Revenue Performance - Revenue for the six months ended June 30, 2023, was MOP 212,986,000, a decrease of 22% compared to MOP 273,331,000 in the same period of 2022[11]. - Revenue from external customers in Macau decreased to MOP 190,063,000 in 2023 from MOP 253,974,000 in 2022, reflecting a decline of approximately 25%[56]. - Revenue from building and ancillary services for the same period was MOP 212,986, a decrease of 21.8% from MOP 272,343 in 2022[64]. - The decrease in revenue was attributed to the smaller scale of projects undertaken and limited contributions from newly awarded projects that began construction in Q2 2023[200]. - The Group's revenue is primarily derived from projects in Macau and Hong Kong[195]. Profitability and Losses - Gross profit increased to MOP 8,646,000, compared to MOP 1,862,000 in the previous year, reflecting a significant improvement in gross margin[11]. - Operating loss narrowed to MOP 3,170,000 from MOP 10,421,000 year-on-year, indicating better operational efficiency[11]. - Loss before income tax decreased to MOP 6,140,000 from MOP 12,462,000, showing a reduction of 50.7%[11]. - Loss for the period attributable to owners of the Company was MOP 6,772,000, down from MOP 12,579,000 in the prior year, representing a 46% improvement[11]. - Basic and diluted loss per share improved to MOP 0.63 from MOP 1.26, indicating a reduction in per-share losses[11]. Expenses and Costs - Administrative expenses slightly decreased to MOP 13,171,000 from MOP 13,272,000, reflecting cost control measures[11]. - The company reported finance costs of MOP 2,970,000, an increase from MOP 2,041,000, indicating higher borrowing costs[11]. - The total direct costs and administrative expenses for the six months ended June 30, 2023, were MOP 217,511, down 23.6% from MOP 284,741 in 2022[72]. - Interest expenses on bank borrowings rose to MOP 2,699 in 2023 from MOP 1,879 in 2022, marking an increase of 43.6%[75]. Assets and Liabilities - Total assets decreased from MOP 535,492,000 as of December 31, 2022, to MOP 466,025,000 as of June 30, 2023, representing a decline of approximately 12.94%[15]. - Total liabilities decreased from MOP 334,229,000 as of December 31, 2022, to MOP 260,204,000 as of June 30, 2023, a reduction of about 22.08%[17]. - Total equity increased from MOP 201,263,000 as of December 31, 2022, to MOP 205,821,000 as of June 30, 2023, reflecting a growth of approximately 2.79%[19]. - Cash and cash equivalents significantly decreased from MOP 18,915,000 as of December 31, 2022, to MOP 3,414,000 as of June 30, 2023, a drop of about 81.96%[15]. Cash Flow and Financing - Net cash used in operating activities decreased to MOP 3,365,000 in H1 2023 from MOP 17,118,000 in H1 2022, indicating improved operational efficiency[23]. - Cash flows from investing activities generated a net cash inflow of MOP 36,000 in H1 2023, a significant recovery from a net outflow of MOP 10,498,000 in H1 2022[23]. - New bank borrowings raised amounted to MOP 263,527,000 in H1 2023, compared to MOP 349,246,000 in H1 2022, reflecting a decrease of approximately 24.5%[23]. - The repayment of bank borrowings was MOP 282,755,000 in H1 2023, down from MOP 309,963,000 in H1 2022, showing a reduction of about 8.8%[23]. Segment Information - The Group had one reportable operating segment in H1 2023, down from two segments in H1 2022, indicating a strategic focus on building and ancillary services[42]. - For the six months ended June 30, 2023, the segment revenue from Building and Ancillary Services was MOP 212,986,000, a decrease of 22% compared to MOP 273,331,000 for the same period in 2022[46][56]. - The segment profit for Building and Ancillary Services was MOP 8,499,000, compared to MOP 1,367,000 in the previous year, indicating a significant increase in profitability[46][47]. Customer and Market Focus - The Group's customers primarily include hotel and casino owners, the Macau Government, and private developers[195]. - The Group operates in both the private and public sectors, with public sector projects being those contracted by the Macau Government[195]. - The Group's focus includes infrastructure related to hotels, casinos, and public utilities[197]. Share Capital and Equity - The company issued placing shares, increasing share capital from MOP 10,300,000 to MOP 11,330,000[19]. - As of June 30, 2023, the total issued and fully paid shares increased to 1,100,000,000, up from 1,000,000,000 as of December 31, 2022, reflecting a 10% increase[135]. - The gross proceeds from the placing of 100,000,000 shares amounted to approximately MOP11,330,000 (approximately HK$11,000,000), with net proceeds of approximately MOP11,160,000 (approximately HK$10,835,000) intended for general working capital[136]. Other Financial Metrics - The Group recognized no government grants in the first half of 2023, compared to MOP 247,000 in 2022 related to the Employment Support Scheme[69][71]. - The Group recognized impairment losses of approximately MOP 465,000 during the six months ended June 30, 2023, compared to MOP 505,000 for the same period in 2022, indicating a decrease of 7.9%[119]. - The Group's performance guarantees amounted to approximately MOP209,899,000, a decrease from MOP358,807,000 as of December 31, 2022[174].