LANDRICH HLDG(02132)

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誉燊丰控股(02132) - 2024 - 年度财报
2024-07-30 08:33
Employee and Workforce - The total number of employees increased to 412 as of March 31, 2024, compared to 356 employees as of March 31, 2023, reflecting a growth of approximately 15.7%[11] - The total employee cost for the year ended March 31, 2024, was approximately HKD 214.4 million, up from approximately HKD 180.5 million for the year ended March 31, 2023, indicating an increase of about 18.7%[11] - The company has implemented a share option scheme to attract and retain qualified personnel and incentivize performance[51] - The share award plan was conditionally adopted on November 22, 2021, to recognize employee contributions and attract suitable talent for further development[62] - The total number of unvested shares under the share award plan as of March 31, 2024, is 1,946,000[67] - The group maintains good relationships with employees, customers, suppliers, and subcontractors, with no significant disputes reported as of March 31, 2024[173] - The group has implemented policies to ensure competitive compensation and benefits for employees, contributing to operational success[173] Financial Performance - For the fiscal year ending March 31, 2024, the group recorded total revenue of approximately HKD 1,366.9 million, an increase of about 42.9% compared to HKD 956.5 million for the fiscal year ending March 31, 2023[56] - The group's gross profit increased by approximately 13.3% to about HKD 81.1 million, compared to approximately HKD 71.6 million for the previous fiscal year[56] - The group recorded a net profit of approximately HKD 26.1 million, a decrease of about 20.4% from HKD 32.8 million for the fiscal year ending March 31, 2023[56] - The company's profit for the year decreased by approximately HKD 6.7 million or 20.4% to about HKD 26.1 million for the year ending March 31, 2024, compared to approximately HKD 32.8 million for the year ending March 31, 2023[114] - The net profit margin for the years ending March 31, 2024, and March 31, 2023, was approximately 1.9% and 3.4%, respectively[114] Dividend Policy - The board of directors did not recommend any final dividend for the year ended March 31, 2024, consistent with the previous year[10] - The company has adopted a general dividend policy, which considers various factors including actual and expected financial performance and operational funding requirements[24] - The board considers the overall business conditions and strategies when making decisions regarding dividend payments and financial performance[27] - The company has the discretion to review and amend its dividend policy at any time, and there is no legal obligation to pay dividends at any specific amount[35] - The board does not recommend the payment of any final dividend for the fiscal year ending March 31, 2024, consistent with no final dividend declared for the previous year[37] Business Operations - The company operates in a single business segment, providing construction engineering services, with no geographical segment information presented as of March 31, 2024[8] - The company continues to focus on civil engineering projects, which include road and drainage works as well as site formation works, with no significant changes in business nature during the year[23] - The largest customer accounted for approximately 39.0% of total revenue for the year ended March 31, 2024, compared to 35.9% for the previous year[81] - The group has not made any significant investments or acquisitions in subsidiaries, associates, or joint ventures as of March 31, 2024[158] - The group continues to maintain a strong and prudent cash management policy to seize future growth opportunities[160] Risk Management and Compliance - The board is aware of several risks and uncertainties that may affect the company's operations, although specific risks were not detailed in the report[12] - The company has complied with relevant laws and regulations, with no significant violations reported for the year ending March 31, 2024[147] - The independent auditor for the financial statements for the year ending March 31, 2024, was Guo Wei CPA Limited, with a resolution to reappoint them at the upcoming annual general meeting[146] - The board of directors has confirmed the independence of all independent non-executive directors[145] Capital Structure and Financial Position - As of March 31, 2024, the total equity attributable to the owners of the company was approximately HKD 315.0 million, an increase from