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: 安保工程控股有限公司 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) | 01627 | 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 | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides an overview of the company's board composition, committees, key personnel, share information, and contact details. [Board Composition and Changes](index=3&type=section&id=Board%20Composition%20and%20Changes) During the reporting period, there were changes in the company's board members, with Mr. Li Hang Ying appointed as Executive Director and Chief Executive Officer, while Mr. Lau Chi Fai and Mr. Ngai Chun Hung resigned. - Mr. Li Hang Ying was appointed as Executive Director and Chief Executive Officer on April 1, 2024[6](index=6&type=chunk) - Mr. Lau Chi Fai resigned as Executive Director on April 1, 2025[6](index=6&type=chunk) - Mr. Ngai Chun Hung resigned as Non-executive Director on April 1, 2024[6](index=6&type=chunk) [Board Committees](index=3&type=section&id=Board%20Committees) The company has established Audit, Remuneration, and Nomination Committees, primarily composed of independent non-executive directors, to ensure independent and effective corporate governance. - The Audit, Remuneration, and Nomination Committees are each composed of multiple independent non-executive directors, with Mr. Mong Chan as Chairman of the Audit Committee, Dr. Li Man Piu as Chairman of the Remuneration Committee, and Mr. Yau Kwok Fai as Chairman of the Nomination Committee[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) [Company Secretary and Auditor](index=3&type=section&id=Company%20Secretary%20and%20Auditor) Ms. Lam Chun Chu was appointed as Company Secretary on July 1, 2024, replacing Mr. Chong Yuk Fai, and Ernst & Young is the company's independent auditor. - Ms. Lam Chun Chu was appointed as Company Secretary on July 1, 2024[7](index=7&type=chunk) - Ernst & Young is the company's independent auditor[8](index=8&type=chunk) [Share Information and Contact](index=4&type=section&id=Share%20Information%20and%20Contact) The company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong with stock code 01627, and the board lot size is 4,000 shares, with registration and contact information provided. - The company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong, with stock code **01627**[9](index=9&type=chunk) - The board lot size is **4,000 shares**[10](index=10&type=chunk) [Five-Year Financial Summary](index=5&type=section&id=Five-Year%20Financial%20Summary) This section presents a five-year overview of the group's financial performance, including results, statements of financial position, and key financial indicators. [Results Overview](index=5&type=section&id=Results%20Overview) The Group's performance has shown continuous growth over the past five years, with significant increases in revenue and gross profit in FY2025, and a sustained upward trend in profit for the year. Five-Year Results Overview (HK$ thousand) | Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,968,813 | 5,511,537 | 5,079,222 | 5,577,514 | 3,705,241 | | Cost of sales | (7,386,316) | (5,187,993) | (4,764,334) | (5,324,291) | (3,558,208) | | Gross profit | 582,497 | 323,544 | 314,888 | 253,223 | 147,033 | | Profit for the year | 228,562 | 204,889 | 174,068 | 122,880 | 94,700 | - FY2025 revenue increased by **44.6%** year-on-year, reaching **HK$7,968,813 thousand**[12](index=12&type=chunk) - FY2025 gross profit increased by **80.0%** year-on-year, reaching **HK$582,497 thousand**[12](index=12&type=chunk) [Statements of Financial Position Overview](index=6&type=section&id=Statements%20of%20Financial%20Position%20Overview) The Group's net assets and total equity have consistently grown over the past five years, while non-current liabilities significantly decreased in FY2025. Five-Year Statements of Financial Position Overview (HK$ thousand) | Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 1,896,724 | 1,728,193 | 1,658,772 | 1,305,917 | 1,278,964 | | Current assets | 3,381,869 | 3,177,454 | 2,967,709 | 2,620,491 | 1,785,361 | | Non-current liabilities | 18,496 | 1,872 | 490,940 | 494,199 | 486,071 | | Current liabilities | 3,525,032 | 3,286,209 | 2,615,267 | 2,009,786 | 1,228,711 | | Net assets | 1,735,065 | 1,617,566 | 1,520,274 | 1,422,423 | 1,349,543 | | Total equity | 1,735,065 | 1,617,566 | 1,520,274 | 1,422,423 | 1,349,543 | - Non-current liabilities significantly decreased to **HK$18,496 thousand** in FY2025, compared to HK$1,872 thousand in FY2024 and HK$490,940 thousand in FY2023[15](index=15&type=chunk) [Financial Performance Indicators](index=6&type=section&id=Financial%20Performance%20Indicators) The Group's basic earnings per share and dividend per share have shown continuous growth, while the current ratio has decreased, and net assets per share have steadily increased. Five-Year Financial Performance Indicators | Indicator | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Basic earnings per share (HK cents) | 11.43 | 10.24 | 8.70 | 6.14 | 4.74 | | Dividend per share (HK cents) | 6.0 | 5.0 | 5.0 | 3.5 | 2.5 | | Current ratio | 0.96 | 0.97 | 1.1 | 1.3 | 1.5 | | Net assets per share (HK$) | 0.87 | 0.81 | 0.76 | 0.71 | 0.68 | - FY2025 basic earnings per share increased to **11.43 HK cents**, and dividend per share increased to **6.0 HK cents**[17](index=17&type=chunk) - The current ratio decreased from **1.5** in FY2021 to **0.96** in FY2025[17](index=17&type=chunk) [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) This section provides the Chairman's review of the Group's financial results, dividend policy, and future outlook, highlighting key achievements and strategic directions. [Results](index=8&type=section&id=Results) The Group's FY2025 revenue increased by 44.6% to HK$7,968,813,000, and profit for the year grew by 11.6% to HK$228,562,000; adjusted profit, excluding a HK$199,043,000 impairment loss on leasehold land, increased by 108.7% year-on-year. FY2025 Results Overview (HK$) | Indicator | FY2025 | FY2024 | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Revenue | 7,968,813,000 | 5,511,537,000 | 44.6% | | Profit for the year | 228,562,000 | 204,889,000 | 11.6% | | Impairment loss on leasehold land | 199,043,000 | – | – | | Profit excluding impairment loss | 427,605,000 | 204,889,000 | 108.7% | | Basic earnings per share | 11.43 HK cents | 10.24 HK cents | 11.6% | - As of March 31, 2025, net assets attributable to owners of the parent were **HK$1,735,065,000** (approximately HK$0.87 per share), representing a **7.3%** year-on-year increase[32](index=32&type=chunk)[34](index=34&type=chunk) [Dividend](index=9&type=section&id=Dividend) The Board recommends a final dividend of 6.0 HK cents per ordinary share for the year ended March 31, 2025, an increase from 5.0 HK cents last year. Final Dividend (HK cents) | Year | Dividend per Share | | :--- | :--- | | 2025 | 6.0 | | 2024 | 5.0 | - Based on 2,000,000,000 issued ordinary shares, the total final dividend amounts to **HK$120,000,000**[36](index=36&type=chunk)[39](index=39&type=chunk) [Outlook](index=9&type=section&id=Outlook) The Hong Kong SAR Government's proactive policies on public housing supply and the Northern Metropolis development present a very optimistic medium-to-long-term outlook for the construction industry, with the Group expecting more public works and housing project opportunities. - The HKSAR Government's public housing supply target for the next decade is **308,000 units**, with a total supply of **190,000 units** in the next five years, an increase of approximately **80%** compared to the previous administration's first five-year period[37](index=37&type=chunk)[40](index=40&type=chunk) - The Northern Metropolis development projects (including Kwu Tung North/Fanling North, Hung Shui Kiu/Ha Tsuen, Yuen Long South, San Tin Technopole, etc.) have entered the construction phase, which will drive growth in the construction industry[38](index=38&type=chunk)[40](index=40&type=chunk) - The Group expects to benefit from government policies, securing more public works and housing project opportunities[43](index=43&type=chunk)[46](index=46&type=chunk) [Summary of Substantial Contracts on Hand](index=11&type=section&id=Summary%20of%20Substantial%20Contracts%20on%20Hand) This section provides an overview of the Group's substantial contracts on hand, categorized by those awarded to subsidiaries and joint operations, detailing their total and outstanding values. [Contracts Awarded to Subsidiaries](index=11&type=section&id=Contracts%20Awarded%20to%20Subsidiaries) As of March 31, 2025, the Group's subsidiaries held substantial contracts totaling approximately HK$19.627 billion, with outstanding contract value of approximately HK$15.890 billion, primarily for public housing development and data center construction. - Substantial contracts awarded to subsidiaries totaled approximately **HK$19,627 million**, with an outstanding contract value of approximately **HK$15,890 million**[49](index=49&type=chunk) - Key projects include the Public Housing Development at Area 42, Tung Chung, Phase 1 and Phase 2 (HK$5,400 million) and the Public Housing Development at Area 15 East, Fanling North, Phase 2 (HK$2,546 million)[50](index=50&type=chunk) [Contracts Awarded to Joint Operations](index=12&type=section&id=Contracts%20Awarded%20to%20Joint%20Operations) As of March 31, 2025, the Group's joint operations held substantial contracts totaling approximately HK$16.656 billion, with outstanding contract value of approximately HK$12.001 billion, covering projects such as government joint-user office buildings, cultural centers, and transitional housing. - Substantial contracts awarded to joint operations totaled approximately **HK$16,656 million**, with an outstanding contract value of approximately **HK$12,001 million**[49](index=49&type=chunk) - Key projects include the Design and Construction of Government Joint-User Office Building at Area 67, Tseung Kwan O (HK$3,587 million, Group's interest 51%) and the Construction of New Territories East Cultural Centre at Area 11, Fanling (HK$3,727 million, Group's interest 30%)[52](index=52&type=chunk) [Licences and Qualifications](index=13&type=section&id=Licences%20And%20Qualifications) This section outlines the major licenses and qualifications held by the Group's member companies, demonstrating their compliance and capability within the Hong Kong construction industry. [Major Licences and Qualifications](index=13&type=section&id=Major%20Licences%20and%20Qualifications) As of March 31, 2025, the Group's member companies hold various major licenses and qualifications from authorities such as the Development Bureau, Housing Authority, and Buildings Department, covering building construction, plumbing, site formation, and piling works, ensuring their business qualifications in the Hong Kong construction industry. - Onpo Engineering Company Limited holds Building (Confirmed) and Plumbing Installation II (Provisional) licenses from the Development Bureau, Public Works Branch, and Building (New Works) NW2 (Confirmed) license from the Housing Authority[54](index=54&type=chunk) - Federal Piling & Civil Engineering Company Limited holds Road and Drainage Works Group A (Provisional), Site Formation Works Group C (Provisional), and Land Piling Works Group II licenses from the Development Bureau, Public Works Branch[56](index=56&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's financial performance, business review, financial position, and human resources, offering insights into key operational and strategic aspects. [Performance](index=15&type=section&id=Performance) The Group's FY2025 revenue increased by 44.6% to HK$7,968,813,000, and profit for the year grew by 11.6% to HK$228,562,000; adjusted profit, excluding a HK$199,043,000 impairment loss on leasehold land, increased by 108.7% year-on-year. FY2025 Performance Overview (HK$) | Indicator | FY2025 | FY2024 | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Revenue | 7,968,813,000 | 5,511,537,000 | 44.6% | | Profit for the year | 228,562,000 | 204,889,000 | 11.6% | | Profit excluding impairment loss | 427,605,000 | 204,889,000 | 108.7% | | Basic earnings per share | 11.43 HK cents | 10.24 HK cents | 11.6% | - As of March 31, 2025, net assets attributable to owners of the parent were **HK$1,735,065,000** (approximately HK$0.87 per share), representing a **7.3%** year-on-year increase[60](index=60&type=chunk)[63](index=63&type=chunk) [Dividend](index=16&type=section&id=Dividend_MDA) The Board recommends a final dividend of 6.0 HK cents per ordinary share for the year ended March 31, 2025, an increase from 5.0 HK cents last year, subject to shareholders' approval. Final Dividend (HK cents) | Year | Dividend per Share | | :--- | :--- | | 2025 | 6.0 | | 2024 | 5.0 | [Business Review](index=16&type=section&id=Business%20Review) The Group benefited from the Hong Kong government's public housing and infrastructure projects, achieving significant revenue growth and improved gross profit margin, with detailed analysis of income and expense items, including impairment losses and finance cost changes. - The HKSAR Government's commitment to increasing public housing unit supply, constructing transitional housing, and initiating large-scale infrastructure projects like the "Northern Metropolis" will ensure stable tender opportunities for public works construction contracts in the coming years[66](index=66&type=chunk)[70](index=70&type=chunk) - The Group's overall gross profit margin increased from **5.9%** in FY2024 to **7.3%** in FY2025, primarily due to better-than-expected economic benefits from certain completed projects, leading to a reversal of contract work provisions[68](index=68&type=chunk)[71](index=71&type=chunk) - An impairment loss on leasehold land of **HK$199,043,000** was recognized in FY2025, mainly due to a downturn in the Hong Kong property market[78](index=78&type=chunk)[84](index=84&type=chunk) - Finance costs decreased by **16.4%** to **HK$29,049,000**, primarily benefiting from the repayment of a term loan during the year[79](index=79&type=chunk)[85](index=85&type=chunk) - Income tax expense increased by **95.4%** to **HK$89,375,000**, mainly due to the recognition of non-deductible impairment losses of approximately HK$199,043,000[82](index=82&type=chunk)[88](index=88&type=chunk) [Market Review](index=16&type=section&id=Market%20Review) The Hong Kong SAR Government's investments in public housing and infrastructure projects provide continuous and stable development opportunities for the construction industry. - Government commitments to increase public housing supply, construct transitional housing, and initiate large-scale infrastructure projects like the "Northern Metropolis" will ensure stable tender opportunities for public works construction contracts in the coming years[66](index=66&type=chunk)[70](index=70&type=chunk) [The Group's Performance](index=16&type=section&id=The%20Group's%20Performance) The Group's revenue increased by 44.6% year-on-year, and its gross profit margin improved to 7.3%, primarily due to projects progressing as planned and the reversal of contract work provisions. FY2025 Revenue and Gross Profit Margin | Indicator | FY2025 | FY2024 | Year-on-year Growth | | :--- | :--- | :--- | :--- | | Revenue | HK$7,968,813,000 | HK$5,511,537,000 | 44.6% | | Gross profit margin | 7.3% | 5.9% | 1.4 percentage points | [Building Construction Works](index=17&type=section&id=Building%20Construction%20Works) During the year, the Group secured several significant contracts, including public housing development projects in Fanling North, Tung Chung, and Sheung Shui, and completed projects such as Kai Tak and Queen Mary Hospital redevelopment. - New contracts secured include the Public Housing Development at Area 15 East, Fanling North, Phase 2, and the Public Housing Development at Area 42, Tung Chung, Phase 1 and Phase 2[74](index=74&type=chunk)[75](index=75&type=chunk) - Completed contracts include the Public Housing Development at Site 2B2, Kai Tak, and the Phase 1 Redevelopment of Queen Mary Hospital at Pok Fu Lam Road[74](index=74&type=chunk)[75](index=75&type=chunk) [Other Income and Gains](index=17&type=section&id=Other%20Income%20and%20Gains) Other income and gains primarily consist of bank interest income, remaining largely stable compared to the previous year. Other Income and Gains (HK$ thousand) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Other income and gains | 49,275 | 49,357 | [Administrative Expenses](index=18&type=section&id=Administrative%20Expenses) Administrative expenses slightly increased, mainly due to higher directors' bonuses. Administrative Expenses (HK$ thousand) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Administrative expenses | 88,121 | 87,707 | - The increase in administrative expenses was primarily due to higher directors' bonuses[77](index=77&type=chunk)[83](index=83&type=chunk) [Impairment on Property, Plant and Equipment](index=18&type=section&id=Impairment%20on%20Property,%20Plant%20and%20Equipment) Due to a downturn in the Hong Kong property market, the Group recognized an impairment loss on leasehold land of HK$199,043,000. Impairment on Property, Plant and Equipment (HK$ thousand) | Year | Impairment Loss | | :--- | :--- | | 2025 | 199,043 | | 2024 | – | [Finance Costs](index=18&type=section&id=Finance%20Costs) Finance costs decreased by 16.4%, primarily due to the repayment of a term loan during the year. Finance Costs (HK$ thousand) | Year | Finance Costs | | :--- | :--- | | 2025 | 29,049 | | 2024 | 34,761 | - The **16.4%** decrease in finance costs was primarily due to the repayment of a term loan during the year[79](index=79&type=chunk)[85](index=85&type=chunk) [Share of Profits and Losses of Joint Ventures](index=18&type=section&id=Share%20of%20Profits%20and%20Losses%20of%20Joint%20Ventures) Share of profits from joint ventures increased, mainly attributable to Gold Victory Resources Inc. and its subsidiaries. Share of Profits and Losses of Joint Ventures (HK$ thousand) | Year | Profit | | :--- | :--- | | 2025 | 785 | | 2024 | 184 | [Share of Profits and Losses of Associates](index=18&type=section&id=Share%20of%20Profits%20and%20Losses%20of%20Associates) Profit from associates was recognized for the first time this year, primarily from Synergy Materials Limited and its subsidiaries. Share of Profits and Losses of Associates (HK$ thousand) | Year | Profit | | :--- | :--- | | 2025 | 1,593 | | 2024 | – | [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) Income tax expense significantly increased by 95.4%, mainly due to the recognition of non-deductible impairment losses. Income Tax Expense (HK$ thousand) | Year | Income Tax Expense | | :--- | :--- | | 2025 | 89,375 | | 2024 | 45,728 | - Income tax expense increased by **95.4%**, while profit before tax increased by **26.9%**, with the difference primarily due to the recognition of non-deductible impairment losses of approximately **HK$199,043,000**[82](index=82&type=chunk)[88](index=88&type=chunk) [Profit Attributable to Owners of the Parent](index=19&type=section&id=Profit%20Attributable%20to%20Owners%20of%20the%20Parent) Profit attributable to owners of the parent increased by 11.6% year-on-year, reflecting an improvement in the Group's overall profitability. Profit Attributable to Owners of the Parent (HK$ thousand) | Year | Profit | | :--- | :--- | | 2025 | 228,562 | | 2024 | 204,889 | - Profit attributable to owners of the parent increased by **11.6%** year-on-year[89](index=89&type=chunk)[94](index=94&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) The Group maintains a robust capital structure with zero net gearing ratio, though cash and cash equivalents decreased; this section details changes in assets and liabilities, and discloses charges on assets, contingent liabilities, and capital commitments. - As of March 31, 2025, the Group's total equity was **HK$1,735,065,000**, with a net gearing ratio of **zero**[90](index=90&type=chunk)[91](index=91&type=chunk)[95](index=95&type=chunk) - Cash and cash equivalents decreased by **16.2%** to **HK$1,741,032,000**, primarily due to the repayment of a term loan[92](index=92&type=chunk)[95](index=95&type=chunk) - The current ratio remained at a healthy level of **0.96**[92](index=92&type=chunk)[95](index=95&type=chunk) - Property, plant and equipment increased to **HK$1,788,769,000**, mainly due to construction costs incurred for the redevelopment of 7 Lai Yip Street site[101](index=101&type=chunk)[104](index=104&type=chunk) - Other payables and accruals decreased, primarily due to a reduction in contract work provisions by **HK$423,024,000**[109](index=109&type=chunk)[113](index=113&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=19&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) The Group maintains a robust capital structure with zero net gearing ratio, but cash and cash equivalents decreased due to loan repayments, while the current ratio remained stable. Capital Structure and Liquidity (HK$ thousand) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total equity | 1,735,065 | 1,617,566 | | Net gearing ratio | Zero | Zero | | Cash and cash equivalents | 1,741,032 | 2,077,918 | | Current ratio | 0.96 | 0.97 | - Bank credit facilities amounted to **HK$2,124,200,000**, of which **HK$1,554,825,000** remained unutilized[93](index=93&type=chunk)[96](index=96&type=chunk) [Interest and Foreign Exchange Exposure](index=20&type=section&id=Interest%20And%20Foreign%20Exchange%20Exposure) The Group's bank borrowings are denominated in HKD and bear floating interest rates, operating primarily in Hong Kong and mainland China, thus facing foreign currency exchange risk, but no hedging activities were undertaken. - Bank borrowings are denominated in HKD and bear floating interest rates[98](index=98&type=chunk)[103](index=103&type=chunk) - No interest rate or currency hedging or speculative activities were undertaken during the current or previous year[100](index=100&type=chunk)[103](index=103&type=chunk) [Property, Plant and Equipment](index=20&type=section&id=Property,%20Plant%20and%20Equipment_MDA) The total amount of property, plant and equipment increased, mainly due to construction costs incurred for the redevelopment of 7 Lai Yip Street site. Property, Plant and Equipment (HK$ thousand) | Year | Amount | | :--- | :--- | | 2025 | 1,788,769 | | 2024 | 1,612,720 | - The increase was primarily due to construction costs incurred for the redevelopment of the site at 7 Lai Yip Street, Kwun Tong, Kowloon, Hong Kong[101](index=101&type=chunk)[104](index=104&type=chunk) [Financial Assets at Fair Value through Profit or Loss](index=20&type=section&id=Financial%20Assets%20at%20Fair%20Value%20through%20Profit%20or%20Loss_MDA) This balance represents the cash surrender value of life insurance policies purchased for an executive director and a senior management member. - The balance represents the cash surrender value of life insurance policies purchased for an executive director and a senior management member[105](index=105&type=chunk) [Accounts Receivable](index=21&type=section&id=Accounts%20Receivable_MDA) Accounts receivable primarily consist of trade receivables from contract works, with 100% collected shortly after the reporting period. - **100%** of accounts receivable as of March 31, 2025, were collected by May 13, 2025[106](index=106&type=chunk)[110](index=110&type=chunk) [Contract Assets](index=21&type=section&id=Contract%20Assets_MDA) Contract assets, primarily comprising retention receivables and unbilled revenue, have increased in amount. Contract Assets (HK$ thousand) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Retention receivables | 586,886 | 445,540 | | Unbilled revenue | 661,135 | 368,620 | [Prepayments, Other Receivables and Other Assets](index=21&type=section&id=Prepayments,%20Other%20Receivables%20and%20Other%20Assets_MDA) Prepayments, other receivables, and other assets decreased, mainly due to the repayment of a loan by a joint operation partner. - The decrease was primarily due to the repayment of a loan by a joint operation partner during the year[108](index=108&type=chunk)[112](index=112&type=chunk) [Other Payables and Accruals](index=21&type=section&id=Other%20Payables%20and%20Accruals_MDA) Other payables and accruals decreased, mainly due to a reduction in contract work provisions by HK$423,024,000. - The decrease was primarily due to a reduction in contract work provisions by **HK$423,024,000**, as certain completed projects may generate economic benefits[109](index=109&type=chunk)[113](index=113&type=chunk) [Charges on Assets](index=22&type=section&id=Charges%20on%20Assets) Some of the Group's bank loans are secured by financial interests in contract works and deposit accounts, and while some property, plant and equipment were previously pledged, the related bank loans have been fully repaid. - Bank loans are secured by unbilled revenue and retention receivables from contract works[115](index=115&type=chunk)[121](index=121&type=chunk) - Some bank loans are secured by deposit accounts opened with the relevant banks[116](index=116&type=chunk)[121](index=121&type=chunk) - For the year ended March 31, 2025, the related bank loans have been fully repaid, but the relevant pledges have not yet been released[117](index=117&type=chunk)[121](index=121&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities_MDA) Details of contingent liabilities are