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Kin Pang Holdings Limited 建 鵬 控 股 有 限 公 司 （於開曼群島註冊成立的有限責任公司） （股份代號：1722） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中期業績 建鵬控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月的未經審核簡 明綜合財務資料，連同二零二二年同期的比較數字。 本公告下文所載財務資料摘錄自截至二零二三年六月三十日止六個月之簡明 綜合財務報表，該等報表未經審核，但已由本公司審核委員會審閱。 ...

Financial Performance - The Group's revenue decreased by approximately 37.6% from approximately MOP 959.0 million in 2021 to approximately MOP 598.8 million in 2022[16]. - The Group recorded a loss for the year of approximately MOP 11.6 million for the year ended December 31, 2022[16]. - The Group's total revenue for the year ended December 31, 2022, decreased by approximately MOP360.1 million or 37.6% compared to 2021, primarily due to the completion of large-scale projects[36]. - Revenue from building and ancillary services dropped by approximately MOP352.1 million or 37.1% in 2022, reflecting fewer works performed compared to the previous year[37]. - The Group's gross profit increased by approximately MOP14.6 million or 158.7% to approximately MOP23.8 million for the year ended December 31, 2022, with a gross profit margin rising to approximately 4.0% from 1.0% in 2021[38]. - The group reported a loss of approximately MOP11.6 million for the year ended 31 December 2022, an improvement from a loss of approximately MOP20.8 million for the year ended 31 December 2021[51]. - Total comprehensive loss was approximately MOP11.7 million for the year ended 31 December 2022, compared to approximately MOP22.0 million for the year ended 31 December 2021[53]. - Basic loss per share improved to approximately MOP1.16 cents for the year ended 31 December 2022, compared to MOP2.08 cents for the previous year[54]. Operational Highlights - The Group completed 37 building and ancillary services projects and was awarded 29 new projects during the year[16]. - The Group completed 37 building and ancillary services projects during the year ended December 31, 2022, with a backlog of 12 projects totaling an outstanding contract sum of MOP336.1 million[33]. - The Group secured a significant contract for construction works on a public road and drainage network in collaboration with a local construction company[17]. - The Group received another contract for bored piling works, showcasing its expertise in foundation-related services[17]. Cost and Expenses - Administrative expenses increased due to setup fees for joint operations, impacting overall profitability[15]. - The Group's finance costs rose due to higher interest rates and increased borrowing amounts[15]. - Administrative expenses increased by approximately MOP3,158,000 or 11.5% to approximately MOP30,577,000 for the year ended 31 December 2022, primarily due to setup fees for joint operations and rent for staff quarters[44]. - Finance costs surged by approximately MOP2,628,000 or 103.7% to approximately MOP5,162,000 for the year ended 31 December 2022, attributed to higher interest expenses on bank borrowings[45]. Market Outlook - The Group anticipates greater activity in the construction markets in Macau as pandemic-related restrictions are lifted, particularly with the expected renewal of gambling licenses[23]. - The Group plans to strengthen its market share in the public sector in Macau and explore opportunities in new markets, such as the Greater Bay Area[23]. - Future growth in the construction industry in Macau and Hong Kong is dependent on the availability of major construction projects, influenced by government spending and economic conditions[68]. - The Group's business and operational results may be negatively impacted if construction activities decline or if the economy in Macau worsens due to recession or changes in currency policy[72]. Risk Management - The Group's financial condition, profitability, and liquidity may be adversely affected by inaccurate estimations of time and costs in projects, leading to potential delays and cost overruns[67]. - The Group's credit risk concentration increased, with 51.8% of total trade receivables due from the largest debtor as of December 31, 2022, compared to 43.4% in 2021[108]. - The