Financial Performance - Revenue for the six months ended 30 November 2021 was approximately HK$122.0 million, a decrease of 33.4% from approximately HK$182.8 million for the same period in 2020[13]. - Profit attributable to equity shareholders for the six months ended 30 November 2021 was approximately HK$10.1 million, down 54.0% from approximately HK$22.0 million in the prior year[13]. - Revenue from marine construction works during the Period was approximately HK$64.8 million, representing a decrease of approximately 31.1% compared to approximately HK$94.0 million in the corresponding prior period[18]. - Revenue from other civil engineering works amounted to approximately HK$50.4 million, down approximately 37.4% from approximately HK$80.6 million for the corresponding prior period[22]. - Revenue from vessel chartering services was approximately HK$6.8 million, representing a decrease of approximately 17.1% compared to approximately HK$8.2 million for the corresponding prior period[32]. - Gross profit decreased by approximately 48.5% from approximately HK$30.6 million for the corresponding prior period to approximately HK$15.8 million for the Period[43]. - Total comprehensive income attributable to equity shareholders decreased by approximately 54.0% to approximately HK$10.1 million for the Period from approximately HK$22.0 million for the corresponding prior period[43]. - Basic and diluted earnings per share were HK$0.45, down from HK$1.32 in the previous year[77]. - Profit before taxation for the six months ended November 30, 2021, was HK$12.0 million, a decline of 54.3% from HK$26.3 million in 2020[77]. Project and Contract Information - The Group was awarded a marine construction project with a contract sum of approximately HK$34.7 million during the Period[14]. - The Group commenced four newly awarded projects with an aggregate initial contract sum of approximately HK$81.1 million in the fourth quarter of 2021[18]. - The Group undertook 12 projects during the Period with an aggregate initial contract sum of approximately HK$306.9 million[26]. - As of 30 November 2021, the Group had 11 projects on hand with an aggregate initial contract sum of approximately HK$283.8 million[27]. Operational Measures and Future Plans - The Group plans to establish an e-commerce subsidiary to develop online sales and utilize big data and cloud computing for marketing strategies[15]. - The Group is conservatively optimistic about its long-term business prospects despite the adverse effects of COVID-19 on market sentiment[15]. - The Group's focus remains primarily on its construction business while exploring suitable business opportunities for future expansion beyond the Hong Kong market[15]. - The company plans to utilize the remaining net proceeds for expanding its fleet and recruiting additional staff by the end of May 2022[74]. Financial Position and Cash Flow - As of 30 November 2021, the Group had bank balances of approximately HK$83.4 million, down from approximately HK$124.5 million as of 31 May 2021[47]. - The interest-bearing debts of the Group as of 30 November 2021 were approximately HK$1.3 million, a decrease from approximately HK$1.6 million as of 31 May 2021[47]. - The gearing ratio of the Group was approximately 0.7% as of 30 November 2021, down from approximately 0.8% as of 31 May 2021[47]. - Net cash used in operating activities for the six months ended 30 November 2021 was HK$10,366,000, a significant decrease from net cash generated of HK$16,907,000 in the prior year[86]. - The company experienced a net decrease in cash and cash equivalents of HK$41,080,000, compared to a decrease of HK$4,090,000 in the same period last year[86]. - Cash and cash equivalents at the end of the period were HK$83,437,000, down from HK$124,517,000 at the beginning of the period[86]. Employee and Administrative Information - As of November 30, 2021, the company employed 52 staff, an increase from 46 staff as of May 31, 2021[66]. - Total employee costs for the period amounted to approximately HK$13.4 million, compared to HK$17.8 million for the same period in 2020[66]. - General and administrative expenses amounted to approximately HK$4.9 million, representing a decrease of approximately 27.1% compared to approximately HK$6.8 million for the corresponding prior period[38]. Compliance and Governance - The interim financial report was prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant financial reporting standards[93]. - The results for the interim period have not been audited but have been reviewed by the audit committee of the company[99]. - The company has adopted the Corporate Governance Code and has complied with its provisions during the reporting period[155]. - The Audit Committee, established on November 13, 2020, consists of three independent non-executive Directors and oversees the Group's financial reporting and internal control systems[179]. Shareholder Information - As of November 30, 2021, Mr. Heung Che Kan holds a long position of 1,482,000,000 shares, representing 66.64% of the company's total shareholding[167]. - Ms. Mok Man Yee Lisa, as the spouse of Mr. Heung, also holds a long position of 1,482,000,000 shares, equating to 66.64% of the company's total shareholding[167]. - The issued share capital of Yue Hang, an associated corporation, is fully owned by Mr. Heung, with both Mr. Heung and Ms. Mok holding 100% interest in it[170]. - The company has maintained a public float of not less than 25% of its issued shares as required under the Listing Rules during the reporting period[178].

