Financial Performance - The company reported a consolidated profit of $XX million for the year, representing a YY% increase compared to the previous year[4] - The Group's revenue for the year ended 31 December 2020 was approximately HK$305.0 million, a decrease of approximately HK$253.1 million or 45.4% compared to approximately HK$558.1 million for the year ended 31 December 2019[20] - The gross profit for the year was approximately HK$3.8 million, significantly lower than the gross profit of approximately HK$70.2 million for the year ended 31 December 2019[20] - The net profit attributable to owners of the Company decreased by approximately HK$28.4 million or approximately 79.4% to HK$7.4 million for the year, down from approximately HK$35.8 million for the year ended 31 December 2019[25] - Other income increased significantly by approximately 3,647.9% to approximately HK$13.5 million, up from approximately HK$359,000 for the year ended 31 December 2019, primarily due to government subsidies[22] Revenue and Sales Growth - User data showed a growth of ZZ% in active users, reaching a total of AA million users by the end of the fiscal year[4] - The company provided a revenue guidance of $BB million for the next fiscal year, indicating a projected growth of CC%[4] - New product launches contributed to a revenue increase of $DD million, accounting for EE% of total sales[4] - Market expansion efforts led to a YY% increase in sales in the Asia-Pacific region, with total sales reaching $GG million[4] Operational Efficiency and Investments - The company reported a cash flow from operations of $II million, reflecting strong operational efficiency[4] - The company invested $FF million in R&D for new technologies, aiming to enhance product offerings and market competitiveness[4] - The Group aims to improve operating efficiency and proactively seek profitable projects to mitigate adverse impacts[20] - The Board will take appropriate measures to enhance operational efficiency and pursue profitable projects[20] Strategic Acquisitions and Market Position - The company completed a strategic acquisition for $HH million, expected to enhance its market position and operational capabilities[4] - The Group plans to expand its customer base and market share by continuing to provide quality works[18] - The Group plans to engage more in private sector projects to mitigate reliance on government infrastructure projects[132] Human Resources and Employee Management - As of December 31, 2020, the Group employed a total of 21 employees, down from 42 employees as of December 31, 2019[37] - Total staff costs for the year were approximately HK$12.3 million, compared to approximately HK$16.3 million for the year ended December 31, 2019[37] - The Group has established a sound performance appraisal system to reward and recognize well-performing staff, promoting career development through appropriate training[44] - The Group's human resource management aims to provide competitive remuneration packages and effective performance appraisal systems[44] Corporate Governance - The Company has adopted the CG Code as set out in Appendix 14 to the Listing Rules and has complied with the code provisions, except for a deviation from code provision A.2.1[167] - The Company is committed to maintaining high standards of corporate governance to enhance shareholder value and safeguard the interests of stakeholders[166] - The Board comprises experienced individuals with adequate independent elements to ensure effective governance[168] - The Company has adopted a code of conduct for securities trading by Directors and related employees, ensuring compliance with the Listing Rules[178] Risk Management and Future Outlook - The ongoing COVID-19 outbreak is expected to continue adversely impacting the construction industry in Hong Kong in the near future[20] - The Group's operational results may vary significantly due to factors such as political and economic environment, competitiveness, and internal processes[124] - The Group conducts regular aging analysis of receivables to manage financial liquidity and understand customer solvency[131] Community Engagement and Sustainability - The Group is committed to sustainability and aims to minimize adverse environmental impacts through operational efficiencies and eco-friendly measures[145] - The Group is actively involved in community programs and contributing to society[145] Board Composition and Director Information - The Board consists of seven members, including three executive Directors, one non-executive Director, and three independent non-executive Directors[176] - The Company held four Board meetings and one annual general meeting during the Year, with full attendance from executive Directors[188] - Each independent non-executive Director has confirmed their independence in accordance with the Listing Rules during the Year[184]

