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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 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） 截至二零二三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」）截至二零二三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 二零二三年 二零二二年 附註 千港元 千港元 收入 5 5,079,222 5,577,514 合約成本 (4,764,334) (5,324,291) ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$1,994,285,000, a slight decrease of 0.4% compared to HK$2,001,876,000 in the same period of 2021[9]. - Gross profit increased to HK$100,419,000, compared to HK$67,654,000 in the previous year, reflecting a significant improvement in profitability[9]. - Profit before tax rose to HK$65,034,000, up from HK$22,354,000, indicating a year-over-year increase of 191.5%[9]. - Profit for the period was HK$49,802,000, compared to HK$13,528,000 in the same period last year, representing a growth of 267.5%[9]. - Total comprehensive income for the period attributable to owners of the parent was HK$35,499,000, compared to HK$13,528,000 in the previous year[9]. - Earnings per share attributable to ordinary equity holders of the parent increased to 2.49 HK cents, up from 0.68 HK cents in the prior year[9]. - Other income and gains for the same period totaled HK$4,923,000, significantly up from HK$904,000 in 2021, driven by increased interest income and government subsidies[45]. - Profit attributable to owners of the parent increased by HK$36,274,000 from HK$13,528,000 to HK$49,802,000[132]. Tax and Expenses - The company reported an income tax expense of HK$15,232,000, compared to HK$8,826,000 in the previous year[9]. - Employee benefit expenses (excluding directors' remuneration) were HK$75,953,000, a decrease from HK$87,844,000 in the previous year[49]. - Administrative expenses decreased by HK$7,032,000 from HK$43,907,000 to HK$36,875,000, mainly due to a reduction in donations by HK$10,000,000[121]. - Finance costs rose to HK$7,456,000 from HK$5,373,000, with an increase in bank loan interest by HK$2,186,000 due to a rise in the Hong Kong Interbank Offered Rate[128]. Assets and Liabilities - Total non-current assets increased to HK$1,589,543,000 as of September 30, 2022, up from HK$1,305,917,000 as of March 31, 2022, representing a growth of 21.7%[11]. - Current assets decreased to HK$1,990,477,000 as of September 30, 2022, down from HK$2,620,491,000 as of March 31, 2022, a decline of 24%[11]. - Total current liabilities decreased to HK$1,699,945,000 as of September 30, 2022, compared to HK$2,009,786,000 as of March 31, 2022, a reduction of 15.4%[11]. - Net current assets fell to HK$290,532,000 as of September 30, 2022, down from HK$610,705,000 as of March 31, 2022, a decrease of 52.4%[11]. - Total equity attributable to owners of the parent decreased to HK$1,387,922,000 as of September 30, 2022, down from HK$1,422,423,000 as of March 31, 2022, a decline of 2.4%[12]. - The Group's cash and cash equivalents decreased by 45% from HK$1,502,962,000 to HK$820,015,000, primarily due to net repayments of bank loans and cash outflows from operating activities[137]. - The Group's bank loans at period end amounted to HK$24,680,000, down from HK$110,442,000 as of March 31, 2022, secured by certain deposits[161]. Business Operations - The Group was primarily engaged in building construction and RMAA works in Hong Kong during the six months ended 30 September 2022[22][24]. - Revenue during the period was solely derived from the contract works business in Hong Kong, with no segment information presented for prefabrication[36][37]. - The Group is organized into two reportable operating segments: contract works and prefabrication[35]. - The contract works segment acts as a main contractor or sub-contractor primarily for building construction and RMAA works[35]. - The prefabrication segment engages in manufacturing, processing, and sale of pre-fabrication items[35]. Acquisitions and Investments - The acquisition of Gain Capital Corporation Limited was made for upstream expansion into the prefabrication business[22][24]. - The Group completed the acquisition of Gain Capital for a cash consideration of HK$181,400,000 on May 5, 2022[81]. - The Group acquired the Huizhou Factory for HK$213,388,000 during the reporting period, marking a significant investment in property, plant, and equipment[59]. - The net assets acquired in the GC Acquisition included property, plant, and equipment valued at HK$213,388,000 and cash and bank balances of HK$1,093,000[86]. - The total cash outflow related to the GC Acquisition, including transaction costs, was HK$181,389,000[87]. Future Outlook - The company has not disclosed specific future outlook or guidance in the provided content[7]. - The Group expects significant cash consumption in the coming six months due to the redevelopment of the Site and construction of the Huizhou Factory[140]. - The construction industry outlook in Hong Kong is promising due to strong demand for housing and healthcare services, supported by government development projects[176]. - The HKSAR Government plans to provide 360,000 public housing units from 2023 to 2032, aiming to meet a 10-year target of 301,000 units[174]. Share Capital and Ownership - The Group's share capital remained unchanged at HK$20,000,000, with 2,000,000,000 ordinary shares issued and fully paid as of September 30, 2022[73][74]. - No share options were granted from the adoption of the share option scheme on August 31, 2018, up to the date of the interim financial information approval[80]. - The Company did not have any arrangements enabling Directors or their families to acquire benefits through share or debenture purchases during the six months ended September 30, 2022[193]. - The entire issued share capital of Golden More Limited is legally and beneficially owned by Mr. NGAI[188].