HKD 288.7 million as of March 31, 2023[139] - The total debt of the group, including interest-bearing bank loans and overdrafts, was approximately HKD 19.6 million, down from HKD 28.0 million as of March 31, 2023[139] - The group's debt-to-equity ratio as of March 31, 2024, was approximately 6.2%, a decrease from 9.7% as of March 31, 2023[162] - The company confirmed that it has sufficient financial resources to meet its obligations in the foreseeable future[139] - There were no significant contingent liabilities as of March 31, 2024, consistent with the previous year[141] Corporate Governance - The board of directors has ensured compliance with the corporate governance code and has maintained a high level of corporate governance practices as of the report date[176] - The independent non-executive directors constitute more than one-third of the board, ensuring a balance of experience and skills relevant to the group's operations[194] - The group has purchased liability insurance for directors and senior management to cover potential legal liabilities arising from their duties[192]
誉燊丰控股(02132) - 2024 - 年度业绩
2024-06-21 12:01
8 12. 貿易及其他應付款項 10 所得稅開支 資本開支 以下為合約資產及合約負債之分析: 13. 於二零二四年三月三十一日,本集團手頭上有27個建築項目,總未完成合約價值 約1,343.0百萬港元。於二零二三年三月三十一日,本集團手頭上有31個建築項目, 總未完成合約價值約1,657.0百萬港元。鑒於手頭項目,預計未來幾年建造工程的業 績將保持穩定。 於二零二四年三月三十一日,本集團擁有流動資產淨值約297.8百萬港元(二零 二三年三月三十一日:約264.1百萬港元)以及銀行結餘及現金約131.4百萬港元(二 零二三年三月三十一日:約160.1百萬港元),均以港元計值。 於二零二四年三月三十一日,本集團並無任何抵押予銀行以擔保本集團若干銀行 融資的銀行存款(二零二三年三月三十一日:約3.4百萬港元)。 庫務政策 除上文所披露者外,董事會並不知悉任何其他於二零二四年三月三十一日後及直 至本公告日期進行而須作出披露的重大事項。 末期業績 綜合財務狀況表 2 權益總額 315,031 288,661 1. 一般資料及編製基準 綜合財務報表之編製基準 綜上所述,年內溢利由截至二零二三年三月三十一日止年度的約32. ...
誉燊丰控股(02132) - 2024 - 中期财报
2023-12-21 08:30
Financial Performance - The group's revenue increased by approximately HKD 115.8 million or about 26.3% to approximately HKD 555.5 million for the six months ended September 30, 2023, compared to approximately HKD 439.7 million for the same period in 2022[21]. - The group recorded a total profit and comprehensive income of approximately HKD 17.6 million for the six months ended September 30, 2023, a decrease of about 17.8% from approximately HKD 21.4 million for the same period in 2022[24]. - Gross profit for the same period was HKD 48,248,000, up 47.8% from HKD 32,644,000 year-on-year[129]. - The net profit for the period was HKD 17,633,000, a decrease of 17.5% from HKD 21,442,000 in the previous year[129]. - Basic earnings per share decreased to HKD 1.13 from HKD 1.37, reflecting a decline of 17.5%[129]. - The net cash generated from operating activities was HKD 22,848,000, down 57.4% from HKD 53,729,000 in the same period last year[135]. Assets and Liabilities - The group’s net current assets as of September 30, 2023, were approximately HKD 285.4 million, an increase from approximately HKD 264.1 million as of March 31, 2023[11]. - The total equity attributable to owners of the company was approximately HKD 306.5 million as of September 30, 2023, compared to approximately HKD 288.7 million as of March 31, 2023[12]. - The group’s total debt, including interest-bearing bank borrowings and bank overdrafts, was approximately HKD 14.7 million as of September 30, 2023, down from approximately HKD 28.0 million as of March 31, 2023[12]. - As of September 30, 2023, the company's debt-to-equity ratio was approximately 4.8%, a decrease from 9.7% as of March 31, 2023[33]. - Total assets increased from HKD 596,310,000 as of March 31, 2023, to HKD 627,260,000 as of September 30, 2023, indicating a growth of approximately 5.2%[153]. Expenses - Total employee costs for the six months ended September 30, 2023, were approximately HKD 93.7 million, down from HKD 102.7 million for the same period in 2022[36]. - Administrative and other operating expenses decreased by approximately HKD 1.2 million to HKD 14.4 million for the six months ended September 30, 2023[40]. - Interest expenses decreased to HKD 662,000 in 2023 from HKD 756,000 in 2022, a reduction of about 12.4%[170]. Taxation - The group’s income tax expense increased from approximately HKD 2.7 million to approximately HKD 5.5 million for the six months ended September 30, 2023[10]. - For the six months ended September 30, 2023, the current tax expense was HKD 5,523,000, compared to HKD 2,687,000 for the same period in 2022, indicating a significant increase in tax liability[192]. Share Incentive Plan - The company does not recommend paying an interim dividend for the six months ended September 30, 2023, consistent with the previous year[36]. - The company has not issued any stock options under its