Group's maximum exposure to credit risk is primarily from trade receivables and other financial assets recognized in the consolidated statement of financial position[107]. - The Group's interest rate risk arises primarily from variable-rate and fixed-rate borrowings, with no financial derivatives used for hedging[100]. Management and Governance - The Group has a strong management team with over 30 years of experience in the construction industry[135]. - The Group's management structure includes a diverse range of expertise, contributing to strategic decision-making and operational success[157][164]. - The company has adopted the Corporate Governance Code and complied with all applicable provisions except for the separation of the roles of chairman and CEO, which are currently held by Mr. Kong Kin I[171]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of power and authority[182]. - The Board has established mechanisms to ensure independent views are available, including the appointment of at least three independent non-executive directors[190]. Environmental and Social Responsibility - The Group's commitment to environmental management is demonstrated by its compliance with ISO 14001:2015 standards, promoting environmental awareness and preventing pollution[80]. - The Group is increasingly conscious of ESG initiatives and aims to support the transition to a low-carbon and sustainable future[178]. - The company emphasizes a corporate culture based on lawful, ethical, and responsible conduct, fostering long-term sustainable business models[177]. Employee and Workforce - The Group had 538 full-time employees as of December 31, 2022, compared to 416 in 2021, indicating a growth in workforce[116]. - The Group has not faced significant labor disputes or difficulties in recruiting skilled personnel, maintaining good relationships with employees[78].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Kin Pang Holdings Limited 建 鵬 控 股 有 限 公 司 （於開曼群島註冊成立的有限責任公司） （股份代號：1722） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 經 審 核 全 年 業 績 公 告 全年業績 建鵬控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的經審核綜 合財務資料，連同截至二零二一年十二月三十一日止年度的相應比較數字。 ...

Revenue and Profitability - Revenue for the six months ended June 30, 2022, was MOP 273,331,000, a decrease of 43.3% compared to MOP 481,065,000 in the same period of 2021[6]. - Gross profit for the same period was MOP 1,862,000, down from MOP 24,705,000, indicating a significant decline in profitability[6]. - The operating loss for the six months was MOP 10,421,000, compared to an operating profit of MOP 10,078,000 in the previous year[6]. - The loss attributable to the owners of the Company for the period was MOP 12,579,000, contrasting with a profit of MOP 7,240,000 in 2021[6]. - Basic and diluted loss per share was MOP (1.26), compared to earnings of MOP 0.72 per share in the prior year[6]. - Total comprehensive loss for the period attributable to the owners of the Company was MOP 12,595,000, compared to a total comprehensive income of MOP 7,240,000 in 2021[8]. - The Group's total revenue for the six months ended 30 June 2022 was MOP273.3 million, a decrease of approximately MOP207.7 million or 43.2% compared to MOP481.1 million in the same period of 2021[182]. - Gross profit decreased by approximately MOP22.8 million or 92.3% to approximately MOP1.9 million for the six months ended 30 June 2022, with a gross profit margin dropping to approximately 0.7% from 5.1%[185][187]. - The decline in gross profit was mainly due to intense market competition in the construction industry and rising construction costs influenced by COVID-19[186]. Expenses and Costs - Administrative expenses rose to MOP 13,272,000 from MOP 12,804,000, reflecting increased operational costs[6]. - Finance costs increased by approximately MOP1,319,000 or 182.7% to approximately MOP2,041,000, attributed to higher interest expenses on bank borrowings[188]. - The total direct costs and administrative expenses for the six months ended June 30, 2022, amounted to MOP 284,741,000, down from MOP 469,164,000 in 2021, indicating a reduction of about 39%[66]. Cash Flow and Assets - Cash and cash equivalents increased to MOP 18,927,000, a rise of 83% compared to MOP 10,330,000 as of December 31, 2021[11]. - Net cash used in operating activities for the six months ended June 30, 2022, was MOP 17,118, a decrease from MOP 25,134 in the same period of 2021, representing a 32% improvement[23]. - Cash and cash equivalents at the end of the period were MOP 18,927, down from MOP 62,572 at the end of June 2021, representing a 70% decrease[23]. - The Group's non-current assets as of June 30, 2022, totaled MOP 76,161,000, a slight decrease from MOP 77,656,000 