Financial Performance - Revenue for the year ended March 31, 2022, was HK$5,577,514, an increase from HK$3,705,241 in 2021, representing a growth of 50.5%[9] - Gross profit for the year was HK$253,223, compared to HK$147,033 in the previous year, indicating a gross profit margin improvement[9] - Profit for the year reached HK$122,880, up from HK$94,700 in 2021, reflecting a year-on-year increase of 29.7%[9] - The total comprehensive income for the year attributable to owners of the parent was HK$122,880, compared to HK$94,700 in the previous year[9] - Net profit for the year ended 31 March 2022 amounted to HK$122,880,000, representing an increase of 29.8% from HK$94,700,000 in 2021[15] - Basic earnings per share for the year ended 31 March 2022 amounted to HK6.14 cents, up from HK4.74 cents in 2021[16] - The overall gross profit margin increased slightly from 4.0% for the year ended March 31, 2021, to 4.5% for the year ended March 31, 2022[67] - Profit attributable to owners of the parent increased by 29.8% from HK$94,700,000 for the year ended 31 March 2021 to HK$122,880,000 for the year ended 31 March 2022[78] Expenses and Costs - Administrative expenses increased to HK$86,847 from HK$65,180, showing a rise of 33.3%[9] - Other income and gains decreased significantly to HK$2,405 from HK$24,802, a decline of 90.3%[9] - Finance costs rose to HK$11,506,000 for the year ended 31 March 2022, up from HK$8,350,000 in the previous year, attributed to increased interest on bank loans[70] - Income tax expense increased by 82.6% from HK$18,090,000 for the year ended 31 March 2021 to HK$33,040,000 for the year ended 31 March 2022[78] - Administrative expenses increased from HK$65,180,000 for the year ended 31 March 2021 to HK$86,847,000 for the year ended 31 March 2022, mainly due to site premium depreciation and donations[69] Contracts and Future Outlook - The company has substantial contracts on hand, which are expected to contribute to future revenue growth[3] - Future outlook includes potential market expansion and new product development strategies[3] - The Group's substantial contracts on hand as of March 31, 2022, were mainly related to building construction works from the public sector[62] - Future tendering opportunities for construction contracts from the public sector are expected to be sustainable and stable due to government commitments to increase land supply for housing[67] - The Group plans to expand upstream into the production of free-standing integrated modules and modular integrated construction methods through the acquisition of Gain Capital[40] - The long-term outlook for the construction industry in Hong Kong remains positive due to high demand for housing and medical services[43] Governance and Management - The Company has a strong governance structure with members in key committees including Audit, Remuneration, and Nomination[144][150] - The Board of Directors consists of nine members, including four Executive Directors and five Independent Non-executive Directors as of March 31, 2022[174] - The Company has established a rigorous system of checks and balances to ensure effective corporate governance, which is crucial for enhancing shareholder value[168] - The Company ensures compliance with applicable legal and regulatory requirements as part of its corporate governance practices[173] - The Board is responsible for formulating key policy matters and overall strategic plans for the Company and its subsidiaries[173] - The Company has appointed a new financial controller and company secretary, Mr. MUI Siu Hong, who has over 10 years of accounting and auditing experience[165] Employee and Management Team - As of March 31, 2022, the Group employed 352 full-time employees, an increase from 330 employees as of March 31, 2021, reflecting a growth of approximately 6.67%[105] - The Group's management team has extensive experience in the construction industry, with key executives having over 25 years of experience each[113][117][121] - Employee benefits include mandatory provident fund, medical insurance, and education subsidies, although incentive travel was suspended due to the COVID-19 pandemic[105] - The Group's focus on project management and contract administration is led by Mr. LAU, who has over 29 years of experience in the construction industry[119] Strategic Partnerships and Acquisitions - On 18 February 2022, the Group agreed to acquire Gain Capital Corporation Limited