stock option plan, with a total of 160,000,000 options available for grant[92]. - The company has revised its share incentive plan to only allow the purchase of existing shares on the stock exchange, effective November 20, 2023[120]. - No shares were purchased under the share incentive plan during the six months ended September 30, 2023, compared to 24,000,000 shares for the same period in 2022[143]. - No incentive shares were granted to any grantees during the six months ended September 30, 2023, while 8,560,000 shares were granted in the same period of 2022[143]. Corporate Governance - The company aims to maintain high levels of corporate governance, which is crucial for gaining and maintaining stakeholder trust[147]. - The audit committee was established on September 21, 2020, to oversee financial reporting and internal control systems[149]. - The company has fully complied with the corporate governance code as of the date of the interim report[147]. Construction Projects - As of September 30, 2023, the group has 31 construction projects with a total uncompleted contract value of approximately HKD 1,920.0 million[7]. - Contract revenue from construction projects increased to HKD 555,510,000 in 2023 from HKD 439,746,000 in 2022, representing a growth of approximately 26.3%[167]. Technology and Upgrades - The company has upgraded its enterprise information management system and fully utilized the funds allocated for this purpose[52]. - The company has applied cloud storage functionality as part of its technology upgrades[58]. - The company aims to implement cloud storage capabilities by March 31, 2024, to enhance innovation and productivity[75]. - The company is upgrading its existing accounting systems and integrating new hardware and software to improve operational efficiency[72][73].
誉燊丰控股(02132) - 2024 - 中期业绩
2023-11-24 12:24
香港交易及結算所有限公司及香港聯合交易所有限公司(「聯交所」)對本公告之 內容概不負責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本 公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 LANDRICH HOLDING LIMITED 譽燊豐控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號:2132) 截至二零二三年九月三十日止六個月之 中期業績公告 業績 譽燊豐控股有限公司(「本公司」)董事(「董事」)會(「董事會」)宣佈本公司及其附 屬公司(統稱為「本集團」)截至二零二三年九月三十日止六個月之未經審核中期 業績,連同去年同期之比較數字如下: 未經審核簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 附註 二零二三年 二零二二年 千港元 千港元 (未經審核) (未經審核) 收益 3 555,510 439,746 直接成本 (507,26 2) (407,10 2) ...
誉燊丰控股(02132) - 2023 - 年度财报
2023-07-28 08:44
Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of approximately HKD 956.5 million, a decrease of about 3.8% compared to HKD 994.2 million for the previous year[23]. - Gross profit decreased by approximately 17.5% to about HKD 71.6 million from HKD 86.8 million, primarily due to a reduction in project volume and an increase in lower-margin projects[23]. - Net profit for the year was approximately HKD 32.8 million, down about 20.4% from HKD 41.2 million in the previous year, resulting in a net profit margin of approximately 3.4% compared to 4.1%[34]. - The company experienced a decrease in direct costs, which fell by about 2.5% to approximately HKD 884.9 million from HKD 907.5 million[32]. - Other income increased significantly to approximately HKD 7.7 million from HKD 0.9 million, mainly due to a one-time subsidy received from the Hong Kong government[33]. - Administrative and other operating expenses rose by approximately 2.6% to about HKD 39.2 million from HKD 38.2 million, driven by increased administrative staff costs[33]. Assets and Liabilities - As of March 31, 2023, the company had net current assets of approximately HKD 264.1 million, an increase from HKD 231.3 million the previous year[35]. - The group's debt-to-equity ratio as of March 31, 2023, was approximately 9.7%, down from 10.7% as of March 31, 2022[40]. - The total equity attributable to the owners of the company was approximately HKD 288.7 million as of March 31, 2023, compared to approximately HKD 260.2 million as of March 31, 2022[52]. - The group has no significant contingent liabilities as of March 31, 2023, and had pledged bank deposits of approximately HKD 3.4 million to secure certain bank financing[54]. Project and Market Outlook - As of March 31, 2023, the group had 31 construction projects with a total uncompleted contract value of approximately HKD 1,657.0 million, compared to 30 projects valued at approximately HKD 2,004.5 million as of March 31, 2022[47]. - The group anticipates that future construction performance will remain stable due to ongoing projects and the expected demand for construction in Hong Kong[44]. - The management team aims to