Financial Performance - The Group recorded a net profit of approximately HK$11.0 million for the six months ended June 30, 2020, compared to HK$16.3 million for the same period in 2019, representing a decrease of approximately 32.5%[19]. - The Group's revenue decreased by approximately HK$72.8 million or approximately 26.0% from approximately HK$280.2 million for the six months ended 30 June 2019 to approximately HK$207.4 million for the Review Period[26]. - Gross profit for the Review Period amounted to approximately HK$17.9 million, representing a decrease of approximately 48.4% compared to approximately HK$34.7 million for the six months ended 30 June 2019, with a gross profit margin of approximately 8.6%[27]. - Profit before tax decreased to HK$12,994, a decline of 40% compared to HK$21,493 in the previous year[70]. - Profit and total comprehensive income for the period was HK$11,006, down 32% from HK$16,305 in 2019[70]. - Basic earnings per share decreased to 0.42 HK cents, down 50% from 0.84 HK cents in the same period last year[70]. Impact of COVID-19 - The decrease in net profit was primarily attributed to an increase in overall construction costs and delays in site progress due to the COVID-19 outbreak, which led to higher subcontracting costs[19]. - The impact of the COVID-19 pandemic has resulted in increased costs due to the prolonged need for maintaining the required site workforce[19]. - The Group's management is focused on ensuring sustainable operations amid economic uncertainty caused by COVID-19[61]. Projects and Operations - As of June 30, 2020, the Group had a total of 13 ongoing projects with an original contract sum of approximately HK$867.9 million in aggregate[18]. - The ongoing projects include those that have commenced but are not substantially completed, as well as projects that have been awarded but not yet commenced[18]. - The Group's operations are primarily focused in Hong Kong, where it is recognized as an established subcontractor in the construction industry[15]. Financial Position - The Group's total cash and bank balances as of 30 June 2020 were approximately HK$9.7 million, down from approximately HK$24.7 million as of 31 December 2019[36]. - The gearing ratio increased to approximately 6.9% as of 30 June 2020, up from approximately 1.7% as of 31 December 2019, due to higher total indebtedness from new bank borrowings[43]. - The Group had approximately HK$6.4 million of net book value of leasehold land and buildings pledged for banking facilities as of 30 June 2020[44]. - As of June 30, 2020, the Group's debt-to-equity ratio was approximately 6.9%, an increase from about 1.7% on December 31, 2019, primarily due to new bank borrowings during the review period[48]. Staff and Expenses - Total staff costs for the review period amounted to approximately HK$8.0 million, down from approximately HK$8.7 million for the six months ended June 30, 2019[54]. - Administrative expenses rose by approximately 60.1% to approximately HK$4.5 million compared to approximately HK$2.8 million for the six months ended June 30, 2019[32]. - The company reported a short-term lease expense of HK$157,000 for renting office premises from a controlling shareholder, Mr. Adam Cheung, for the six months ended 30 June 2020, compared to HK$70,000 in the same period of 2019[192]. Share Capital and Listing - The Group's shares were successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on August 16, 2019, marking a significant milestone for the Company[17]. - The issued share capital remained at HK$40,000,000 as of both June 30, 2020, and December 31, 2019, with a total of 4,000,000,000 shares authorized[183]. - A total of 650,000,000 ordinary shares were issued at an offer price of HK$0.2 per share upon listing on the Stock Exchange on 16 August 2019[188]. Related Party Transactions - The company’s related party transactions included short-term lease expenses, indicating ongoing financial interactions with its controlling shareholder[191]. - The remuneration for key management personnel, including directors and their close family members, was HK$1,342,000 in short-term benefits and HK$41,000 in post-employment benefits for the six months ended 30 June 2020, down from HK$1,701,000 and HK$44,000 respectively in 2019[194]. Accounting and Reporting - The company has prepared its condensed consolidated financial statements in accordance with Hong Kong Accounting Standards, specifically HKAS 34 for interim financial reporting[1]. - The financial statements do not include all information required in annual consolidated financial statements and should be read in conjunction with the Group's annual financial statements as of December 31, 2019[1]. - The Group has adopted new and amended HKFRSs effective from January 1, 2020, but these have had no material impact on the Group's financial performance or position[98].