for a cash consideration of HK$181,400,000, which was completed on 5 May 2022[97] - The acquisition of Gain Capital is expected to expand the Group's business into upstream manufacturing, aligning with its vertical integration strategy[97] - The Group aims to broaden its potential customer base through cooperation with Lanon Development[40] - The Framework Agreements with Lanon Development allow for the provision of contracting services until 31 March 2025[99] Market and Industry Insights - The HKSAR Government plans to supply approximately 330,000 public housing units and 100,000 private housing units over the next 10 years starting from 2022-2023[33] - The Northern Metropolis Development Strategy aims to provide approximately 350,000 residential units and an additional 600 hectares of land for residential and industrial purposes[35] - The estimated allocation for public works in the 2022-2023 Budget is approximately HK$75.5 billion, an increase from HK$67.8 billion in 2021-2022[38] - The medium to long-term outlook of the construction industry in Hong Kong looks promising due to high demand for housing and healthcare services[39] Financial Position - The net assets value attributable to owners of the parent as at 31 March 2022 amounted to HK$1,422,423,000, representing an increase of 5.4% from HK$1,349,543,000 as at 31 March 2021[27] - The Group's cash and cash equivalents increased by 66.1% from HK$904,933,000 as at 31 March 2021 to HK$1,502,962,000 as at 31 March 2022[78] - The Group's banking facilities amounted to HK$2,400,000,000 as of 31 March 2022, down from HK$2,950,000,000 as of 31 March 2021, with HK$1,425,243,000 unutilised[79] - The Group's bank loans had an aggregate carrying amount of HK$110,442,000 as of 31 March 2022, up from HK$87,276,000 as of 31 March 2021[94]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$2,001,876,000, representing an increase of 41.6% compared to HK$1,411,491,000 in the same period of 2020[9] - Gross profit for the period was HK$67,654,000, compared to HK$18,687,000 in the previous year, indicating a significant improvement[9] - Profit before tax was HK$22,354,000, up from HK$2,501,000 in the prior year, reflecting a substantial increase in profitability[9] - Total comprehensive income for the period was HK$13,528,000, compared to HK$1,396,000 in the same period last year, showing strong growth[9] - Earnings per share attributable to ordinary equity holders of the parent was HK$0.68, a significant increase from HK$0.07 in the previous year[9] - The Group recorded a consolidated turnover of HK$2,001,876,000 for the six months ended 30 September 2021, representing a 42% increase from HK$1,411,491,000 in the previous corresponding period[91] - Gross profit for the same period was HK$67,654,000, reflecting a 262% increase from HK$18,687,000 for the six months ended 30 September 2020[91] - Profit attributable to owners of the parent amounted to HK$13,528,000, compared to HK$1,396,000 in the previous period, indicating significant growth in net profit[91] Assets and Liabilities - Total non-current assets increased to HK$1,345,256,000 as of September 30, 2021, up from HK$1,278,964,000 as of March 31, 2021, representing a growth of 5.2%[11] - Current assets decreased to HK$1,540,763,000 as of September 30, 2021, down from HK$1,785,361,000 as of March 31, 2021, a decline of 13.7%[11] - Net current assets were HK$468,590,000 as of September 30, 2021, compared to HK$556,650,000 as of March 31, 2021, indicating a decrease of 15.8%[11] - Total liabilities decreased to HK$1,572,948,000 as of September 30, 2021, down from HK$1,728,982,000 as of March 31, 2021, a reduction of 9.0%[12] - Total equity attributable to owners of the parent decreased to HK$1,313,071,000 as of September 30, 2021, down from HK$1,349,543,000 as of March 31, 2021, a decrease of 2.7%[12] Cash Flow and Financing - The company reported a net cash flow used in operating activities of HK$88,476,000 for the six months ended September 30, 2021, compared to HK$26,859,000 for the same period in 2020[16] - Cash and cash equivalents at the end of the period were HK$395,458,000, a decrease from HK$904,933,000 at the beginning of the period, reflecting a decline of 56.4%[16] - Interest-bearing bank loans remained stable at HK$482,000,000 as of September 30, 2021, unchanged from March 31, 2021[12] - The Group's cash and cash equivalents decreased by 56% from HK$904,933,000 as of March 31, 2021, to