strengthen market position and maintain existing customer relationships while focusing on completing current civil engineering projects to ensure project profitability[26]. Cost Control and Business Strategy - The company plans to control costs effectively to achieve sustainable business growth and long-term benefits for shareholders[26]. - The group continues to focus on effective cost control measures in response to increasing construction costs and a challenging business environment[48]. Dividend and Shareholder Information - The board does not recommend the payment of a final dividend for the year ended March 31, 2023, consistent with the previous year[41]. - The company's available distributable reserves as of March 31, 2023, were approximately HKD 74.0 million, slightly down from HKD 74.3 million the previous year[103]. - The board considers various factors, including financial performance and operational needs, when determining dividend payments[108]. Employee and Management Compensation - The total employee costs for the year ended March 31, 2023, were approximately HKD 180.5 million, compared to approximately HKD 186.7 million for the year ended March 31, 2022[58]. - The compensation for senior management ranged from HKD 1,000,001 to HKD 2,500,000 for the year ending March 31, 2023[127]. - The company has a compensation committee that meets at least once a year to discuss remuneration matters, including that of directors and senior management[151]. Share Options and Awards - No share options were granted, exercised, cancelled, expired, or lapsed during the year ended March 31, 2023[98]. - The group purchased a total of 24,000,000 shares in the open market under the share award plan during the year ended March 31, 2023[101]. - The maximum number of shares that can be awarded under the share award plan is capped at 1% of the total issued shares[120]. Compliance and Governance - The independent auditors have confirmed the company's financial statements for the fiscal year ending March 31, 2023, ensuring compliance with regulatory standards[188]. - The board of directors has confirmed that at least 25% of the issued share capital is held by the public, complying with listing rules[186]. - The group has complied with relevant laws and regulations, with no significant violations reported for the year ending March 31, 2023[189]. - The board is responsible for the group's environmental, social, and governance (ESG) strategy and reporting, ensuring compliance with ESG risk management and internal control systems[189]. Market Expansion and Future Plans - The company has set a revenue target of $50 million for the next fiscal year, representing a 25% increase compared to the previous year[171]. - New product launches are expected to contribute an additional $10 million in revenue, with a projected growth rate of 30% in the first quarter post-launch[172]. - The company is expanding its market presence in Southeast Asia, aiming for a 15% market share within the next two years[173]. - A strategic acquisition of a local competitor is anticipated to enhance the company's market position and is expected to close by Q3 2024[174]. - Research and development investments have increased by 40%, focusing on innovative technologies to improve product offerings[175].
誉燊丰控股(02132) - 2023 - 中期财报
2022-12-21 08:34
Financial Performance - The group's revenue decreased by approximately HKD 39.4 million or about 8.2% to approximately HKD 439.7 million for the six months ended September 30, 2022, compared to HKD 479.1 million for the same period in 2021[10]. - Gross profit fell by approximately HKD 15.5 million or about 32.2% to approximately HKD 32.6 million, with the gross profit margin declining from about 10.0% to about 7.4%[11]. - The total comprehensive income for the period was approximately HKD 21.4 million, representing a decrease of about 25.2% from HKD 28.6 million for the same period in 2021[16]. - For the six months ended September 30, 2022, the company's revenue was HKD 439,746,000, a decrease of 8.2% compared to HKD 479,108,000 for the same period in 2021[101]. - Gross profit for the same period was HKD 32,644,000, down 32.1% from HKD 48,085,000 in the previous year[101]. - The net profit for the six months ended September 30, 2022, was HKD 21,442,000, a decline of 25.3% compared to HKD 28,613,000 in the prior year[101]. - Basic and diluted earnings per share for the period were HKD 1.37, down from HKD 1.79 in the previous year, representing a decrease of 23.4%[101]. Assets and Liabilities - Current assets net value