Financial Performance - Revenue for the six months ended 30 November 2021 amounted to approximately HK$122.0 million, a decrease of 33.3% compared to approximately HK$182.8 million for the same period in 2020[16]. - Profit attributable to equity shareholders for the six months ended 30 November 2021 was approximately HK$10.1 million, down 54.8% from approximately HK$22.0 million for the same period in 2020[16]. - Gross profit decreased by approximately 48.5% from approximately HK$30.6 million for the corresponding prior period to approximately HK$15.8 million for the period[46]. - The Group's total comprehensive income for the period was HK$10.1 million, down 54.0% from HK$22.0 million in the same period last year[80]. - For the six months ended November 30, 2021, profit before taxation was HK$10,116,000, a decrease from HK$21,985,000 in the same period of 2020, representing a decline of approximately 54.0%[124][125]. - Basic earnings per share for the six months ended 30 November 2021 was HK$0.0045, compared to HK$0.0132 for the same period in 2020, reflecting a decrease of approximately 65.9%[124][126]. Revenue Breakdown - Revenue from marine construction works was HK$64,791,000, down 30.9% from HK$93,994,000 in the previous year[110]. - Revenue from other civil engineering works decreased by 37.4% to HK$50,413,000 from HK$80,619,000[110]. - Vessel chartering services revenue fell to HK$6,834,000, a decline of 16.6% from HK$8,191,000[110]. - Revenue from other civil engineering works amounted to approximately HK$50.4 million, accounting for approximately 41.3% of the total revenue, down from 44.1% in the prior period[25]. Project and Contract Information - The Group undertook 12 projects during the period with an aggregate initial contract sum of approximately HK$306.9 million, with one project completed and nine expected to be completed by May 31, 2022[29]. - As of November 30, 2021, the Group had 11 projects on hand with an aggregate initial contract sum of approximately HK$283.8 million[30]. - The Group has not experienced significant employee issues or difficulties in recruitment and retention during the period[65]. Dividends and Shareholder Information - The Board does not recommend the declaration of any interim dividend for the six months ended 30 November 2021[16]. - The Group resolved not to declare any interim dividend for the period, compared to HK$40 million for the corresponding prior period[52]. - The company declared a final dividend of HK$24,997,000 for 2021, compared to HK$10,109,000 in the previous year, indicating an increase of 147.5%[89]. - As of November 30, 2021, Mr. Heung Che Kan holds 1,482,000,000 shares, representing a 66.64% ownership in the company[170]. - Ms. Mok Man Yee Lisa, as the spouse of Mr. Heung, also holds 1,482,000,000 shares, equating to a 66.64% ownership[170]. Operational and Strategic Developments - The Group plans to establish an e-commerce subsidiary to develop online sales and integrate big data and cloud computing technology for refined marketing strategies[18]. - The Group remains conservatively optimistic about its long-term business prospects despite the adverse effects of COVID-19 on market sentiment[18]. - The Group will continue to explore suitable business opportunities and may expand beyond the Hong Kong market in the future[18]. - The Group's principal business operations have not significantly changed during the period[17]. Financial Position and Assets - As of November 30, 2021, total assets amounted to HK$191,705,000, a decrease of 8.1% from HK$208,643,000 as of May 31, 2021[83]. - Net current assets decreased to HK$135,361,000 from HK$151,559,000, reflecting a decline of 10.7%[83]. - The company's net assets stood at HK$186,912,000, down 7.4% from HK$201,793,000 as of May 31, 2021[83]. - Cash and cash equivalents decreased significantly to HK$83,437,000 from HK$124,517,000, marking a decline of 33.0%[89]. Governance and Compliance - The company has complied with the Corporate Governance Code during the reporting period, ensuring adherence to best practices[158]. - All directors have confirmed compliance with the Model Code for Securities Transactions during the reporting period, maintaining high governance standards[159]. - The Audit Committee, established on November 13, 2020, consists of three independent non-executive Directors overseeing financial reporting and internal controls[182]. Employee and Cost Management - Total staff costs for the period amounted to approximately HK$13.4 million, a decrease of 24.6% compared to approximately HK$17.8 million for the six months ended 30 November 2020[64]. - Staff costs, including directors' emoluments, decreased to HK$13,021,000 for the six months ended 30 November 2021 from HK$17,237,000 in 2020, a reduction of approximately 24.5%[121].