HK$395,458,000 as of September 30, 2021, primarily due to net repayment of bank loans and cash outflows from operations[125] Operational Highlights - The company engaged in building construction and repair, maintenance, alteration, and addition (RMAA) works in Hong Kong during the reporting period, with no significant changes in its principal activities[19] - The Group has only one reportable operating segment, which is the contract works segment, focusing on building construction and RMAA works[36] - The Group's effective tax rate remains at 16.5% for the period, consistent with the previous year[45] - The Group's non-current assets are entirely located in Hong Kong, and all revenue is derived from operations in Hong Kong[39] Shareholder Information - The company declared and paid a final dividend of HK$0.025 per share for the year ended 31 March 2021, totaling HK$50,000,000[8] - The company has 2,000,000,000 ordinary shares issued and fully paid, with no movement in share capital during the six months ended 30 September 2021[60] - Mr. Ngai Chun Hung holds a significant interest in the company with 1,500,000,000 shares, representing 75% of the issued share capital[154] - Substantial shareholders include Golded Lux and Golden More, each holding 1,500,000,000 shares, representing 75.00% of the issued share capital of the Company[171] Governance and Compliance - The interim financial information has been reviewed by the Audit Committee, ensuring a level of oversight and accuracy in reporting[8] - The Company confirmed compliance with the Corporate Governance Code throughout the six months ended September 30, 2021[187] - The audit committee consists of five independent non-executive directors, ensuring compliance with listing rules and reporting to the board[195] - The audit committee reviewed the accounting principles and practices adopted by the group, discussing internal controls, risk management, and financial reporting matters[195] Future Outlook - The company has not provided specific guidance for future performance but has indicated a focus on market expansion and new product development[7] - The medium to long-term outlook for the construction industry in Hong Kong is promising due to high demand for housing and healthcare services[144] - The group anticipates significant capital expenditures in the next six months due to new major projects and redevelopment activities[125]

Financial Performance - Revenue for the year ended March 31, 2021, was HK$3,705,241,000, an increase of 139% from HK$1,547,841,000 in 2020[15] - Gross profit for the year was HK$147,033,000, a decrease of 6% from HK$156,528,000 in the previous year[15] - Profit for the year was HK$94,700,000, significantly up from HK$23,975,000 in 2020, representing a growth of 295%[15] - Other income and gains increased to HK$24,802,000 from HK$13,940,000, marking a growth of 78%[15] - Net profit for the year ended 31 March 2021 amounted to HK$94,700,000, representing an increase of 295% from HK$23,975,000 in 2020[26] - Basic earnings per share for the year were HK4.74 cents, up from HK1.20 cents in 2020[30] - The Group's gross profit margin decreased from 10.1% for the year ended March 31, 2020 to 4.0% for the year ended March 31, 2021[88] - The increase in profit was partly due to the receipt of government subsidies amounting to HK$18,556,000 from the "Employment Support Scheme"[76] Expenses and Costs - Administrative expenses decreased to HK$65,180,000 from HK$90,292,000, a reduction of 28%[15] - The company reported finance costs of HK$8,350,000, up from HK$1,320,000 in the previous year[15] - Finance costs rose to HK$8,350,000 from HK$1,320,000, mainly due to increased bank loans during the year[99] - Income tax expense rose by 16% from HK$15,621,000 to HK$18,090,000, consistent with the increase in taxable profit[111] Dividends and Shareholder Returns - The Board recommended a final dividend of HK2.5 cents per ordinary share for the year ended 31 March 2021, compared to nil in 2020[44] - Total dividend amount based on 2,000,000,000 ordinary shares issued is HK$50,000,000[45] Assets and Liabilities - The net assets value attributable to owners of the parent as at 31 March 2021 was HK$1,349,543,000, an increase of 8% from HK$1,254,843,000 in 2020[41] - The current ratio decreased to 1.5 in 2021 from 1.8 in 2020[19] - Cash and cash equivalents increased by 47% from HK$616,645,000 as at 31 March 2020 to HK$904,933,000 as