as of December 31, 2021[54]. Liabilities and Borrowings - Total liabilities decreased to MOP 345,280,000 from MOP 370,520,000, marking a reduction of about 6.8%[12]. - Bank borrowings increased to MOP 169,501,000 from MOP 130,219,000, representing a rise of approximately 30%[12]. - The effective interest rate on the Group's bank borrowings was 3.10% per annum for the six months ended June 30, 2022, down from 3.21% per annum as of December 31, 2021[147]. - The Group's secured bank borrowings of MOP 72,224,000 are guaranteed by pledged bank deposits and property, plant, and equipment valued at MOP 41,900,000 and MOP 10,045,000 respectively[151]. Operational Performance - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[6]. - The Group's financial performance indicates a need for strategic adjustments to address the decline in revenue and profitability across segments[39]. - The decrease in revenue was attributed to the completion of large-scale foundation works and the absence of emergency repair service contracts during the period[182]. - The Group completed 4 building and ancillary services projects during the reporting period[178]. Segment Information - For the six months ended June 30, 2022, the Group's segment revenue from Building and Ancillary Services was MOP 272,343,000, while Emergency Repair Services generated MOP 988,000, leading to a consolidated revenue of MOP 273,331,000[39]. - Revenue from external customers in Macau for the six months ended June 30, 2022, was MOP 253,974,000, a decrease from MOP 459,497,000 in the same period of 2021[53]. - Revenue from Hong Kong for the same period was MOP 19,357,000, down from MOP 21,568,000 in 2021, contributing to the overall decline in consolidated revenue[53]. Compliance and Governance - The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with local regulations[26]. - The company has maintained the same accounting policies and methods of computation as presented in the previous year's annual financial statements[26]. - The management has commenced negotiations with the bank for a waiver of the technical breach of the loan covenant, which has not yet been obtained as of the report date[154].

Financial Performance - The Group reported a challenging second half of 2021 due to intense market competition, leading to downward pressure on tender prices and gross profit margins[12]. - The Group's profitability was significantly impacted by the combination of market competition, rising costs, and unresolved variation works[12]. - The Group recorded a loss for the year of approximately MOP22.6 million for the year ended 31 December 2021[14]. - The Group's total revenue increased by approximately MOP264.6 million or 38.1% for the year ended 31 December 2021 compared to the previous year, primarily driven by a 39.6% increase in building and ancillary services revenue[35]. - Gross profit decreased by approximately MOP32.8 million or 78.1%, resulting in a gross profit margin decline to approximately 1.0% for the year ended 31 December 2021[36]. - The decrease in gross profit was attributed to intense market competition, rising construction costs due to COVID-19, and ongoing negotiations regarding variation works[37]. - The Group reported a loss of approximately MOP20.8 million for the year ended 31 December 2021, compared to a profit of approximately MOP12.9 million for the previous year[43]. - Total comprehensive loss was approximately MOP22.0 million for the year ended 31 December 2021, compared to total comprehensive income of approximately MOP6.0 million for the year ended 31 December 2020[50]. - Basic loss per share for the year ended 31 December 2021 was approximately MOP2.08 cents, compared to basic earnings per share of MOP1.29 cents in 2020[50]. Market Conditions - Construction costs increased persistently due to the impact of COVID-19 on the global supply chain, negatively affecting profitability[12]. - The economic recovery in Macau and Hong Kong has been gradual, with the Group capturing opportunities in the construction sector[12]. - The Group holds an optimistic view of the overall construction market in Macau due to the expansion of public sector projects[16]. - The Group expects inflation and supply shortages in construction materials and labor to create further operational difficulties[22]. - The recent outbreak of Omicron is anticipated to negatively impact the economy and business operations in both Hong Kong and Macau[20]. - The construction industry's growth in Macau and Hong Kong is contingent on the availability of major projects, influenced by government spending, economic conditions, and the gaming industry's performance[57][59]. - The Group's financial performance may be