provided in Note 34 to the financial statements. - Details of contingent liabilities are provided in Note 34 to the financial statements[118](index=118&type=chunk)[122](index=122&type=chunk) [Capital Commitments](index=22&type=section&id=Capital%20Commitments_MDA) Details of capital commitments are provided in Note 35 to the financial statements. - Details of capital commitments are provided in Note 35 to the financial statements[119](index=119&type=chunk)[123](index=123&type=chunk) [Significant Investment Held and Future Plans for Material Investments on Capital Assets](index=22&type=section&id=Significant%20Investment%20Held%20and%20Future%20Plans%20for%20Material%20Investments%20on%20Capital%20Assets) As of March 31, 2025, the Group held no significant investment plans but is actively researching and evaluating various investment opportunities. - As of March 31, 2025, the Group held no significant investment plans[120](index=120&type=chunk)[124](index=124&type=chunk) - The Group is currently researching and evaluating various investment opportunities[120](index=120&type=chunk)[124](index=124&type=chunk) [Framework Agreements with Lanon Development](index=23&type=section&id=Framework%20Agreements%20with%20Lanon%20Development) The Group entered into framework agreements with Lanon Development Limited (an associate) to provide contracting services, aiming to expand and diversify the Group's contracting capabilities and client base. - The framework agreements were entered into on February 18, 2022, and are valid until March 31, 2025[125](index=125&type=chunk)[129](index=129&type=chunk) - These agreements constitute continuing connected transactions and were approved by independent shareholders on June 9, 2022[126](index=126&type=chunk)[130](index=130&type=chunk) - The Board believes the agreements help expand and diversify the Group's capabilities as a contractor or subcontractor and broaden its potential client base[128](index=128&type=chunk)[131](index=131&type=chunk) [Framework Agreements with WHSE](index=24&type=section&id=Framework%20Agreements%20with%20WHSE) The Group entered into framework agreements with WHSE Enterprise Limited (an associate) to expand its Modular Integrated Construction (MiC) business, enhance plant utilization, and benefit from government promotion of MiC. - The framework agreements were entered into on August 29, 2024, and are valid until March 31, 2027[133](index=133&type=chunk)[136](index=136&type=chunk) - These agreements constitute continuing connected transactions and were approved by independent shareholders on November 29, 2024[134](index=134&type=chunk)[137](index=137&type=chunk) - The Group believes collaboration with WHSE is a good opportunity to expand its MiC business, enhance plant utilization, and benefit from government promotion of MiC[135](index=135&type=chunk)[137](index=137&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group employed approximately 630 full-time employees, with a remuneration policy based on performance and experience, offering various benefits and a share option scheme. Number of Full-time Employees | Year | Number of Employees | | :--- | :--- | | 2025 | 630 | | 2024 | 468 | - The remuneration policy is based on employee performance, work experience, and market conditions, offering discretionary bonuses, share options, pension schemes, medical insurance, and other benefits[138](index=138&type=chunk)[140](index=140&type=chunk) - The share option scheme aims to incentivize directors and full-time employees, but no share options have been granted since its adoption up to March 31, 2025[139](index=139&type=chunk)[140](index=140&type=chunk) [Biographical Details of Directors and Senior Management](index=26&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides biographical details of the Group's executive directors, independent non-executive directors, and senior management, highlighting their professional backgrounds and responsibilities. [Executive Directors](index=26&type=section&id=Executive%20Directors_Bio) This section introduces Mr. Yau Kwok Fai (Chairman) and Mr. Li Hang Ying (Chief Executive Officer), detailing their backgrounds, experience, and responsibilities, both possessing extensive experience in the construction industry. - Mr. Yau Kwok Fai (Chairman) has over **30 years** of experience in the construction industry, responsible for board management, policy formulation, and the Group's overall development[141](index=141&type=chunk)[142](index=142&type=chunk)[144](index=144&type=chunk) - Mr. Li Hang Ying (Chief Executive Officer) was appointed on April 1, 2024, with over **30 years** of experience in construction, project management, property development, etc., responsible for the Group's business operations[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) [Independent Non-executive Directors](index=28&type=section&id=Independent%20Non-executive%20Directors_Bio) This section introduces five independent non-executive directors—Professor Ko Chan Ming, Dr. Li Man Piu, Dr. Lee Yuk Cheung, Ms. Mak Shuk Hing, and Mr. Mong Chan—detailing their professional backgrounds and experience, and their role in providing independent advice to the Board. - The five independent non-executive directors possess extensive professional experience in fields such as structural engineering (Professor Ko Chan Ming), dentistry (Dr. Li Man Piu), civil engineering and education (Dr. Lee Yuk Cheung), education and management (Ms. Mak Shuk Hing), and finance and accounting (Mr. Mong Chan)[155](index=155&type=chunk)[157](index=157&type=chunk)[161](index=161&type=chunk)[163](index=163&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[174](index=174&type=chunk)[177](index=177&type=chunk) [Senior Management](index=33&type=section&id=Senior%20Management_Bio) This section introduces senior management members, including Mr. Ngai Chun Hung, Mr. Yam Kui Hung, Mr. Cheung Ho Yuen, and Mr. Lau Chi Fai, detailing their backgrounds and responsibilities, all possessing years of experience in the construction industry. - Mr. Ngai Chun Hung is a controlling shareholder of the company, previously served as Chairman and Executive Director, and is now responsible for operational support for contract works[184](index=184&type=chunk)[190](index=190&type=chunk) - Mr. Yam Kui Hung is responsible for the Group's quality assessment, project risk management, and internal control systems[186](index=186&type=chunk)[192](index=192&type=chunk) - Mr. Cheung Ho Yuen is responsible for the Group's strategy implementation, project estimation, subcontracting, and procurement management[193](index=193&type=chunk)[197](index=197&type=chunk) - Mr. Lau Chi Fai is responsible for the Group's project management and contract administration, and resigned as Executive Director on April 1, 2025[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) [Corporate Governance Report](index=35&type=section&id=Corporate%20Governance%20Report) This section details the company's corporate governance practices, including compliance with the CG Code, board structure, committee functions, and policies on director development, dividends, and risk management. [Compliance with the CG Code](index=35&type=section&id=Compliance%20with%20the%20CG%20Code) The company has complied with all code provisions of the Corporate Governance Code throughout the year ended March 31, 2025. - The company has complied with all code provisions contained in the Corporate Governance Code throughout the entire year ended March 31, 2025[199](index=199&type=chunk)[201](index=201&type=chunk) [The Board](index=36&type=section&id=The%20Board) The Board is responsible for the company's overall management and strategic direction, ensuring effective corporate governance, with detailed information on its composition, meetings, independence assessment of INEDs, and director appointment and re-election procedures. - The Board is responsible for formulating key policies, strategic plans, overseeing management performance, and establishing risk management and internal control systems[203](index=203&type=chunk)[205](index=205&type=chunk) - As of March 31, 2025, the Board comprised **3** executive directors, **1** non-executive director, and **5** independent non-executive directors[206](index=206&type=chunk)[207](index=207&type=chunk)[210](index=210&type=chunk) - The Board consistently complies with the Listing Rules regarding the number and professional qualifications of independent non-executive directors[211](index=211&type=chunk)[216](index=216&type=chunk) - All independent non-executive directors are appointed for a term of two years and have submitted annual confirmations of independence[213](index=213&type=chunk)[217](index=217&type=chunk) [The INEDs](index=38&type=section&id=The%20INEDs) The company's independent non-executive directors possess high qualifications and professional experience, providing independent and constructive advice to the Board, and meeting the independence requirements of the Listing Rules. - The Board consistently complies with the Listing Rules requirement for at least three independent non-executive directors, with at least one possessing appropriate accounting or related financial management expertise[211](index=211&type=chunk)[216](index=216&type=chunk) - The five independent non-executive directors possess professional qualifications and experience in engineering, education, dentistry, and accounting and finance[212](index=212&type=chunk)[216](index=216&type=chunk) - All independent non-executive directors are appointed for a term of two years and have submitted annual confirmations of independence[213](index=213&type=chunk)[217](index=217&type=chunk) [Meetings](index=40&type=section&id=Meetings) The Board holds at least four regular meetings annually and ensures directors receive meeting materials in a timely manner, with all directors actively participating. - The Board holds at least **four** regular meetings annually and convenes ad-hoc meetings as needed[224](index=224&type=chunk)[228](index=228&type=chunk) - Meeting notices are issued at least **14 days** in advance, and meeting papers are sent to directors at least **7 days** prior to the meeting[226](index=226&type=chunk)[228](index=228&type=chunk) Board and Committee Meeting Attendance (FY2025) | Director | Board | Audit Committee | Remuneration Committee | Nomination Committee | Chairman and INEDs | Independent Directors Committee | AGM | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Yau Kwok Fai | 4/4 | N/A | 3/3 | 3/3 | 1/1 | N/A | 1/1 | | Mr. Li Hang Ying | 4/4 | N/A | N/A | N/A | N/A | N/A | 1/1 | | Mr. Lau Chi Fai | 4/4 | N/A | N/A | N/A | N/A | N/A | 1/1 | | Professor Ko Chan Ming | 4/4 | 4/4 | 3/3 | 3/3 | 1/1 | 2/2 | 1/1 | | Dr. Li Man Piu | 4/4 | 4/4 | 3/3 | 3/3 | 1/1 | 2/2 | 1/1 | | Dr. Lee Yuk Cheung | 4/4 | 4/4 | 3/3 | 3/3 | 1/1 | 2/2 | 1/1 | | Ms. Mak Shuk Hing | 4/4 | 4/4 | 3/3 | 3/3 | 1/1 | 2/2 | 1/1 | | Mr. Mong Chan | 4/4 | 4/4 | 3/3 | 3/3 | 1/1 | 2/2 | 1/1 | [Appointment, Re-election, Removal and Retirement of Directors](index=42&type=section&id=Appointment,%20Re-election,%20Removal%20and%20Retirement%20of%20Directors) The Board, through the Nomination Committee, regularly reviews its structure and diversity, adhering to director nomination and board diversity policies to ensure fair and effective appointment and re-election processes. - The Board, through the Nomination Committee, reviews its structure, size, composition, and diversity to ensure it possesses appropriate expertise, skills, and experience[233](index=233&type=chunk)[236](index=236&type=chunk) - The "Board Diversity Policy" and "Director Nomination Policy" have been adopted to guide the nomination and selection of directors[234](index=234&type=chunk)[236](index=236&type=chunk) - Directors serve for a term not exceeding three years and are subject to retirement by rotation at least once every three years, eligible for re-election[235](index=235&type=chunk)[237](index=237&type=chunk) [Chairman and Chief Executive Officer](index=44&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) The company clearly delineates the responsibilities of the Chairman and Chief Executive Officer, with the Chairman overseeing board management and the CEO managing daily business operations, ensuring communication between independent non-executive directors and the Chairman. - The Chairman is responsible for leading the Board, while the Chief Executive Officer is responsible for leading management and daily operations[245](index=245&type=chunk)[247](index=247&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - The Chairman met with independent non-executive directors once without the presence of management to gather independent