at 31 March 2021[116][120] - The Group's banking facilities amounted to HK$2,950,000,000 as of 31 March 2021, up from HK$2,040,000,000 as of 31 March 2020[117][121] - The Group's net gearing ratio remained at 0 as of 31 March 2021, consistent with the previous year[115] - The total balance of prepaid expenses and other receivables decreased due to the recovery of refundable stamp duty of HK$26,979,000 related to land reconstruction[136] Contracts and Projects - The Group estimates that as of March 31, 2021, the gross value of substantial contracts awarded to subsidiaries amounted to approximately HK$4,489 million, with outstanding values of HK$1,444 million[63] - The gross value of substantial contracts awarded to joint operations of the Group was approximately HK$18,675 million, with outstanding values of HK$16,668 million as of March 31, 2021[63] - The Group's ongoing projects include the construction of public housing development at Tuen Mun Area 54 with a contract value of HK$2,269 million and the redevelopment of Queen Mary Hospital with a contract value of HK$9,450 million[61] - Two substantial building construction projects contributed over 58% of the revenue for the year, expected to be completed in the coming twelve months[86] - The Group secured substantial contracts including the Main Works for the Development of Cingleot Premium Logistics Centre valued at HK$5,638 million, with a 49% interest attributable to the Group[92] - Another significant contract was awarded for the Design and Construction of a Joint-user Government Office Building in Tseung Kwan O, amounting to HK$3,587 million, with a 51% interest attributable to the Group[93] - Subsequent to the fiscal year, the Group obtained a contract for the Construction of Public Housing Development at Yip Wong Road with an estimated value of HK$2,260 million[94] Strategic Outlook - Future outlook includes potential market expansion and new project acquisitions, although specific figures were not disclosed[14] - The Group anticipates sustainable and stable tender opportunities for construction contracts from the public sector in the coming years due to government commitments[84] - The Group is focused on enhancing operational efficiency and reducing costs to improve profitability in the upcoming fiscal year[14] - The Group aims to seek opportunities to integrate with business partners to reduce construction costs and enhance project efficiency, creating reasonable returns for the Group and shareholders in the long run[54] Management and Governance - The Group's strategic planning is overseen by Mr. NGAI, who has over 24 years of experience in the construction industry[164] - Mr. CHEUNG, the Chief Executive Officer, is responsible for the Group's day-to-day management and business development[167] - The Group's remuneration policy includes discretionary bonuses and share options based on performance, with no share options granted under the scheme since its adoption[161] - The Group's share option scheme aims to incentivize directors and employees to enhance the Company's value[161] Employee Information - The Group employed 330 full-time employees as of 31 March 2021, a decrease from 336 employees as of 31 March 2020[160] - The Group's employee benefits include mandatory provident fund, medical insurance, and education subsidies, although incentive travel was suspended due to COVID-19[160]

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$1,411,491,000, compared to HK$644,367,000 for the same period in 2019, representing a growth of 118.5%[9] - Gross profit for the period was HK$18,687,000, with administrative expenses amounting to HK$25,982,000, resulting in a gross loss of HK$7,295,000[9] - Profit before tax was HK$2,501,000, a significant decrease from HK$98,790,000 in the previous year, indicating a decline of 97.5%[9] - Profit for the period was HK$1,396,000, down from HK$79,557,000 in the same period last year, reflecting a decrease of 98.2%[9] - The company reported a basic and diluted earnings per share of HK$0.07, compared to HK$3.98 in the previous year, a decline of 98.2%[11] - Other comprehensive loss for the period was HK$2,263,000, contributing to a total comprehensive income of HK$1,396,000[11] - The Group recorded a consolidated turnover of HK$1,411,491,000 for the six months ended 30 September 2020, representing an increase of 119% from HK$644,367,000 in the previous corresponding period[100] - The Group's