD 998,400,000 in the corresponding period[34]. - Gross profit increased by approximately HKD 300,000 or 0.6% to about HKD 47,200,000, with a gross margin rising from 4.5% to 5.8%[35]. - Net profit for the period was approximately HKD 18,300,000, an increase of 14.4% from HKD 16,000,000 in the corresponding period, with a net profit margin rising to 2.2%[41]. Business Operations and Strategy - The group managed a total of 50,606 fleet card accounts as of March 31, 2021, compared to 38,380 accounts in the previous year, indicating a significant growth in user data[22]. - The group remains optimistic about future profitability due to reduced procurement costs from the decline in international oil prices, which is seen as a favorable factor for business operations[18]. - The company plans to expand its business into Malaysia and Vietnam, capitalizing on strong demand for lubricants and other petroleum products in the Asian market[24]. - The successful development of vaccines is expected to contribute to the recovery of the global economy and the group's business activities, with a positive outlook for the second half of 2021[19]. - The group has upgraded its multifunctional warehouse in Tsuen Wan, which has significantly improved productivity and operational efficiency[24]. - The group aims to enhance its operational mechanisms and organizational structure to seize economic opportunities and maintain a competitive edge in the market[19]. - The company is committed to continuous self-improvement and actively seeks to recruit talent to strengthen its market leadership[19]. Financial Position and Capital Structure - The group recorded a net current asset value of approximately HKD 79,600,000 as of March 31, 2021, down from HKD 90,900,000 a year earlier[49]. - As of March 31, 2021, the group's current assets were approximately HKD 128.2 million, a decrease from HKD 130.3 million in 2020, with cash balances at HKD 55.2 million and trade receivables at HKD 64.7 million[50]. - The group's current liabilities amounted to approximately HKD 48.6 million, up from HKD 39.4 million in 2020, including trade payables of HKD 5.1 million and bank borrowings of HKD 35.4 million[50]. - The current ratio as of March 31, 2021, was 2.6, down from 3.3 in 2020, indicating a decrease in liquidity[50]. - The debt-to-equity ratio was 19.1% as of March 31, 2021, slightly up from 18.5% in 2020, reflecting a marginal increase in leverage[50]. - The net proceeds from the share issuance were approximately HKD 53.2 million, with allocations for new storage facilities, vehicle purchases, and talent retention[62]. - Capital expenditures for property, plant, and equipment during the period were HKD 27 million[55]. - The group provided a guarantee of HKD 4 million to a supplier through bank financing as of March 31, 2021[56]. - The group mortgaged its leased land and buildings valued at HKD 63.9 million and investment properties at HKD 32.1 million for bank borrowings[57]. - The group has no significant foreign exchange risk due to the peg of the Hong Kong dollar to the US dollar, with minimal transactions and currency assets in USD[58]. - The group's capital structure remained unchanged during the period, with equity attributable to owners at approximately HKD 195.1 million[55]. Corporate Governance - The company has strengthened its internal controls and corporate governance policies to enhance operational transparency and accountability[71]. - The company has maintained compliance with all applicable corporate governance codes during the reporting period[90]. - The board of directors is committed to achieving high standards of corporate governance to protect shareholder interests and enhance corporate value[90]. - The company has adopted the corporate governance code as the basis for its governance practices[90]. - The company has established specific inquiries for all directors and relevant employees to ensure compliance with securities trading standards[92]. - The board regularly reviews the contributions of directors and their commitment to fulfilling their responsibilities[95]. - The company has a strong focus on transparency and accountability in its business strategies and policies[90]. - The company has appointed a new company secretary with over 15 years of experience in corporate services[87]. - The board includes independent non-executive directors with extensive experience in finance and governance[81][82]. - The company has a dedicated finance manager overseeing overall financial reporting and accounting activities[83]. - The company has maintained compliance with listing rules by appointing at least three independent non-executive directors, constituting one-third of the board[100]. - All independent non-executive directors have confirmed their independence in writing, and the company believes they all meet independence criteria[100]. - The term for non-executive directors, including independent non-executive directors, is one year, with re-election at the annual general meeting[101]. - The board is responsible for all significant matters, including company policies, strategies, budgets, and major transactions[105]. - The audit committee is composed of three independent non-executive directors, with a designated chairman[112]. - The company encourages all directors to participate in relevant training courses to enhance their knowledge and skills[106]. - The board has established three committees: audit committee, remuneration committee, and nomination committee, each with clearly defined terms of reference[110]. - The company ensures that all directors have access to necessary information and can seek independent professional advice when required[104]. - The Audit Committee held two meetings during the reporting period to review the annual financial performance and reports