adversely affected if there is a decline in construction activities or if the economy of Macau worsens due to various external factors[61][62]. Project and Service Overview - The Group was awarded several building and ancillary services projects in Macau and Hong Kong, indicating a gradual economic recovery in these regions[12]. - The Group completed 40 building and ancillary services projects during the year ended 31 December 2021, with an aggregate contract sum of MOP1,065.1 million awarded[32]. - As of 31 December 2021, the Group's backlog consisted of 20 building and ancillary services projects with an aggregate outstanding contract sum of MOP455.6 million[32]. - The Group has accumulated experience in providing a wide spectrum of construction services since its establishment in 2006, focusing on hotel and casino resorts, property developers, and public utilities[8]. - The services offered include foundation works, hard landscaping, road works, and emergency repair services related to electricity and water supply[9]. - The Group's integrated construction contractor model allows it to provide both building and ancillary services as well as emergency repair services[8]. Cost Management and Operational Challenges - The Group aims to improve cost control measures to mitigate the impact of expected increases in construction costs[23]. - Rising construction costs due to increased raw material, labor, and subcontractor fees have prompted the Group to improve cost control measures to mitigate negative impacts on profitability[106]. - Administrative expenses increased by approximately MOP5,895,000 or 27.4% to approximately MOP27,419,000, primarily due to higher staff costs[41]. - Finance costs rose by approximately MOP1,254,000 or 98.0% to approximately MOP2,534,000, mainly due to increased bank loan interest[41]. Governance and Management - The Group has a strong leadership team with diverse backgrounds in construction, management consulting, and legal services[122]. - The Group's governance includes independent non-executive directors to ensure oversight and independent judgment[126]. - The company emphasizes high standards of corporate governance to safeguard shareholder interests and enhance corporate value[147]. - The Board consists of five Directors, including three independent non-executive Directors, ensuring sufficient independent voice within the Board[154]. - The independent directors bring valuable insights and governance to the Group, enhancing decision-making processes[131]. - The company has adopted a nomination policy for Directors, considering criteria such as character, qualifications, and board diversity[164]. Employee and Workforce Management - The total number of full-time employees increased to 416 as of December 31, 2021, compared to 354 in 2020[101]. - The Group's gross staff costs from operations were approximately MOP103.6 million for the year ended December 31, 2021, slightly down from MOP105.1 million in 2020[101]. - The Group has not faced significant labor disputes or difficulties in recruiting and retaining skilled personnel, ensuring smooth operations[72]. - The Group provides various training programs for employees, including those related to occupational health and safety[72]. Financial Position and Risk Management - As of December 31, 2021, bank borrowings amounted to approximately MOP130.2 million, a significant increase from MOP28.3 million in 2020[83]. - The current ratio decreased from 1.9 times as of December 31, 2020, to 1.4 times as of December 31, 2021, primarily due to an increase in current portions of bank borrowings[83]. - The gearing ratio increased from 12.1% as of December 31, 2020, to 61.2% as of December 31, 2021, mainly due to an increase in bank borrowings of MOP101.9 million during the year[83]. - The Group's maximum exposure to credit risk is primarily from trade receivables, contract assets, and other financial assets recognized in the financial position[95]. - The Group's credit risk concentration is significant, with 43.4% of total trade receivables due from the largest debtor and 86.4% from the five largest debtors within the building and ancillary services segment[96]. - The Group does not currently have a foreign currency hedging policy but monitors foreign exchange exposure and will consider hedging if necessary[90].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Kin Pang Holdings Limited 建鵬控股有限公司 （股份代號：1722） （於開曼群島註冊成立的有限責任公司） 截至二零二一年十二月三十一日止年度的 未經審核全年業績公告 未經審核全年業績 建 鵬 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度 的 未 經 審 核 綜 合 財 務 資 料，連 同 截 至 二 零 二 零 年 十 二 月 三 十 一 日 止 年 度 的 相 應 比 較 數 字。於 本 公 告 日 期，誠 如 本 公 告「審 閱 未 經 審 核 全 年 業 績」一 段 所 述 原 因，本 集 團 截 至 二 零 二 一 年 十 二 月 三 十 一 ...