gross profit during this period was HK$18,687,000, a decrease of 87% from HK$145,383,000 for the six months ended 30 September 2019[100] - Profit attributable to owners of the parent amounted to HK$1,396,000, significantly down from HK$79,557,000 in the previous period[100] Assets and Liabilities - Total non-current assets increased to HK$724,535,000 as of September 30, 2020, up from HK$707,850,000 as of March 31, 2020, representing a growth of 2.7%[13] - Current assets rose to HK$1,403,479,000, a 15.7% increase from HK$1,213,315,000 in the previous period[13] - Accounts receivable significantly increased to HK$330,789,000, up 64.3% from HK$201,272,000[13] - Total current liabilities increased to HK$853,515,000, reflecting a rise of 29.3% from HK$659,606,000[13] - The Group's accounts payable also saw an increase, totaling HK$490,656,000 as of 30 September 2020, compared to HK$314,936,000 as of 31 March 2020, marking a rise of approximately 55.9%[63] - The Group reported contract liabilities of HK$30,000,000 as of 30 September 2020, representing advance payments received from a project[141] Cash Flow and Financing - Net cash flows used in operating activities improved to (HK$26,859,000) compared to (HK$114,396,000) in the same period last year[22] - Cash and cash equivalents at the end of the period reached HK$724,966,000, an increase from HK$591,437,000[22] - The Group has shown a strong cash flow from financing activities, with net cash flows of HK$137,701,000 compared to (HK$81,004,000) in the previous year[22] - The Group's bank loans amounted to HK$266,681,000 as of 30 September 2020, an increase from HK$121,517,000 as of 31 March 2020, secured by certain deposits[144] Strategic Initiatives and Future Outlook - The company has not provided specific guidance for future performance but indicated ongoing efforts to improve operational efficiency and profitability[9] - The company continues to explore opportunities for market expansion and potential acquisitions to enhance its service offerings[9] - The board of directors remains committed to strategic initiatives aimed at long-term growth despite the current financial challenges[9] - The Group's turnover is projected to remain sustainable and stable in the coming years due to ongoing contracts and new projects[163] - The construction industry is expected to remain active in the medium to long term due to the HKSAR Government's commitment to increasing land and housing supply[164] Employee and Operational Metrics - Employee benefit expenses (excluding directors' remuneration) rose to HK$95,475,000 in 2020 from HK$83,831,000 in 2019, indicating an increase of approximately 13.5%[46] - The Group employed 360 full-time employees as of 30 September 2020, an increase from 336 employees as of 31 March 2020[169] - The Group continues to invest in innovation and technology to enhance work efficiency and quality, aiming to remain competitive in future project tenders[165] Shareholder Information and Corporate Governance - The Group did not declare any interim dividend for the six months ended 30 September 2020, compared to HK$80,000,000 (HK$0.04 per share) in the same period of 2019[49] - The Group's total equity as of 30 September 2020 was HK$1.26 billion, slightly up from HK$1.25 billion as of 31 March 2020[121] - Mr. NGAI Chun Hung holds a long position of 1,500,000,000 shares, representing 75.00% of the issued share capital of the company[178] - Following the privatisation of Vantage on 20 October 2020, Mr. NGAI is deemed to be interested in 100% of the entire issued capital of Vantage[182] - The restructuring involved a change in the shareholding structure of the controlling shareholder[178]

Financial Performance - Revenue for the year ended March 31, 2020, decreased by 35% to approximately HK$1,548 million from approximately HK$2,385 million for the year ended March 31, 2019[23]. - Net profit for the year ended March 31, 2020, amounted to approximately HK$24 million, a decrease from approximately HK$141 million in 2019[24]. - Gross profit for the year was HK$156.5 million, down from HK$235.5 million in the previous year, reflecting a decline of 33.5%[11]. - Profit attributable to owners of the parent for the year ended March 31, 2020 was approximately HK$24 million, a decrease of 83% compared to HK$141 million for the previous year[38]. - Basic and diluted earnings per share for the year were HK1.20 cents, down from HK7.07 cents in 