was approximately HKD 248.5 million as of September 30, 2022, compared to HKD 231.3 million as of March 31, 2022[18]. - Cash and bank balances amounted to approximately HKD 169.5 million as of September 30, 2022, up from HKD 122.8 million as of March 31, 2022[18]. - Total assets as of September 30, 2022, amounted to HKD 591,162,000, an increase from HKD 553,230,000 as of March 31, 2022[103]. - The company's cash and bank balances increased to HKD 169,452,000 from HKD 122,762,000, reflecting a growth of 37.9%[103]. - Trade receivables decreased significantly to HKD 28,404,000 from HKD 76,293,000, a decline of 62.8%[103]. - As of September 30, 2022, the net current assets increased to HKD 248,493,000 from HKD 231,299,000, representing a growth of approximately 7.4%[105]. - Total assets less current liabilities rose to HKD 282,334,000, up from HKD 265,175,000, indicating an increase of about 6.5%[105]. - The net asset value reached HKD 277,029,000, compared to HKD 260,240,000 at the end of March 2022, reflecting a growth of approximately 6.4%[105]. - The total debt of the group, including interest-bearing bank borrowings and bank overdrafts, was approximately HKD 30.9 million, up from HKD 27.9 million as of March 31, 2022[20]. - The company's lease liabilities increased to HKD 2,628,000 from HKD 2,258,000, reflecting a rise of about 16.3%[105]. Expenses and Income - Administrative and other operating expenses increased by approximately HKD 1.7 million to about HKD 15.6 million, primarily due to rising employee costs[14]. - Income tax expenses decreased by approximately HKD 3.6 million to about HKD 2.7 million for the six months ended September 30, 2022[15]. - The total employee cost for the six months ended September 30, 2022, was approximately HKD 102.7 million, an increase from HKD 82.4 million for the same period in 2021[32]. - Other income for the six months ended September 30, 2022, totaled HKD 7,864,000, significantly up from HKD 941,000 in the same period of 2021, primarily due to government subsidies related to the COVID-19 pandemic[130]. - Interest expenses increased to HKD 756,000 for the six months ended September 30, 2022, compared to HKD 298,000 in the same period of 2021, reflecting higher costs associated with bank overdrafts and loans[131]. Shareholder Information - The company does not plan to declare an interim dividend for the six months ended September 30, 2022, similar to the previous year[31]. - The company purchased 24,000,000 shares at a total cost of approximately HKD 6.0 million under the share incentive plan during the six months ended September 30, 2022[71]. - The major shareholder, Mr. Xu Jiguang, holds 75% of the company's shares through New Brilliance Enterprises Limited, which he owns entirely[64]. - The company has adopted a stock option plan aimed at attracting and retaining qualified personnel, providing additional incentives to employees, directors, consultants, and business partners[77]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares at the time of listing[80]. - The company has also adopted a share award plan to recognize employee contributions and attract suitable talent for further development[85]. - The maximum number of shares that can be awarded under the share award plan is limited to 1% of the total issued shares[86]. Business Operations - The group had 33 construction projects on hand with a total uncompleted contract value of approximately HKD 1,947.0 million as of September 30, 2022[7]. - The group has made significant progress in its business strategies, including the full utilization of funds for existing projects and the acquisition of machinery and equipment[34]. - The group reported a confirmed revenue from construction services of approximately HKD 60,327,000 for the six months ended September 30, 2022, significantly higher than HKD 5,038,000 for the same period in the previous year[15]. - The group acquired property, plant, and equipment amounting to approximately HKD 7,477,000 for the six months ended September 30, 2022, an increase from approximately HKD 6,941,000 in the same period of 2021[141]. Compliance and Governance - The company has complied with the corporate governance code throughout the reporting period, ensuring transparency and accountability[93]. - The company ensures compliance with the standard code of conduct for securities trading by all directors as of September 30, 2022[76]. - The company has established a priority purchase right for business opportunities that may compete with its operations, subject to board approval[75].