opinions[248](index=248&type=chunk)[250](index=250&type=chunk) [Board Committees](index=45&type=section&id=Board%20Committees_CGR) The Board has three committees: Audit, Remuneration, and Nomination, each with clear terms of reference to oversee specific company matters, ensuring effective and transparent corporate governance. - The Audit Committee, composed of five independent non-executive directors with Mr. Mong Chan as Chairman, is responsible for reviewing financial statements and overseeing risk management and internal controls[253](index=253&type=chunk)[254](index=254&type=chunk)[256](index=256&type=chunk) - The Remuneration Committee, composed of five independent non-executive directors and one executive director with Dr. Li Man Piu as Chairman, is responsible for formulating remuneration policies for directors and senior management[263](index=263&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) - The Nomination Committee, composed of five independent non-executive directors and one executive director with Mr. Yau Kwok Fai as Chairman, is responsible for reviewing the Board's structure and identifying qualified director candidates[273](index=273&type=chunk)[274](index=274&type=chunk)[276](index=276&type=chunk) [The Audit Committee](index=45&type=section&id=The%20Audit%20Committee) The Audit Committee, comprising five independent non-executive directors with Mr. Mong Chan as Chairman, is responsible for reviewing financial statements, overseeing risk management and internal controls, and communicating with external auditors. - The Audit Committee is composed of **five** independent non-executive directors, with Mr. Mong Chan as Chairman, possessing appropriate accounting qualifications and financial experience[253](index=253&type=chunk)[256](index=256&type=chunk) - Key responsibilities include reviewing consolidated financial statements, auditor's reports, overseeing risk management and internal control systems, and meeting with external auditors at least twice a year[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [The Remuneration Committee](index=46&type=section&id=The%20Remuneration%20Committee) The Remuneration Committee, comprising five independent non-executive directors and one executive director with Dr. Li Man Piu as Chairman, is responsible for formulating remuneration policies for directors and senior management and evaluating their performance. - The Remuneration Committee is composed of **five** independent non-executive directors and **one** executive director, with Dr. Li Man Piu as Chairman[263](index=263&type=chunk)[265](index=265&type=chunk) - Key responsibilities include advising the Board on remuneration policies and structures for directors and senior management, and evaluating the performance of executive directors[264](index=264&type=chunk)[266](index=266&type=chunk) Senior Management Remuneration Bands (FY2025) | Remuneration Band (HK$) | Number of Individuals | | :--- | :--- | | 3,000,001 to 3,500,000 | 1 | | 3,500,001 to 4,000,000 | 1 | | 8,500,001 to 9,000,000 | 1 | [The Nomination Committee](index=48&type=section&id=The%20Nomination%20Committee) The Nomination Committee, comprising five independent non-executive directors and one executive director with Mr. Yau Kwok Fai as Chairman, is responsible for reviewing the Board's structure, identifying qualified director candidates, and ensuring board diversity. - The Nomination Committee is composed of **five** independent non-executive directors and **one** executive director, with Mr. Yau Kwok Fai as Chairman[273](index=273&type=chunk)[274](index=274&type=chunk) - Key responsibilities include annually reviewing the Board's structure, size, and diversity, identifying qualified director candidates, and assessing the independence of independent non-executive directors[276](index=276&type=chunk)[278](index=278&type=chunk) - The Board Diversity Policy considers factors such as gender, age, culture, skills, background, experience, knowledge, and expertise[284](index=284&type=chunk)[287](index=287&type=chunk) - Currently, one female director is among the seven Board members, accounting for approximately **14%**[288](index=288&type=chunk) [Directors' Continuous Professional Development](index=52&type=section&id=Directors'%20Continuous%20Professional%20Development) The company encourages all directors to participate in continuous professional development to update their knowledge and skills, ensuring their contributions to the Board are well-informed and relevant. - The company provides monthly updates on the Group's latest developments to all Board members and offers comprehensive induction training for newly appointed directors[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk) - All directors participated in seminars or read relevant journals on finance, accounting, taxation, construction, and environmental, social, and governance matters[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) [Dividend Policy](index=54&type=section&id=Dividend%20Policy) The company has adopted a written dividend policy to balance immediate shareholder returns with reserves needed for future Group growth, considering various financial and operational factors for dividend distribution. - The dividend policy was adopted on March 18, 2019, aiming to enhance transparency in dividend recommendations and declarations[303](index=303&type=chunk)[306](index=306&type=chunk) - When determining dividends, the Board considers the Group's actual and expected financial performance, liquidity position, capital and debt levels, retained profits and distributable reserves, as well as working capital and future development plans[305](index=305&type=chunk)[307](index=307&type=chunk) [Securities Transactions of Directors and Employees](index=55&type=section&id=Securities%20Transactions%20of%20Directors%20and%20Employees) The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as the standard for directors' securities dealings and established an internal code for relevant employees no less exacting than the Model Code, to prevent insider trading. - All directors have confirmed compliance with the Model Code for the year ended March 31, 2025[309](index=309&type=chunk)[312](index=312&type=chunk) - The company has issued "blackout period" notices to directors and employees, requiring all personnel not to deal in company securities when in possession of inside information[311](index=311&type=chunk)[312](index=312&type=chunk) [Auditor's Remuneration](index=56&type=section&id=Auditor's%20Remuneration) Ernst & Young has been re-appointed as the company's external auditor, and the Audit Committee oversees its provision of non-audit services to ensure independence and objectivity. - Ernst & Young has been re-appointed as the company's external auditor, with their term extending until the conclusion of the 2025 Annual General Meeting[313](index=313&type=chunk)[316](index=316&type=chunk) Auditor's Remuneration (HK$ thousand) | Service Type | FY2025 | | :--- | :--- | | Audit services | 2,788 | | Tax services | 194 | - The Audit Committee has reviewed and determined that non-audit services do not impair the independence or objectivity of the external auditor[315](index=315&type=chunk)[317](index=317&type=chunk) [Company Secretary](index=57&type=section&id=Company%20Secretary_CGR) The Company Secretary supports the Board, ensures smooth information flow, policy compliance, and advises on governance matters; Ms. Lam Chun Chu was appointed Company Secretary on July 1, 2024. - The Company Secretary reports to the Chairman of the Board and the Chief Executive Officer[321](index=321&type=chunk)[324](index=324&type=chunk) - Ms. Lam Chun Chu was appointed Company Secretary on July 1, 2024, and has confirmed compliance with all qualifications and training requirements of the Listing Rules[321](index=321&type=chunk)[325](index=325&type=chunk) [Risk Management and Internal Control](index=57&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for maintaining effective risk management and internal control systems, employing a "four lines of defense model" for risk management, and implementing a whistleblowing policy and internal audit mechanism to ensure system effectiveness and adequacy. - The Board is collectively responsible for maintaining appropriate and effective risk management and internal control systems to safeguard shareholders' investments and the Group's assets[322](index=322&type=chunk)[326](index=326&type=chunk) - The Group adopts a "four lines of defense model" for risk management, including culture, operations, oversight, and audit/whistleblowing[329](index=329&type=chunk)[330](index=330&type=chunk) - A whistleblowing policy is in place to encourage employees to report improper conduct such as fraud and malpractice[332](index=332&type=chunk)[336](index=336&type=chunk) - Both the Audit Committee and the Board consider the risk management and internal control systems to be effective and adequate for the reporting period[335](index=335&type=chunk)[337](index=337&type=chunk) [Communications with Shareholders and Investors](index=60&type=section&id=Communications%20with%20Shareholders%20and%20Investors) The company is committed to maintaining high transparency in communications with shareholders and investors through various channels, including interim/annual reports, the company website, and general meetings. - The company has adopted a "Shareholder Communication Policy" to communicate with shareholders through channels such as interim/annual reports, the company website, and general meetings[339](index=339&type=chunk)[342](index=342&type=chunk) - All directors and external auditors attended the 2024 Annual General Meeting to answer shareholder questions, and all resolutions were voted on by poll[341](index=341&type=chunk)[343](index=343&type=chunk) [Shareholders' Rights](index=61&type=section&id=Shareholders'%20Rights) Shareholders have the right to requisition an extraordinary general meeting in accordance with the company's articles of association and may submit inquiries to the Board. - Shareholders holding not less than one-tenth of the company's paid-up share capital have the right to requisition the Board to convene an extraordinary general meeting[344](index=344&type=chunk)[347](index=347&type=chunk) - Shareholders have the right to ask questions at general meetings or send inquiries to the company's principal place of business[351](index=351&type=chunk)[356](index=356&type=chunk) [Responsibility Statement in Respect of Financial Statements](index=62&type=section&id=Responsibility%20Statement%20in%20Respect%20of%20Financial%20Statements) The directors confirm their responsibility for preparing the financial statements, ensuring they present a true and fair view of the company's affairs, and are based on a going concern basis. - The directors acknowledge and understand their responsibility for preparing the financial statements for the year ended March 31, 2025, ensuring they present a true and fair view of the company's and Group's affairs on a going concern basis[352](index=352&type=chunk)[357](index=357&type=chunk) - The directors are not aware of any material uncertainties or conditions that may cast significant doubt upon the company's and Group's ability to continue as a going concern[357](index=357&type=chunk) [Report of the Directors](index=63&type=section&id=Report%20of%20the%20Directors) This section provides the directors' report, covering the Group's principal activities, business review, financial results, dividend proposals, risk management, and corporate governance. [Principal Activities](index=63&type=section&id=Principal%20Activities) The company's principal activities are investment holding and providing corporate management services, while the Group primarily engages in building construction, maintenance, alteration, addition works, piling works, and sales of precast building components in Hong Kong. - The company's principal activities are investment holding and providing corporate management services[362](index=362&type=chunk)[366](index=366&type=chunk) - The Group primarily engages in building construction, maintenance, alteration, addition works, piling works, and sales of precast building components in Hong Kong[362](index=362&type=chunk)[366](index=366&type=chunk) [Business Review](index=63&type=section&id=Business%20Review_RD) The Group's business review, financial performance analysis, future business development, and key risks and uncertainties are detailed in the "Five-Year Financial Summary" and "Management Discussion and Analysis" sections; the Group is committed to environmental protection and compliance with applicable laws and regulations. - The Group is committed to being an environmentally friendly enterprise