for the fiscal year ending March 31, 2020, and the interim financial performance for the six months ending September 30, 2020[115]. - The Remuneration Committee conducted one meeting to review the company's remuneration policy and structure, providing recommendations for salary adjustments for executive directors and senior management for the fiscal year ending March 31, 2021[116]. - The Nomination Committee held one meeting to assess the board's structure, size, and composition, considering the independence of non-executive directors and making recommendations for director appointments[119]. - The company aims to maintain a balanced level of diversity on the board, considering factors such as gender, age, culture, education background, professional qualifications, skills, knowledge, and industry experience[124]. - The board currently consists of nine directors, including five executive directors, one non-executive director, and three independent non-executive directors, achieving diversity in gender, age, and professional experience[125]. - The company recognizes the benefits of board diversity as a key factor in maintaining its competitive advantage[121]. - The Nomination Committee will continue to review the board diversity policy to ensure its effectiveness and relevance[125]. - The company has established a formal and transparent process for developing a remuneration policy and structure to ensure no director participates in determining their own remuneration[116]. - The Audit Committee's responsibilities include reviewing financial reporting, risk management, and internal control systems[115]. - The company is committed to ensuring that all levels of recruitment and selection have appropriate structures to consider diverse candidates[124]. - The company has adopted a director nomination policy to ensure a balanced skill set, experience, and diversity on the board[128]. - The board's corporate governance functions include reviewing and monitoring the training and continuous professional development of directors and senior management[134]. - The board confirms its responsibility for risk management and internal control systems, which aim to manage risks rather than eliminate them[137]. - The company has established multiple risk management procedures and guidelines to define implementation authority across key business processes[138]. - An external professional firm has been engaged to provide internal audit functions and independently review the adequacy and effectiveness of risk management and internal control systems[141]. - The board has reviewed the risk management and internal control systems and considers them effective and adequate as of March 31, 2021[141]. - The company has implemented monitoring procedures to strictly prohibit unauthorized access to and use of insider information[143]. - The company has a disclosure policy to ensure that insider information is released to the public in a timely and equal manner according to applicable laws and regulations[142]. - The board is aware of its responsibility for preparing the financial statements for the year ending March 31, 2021[144]. - The board is not aware of any significant uncertainties that may severely impact the company's ability to continue as a going concern[145]. Shareholder Communication - The company maintains effective communication with shareholders through various channels, ensuring their opinions and concerns are properly addressed[154]. - The company has established a shareholder communication policy that is regularly reviewed for effectiveness[154]. - The company’s board of directors is committed to engaging with shareholders during annual general meetings to address inquiries[159]. - The company’s secretary underwent no less than 15 hours of relevant professional training during the year ending March 31, 2021[153]. - The company has not declared any final dividend for the year ending March 31, 2021, compared to no dividend declared for the year 2020[168]. - As of March 31, 2021, the company had no distributable reserves, consistent with the previous year[176]. - The group’s main activities include the sale of diesel, lubricants, and other products, as well as providing fleet card services[166]. - The board of directors has reported on the audited consolidated financial statements for the period[165]. - The company’s shareholders communication policy ensures proper response to shareholder concerns and is reviewed regularly[162]. - The company’s capital structure details are provided in the consolidated financial statements[172]. - The group made no charitable donations during the period, similar to the previous year[177]. - The company’s bank borrowings details as of March 31, 2021, are included in the consolidated financial statements[171]. Director and Shareholder Interests - The board of directors consists of both executive and non-executive members, with specific terms of service contracts in place[181][183]. - The directors and senior management hold significant equity interests in the company, with each holding approximately 73% of the issued share capital[189]. - Junlong holds 730,000,000 shares, representing 73% of the company's issued share capital, making it the controlling entity under the Securities and Futures Ordinance[193]. - Mr. Xu and Ms. Tang each hold 35% of Junlong's shares, while Mr. Xu Yehao holds 30%[198]. - No other directors or senior executives have disclosed interests in the company's shares or related securities as of March 31, 2021[194]. - There are no significant transactions or contracts involving the company and its directors or related entities that would require disclosure under the Securities and Futures Ordinance[198]. - The company has not entered into any major contracts with its controlling shareholders for services provided[199].