Financial Performance - Revenue for the six months ended June 30, 2021, was MOP 559,770,000, a significant increase of 137.5% compared to MOP 235,453,000 in the same period of 2020[9] - Gross profit for the same period was MOP 24,705,000, representing a gross margin of approximately 4.4%[9] - Profit before tax increased to MOP 9,356,000, up 105.5% from MOP 4,569,000 in the prior year[9] - Profit attributable to owners of the Company for the period was MOP 7,240,000, compared to MOP 3,226,000 in 2020, marking a year-over-year increase of 124.4%[9] - Basic earnings per share for the period was 0.72 MOP cents, up from 0.32 MOP cents in the previous year[9] - The Group's profit and total comprehensive income attributable to owners of the Company increased by approximately MOP4.0 million or 125.0% from approximately MOP3.2 million for the six months ended 30 June 2020 to approximately MOP7.2 million for the six months ended 30 June 2021[152] Assets and Liabilities - Total assets as of June 30, 2021, were MOP 509,149,000, an increase from MOP 423,021,000 at the end of 2020[11] - Current liabilities increased to MOP 300,435,000 from MOP 218,294,000 at the end of 2020[11] - The net current assets stood at MOP 208,714,000, slightly up from MOP 204,727,000 in the previous period[11] - The company reported an increase in contract assets to MOP 276,123,000, compared to MOP 190,692,000 at the end of 2020[11] - The net assets of the company rose to MOP 242,144,000, up from MOP 234,904,000, indicating a 3.3% increase[6] - The total equity at June 30, 2021, was MOP 242,144,000, compared to MOP 234,904,000 at the end of 2020, reflecting a growth of 3.3%[6] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2021, was MOP (25,134,000), a decline from MOP 15,745,000 in the same period of 2020[20] - The net cash used in investing activities was MOP (13,425,000), compared to MOP (27,262,000) in the prior year, showing a reduction of 50.8%[20] - The net cash from financing activities significantly increased to MOP 71,024,000, compared to MOP (10,883,000) in the previous year[20] - The cash and cash equivalents at the end of the period were MOP 62,572,000, up from MOP 29,433,000, marking a substantial increase of 112.2%[20] Revenue Breakdown - Revenue from building and ancillary services was MOP 554,942,000, compared to MOP 229,609,000 in 2020, indicating an increase of about 141.5%[26] - The geographical breakdown shows that revenue from Macau was MOP 538,202,000, while revenue from Hong Kong was MOP 21,568,000, with the latter being a new revenue stream[26] - Segment revenue from Building and ancillary services was MOP 554,942,000, while Emergency repair services contributed MOP 4,828,000[39] Expenses - Administrative expenses rose to MOP 12,804,000 from MOP 10,157,000 in the previous year, reflecting increased operational costs[9] - Employee benefits expenses rose to MOP 50,482,000 in 2021 from MOP 40,074,000 in 2020, reflecting an increase of 25.5%[66] - Finance costs increased by approximately MOP171,000 or 31.0% from approximately MOP551,000 for the six months ended June 30, 2020 to approximately MOP722,000 for the six months ended June 30, 2021, mainly due to increased interest expenses of bank borrowings[149] Shareholder Information - As of June 30, 2021, Mr. Kong Kin I holds a beneficial interest in 684,950,000 shares, representing 68.50% of the total shares[176] - Ms. Choi Fong Lan, as the spouse of Mr. Kong Kin I, is deemed to have an interest in the same number of shares, 684,950,000, equating to 68.50%[176] - Fortunate Year Investments Limited, controlled by Mr. Kong Kin I (60%) and Ms. Choi Fong Lan (40%), holds 670,000,000 shares, which is 67.00% of the company[187] Corporate Governance - The Board did not recommend the payment of any interim dividend for the six months ended 30 June 2021[192] - The Company has complied with all applicable code provisions set out in the Corporate Governance Code except for code provision A.2.1[195] - The audit committee, consisting of three independent non-executive Directors, reviewed the unaudited condensed consolidated financial statements for the six months ended 30 June 2021[195] Market Outlook - The Group maintains a conservative outlook on its business and financial performance due to increased competition in Macau's construction market[169] - The Group plans to strengthen its position as an integrated construction contractor in Macau and expand its business in Hong Kong[171] - The Group is seeking additional business opportunities related to construction, including property development in the Greater Bay Area and Asia-Pacific Region[171]