and has adopted environmental management systems compliant with international standards[364](index=364&type=chunk)[367](index=367&type=chunk) - For the year ended March 31, 2025, the Group had no material non-compliance with laws and regulations that significantly affected its business and operations[368](index=368&type=chunk)[374](index=374&type=chunk) [Results and Dividend](index=64&type=section&id=Results%20and%20Dividend_RD) The Group's FY2025 profit and financial position are presented in the audited consolidated financial statements; the Board recommends a final dividend of 6.0 HK cents per share, totaling HK$120 million, subject to shareholder approval. Final Dividend (HK cents) | Year | Dividend per Share | | :--- | :--- | | 2025 | 6.0 | | 2024 | 5.0 | - Based on 2,000,000,000 issued ordinary shares, the total final dividend amounts to **HK$120,000,000**[371](index=371&type=chunk)[376](index=376&type=chunk) [Annual General Meeting and Closure of Register of Shareholders](index=64&type=section&id=Annual%20General%20Meeting%20and%20Closure%20of%20Register%20of%20Shareholders) The company's 2025 Annual General Meeting will be held on August 28, 2025, and the share register will be closed from August 25 to August 28, 2025, to determine eligibility for attendance and voting. - The 2025 Annual General Meeting will be held on Thursday, August 28, 2025, in Hong Kong[373](index=373&type=chunk)[378](index=378&type=chunk) - To determine eligibility for attendance and voting, the share register will be closed from Monday, August 25, 2025, to Thursday, August 28, 2025[379](index=379&type=chunk)[382](index=382&type=chunk) [Dividend Payment and Closure of Register of Shareholders](index=65&type=section&id=Dividend%20Payment%20and%20Closure%20of%20Register%20of%20Shareholders) If the final dividend is approved, the share register will be closed from September 3 to September 5, 2025, to determine dividend entitlements, with payment expected on or before September 26, 2025. - To determine entitlement to the final dividend, the share register will be closed from Wednesday, September 3, 2025, to Friday, September 5, 2025[380](index=380&type=chunk)[383](index=383&type=chunk) - The final dividend is expected to be paid on or before Friday, September 26, 2025, to shareholders entitled to receive it[380](index=380&type=chunk)[383](index=383&type=chunk) [Risk Management](index=65&type=section&id=Risk%20Management_RD) The Group faces business and market risks, construction risks, compliance risks, reliance on key management personnel risks, business partner risks, and cyber and information security risks, which are managed and mitigated through various measures. - Business and market risks: cyclical demand, high reliance on public sector projects, potential impact from government spending cuts or contract delays[385](index=385&type=chunk)[386](index=386&type=chunk)[389](index=389&type=chunk) - Construction risks: involve price fluctuations, project timelines, quality, environmental, and safety requirements, managed through risk transfer, improved communication, and implementation of management systems[387](index=387&type=chunk)[390](index=390&type=chunk) - Compliance risks: involve regulations related to construction, labor, occupational health and safety, and environmental protection; non-compliance may lead to legal sanctions and financial losses[388](index=388&type=chunk)[391](index=391&type=chunk) - Reliance on key management personnel risks: managed by offering competitive remuneration packages and purchasing life insurance[392](index=392&type=chunk)[395](index=395&type=chunk) - Business partner risks: reliance on third-party subcontractors and joint ventures, managed by collaborating with reputable partners and closely monitoring their performance[393](index=393&type=chunk)[396](index=396&type=chunk) - Cyber and information security risks: managed by implementing firewalls, anti-spam, anti-virus protection, and raising employee awareness[394](index=394&type=chunk)[397](index=397&type=chunk) [Financial Information and Capital Structure](index=68&type=section&id=Financial%20Information%20and%20Capital%20Structure) This report discloses changes in property, plant and equipment, bank borrowings, share capital, and share options, as well as distributable reserves and charitable donations; the Group maintains good relationships with major customers and suppliers. - Details of changes in property, plant and equipment are provided in Note 14 to the financial statements[398](index=398&type=chunk)[404](index=404&type=chunk) - As of March 31, 2025, there were no changes in the company's authorized share capital, issued share capital, and share options[400](index=400&type=chunk)[406](index=406&type=chunk) Distributable Reserves (HK$ thousand) | Year | Amount | | :--- | :--- | | 2025 | 677,980 | | 2024 | 676,288 | Charitable Donations (HK$ thousand) | Year | Amount | | :--- | :--- | | 2025 | 132 | | 2024 | – | - In FY2025, revenue from the top five customers accounted for approximately **100%** of total revenue, with the largest customer accounting for approximately **55%**[414](index=414&type=chunk)[419](index=419&type=chunk) - In FY2025, the total subcontracting fees and material costs from the top five suppliers/subcontractors accounted for **37%** of the total[415](index=415&type=chunk)[419](index=419&type=chunk) [Directors and Senior Management](index=70&type=section&id=Directors%20and%20Senior%20Management) This report lists the Board members and confirms the independence of independent non-executive directors, disclosing their biographies, service contracts, remuneration, interests in transactions, competitive business interests, and securities interests. - Mr. Li Hang Ying, Professor Ko Chan Ming, and Dr. Li Man Piu will retire by rotation at the 2025 Annual General Meeting and are eligible for re-election[422](index=422&type=chunk)[424](index=424&type=chunk) - Independent non-executive directors have confirmed their independence, and the Board considers all of them to be independent[423](index=423&type=chunk)[425](index=425&type=chunk) - Mr. Ngai Chun Hung has confirmed compliance with the non-competition undertaking[426](index=426&type=chunk)[433](index=433&type=chunk) Directors' Remuneration (HK$ thousand) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Fees | 1,200 | 1,200 | | Other emoluments | 27,079 | 46,137 | | Total | 28,279 | 47,337 | - As of March 31, 2025, Mr. Ngai Chun Hung held **1,500,000,000** shares, representing **75.000%** of the issued share capital, through controlled corporations[449](index=449&type=chunk)[451](index=451&type=chunk) - No share options have been granted under the share option scheme since its adoption up to the end of the reporting period[458](index=458&type=chunk)[461](index=461&type=chunk) [Substantial Shareholders' Interests in Securities](index=76&type=section&id=Substantial%20Shareholders'%20Interests%20in%20Securities) This report discloses the interests of substantial shareholders in the company's securities, including shareholdings of Golden Lux Holdings Limited, Golden More Limited, and Ms. Cheng Wai Chun, as well as continuing connected transactions with Lanon Development and WHSE Enterprise. Substantial Shareholders' Interests in Shares (March 31, 2025) | Shareholder Name/Designation | Capacity and Nature of Interest | Number of Shares Interested | Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Golden Lux | Beneficial owner | 1,500,000,000 | 75.00 | | Golden More | Interest in controlled corporation | 1,500,000,000 | 75.00 | | Ms. Cheng Wai Chun | Interest in controlled corporation and spouse's interest | 1,500,000,000 | 75.00 | - The framework subcontracting agreement and framework contracting agreement with Lanon Development constitute continuing connected transactions; in FY2025, the total subcontracting fees paid by the Group to Lanon Development were **HK$602 million**, not exceeding the annual cap of HK$690 million[471](index=471&type=chunk)[477](index=477&type=chunk)[478](index=478&type=chunk) - The framework subcontracting agreement and framework contracting agreement with WHSE Enterprise constitute continuing connected transactions; in FY2025, the total subcontracting fees paid by the Group to WHSE Enterprise were **HK$59 million**, not exceeding the annual cap of HK$498 million[479](index=479&type=chunk)[486](index=486&type=chunk)[487](index=487&type=chunk) - Independent non-executive directors have reviewed the continuing connected transactions and confirmed they were conducted in the ordinary course of business on normal commercial terms and did not exceed the specified annual caps[486](index=486&type=chunk)[489](index=489&type=chunk) [Retirement Benefit Scheme](index=81&type=section&id=Retirement%20Benefit%20Scheme) The Group provides a Mandatory Provident Fund Scheme for its Hong Kong employees and a central pension scheme for employees of its mainland China subsidiaries, making contributions as required. - Hong Kong employees participate in the Mandatory Provident Fund Scheme, while employees of mainland China subsidiaries participate in central pension schemes operated by local municipal governments[495](index=495&type=chunk)[496](index=496&type=chunk)[501](index=501&type=chunk) - The Group makes contributions to the pension schemes as required, which are expensed in profit or loss[495](index=495&type=chunk)[496](index=496&type=chunk)[501](index=501&type=chunk) [Sufficiency of Public Float](index=82&type=section&id=Sufficiency%20of%20Public%20Float) As of the date of approval of this annual report, 25% of the company's total issued shares are held by the public, meeting the public float requirement. - As of the date of approval of this annual report, **25%** of the company's total issued shares are held by the public[497](index=497&type=chunk)[502](index=502&type=chunk) [Events After the Reporting Period](index=82&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of approval of this annual report, the directors have not identified any significant post-reporting period events related to the Group's business or financial performance. - As of the date of approval of this annual report, the directors have not identified any significant events related to the Group's business or financial performance[499](index=499&type=chunk)[504](index=504&type=chunk) [Future Development of the Group's Business](index=82&type=section&id=Future%20Development%20of%20the%20Group's%20Business) The outlook for the Group's future business development is elaborated in the "Outlook" sub-section of the "Chairman's Statement" section. - The outlook for the Group's future business development is elaborated in the "Outlook" sub-section under the "Chairman's Statement" section[500](index=500&type=chunk)[505](index=505&type=chunk) [Corporate Governance](index=83&type=section&id=Corporate%20Governance_RD) The company is committed to maintaining high standards of corporate governance through continuous improvement of its corporate governance practices, with relevant information detailed in the "Corporate Governance Report." - The company is committed to maintaining high standards of corporate governance through continuous efforts to improve its corporate governance practices[506](index=506&type=chunk)[507](index=507&type=chunk) [Review of Financial Statements](index=83&type=section&id=Review%20of%20Financial%20Statements) The Audit Committee has reviewed the Group's consolidated financial statements for the year ended March 31, 2025, and recommended them for Board approval. - The Audit Committee has reviewed the Group's consolidated financial statements for the year ended March 31, 2025, including accounting principles and practices, and recommended them for Board approval[508](index=508&type=chunk)[510](index=510&type=chunk) [Auditor](index=83&type=section&id=Auditor_RD) Ernst & Young has audited the consolidated financial statements and will be proposed for re-appointment at the upcoming Annual General Meeting. - Ernst & Young has audited the consolidated financial statements and will be proposed for re-appointment at the upcoming Annual General Meeting[509](index=509&type=chunk)[511](index=511&type=chunk) - There has been no change in the company's auditor over

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之內容概不負責，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 該等內容而引致之任何損失承擔任何責任。 ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1627） 截至二零二五年三月三十一日止年度的年度業績 安 保 工 程 控 股 有 限 公 司（「本公司」）的 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 的 綜 合 業 績， 連同上一年度的比較數字如下： 綜合損益及其他全面收入表 截至三月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 千港元 | 千港元 | | 收 入 | 5 | 7,968,813 | 5,511,537 | | 銷售成本 | | (7,386,316) | (5,187,993) | | 毛 ...