Financial Performance - The Group recorded a net profit of approximately HK$16.3 million for the six months ended 30 June 2019, a decrease from HK$20.8 million in the same period of 2018, primarily due to non-recurring listing expenses of approximately HK$10.9 million incurred during the Review Period[16] - Excluding the listing expenses, the Group's net profit for the Review Period would have been approximately HK$27.2 million[16] - The Group's revenue increased by approximately HK$78.4 million or 38.9% from approximately HK$201.8 million to approximately HK$280.2 million for the six months ended 30 June 2018[24] - The gross profit for the Review Period amounted to approximately HK$34.7 million, representing an increase of approximately 40.7% compared to approximately HK$24.7 million for the same period in 2018[24] - The gross profit margin for the Review Period was approximately 12.4%, slightly up from approximately 12.2% for the six months ended 30 June 2018[24] - Total comprehensive income for the period was HK$16,305,000, a decline of 21.5% compared to HK$20,808,000 in 2018[57] - Basic earnings per share for the period was 0.84 HK cents, down from 1.07 HK cents in the prior year[57] - Profit before taxation decreased to HK$21,493,000, down 11.8% from HK$24,400,000 in the previous year[57] - For the six months ended June 30, 2019, the profit before taxation was HK$16,305,000, a decrease from HK$20,808,000 in the same period of 2018, representing a decline of approximately 21.8%[149] Expenses and Costs - Other income decreased by 97.9% to approximately HK$12,000 from approximately HK$570,000 due to the absence of rental income and government subsidy[26] - Administrative expenses increased by approximately 90.8% to approximately HK$2.8 million from approximately HK$1.5 million, mainly due to increased staff costs[27] - Finance costs surged by approximately 2,433.3% to approximately HK$152,000 from approximately HK$6,000, driven by increased bank overdrafts and borrowings[28] - Income tax expense rose by approximately 44.4% to approximately HK$5.2 million from approximately HK$3.6 million, reflecting the increase in profit before taxation[29] - Total staff costs for the Review Period amounted to approximately HK$8.7 million, an increase from approximately HK$4.1 million for the six months ended June 30, 2018[41] - The company reported other income of HK$12,000 for the six months ended June 30, 2019, compared to HK$570,000 in 2018, indicating a significant decrease of approximately 97.9%[114] Financial Position - The Group's total cash and bank balances as of 30 June 2019 were approximately HK$188,000, down from approximately HK$18.1 million as of 31 December 2018[35] - Total borrowings as of 30 June 2019 were approximately HK$8.1 million, a decrease from approximately HK$20.8 million as of 31 December 2018[35] - As of June 30, 2019, the Group's gearing ratio was approximately 8.7%, a decrease from 27.3% as of December 31, 2018, primarily due to lower total indebtedness from bank borrowings repayment[38] - Current assets increased to HK$152,441,000 from HK$153,146,000 as of December 31, 2018[62] - Net current assets improved to HK$84,508,000, up from HK$68,209,000 at the end of 2018[62] - Total assets less current liabilities rose to HK$92,527,000, compared to HK$76,127,000 at the end of the previous year[62] - Net assets increased to HK$92,306,000 from HK$76,001,000 as of December 31, 2018[62] Listing and Corporate Structure - The shares of the Company were successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 16 August 2019, marking an important milestone for the business[15] - The Company was incorporated in the Cayman Islands and completed a reorganisation on 28 February 2019, becoming the holding company of the Group[73] - The Group's reorganisation is regarded as a continuing entity for financial reporting purposes[73] - The Company is primarily an investment holding company[75] Market Position and Strategy - The Group aims to maintain its market share in the wet trades works industry by closely monitoring market conditions and responding to changes[22] - The Directors are confident in the Group's competitive position due to its reputation and experienced management team in the wet trades works industry[22] - The Group plans to proactively seek opportunities to expand its customer base and market share by undertaking more wet trades projects[22] Accounting Policies and Standards - The financial statements have been prepared in accordance with HKAS 34 and applicable disclosure requirements[75] - The Group adopted HKFRS 16 Leases starting from 1 January 2019, superseding HKAS 17[79] - The accounting policies used in the financial statements for the six months ended 30 June 2019 are consistent with those followed in the preparation of the Group's historical financial information[79] - The Group's financial reporting reflects compliance with the latest accounting standards, ensuring transparency and accuracy in financial disclosures[104] Cash Flow and Investments - The operating cash flow before movement in working capital was HK$21,400,000, down from HK$23,929,000 in the previous year, indicating a decline of 10.6%[68] - Net cash used in operating activities was HK$12,083,000, compared to a net cash generated of HK$18,124,000 in the same period last year, reflecting a significant decrease[68] - The company reported a net cash inflow from investing activities of HK$10,915,000, contrasting with a net cash outflow of HK$23,391,000 in the prior year[70] - New bank borrowings raised amounted to HK$5,000,000, with no borrowings reported in the same period last year[70] Employee and Staff Information - The Group's employee count increased to 42 as of June 30, 2019, up from 35 as of December 31, 2018[41] - The Group's remuneration policy is periodically reviewed to ensure competitive salary and benefit levels[41] Trade and Contractual Obligations - The Group's contracts with customers are fixed-price agreements, with terms ranging from 1 month to 40 months, and revenue is recognized over time[109] - The Group's performance obligations for contracts with customers include wet trades works and related ancillary services, which are rendered directly to customers[109] - Contract assets increased to HK$106,813,000 as of June 30, 2019, from HK$84,498,000 at the end of 2018, reflecting a growth of approximately 26.6%[169] - The Group's contract liabilities decreased from HK$2,737,000 to HK$1,770,000, indicating a reduction in obligations[169]