Financial Performance - The Group's revenue increased by approximately 142% from approximately MOP292.6 million in 2019 to approximately MOP708.2 million in 2020[12]. - The profit for the year was approximately MOP12.9 million, representing a decrease of approximately 9.2% compared to the previous financial year[12]. - The Group's gross profit increased by approximately MOP3.0 million or 7.7% to approximately MOP42.0 million for the year ended 31 December 2020, while the gross profit margin decreased to approximately 5.9% from 13.3% in the previous year[30]. - Total comprehensive income decreased by approximately MOP9.2 million or 60.7% to approximately MOP6.0 million, mainly due to the combined effect of various financial items[36]. - Basic earnings per share for the year ended 31 December 2020 was approximately MOP1.29 cents, representing a decrease of approximately MOP0.13 cents or 9.2% compared to the previous year[37]. Revenue Sources and Projects - Revenue from building and ancillary services rose by approximately MOP418.4 million or 151.7%, primarily driven by large-scale foundation works[29]. - The Group completed 34 building and ancillary services projects during the year and was awarded 35 new projects with a total contract sum of MOP 165.4 million[24]. - As of December 31, 2020, the Group's backlog included 20 projects with an outstanding contract sum of MOP 415.7 million[25]. - The Group's emergency repair services contributed MOP 13.9 million, accounting for 2% of total revenue, a decrease from the previous year's MOP 16.8 million[29]. Market Conditions and Outlook - The impact of COVID-19 on Macau's construction market was relatively mild, with delays being less than expected[15]. - The Group expects the economic recovery in Macau and Hong Kong to stimulate a more active construction market, presenting opportunities for revenue expansion[19]. - The construction market in Macau showed resilience during the COVID-19 pandemic, with project delays being lower than anticipated[17]. - The Group anticipates increased demand for construction services, including new projects and the resumption of delayed projects, despite potential rises in construction costs[19]. Corporate Governance - The company is committed to achieving high standards of corporate governance to safeguard shareholder interests and enhance corporate value[109]. - The Board believes that good corporate governance is essential for formulating business strategies and enhancing transparency and accountability[109]. - The company has adopted the code provisions set out in the Corporate Governance Code contained in Appendix 14 to the Listing Rules[110]. - All independent non-executive directors have confirmed their independence in accordance with the guidelines set out in the Listing Rules[128]. Risk Management and Compliance - The Group has implemented risk management measures to ensure compliance with subcontracting terms and relevant laws, focusing on occupational health and safety[51]. - The Group maintains a policy for the immediate announcement of inside information as per the Securities and Futures Ordinance and Listing Rules[181]. - The Board conducted an annual review of the effectiveness of the Group's risk management and internal control systems, concluding that they are in place and effective[180]. Employee and Labor Practices - The Group's total employee costs from operations, including director's emoluments, was approximately MOP 105.1 million for the year ended 31 December 2020, compared to MOP 52.4 million in 2019[73]. - As of 31 December 2020, the Group had 354 full-time employees, an increase from 147 in 2019[73]. - The Group has not faced significant labor disputes or difficulties in recruiting and retaining skilled personnel, indicating a stable workforce[52]. Environmental and Social Responsibility - The Group has established an environmental management system compliant with ISO 14001:2015 to promote environmental awareness and prevent pollution[60]. - The Group emphasizes continuous improvement in corporate social responsibility to meet the evolving needs of society[188]. - The Group undertakes annual materiality assessments, identifying 23 key issues across environmental protection, employment practices, operational practices, and community investment[196]. Financial Position and Capital Management - As of December 31, 2020, the Group had bank balances and cash of approximately MOP30.1 million, unchanged from 2019, and no bank overdrafts[58]. - The Group's bank borrowings amounted to approximately MOP28.3 million as of December 31, 2020, an increase from MOP15.8 million in 2019[65]. - The gearing ratio increased from 6.9% as of December 31, 2019, to 12.1% as of December 31, 2020, mainly due to an increase in bank borrowings of MOP12.5 million during the year[65]. Strategic Initiatives - The Group plans to enhance market shares in Macau and Hong Kong post-COVID-19 recovery, aiming for medium to long-term value creation for shareholders[80]. - The Group will continue to develop building and ancillary services in Hong Kong to expand its revenue base and achieve long-term growth[81].