来源：金融界 安保工程控股有限公司(「安保」)于二零一七年二月二十日在香港联合交易所有限公司(「联交所」)主 版上市(股份代号:1627)。本集团于一九七六年创立,提供广泛之建筑服务,包括楼宇建造、维修、保养、 改建及加建(「维修、保养、改建及加建」)、建筑物的翻新、设计及建筑,以及装修工程。现时,安保的 专业团队合共超过三百名员工,其中包括管理层,专业,技术及监督人员。本集团,包括主要的营运附属公 司,安保工程有限公司及安保营造有限公司,为楼宇建造总承建商,一向以客户为先。公司透过为客户提供 勤快及优质服务,与香港各公营及私营机构建立了可持续发展的良好关系。公司经验丰富的员工能有效 率地处理及完成各类工程之时,同时能顾及工人安全及健康,对环境的影响及质量控制所需的标准。拥有 超过四十五年经验及良好声誉,安保多次获得各项奖状及成就,专业服务被受认同。同时,奖状亦反映安保 有效履行集圑订下之政策。政策包括:安全及健康政策、环境政策、质量控制政策、能源管理政策、综 合管理政策、社会责任政策,与及工程学系毕业生训练计划政策。本集团将继续超越各持份者,包括客 户、股东、员工、供应商及承包商的期望。提供有效、勤快、高质 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$3,946,807,000, an increase of 30.3% compared to HK$3,032,016,000 in the same period last year[9]. - Gross profit for the period was HK$143,263,000, up from HK$118,969,000, reflecting a gross margin improvement[9]. - Profit for the period reached HK$99,893,000, representing a 60.7% increase from HK$62,134,000 in the previous year[9]. - Earnings per share attributable to ordinary equity holders was HK$4.99, compared to HK$3.11 for the same period last year, marking a 60.4% increase[9]. - Total comprehensive income for the period attributable to owners of the parent was HK$100,872,000, significantly higher than HK$55,472,000 in the prior year[9]. - Other comprehensive income for the period included an exchange difference gain of HK$979,000, compared to a loss of HK$6,662,000 in the previous year[9]. Expenses and Costs - Administrative expenses for the period were HK$36,808,000, a decrease from HK$47,442,000 in the previous year, indicating improved cost management[9]. - Finance costs increased to HK$19,263,000 from HK$14,998,000, reflecting higher borrowing costs[9]. - Employee benefit expenses (excluding directors' remuneration) rose to HK$155,359,000 in 2024 from HK$97,508,000 in 2023, marking an increase of 59.3%[46]. - The total current tax charge for the period was HK$17,981,000, compared to HK$15,773,000 in 2023, representing an increase of 14.0%[49]. - The gross profit margin decreased from 3.9% to 3.6% due to rising costs in labor, equipment, and subcontracting fees[107]. Assets and Liabilities - Total non-current assets increased to HK$1,882,150,000 as of September 30, 2024, up from HK$1,728,193,000 as of March 31, 2024, representing a growth of 8.9%[11]. - Current assets rose to HK$3,893,496,000, compared to HK$3,177,454,000 in the previous period, marking an increase of 22.5%[11]. - Accounts receivable surged to HK$286,359,000, a significant increase from HK$75,755,000, reflecting a growth of 277.5%[11]. - Total current liabilities increased to HK$4,111,522,000 from HK$3,286,209,000, indicating a rise of 25.1%[11]. - Net current liabilities stood at (HK$218,026,000), worsening from (HK$108,755,000) in the previous period[11]. - Cash and cash equivalents reached HK$2,408,896,000, up from HK$2,077,918,000, representing an increase of 15.9%[11]. - The Group's total equity attributable to owners of the parent was HK$1,618,438,000, slightly up from HK$1,617,566,000[12]. - The reserves increased to HK$1,598,438,000 as of September 30, 2024, compared to HK$1,597,566,000 as of March 31, 2024[15]. Cash Flow - Net cash flows from operating activities for the six months ended 30 September 2024 were HK$516,809,000, an increase from HK$388,860,000 in the same period of 2023, representing a growth of 32.9%[17]. - The net cash flows used in investing activities amounted to HK$70,519,000 for the period, compared to HK$35,146,000 in the previous year, indicating an increase of 100.7%[17]. - The net cash flows used in financing activities totaled HK$108,894,000, up from HK$80,353,000, marking an increase of 35.5%[17]. - The cash and cash equivalents at the end of the period were HK$2,408,896,000, compared to HK$1,982,646,000 at the end of the previous period, representing a growth of 21.5%[17]. Future Outlook - The company has not disclosed specific future outlook or guidance in the provided content[7]. - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the available information[7]. - The construction market outlook is supported by the HKSAR Government's commitment to increasing land supply and public housing units, indicating stable tendering opportunities in the coming years[104]. - The Group's medium to long-term outlook for the construction industry in Hong Kong is highly promising due to government initiatives addressing housing demands[167]. Shareholder Information - The Group declared a final dividend of HK$0.05 per share for the year ended March 31, 2024, totaling HK$100,000,000, consistent with the previous year[53]. - The Group's issued and fully paid share capital remained unchanged at 2,000,000,000 ordinary shares with a par value of HK$0.01 each during the period[72]. - The maximum number of shares issuable under the share option scheme is limited to 10% of the shares in issue at the adoption date, with a further limit of 1% for each eligible participant within any 12-month period[74]. - No share options were granted from the date of adoption of the share option scheme up to the date of approval of the unaudited condensed consolidated interim financial information[76]. - Golden Lux Holdings Limited holds 1,500,000,000 shares, representing 75.00% of the issued shares of the company[194]. Operational Highlights - The Group was awarded substantial construction contracts with a total value of HK$4,825 million during the Period[109]. - The Group's property, plant, and equipment amounted to HK$1,773,186,000 as of September 30, 2024, up from HK$1,612,720,000 as of March 31, 2024, indicating a growth of 9.9%[52]. - The Group's accounts receivable as of September 30, 2024, were fully settled, with 100% of the receivables from completed and ongoing contract works projects settled post-reporting period[141]. - Contract assets at the end of the current period included retention receivables of HK$513,204,000 and unbilled revenue of HK$563,066,000, compared to HK$445,540,000 and HK$368,620,000 respectively as of March 31, 2024[137][142]. - The Group's management believes that personal injury claims are well covered by insurance and will not materially impact the financial position[81].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 3,946,807,000, representing a 30.3% increase from HKD 3,032,016,000 in the same period last year[2] - Gross profit for the same period was HKD 143,263,000, up 20.4% from HKD 118,969,000 year-over-year[2] - The company achieved a net profit of HKD 99,893,000, which is a significant increase of 60.7% compared to HKD 62,134,000 in the previous year[4] - The earnings per share for the period was HKD 4.99, compared to HKD 3.11 in the previous year, reflecting a growth of 60.6%[8] - Other income and gains increased to HKD 27,412,000 from HKD 20,841,000, a rise of 31.0% year-over-year[2] - The total tax expense for the six months ended September 30, 2024, was HKD 17,981,000, compared to HKD 15,773,000 in 2023, indicating an increase of 14.0%[43] - The gross profit margin decreased from 3.9% to 3.6% due to rising labor, equipment, and subcontracting costs[80] - Profit attributable to the owners of the parent company increased from HKD 62,134,000 to HKD 99,893,000, reflecting a rise of HKD 37,759,000[89] Expenses and Costs - Administrative expenses decreased to HKD 36,808,000 from HKD 47,442,000, reflecting a reduction of 22.5%[2] - Financial costs rose from HKD 14,998,000 to HKD 19,263,000, attributed to a general increase in Hong Kong interbank offered rates[85] - The group's profit before tax for the six months ended September 30, 2024, included contract costs of HKD 3,803,544,000, up from HKD 2,913,047,000 in 2023, reflecting a rise of 30.5%[42] - Other payables and accrued expenses increased to HKD 2,088,742,000 from HKD 1,716,194,000, mainly due to increased provisions for contract costs[102] Assets and Liabilities - The company's total assets as of September 30, 2024, amounted to HKD 5,775,646,000, compared to HKD 4,905,647,000 as of March 31, 2024, indicating a growth of 17.7%[11] - Current liabilities increased to HKD 4,111,522,000 from HKD 3,286,209,000, representing a rise of 25.1%[11] - The total non-current assets as of September 30, 2024, amounted to HKD 1,870,359,000, an increase from HKD 1,716,528,000 as of March 31, 2024[34] - Accounts payable totaled HKD 1,498,662,000 as of September 30, 2024, compared to HKD 1,074,198,000 as of March 31, 2024, reflecting an increase of 39.4%[54] Cash Flow - The net cash flow from operating activities for the six months ended September 30, 2024, was HKD 516,809,000, an increase of 32.9% compared to HKD 388,860,000 in 2023[23] - The company reported a net cash outflow from investing activities of HKD 70,519,000, compared to HKD 35,146,000 in the previous year, indicating increased investment[23] - The financing activities resulted in a net cash outflow of HKD 108,894,000, up from HKD 80,353,000 in 2023, primarily due to higher lease payments[23] - Cash and cash equivalents increased by 16% from HKD 2,077,918,000 to HKD 2,408,896,000, mainly due to increased operating cash flow from multiple projects entering peak construction[92] Contracts and Revenue Streams - Revenue from customer contracts for the six months ended September 30, 2024, was HKD 3,946,807,000, representing a 30.3% increase from HKD 3,032,016,000 in 2023[38] - The revenue from building construction contracts was HKD 3,805,993,000, up from HKD 3,011,249,000 in 2023, reflecting strong demand in the sector[39] - The sales of prefabricated building components increased to HKD 43,770,000 from HKD 20,767,000 in the previous year, showing growth in this segment[39] Corporate Governance and Management - The board is committed to maintaining good corporate governance practices, believing it is essential for protecting shareholder interests and enhancing company value[115] - The audit committee, composed of five independent non-executive directors, reviewed the company's accounting principles and internal controls[120] - The chairman expressed gratitude to all management and employees for their contributions and to shareholders for their support[123] Employee and Operational Insights - As of September 30, 2024, the company employed approximately 560 full-time employees, up from 468 on March 31, 2024[114] - The company has not reported any seasonal or cyclical impacts on its operations during the reporting period[35] Future Outlook and Commitments - The company plans to maintain a prudent approach to cash utilization and capital commitments due to anticipated cash outflows for site redevelopment in the next six months[93] - The Hong Kong government plans to supply a total of 189,000 public housing units over the next five years, an increase of approximately 80% compared to the previous five-year term[112]