Financial Performance - The group's revenue for the six months ended September 30, 2020, was approximately HKD 387.9 million, a decrease of 34.4% compared to approximately HKD 591.2 million for the corresponding period in 2019[45]. - Gross profit for the same period was approximately HKD 26.9 million, representing a decrease of 8.6% from the previous year's HKD 29.4 million[40]. - Net profit for the period was approximately HKD 12.9 million, a slight increase of 0.2% compared to HKD 12.8 million in the corresponding period of 2019[40]. - Revenue for the six months ended September 30, 2020, was HKD 387,920 thousand, a decrease of 34.3% compared to HKD 591,209 thousand for the same period in 2019[114]. - Gross profit for the same period was HKD 26,861 thousand, down 8.7% from HKD 29,403 thousand year-on-year[114]. - The company reported a profit before tax of HKD 15,029 thousand, slightly down by 2.5% from HKD 15,416 thousand in the previous year[114]. - Total comprehensive income for the period was HKD 12,870 thousand, a marginal increase from HKD 12,847 thousand in the prior year[114]. - Basic earnings per share for the period was HKD 1.29, compared to HKD 1.28 in the same period last year[114]. Sales and Revenue Breakdown - Diesel sales generated revenue of approximately HKD 350,900,000 and HKD 542,500,000, accounting for 90.5% and 91.8% of total revenue respectively, with a volume decrease of 42.5% from approximately 130,200,000 liters to about 74,800,000 liters[47]. - Lubricant sales revenue was approximately HKD 23,500,000 and HKD 30,600,000, representing 6.1% and 5.2% of total revenue, with a volume decline of 7.1% from about 1,400,000 liters to approximately 1,300,000 liters[48]. - Revenue from fleet card services decreased by HKD 3,600,000 or 23.5% to approximately HKD 11,700,000 due to local economic activity reduction caused by lockdowns and travel restrictions[49]. - Diesel sales contributed HKD 350,947,000, down 35.3% from HKD 542,574,000 year-on-year[154]. - Fleet card service revenue was HKD 11,733,000, a decline of 23.5% compared to HKD 15,336,000 in the previous year[154]. - Lubricant sales amounted to HKD 23,512,000, decreasing by 23.1% from HKD 30,562,000 in the prior period[154]. - Other product sales were HKD 1,728,000, down 37.0% from HKD 2,737,000 year-on-year[154]. Market Conditions and Strategic Moves - The ongoing COVID-19 pandemic has significantly impacted the Hong Kong economy, leading to a reduction in demand for petrochemical products[41]. - The company remains optimistic about the petrochemical market outlook, anticipating improvements in local economic activities related to logistics, retail, and transportation as global vaccination progresses[43]. - In April 2020, the company entered into a contract with an oil company to sell and distribute its branded lubricants, indicating a strategic move to expand its product offerings[44]. - The company is actively exploring potential markets, particularly in Vietnam, to expand its sales reach across Asia[44]. - The group acknowledges the competitive nature of the Hong Kong petrochemical market and is focused on identifying potential business opportunities[44]. Financial Position and Assets - The group recorded net current assets of approximately HKD 79,400,000 as of September 30, 2020, down from approximately HKD 90,900,000 as of March 31, 2020[68]. - As of September 30, 2020, the group's current assets were approximately HKD 129.9 million, a slight decrease from HKD 130.3 million as of March 31, 2020[69]. - Current liabilities increased to approximately HKD 50.5 million from HKD 39.4 million as of March 31, 2020, with bank borrowings rising to HKD 37.4 million from HKD 30.1 million[69]. - The current ratio decreased to 2.57 as of September 30, 2020, down from 3.31 as of March 31, 2020[69]. - The debt-to-equity ratio increased to 20.9% as of September 30, 2020, compared to 18.5% as of March 31, 2020[69]. - Non-current assets as of September 30, 2020, totaled HKD 111,259 thousand, an increase from HKD 87,642 thousand as of March 31, 2020[116]. - The company’s total liabilities increased to HKD 50,523 thousand from HKD 39,362 thousand, reflecting a rise in bank borrowings[116]. - Cash and cash equivalents decreased to HKD 62,632 thousand from HKD 66,101 thousand at the end of the previous reporting period[138]. Corporate Governance and Shareholder Information - The company adhered to all corporate governance codes during the period[77]. - Major shareholder Jun Long holds 730,000,000 shares, representing approximately 73% of the company's issued share capital[92]. - Jun Long is owned by Mr. Xu, Ms. Tang, and Mr. Xu Yehao, holding 35%, 35%, and 30% respectively[93]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules and corporate governance standards[97]. - The audit committee has reviewed the accounting principles and financial reporting matters of the group without dissent[97]. - The company has a share option plan adopted on January 16, 2018, to incentivize eligible participants[100]. - The maximum number of shares that can be issued under the share option scheme is capped at 10% of the total issued shares as of the listing date, which amounts to 100,000,000 shares[105]. - No share options have been granted or remain unexercised since the adoption of the share option scheme[105]. Other Financial Metrics - Financing costs increased by approximately HKD 53,000 or 13.9% to HKD 434,000 due to increased bank borrowings[58]. - Income tax expenses decreased by approximately HKD 410,000 or 16.0% to about HKD 2,200,000, primarily due to a reduction in pre-tax profits[59]. - The group reported a segment profit of HKD 28,699,000 for the six months ended September 30, 2020, compared to HKD 27,961,000 for the same period in 2019, reflecting a slight increase of 2.6%[158]. - Other income for the period was HKD 2,385,000, significantly higher than HKD 442,000 in the previous year, driven by government subsidies and interest income[169]. - The company received government subsidies totaling HKD 1,421,000 related to the employment support scheme during the COVID-19 pandemic[169].