2019[38]. - The decline in net profit was mainly due to the suspension of certain site works in February 2020 to prevent the spread of COVID-19 and a one-time loss on derecognition of approximately HK$41 million[39]. - The gross profit margin increased slightly from 9.9% in 2019 to 10.1% in 2020, with fluctuations expected under HKFRS 15[83]. - Other income and gains remained stable at approximately HK$14 million for both years, with interest income increasing to approximately HK$11 million due to higher fixed deposits[91]. Expenses and Costs - Administrative expenses increased to HK$90.3 million from HK$80.8 million, representing a rise of 18.6%[11]. - The company reported finance costs of HK$1.3 million, an increase from HK$0.5 million in the previous year[11]. - Income tax expense for the year was HK$15.6 million, down from HK$29 million in 2019, a decrease of 46.2%[11]. - Other expenses for the year amounted to approximately HK$41 million, representing a one-time loss on derecognition of the building portion of Man Shung[93]. Assets and Equity - Non-current assets decreased to HK$707.9 million from HK$794.9 million, a decline of 10.9%[20]. - Current assets decreased to HK$1,213.3 million from HK$1,250.6 million, a decrease of 3%[20]. - Total equity as of March 31, 2020, was HK$1,254.8 million, down from HK$1,312.6 million, a decline of 4.4%[20]. - The net asset value attributable to owners of the parent as at 31 March 2020 was approximately HK$1,255 million, a decrease of 4% from approximately HK$1,313 million as at 31 March 2019[40]. - The Group's total equity as of 31 March 2020 was approximately HK$1,255 million, a decrease from approximately HK$1,313 million as of 31 March 2019[111]. - The Group's cash and cash equivalents decreased by 31% from approximately HK$897 million as of 31 March 2019 to approximately HK$617 million as of 31 March 2020[113]. Contracts and Projects - The Group's substantial contracts on hand amounted to approximately HK$7,584 million, with outstanding values of approximately HK$6,113 million as of March 31, 2020[62]. - The Group secured a substantial contract valued at approximately HK$2,269 million for public housing development during the year[87]. - Subsequent to the year-end, the Group obtained another significant contract with an estimated value of approximately HK$2,762 million for the development of a logistics center[87]. - The Group is redeveloping the site at No. 7 Lai Yip Street, Kwun Tong, with demolition work in progress following the Town Planning Board's approval for minor relaxation of plot ratio and building height restrictions[45]. Market and Strategic Focus - The company is focusing on expanding its market presence and exploring new business strategies to recover from the decline in revenue[23]. - The Group is focused on seeking different investment opportunities to broaden income sources and enhance project efficiency[57]. - The Group is focused on developing innovative technology to enhance safety, environmental protection, health, quality, and efficiency in project management[52]. - The social unrest and COVID-19 pandemic are expected to lead to a contraction in the private construction sector in the next few years, despite unchanged community needs for housing and hospital facilities[47]. - The HKSAR Government has set aside HK$300 billion for healthcare infrastructure to meet the increasing demand for services due to an ageing population[51]. Management and Governance - The Group's management discusses employee remuneration based on performance, with discretionary bonuses and share options available for senior management[155]. - The Group's strategic planning is overseen by Mr. NGAI, who has over 23 years of experience in the construction industry[160]. - Mr. CHEUNG was appointed as the Chief Executive Officer in February 2020, responsible for business development and corporate governance[163]. - The Company has a strong board with diverse expertise in construction, engineering, and education, enhancing its governance[180]. - The Company emphasizes the importance of project management and contract administration in its operations[171]. Employment and Human Resources - As of March 31, 2020, the Group employed 336 full-time employees, a decrease from 360 employees as of March 31, 2019[155]. - The Option Scheme was adopted to incentivize directors and employees, but no share options were granted under the scheme up to March 31, 2020[156].