Financial Performance - For the year ended 31 March 2024, the Group's consolidated revenue increased by 8.5% to HK$5,511,537,000 from HK$5,079,222,000 in 2023[26]. - Net profit for the year ended 31 March 2024 rose by 17.7% to HK$204,889,000 compared to HK$174,068,000 in 2023[9]. - Basic earnings per share for the year was HK10.24 cents, up from HK8.70 cents in 2023[9]. - The net assets value attributable to owners of the parent increased by 6.4% to HK$1,617,566,000 as at 31 March 2024[12]. - Profit attributable to owners of the parent increased by 17.7% from HK$174,068,000 for the year ended 31 March 2023 to HK$204,889,000 for the year ended 31 March 2024[161]. - Total equity of the Group as at 31 March 2024 was HK$1,617,566,000, an increase from HK$1,520,274,000 as at 31 March 2023[161]. - The Group's cash and cash equivalents increased by 21.5% from HK$1,710,743,000 as at 31 March 2023 to HK$2,077,918,000 at 31 March 2024[161]. - The overall gross profit margin decreased from 6.2% for the year ended March 31, 2023, to 5.9% for the year ended March 31, 2024[82]. Dividends and Shareholder Returns - A final dividend of HK5.0 cents per ordinary share has been proposed for the year ended 31 March 2024, totaling HK$100,000,000[14][31]. - The Group plans to pay a final dividend of HK5.0 cents per ordinary share for the year ended 31 March 2024, consistent with the previous year[80]. Construction and Projects - The Group's newly set up pre-fabrication factory commenced production during the year, supplying integrated modules to various projects[34]. - The construction industry outlook in Hong Kong is promising, supported by government initiatives to meet housing demands[17]. - The Group's substantial contracts on hand are mainly related to building construction works from the public sector as of March 31, 2024[78]. - The Group's gross contract values for substantial contracts awarded to subsidiaries amounted to approximately HK$11,766 million, with outstanding values of HK$8,239 million as of March 31, 2024[67]. - Contracts awarded to joint operations of the Group amounted to HK$20,734 million, with outstanding values of HK$12,952 million[67]. - The construction of public housing developments accounted for significant contract values, including HK$2,738 million for Wu Shan Road, Tuen Mun, and HK$2,260 million for Yip Wong Road[38]. - The design and construction of the redevelopment of Queen Mary Hospital, Phase 1, was awarded with a contract value of HK$9,450 million[41]. - Future tendering opportunities for construction contracts from the public sector are expected to be sustainable and stable due to government initiatives[81]. Financial Position and Assets - The Group's bank borrowings as of March 31, 2024, were all denominated in Hong Kong dollars and on a floating rate basis[137]. - The property, plant, and equipment related to certain contract works amounted to HK$1,235,822,000 as of March 31, 2024, compared to HK$1,192,356,000 as of March 31, 2023[150]. - As of March 31, 2024, contract assets included retention receivables of HK$445,540,000 and unbilled revenue of HK$368,620,000, compared to HK$488,612,000 and HK$340,065,000 respectively as of March 31, 2023[143]. - Other payables and accruals amounted to HK$1,716,194,000 as of March 31, 2024, an increase from HK$1,506,987,000 as of March 31, 2023, primarily due to an increase in provision for contract works of HK$224,107,000[169]. Management and Governance - The Group's management structure includes a Nomination Committee and a Remuneration Committee, with Mr. YAU serving as the chairman of the former[183]. - The Group's management emphasizes the importance of retaining and incentivizing employees through flexible compensation strategies[181]. - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended 31 March 2024[106]. Strategic Initiatives - The Group's vertical integration strategy aims to enhance profit margins and shareholder returns by improving product quality and reducing construction time[34]. - The Group's strategic focus includes enhancing its capabilities as a contractor and broadening its customer base through collaborations[177]. - The Group will adopt a prudent approach to cash application and capital commitments due to expected cash consumption from the redevelopment of a site in Kwun Tong, Hong Kong[136]. Acquisitions and Investments - The Group acquired a 50% equity interest in Synergy Materials Limited for HK$1, resulting in a carrying amount of nil as of March 31, 2024, due to net losses incurred by Synergy Group[61]. - The Group acquired 100% of CWF Piling & Civil Engineering Company Limited for HK$25 million during the year ended March 31, 2024[152]. - The Group acquired 100% equity of Lianbang Piling Civil Engineering Limited for HKD 25 million, which holds various licenses from the Hong Kong government for construction services[174]. - The Framework Agreements with Lanon Development allow the Group to engage in contracting services until March 31, 2025, potentially expanding its customer base[176][177]. Risks and Liabilities - The Group's exposure to foreign exchange risk arises from future commercial transactions and monetary assets and liabilities not denominated in the functional currency[138]. - The company has contingent liabilities as detailed in note 34 of the financial statements, which may impact future financial performance[199].

Financial Performance - The group's revenue for the year ended March 31, 2024, was HKD 5,511,537,000, an increase from HKD 5,079,222,000 in 2023, representing a growth of approximately 8.5%[22] - The net profit for the year ended March 31, 2024, was HKD 204,889,000, compared to HKD 174,068,000 in 2023, reflecting an increase of about 17.7%[24] - The total comprehensive income for the year was HKD 197,292,000, up from HKD 167,851,000 in the previous year, indicating a growth of approximately 17.6%[16] - Total revenue for the year ending March 31, 2024, was HKD 1,383,926,000, an increase from HKD 1,338,066,000 in the previous year, representing a growth of approximately 3.4%[41] - Profit attributable to equity holders of the parent company for the year was HKD 204,889,000, compared to HKD 174,068,000 in the previous year, reflecting an increase of about 17.7%[42] - Basic and diluted earnings per share for the parent company's ordinary equity holders were HKD 10.24, up from HKD 8.70 in the previous year, indicating a growth of approximately 17.6%[43] - The overall gross profit margin decreased from 6.2% for the year ended March 31, 2023, to 5.9% for the year ended March 31, 2024[127] Assets and Liabilities - The group's total assets as of March 31, 2024, amounted to HKD 4,905,647,000, compared to HKD 4,626,481,000 in 2023, showing an increase of about 6%[26] - The group has a total equity of HKD 1,617,566,000 as of March 31, 2024, compared to HKD 1,520,274,000 in 2023, reflecting an increase of approximately 6.4%[19] - The company's current liabilities exceeded current assets by HKD 108,755,000 as of March 31, 2024, indicating liquidity concerns[47] - The group’s total receivables for the three months ended March 31, 2024, amounted to HKD 587,731,000, an increase from HKD 576,597,000 in 2023, while receivables over six months increased to HKD 325,822,000 from HKD 301,719,000[91] - The group has provided performance guarantees to banks totaling HKD 492,210,000 for certain contract works, an increase from HKD 330,318,000 in 2023[108] - The group’s accounts payable included HKD 284,193,000 in payable guarantees as of March 31, 2024, compared to HKD 318,223,000 in 2023[106] Cash Flow and Financial Expenses - The cash and cash equivalents increased to HKD 2,077,918,000 in 2024 from HKD 1,710,743,000 in 2023, representing a growth of approximately 21.4%[26] - The group reported a significant increase in bank loan interest expenses, rising to HKD 34,296,000 in 2024 from HKD 23,952,000 in 2023, which is an increase of about 43%[6] - The group’s financial expenses increased to HKD 34,761,000 in 2024 from HKD 24,508,000 in 2023, representing a rise of approximately 41.8%[6] - The group’s financial expenses for 2024 totaled HKD 49,357, a significant increase from HKD 12,109 in 2023[58] - Financial expenses increased by HKD 10,344,000 to HKD 34,761,000 for the year ended March 31, 2024, primarily due to the general rise in Hong Kong interbank offered rates[128] Operational Segments and Revenue Sources - The construction segment is the only reportable operating segment, focusing on contract engineering and the supply of prefabricated building components[54] - Revenue from building construction contracts for the year 2024 reached HKD 5,406,064, an increase of 6.5% from HKD 5,079,222 in 2023[75] - Revenue from Hong Kong operations was HKD 1,383,926,000, while revenue from mainland China was HKD 332,602,000, reflecting a growth in both regions[41] - The group’s revenue from major clients showed significant growth, with Client A contributing HKD 1,922,560 in 2024, up from HKD 1,241,548 in 2023, an increase of 54.5%[55] Employee and Administrative Expenses - The group’s employee benefits expenses (excluding director remuneration) rose to HKD 231,987 in 2024, compared to HKD 172,765 in 2023, an increase of 34.2%[78] - Administrative expenses rose from HKD 83,577,000 for the year ended March 31, 2023, to HKD 87,707,000 for the year ended March 31, 2024, mainly due to increased director bonuses and employee incentive travel[115] Dividends and Share Capital - The group proposed a final dividend of HKD 0.05 per share, consistent with the previous year[60] - The proposed final dividend amounts to HKD 100,000,000, based on the total issued shares of 2,000,000,000[112] - The total issued share capital remains unchanged at HKD 20,000,000, with 2,000,000,000 shares issued at a par value of HKD 0.01 each[107] Compliance and Governance - The company adopted new and revised Hong Kong Financial Reporting Standards during the year, which did not significantly impact the financial statements[36] - The company has maintained consistent accounting policies across its subsidiaries, ensuring uniformity in financial reporting[50] - The group has reassessed its control over subsidiaries based on changes in voting rights and other relevant factors, ensuring compliance with accounting standards[51] - The audit committee, consisting of five independent non-executive directors, has reviewed the group's accounting principles and practices, as well as internal controls and financial reporting matters[171] - The comprehensive financial statements for the year ending March 31, 2024, have been reviewed by the audit committee[171] Future Outlook - The group expects stable and continuous bidding opportunities for public works contracts due to the government's commitment to increasing housing supply and public housing units[127] - The group anticipates benefiting from government policies and expects to gain more opportunities for public engineering and housing projects in the coming years[119] Miscellaneous - The group has not recognized any impairment provisions for expected credit losses on receivables and contract assets as the expected credit loss rates are considered extremely low[103][105] - The group did not engage in any interest rate or currency hedging or speculative activities during the year ended March 31, 2024[153] - The group has no outstanding bank loans as of March 31, 2024, compared to HKD 74,948,000 as of March 31, 2023[160] - The group has begun production at a newly acquired prefabricated component factory to meet the demand for Modular Integrated Construction (MiC) and enhance productivity in the construction industry[133] - The group employed 468 full-time employees as of March 31, 2024, an increase from 320 employees as of March 31, 2023[144]