Financial Performance - The Group's revenue for the year amounted to approximately HK$345.6 million, representing an increase of approximately 10.2% from the previous year[14]. - Profit attributable to owners of the Company for the year, excluding listing expenses, was approximately HK$41.0 million; after accounting for listing expenses, profit was approximately HK$37.6 million[14]. - The Group recorded total revenue of approximately HK$345.6 million, with profit attributable to owners of approximately HK$41.0 million before listing expenses and HK$37.6 million after listing expenses for the Year[27]. - Revenue for the year was approximately HK$345.6 million, representing an increase of approximately 10.1% from HK$313.7 million for the previous year[56]. - Gross profit increased by approximately 9.8% from HK$51.0 million to approximately HK$56.0 million, with a stable gross profit margin of approximately 16.2%[56]. - The total comprehensive income attributable to equity shareholders increased by approximately 33.8% to about HK$37.6 million, compared to HK$28.1 million in the previous year[60]. - Revenue from marine construction works was approximately HK$166.9 million, representing a decrease of approximately 10.4% compared to HK$186.3 million for the year ended 31 May 2020[28]. - Revenue from other civil engineering works amounted to approximately HK$160.4 million, accounting for approximately 46.4% of total revenue, an increase from 39.4% in the previous year[35]. - Revenue from vessel chartering services amounted to approximately HK$18.3 million, an increase of approximately 408.3% compared to HK$3.6 million in the previous year[47]. Business Strategy and Market Conditions - The Group aims to explore suitable business opportunities and execute business strategies, potentially expanding beyond the Hong Kong market in the future[19]. - The overall market conditions of the construction industry in Hong Kong have been relatively stable, but uncertainties due to COVID-19 are expected to affect economic recovery temporarily[24]. - The Group's proactive business strategy aims to create greater value for shareholders and investors in the coming year[26]. - The Group aims to expand its customer base while maintaining relationships with existing clients to adapt to changing customer demands[29]. - The Group's business strategy includes exploring suitable business opportunities to optimize competitive advantages[29]. - The Group expects a significant decrease in marine construction works due to a forecast downturn in the industry from 2022 to 2026, which may lead to a change in project mix and revenue contributions[156]. Operational Management and Governance - The Group is committed to ensuring the health and safety of staff, customers, and business partners as a top priority[24]. - The Group has implemented precautionary measures to ensure a hygienic and safe working environment for employees amid the ongoing COVID-19 pandemic[19]. - The Group's management team has a combined experience of over 70 years in their respective fields, enhancing operational efficiency and strategic decision-making[124][132][138]. - The company is focused on expanding its project management capabilities and enhancing quality control measures[104]. - The company is committed to maintaining high standards of governance and compliance, as evidenced by the roles of its independent directors and audit committees[121][125]. Customer and Supplier Relationships - The Group will continue to maintain relationships with existing customers while expanding its customer base to capture opportunities from new customers[25]. - A significant portion of the Group's revenue is derived from a limited number of customers, and any decrease in contracts with major customers may adversely affect financial results[148]. - The Group maintains strong relationships with suppliers and subcontractors, continuously assessing their performance and safety records[169]. - The Group holds regular meetings with customers to gather feedback and understand their needs and expectations[168]. Human Resources and Staff Development - The Group employed 46 staff as of 31 May 2021, with total staff costs amounting to approximately HK$31.2 million, an increase from approximately HK$28.0 million in the previous year[67][72]. - The Group emphasizes continuous professional development for its staff to adapt to industry changes and improve service delivery[132][138]. - The Group provides competitive remuneration and development opportunities to attract and retain competent employees[168]. Financial Management and Capital Allocation - The Group's liquidity and capital requirements are primarily funded through capital contributions from shareholders and cash inflows from operating activities[56]. - The net proceeds from the initial public offering were approximately HK$84.0 million, with no material changes in the proposed applications of these proceeds as of the report date[85]. - The planned use of proceeds includes expanding the fleet of vessels and site equipment, with HK$56.8 million allocated for this purpose[89]. - The remaining net proceeds are deposited in interest-bearing bank accounts with licensed banks in Hong Kong[90]. - The company continues to adopt a prudent and flexible approach in utilizing the net proceeds due to the ongoing COVID-19 situation[86]. Environmental Compliance - The Group did not record any material non-compliance with environmental requirements during the Year, and there were no environmental claims or penalties[164]. - There were no significant non-compliance issues with applicable environmental regulations during the Year[170].