Financial Performance - Revenue for the six months ended June 30, 2020, was MOP 235,453,000, a significant increase from MOP 59,386,000 in the same period of 2019, representing a growth of 296%[7] - Gross profit for the same period was MOP 17,344,000, compared to MOP 11,724,000 in 2019, indicating a year-over-year increase of 48%[7] - Profit before tax reached MOP 4,569,000, up from MOP 3,326,000 in 2019, reflecting a growth of 37%[7] - Total comprehensive income attributable to owners of the Company for the period was MOP 3,226,000, compared to MOP 2,590,000 in 2019, marking an increase of 25%[7] - Basic earnings per share for the period was 0.32 MOP cents, up from 0.26 MOP cents in the previous year, representing a growth of 23%[7] - The company reported a profit of MOP 3,226,000 for the period, compared to MOP 2,590,000 in the same period last year, indicating a year-over-year increase of 24.6%[14] - The profit before tax for the group was MOP 4,569,000, reflecting the overall profitability of the operations during the reporting period[33] - Profit attributable to owners of the Company increased by approximately MOP0.6 million or 23.1%, from MOP2.6 million for the six months ended June 30, 2019, to MOP3.2 million for the same period in 2020[135][140] Assets and Liabilities - Non-current assets increased to MOP 62,115,000 as of June 30, 2020, compared to MOP 53,766,000 at the end of 2019, showing a growth of 15%[10] - Trade receivables decreased to MOP 52,993,000 from MOP 84,251,000 at the end of 2019, a decline of 37%[10] - Current liabilities decreased to MOP 114,238,000 from MOP 119,910,000 at the end of 2019, indicating a reduction of 5%[10] - Net assets rose to MOP 232,148,000, up from MOP 228,922,000, reflecting a growth of 1.0%[11] - Total equity reached MOP 232,148,000, compared to MOP 228,922,000 at the end of 2019, indicating a 1.0% increase[11] - Cash and cash equivalents at the end of the period were MOP 29,433,000, down from MOP 49,223,000, reflecting a decrease of 40.2%[15] - The Group's trade receivables as of June 30, 2020, were MOP 52,993,000, down from MOP 84,251,000 at the end of 2019, indicating a decrease of 37.1%[66] - The Group's contract assets as of June 30, 2020, amounted to MOP 140,363,000, a decrease from MOP 157,317,000 as of December 31, 2019, reflecting a decline of about 10.8%[74] Cash Flow - Net cash generated from operating activities was MOP 15,745,000, a significant recovery from a cash outflow of MOP 10,973,000 in the previous year[15] - Net cash used in investing activities totaled MOP 27,262,000, compared to MOP 3,841,000 in the prior year, showing a substantial increase in investment outflows[15] - Net cash generated from financing activities amounted to MOP 10,883,000, recovering from a cash outflow of MOP 1,780,000 in the previous year[15] - The Group's total bank borrowings are secured by property, plant, and equipment valued at MOP 10,779,000 as of June 30, 2020[94] Revenue Breakdown - Building and ancillary services accounted for MOP 229,609,000 of the total revenue, while emergency repair services contributed MOP 5,844,000[21] - Revenue from Customer A for the six months ended June 30, 2020, was MOP 207,131,000, a significant increase from MOP 23,048,000 in 2019[51] - The geographical revenue breakdown shows that all revenue was generated from Macau, with no revenue reported from Hong Kong during this period[46] Expenses and Costs - The Group's employee benefits expenses for the six months ended June 30, 2020, were MOP 40,074,000, with no comparative figure provided for 2019[59] - Administrative expenses rose by approximately MOP2.1 million or 25.9%, from MOP8.1 million for the six months ended June 30, 2019, to MOP10.2 million for the same period in 2020, primarily due to increased salaries and depreciation of right-of-use assets[126][130] - Finance costs surged by approximately MOP433,000 or 366.9%, from MOP118,000 for the six months ended June 30, 2019, to MOP551,000 for the same period in 2020, mainly due to higher bank loan interest and lease liabilities[127][131] Market and Strategic Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments and strategic initiatives[6] - The Group anticipates increased competition in Macau's construction market, leading to potentially lower project profitability compared to previous years[161] - The Group plans to strengthen its position as an integrated construction contractor in Macau while exploring new business opportunities, particularly in Hong Kong[162] Corporate Governance - The Company is committed to achieving a high standard of corporate governance to safeguard shareholders' interests and enhance corporate value[195] - The Company has complied with all applicable code provisions set out in the Corporate Governance Code except for a deviation from provision code A.2.1[196] COVID-19 Impact - The Group recognized government grants of MOP 311,000 related to COVID-19 subsidies during the interim period[54] - The impact of COVID-19 on Macau's construction market was relatively mild, with limited effects on project progress due to effective government measures[160] - The Group will continue to monitor the COVID-19 situation closely due to its potential impact on operations[163]