Financial Performance - Revenue for the six months ended September 30, 2023, was HK$3,032,016, an increase of 52.2% from HK$1,994,285 in the same period of 2022[6] - Gross profit for the period was HK$118,969, compared to HK$100,419 in the previous year, reflecting a gross profit margin improvement[6] - Profit before tax increased to HK$77,907, up from HK$65,034, representing a growth of 20.5% year-over-year[6] - Profit for the period reached HK$62,134, a 24.7% increase from HK$49,802 in the prior year[6] - Total comprehensive income for the period attributable to owners of the parent was HK$55,472, compared to HK$35,499 in the same period last year, marking a 56.2% increase[6] - Basic and diluted earnings per share increased to 3.11 HK cents, up from 2.49 HK cents, indicating a growth of 25%[6] Expenses and Costs - Administrative expenses rose to HK$47,442, compared to HK$36,875 in the same period last year, reflecting increased operational costs[6] - Finance costs increased to HK$14,998 from HK$7,456, indicating higher borrowing costs[6] - Employee benefit expenses (excluding directors' remuneration) rose to HK$97,508,000 for the six months ended September 30, 2023, compared to HK$75,953,000 in the same period of 2022, indicating an increase of approximately 28.3%[70] - The gross profit margin decreased from 5.0% to 3.9% due to rising costs in labor, equipment, and subcontracting fees[142] Assets and Liabilities - For the six months ended September 30, 2023, the company reported net assets of HK$1,475,746,000, a decrease from HK$1,520,274,000 as of March 31, 2023, representing a decline of approximately 2.9%[22] - Total non-current liabilities amounted to HK$484,905,000 as of September 30, 2023, down from HK$490,940,000 as of March 31, 2023, indicating a reduction of about 1.1%[22] - Current assets rose to HK$3,254,265,000, compared to HK$2,967,709,000 in the previous year, reflecting a growth of approximately 9.6%[53] - The company reported a net current asset value of HK$294,569,000, down from HK$352,442,000 as of March 31, 2023[53] - Total current liabilities increased to HK$2,959,696,000 from HK$2,615,267,000, indicating a rise of approximately 13.1%[53] Cash Flow - For the six months ended September 30, 2023, the net cash flows generated from operating activities amounted to HK$388,860,000, compared to a cash outflow of HK$137,540,000 in the same period of 2022[56] - The company incurred net cash flows used in investing activities of HK$35,146,000, compared to HK$249,970,000 in the previous year[56] - Cash and cash equivalents at the end of the period were HK$1,982,646,000, significantly higher than HK$820,015,000 at the end of the same period last year[56] Dividends - The company paid dividends amounting to HK$100,000,000 during the period, compared to HK$70,000,000 in the previous year[56] - The Group declared a final dividend of HK$0.05 per share for the year ended 31 March 2023, totaling HK$100,000,000, compared to HK$0.035 per share and HK$70,000,000 in the previous year[74] Management and Governance - The company appointed Mr. YAU Kwok Fai as Chief Executive Officer on August 29, 2023, following the resignation of Mr. CHEUNG Ho Yuen on the same date[18] - The company’s financial information is prepared in accordance with HKFRS and is presented in thousands of Hong Kong dollars (HK$'000)[24] - The unaudited condensed consolidated interim financial information has been reviewed by the company's audit committee[20] Market and Industry Outlook - The Group's optimistic outlook for the construction industry is supported by government initiatives to meet housing demands and accelerate construction processes[190] - The Hong Kong government has identified land for approximately 410,000 public housing units over the next ten years, exceeding the demand of 308,000 units[190] - The government plans to expedite the construction of around 80,000 private housing units in the next five years to address significant demand[190] Other Information - The Group's financial risk management policies remain consistent with those disclosed in the audited consolidated financial statements for the year ended March 31, 2023[134] - The Group is exposed to currency risks primarily through business activities in Mainland China, affecting cash and bank balances denominated in currencies other than the functional currency[134] - The Group's accounts receivable as of September 30, 2023, included HK$454,129,000 in unbilled revenue, an increase from HK$340,065,000 as of March 31, 2023[188]

Financial Performance - Revenue for the year ended March 31, 2023, was HK$5,079,222, a decrease of 8.9% from HK$5,577,514 in 2022[13] - Gross profit increased to HK$314,888, representing a 24.3% increase from HK$253,223 in the previous year[13] - Profit for the year was HK$174,068, up 41.5% from HK$122,880 in 2022[13] - Revenue for the year ended 31 March 2023 decreased by 8.9% to HK$5,079,222,000 from HK$5,577,514,000 for the year ended 31 March 2022[27] - Net profit for the year ended 31 March 2023 amounted to HK$174,068,000, representing an increase of 41.7% from HK$122,880,000 in 2022[31] - Basic earnings per share for the year ended 31 March 2023 amounted to HK8.70 cents, up from HK6.14 cents in 2022[31] - The overall gross profit margin improved from 4.5% in the previous year to 6.2% for the year ended March 31, 2023[61] - The decrease in revenue was primarily due to the completion of a substantial building construction project that contributed over 50.5% of the revenue in the previous year[60] Assets and Equity - Non-current assets rose to HK$1,658,772, an increase of 27% from HK$1,305,917 in 2022[16] - Current assets increased to HK$2,967,709, up 13.3% from HK$2,620,491 in 2022[16] - Total equity as of March 31, 2023, was HK$1,520,274, reflecting a growth of 6.9% from HK$1,422,423 in 2022[16] - The net assets of the company stood at HK$1,520,274, indicating a solid financial position[16] - The net asset value attributable to owners of the parent as at 31 March 2023 amounted to HK$1,520,274,000, representing an increase of 6.9% from HK$1,422,423,000 as at 31 March 2022[32] - The Group's total equity as of March 31, 2023, was HK$1,520,274,000, an increase from HK$1,422,423,000 as of March 31, 2022[81] Expenses and Costs - Administrative expenses decreased to HK$83,577, down 3% from HK$86,847 in 2022[13] - Finance costs increased to HK$24,508, a rise of 113% from HK$11,506 in 2022[13] - Other income and gains rose from HK$2,405,000 for the year ended March 31, 2022, to HK$12,109,000 for the year ended March 31, 2023, mainly due to subsidies received and increased interest income[66] - The overall gross profit margin increased from 4.5% for the year ended March 31, 2022, to 6.2% for the year ended March 31, 2023, primarily due to lower actual costs incurred on a significant construction project[64] Dividends - The Board recommended a final dividend of HK5.0 cents per share for the year ended 31 March 2023, compared to HK3.5 cents in 2022[35] - The total final dividend amounted to HK$100,000,000 based on 2,000,000,000 ordinary shares in issue[36] Market Outlook - The projected demand for public housing in the next 10 years will be 301,000 units, with sufficient land identified to build about 360,000 units[37] - The HKSAR Government's annual capital works expenditure will exceed HK$100 billion in the next few years[38] - The medium to long-term outlook of the construction industry in Hong Kong looks promising due to high demand for housing and the development plan of the "Northern Metropolis"[42] - The Group anticipates sustainable and stable tendering opportunities for construction contracts from the public sector due to government commitments in housing and infrastructure development[59] Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the financial year ended March 31, 2023[172] - The Board of Able Engineering Holdings Limited consists of nine Directors, including three Executive Directors, one Non-executive Director, and five Independent Non-executive Directors as of March 31, 2023[180] - The Company has established a rigorous system of checks and balances to ensure effective corporate governance[171] - The Company aims to achieve business excellence and fulfill its mission through a well-balanced corporate governance system[173] - The Board monitors and evaluates the performance of the management of the Group periodically[179] Management and Board Experience - Mr. Cheung Ho Yuen has over 26 years of experience in the construction industry and has been the CEO since February 2020[129] - Mr. Lau Chi Fai has over 30 years of experience in the construction industry and is responsible for project management and contract administration[131] - The company has a diverse board with members experienced in engineering, education, and finance, enhancing its governance and strategic oversight[158] - The diverse expertise of the board members supports the company's strategic decision-making and long-term growth objectives[161] Employee Information - The Group employed 320 full-time employees as of March 31, 2023, down from 352 employees as of March 31, 2022[119] - The Group's employee remuneration includes discretionary bonuses and share options based on performance, with benefits such as medical insurance and education subsidies[119]