Financial Performance - Revenue for the six months ended 30 November 2020 amounted to approximately HK$182.8 million, a decrease of approximately 7.0% compared to HK$198.2 million for the same period in 2019[13]. - Profit attributable to equity shareholders for the six months ended 30 November 2020 was approximately HK$22.0 million, down from HK$22.8 million in the corresponding prior period, representing a decline of about 3.5%[13]. - Gross profit decreased by approximately 13.6% from HK$35.4 million for 1H2019 to approximately HK$30.6 million for the Period, with a gross profit margin decline from 17.9% to 16.8%[43]. - Total comprehensive income attributable to equity shareholders decreased slightly by approximately 3.5% to approximately HK$22.0 million for the Period from HK$22.8 million for the corresponding prior period[43]. - Profit from operations decreased to HK$26.4 million, compared to HK$28.5 million in the previous year, reflecting a decline of 7.1%[76]. - The profit before taxation for the six months was HK$26.3 million, down 7.0% from HK$28.3 million in the prior year[76]. Revenue Breakdown - Revenue from marine construction works was approximately HK$94.0 million, a decrease of approximately 22.4% compared to HK$121.1 million for 1H2019[15]. - Revenue from other civil engineering works amounted to approximately HK$80.6 million, an increase from HK$76.7 million in the same period last year, accounting for approximately 44.1% of total revenue[20]. - Revenue from vessel chartering services amounted to approximately HK$8.2 million, representing an increase of approximately 1,947.8% compared to HK$0.4 million for 1H2019[34][36]. - Marine construction works generated revenue of HK$93,994,000, down 22.3% from HK$121,065,000 in the previous year[113]. - Other civil engineering works revenue increased to HK$80,619,000, up 5.0% from HK$76,739,000 in 2019[113]. - Vessel chartering services revenue rose significantly to HK$8,191,000, compared to HK$400,000 in the prior year[113]. Expenses and Costs - General and administrative expenses decreased by approximately 5.1% to approximately HK$6.8 million from HK$7.2 million in the prior period, mainly due to reduced depreciation and salaries[39][41]. - Gross profit from marine construction works for the Period was approximately HK$22.6 million, representing a decline of approximately 20.4% from HK$28.4 million in the prior period[19]. - Gross profit from other civil engineering works was approximately HK$6.3 million, a decrease of approximately 9.6% compared to HK$7.0 million in the prior period, with a gross profit margin dropping to 7.8% from 9.1%[23][24]. - Staff costs increased to HK$17,237,000 from HK$13,782,000, reflecting a rise of 25.5%[120]. - Depreciation for the period was HK$3,270,000, compared to HK$2,916,000 in the previous year, indicating an increase in asset utilization[119]. Cash Flow and Financial Position - Cash generated from operations for the six months ended 30 November 2020 was HK$21,894,000, an increase of 91.5% compared to HK$11,456,000 in the same period of 2019[87]. - Net cash generated from operating activities was HK$16,907,000, up from HK$11,456,000 in the previous year, reflecting strong operational performance[87]. - Cash and cash equivalents at the end of the period were HK$26,923,000, down from HK$30,835,000 at the end of the previous period, reflecting a net decrease of HK$4,090,000[87]. - As of 30 November 2020, the Group had bank balances of approximately HK$26.9 million, down from approximately HK$31.0 million as of 31 May 2020[48]. - The Group's interest-bearing debts as of 30 November 2020 were approximately HK$6.5 million, a decrease from approximately HK$7.3 million as of 31 May 2020[48]. - The gearing ratio increased to approximately 7.9% as of 30 November 2020, up from approximately 7.3% as of 31 May 2020, representing an increase of approximately 8.2%[48]. Project and Operational Updates - Five out of six projects on hand as of 30 November 2020 were in their early or later stages of construction[15]. - The Group had 11 projects on hand with an aggregate initial contract sum of approximately HK$406.8 million as of 30 November 2020, with eight projects expected to be completed in the year ending 31 May 2021[26][27]. - Since the Listing on 7 December 2020, there has been no significant change in the business operations of the Group[14]. - There were no material acquisitions or disposals during the Period[50]. Shareholder and Corporate Governance - The Board does not recommend the declaration of any interim dividend for the six months ended 30 November 2020[13]. - The company was incorporated in the Cayman Islands and listed on the Main Board of the Stock Exchange on 7 December 2020, enhancing its market presence[91]. - The Company confirmed that all Directors have fully complied with the Model Code from the Listing Date up to the date of this interim report[171]. - The Company has no competing business interests from its controlling shareholders or directors during the Period[176]. - The Audit Committee was established on November 13, 2020, consisting of three independent non-executive Directors[199].