誉燊丰控股(02132) - 2022 - 年度财报
2022-07-29 08:57
Financial Performance - For the fiscal year ending March 31, 2022, the company recorded total revenue of approximately HKD 994.2 million, an increase of about 56.7% compared to HKD 634.4 million for the previous year[28]. - The gross profit rose by approximately 28.8% to about HKD 86.8 million from HKD 67.4 million in the previous year, primarily due to undertaking major projects[28]. - The net profit for the year was approximately HKD 41.2 million, a decrease of about 14.0% from HKD 47.9 million in the previous year[28]. - The group's revenue increased by approximately HKD 359.8 million or 56.7% from about HKD 634.4 million for the year ended March 31, 2021, to about HKD 994.2 million for the year ended March 31, 2022[37]. - Direct costs rose by approximately HKD 340.4 million or 60.0% from about HKD 567.1 million to about HKD 907.5 million, primarily driven by the corresponding increase in revenue[38]. - Gross profit increased by approximately HKD 19.4 million or 28.8% from about HKD 67.4 million to about HKD 86.8 million, while the gross profit margin decreased by about 1.9 percentage points to approximately 8.7%[39]. - Other income, gains, and losses decreased from about HKD 17.3 million to about HKD 0.9 million, mainly due to the absence of one-time subsidies received from the Hong Kong government in the previous year[41]. - Administrative and other operating expenses increased by approximately HKD 11.1 million or 41.0% from about HKD 27.1 million to about HKD 38.2 million, primarily due to employee costs and legal and professional fees[42]. - The net profit for the year decreased by approximately HKD 6.7 million or 14.0% from about HKD 47.9 million to about HKD 41.2 million, with an adjusted net profit margin of approximately 4.1%[44]. - As of March 31, 2022, the group had net current assets of approximately HKD 231.3 million and cash and bank balances of about HKD 122.8 million[46]. - Capital expenditure for the year was approximately HKD 7.7 million, down from about HKD 24.0 million in the previous year, primarily funded by internal resources[48]. - The group's debt-to-equity ratio as of March 31, 2022, was approximately 10.7%, compared to about 5.1% in the previous year[54]. Dividend Policy - The company does not recommend any final dividend for the fiscal year ending March 31, 2022, compared to a dividend of HKD 0.3125 per share in the previous year[29]. - The board does not recommend the payment of any final dividend for the year ended March 31, 2022[58]. - The board will consider various factors, including actual and expected financial performance, when deciding on dividend payments[82]. - The company has the right to review and amend its dividend policy at any time without creating a legal obligation to pay dividends[86]. - As of March 31, 2022, the company's distributable reserves amounted to approximately HKD 74.3 million, an increase from HKD 39.4 million as of March 31, 2021[111]. Market Opportunities and Strategy - The company anticipates significant market opportunities in the construction industry due to government infrastructure investments and development plans in Hong Kong[31]. - The management team emphasizes the importance of maintaining existing business relationships and focusing on completing current civil engineering projects to ensure project profitability[31]. - The company aims to implement effective cost control measures in response to the challenging business environment and rising construction costs[36]. Employee and Operational Management - The company has implemented measures to ensure employee health and safety while maintaining business operations amid the ongoing COVID-19 pandemic[36]. - The company will continue to actively monitor the development of COVID-19 and project progress, while maintaining communication with suppliers and clients[36]. - As of March 31, 2022, the group had 360 employees, an increase from 343 employees as of March 31, 2021, with total employee costs amounting to approximately HKD 186.7 million, up from HKD 144.9 million in the previous year[59]. - The group has enhanced its human resources by hiring several project management team leaders and engineers, although recruitment plans have faced delays due to a lack of suitable candidates[67][69]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules, fully complying with the code as of March 31, 2022[175]. - The board consists of three executive directors and three independent non-executive directors as of the date of the report[180]. - The company has maintained a high level of corporate governance, which is crucial for gaining and maintaining the trust of shareholders and stakeholders[174]. - The company has a strategy for continuous improvement in corporate governance practices to enhance accountability and transparency[174]. - The company has received annual confirmations of independence from all independent non-executive directors, affirming their status as independent individuals[182]. - The remuneration committee held two meetings in the fiscal year ending March 31, 2022, to review the service agreements and compensation of directors and senior management, deeming them fair and reasonable[192]. - The nomination committee conducted one meeting in the fiscal year ending March 31, 2022, to review and recommend the re-election of directors, considering diversity factors such as gender, age, and industry experience[193]. Risk Management - The company has a strong focus on risk management, with the audit director responsible for comprehensive control and identification of operational risks[169]. - The group faces several operational risks, including reliance on competitive bidding processes and potential liabilities from subcontractors failing to perform[60][61]. Shareholder Information - The major shareholder, New Brilliance Enterprises Limited, holds 1,200,000,000 shares, representing 75% of the company[128]. - The company confirms that at least 25% of its issued share capital is held by the public, in compliance with relevant listing rules[142]. - The independent non-executive directors have confirmed their independence according to the listing rules, and the company believes all independent non-executive directors are independent[143]. Equipment and Technology - The group has purchased a 49-meter concrete pump truck, two mobile cranes (one 50 tons and one 90 tons), and two excavators (one 22 tons and one 35 tons) as part of its equipment acquisition strategy[63]. - The group has applied cloud storage functionality and upgraded its existing accounting and administrative management systems, with funding expected to be fully utilized by March 31, 2023[72]. - The group has fully utilized the funding costs for adopting building information modeling technology[72].
誉燊丰控股(02132) - 2022 - 中期财报
2021-12-23 08:45
Financial Performance - The group's revenue increased by approximately 118.3% to about HKD 479.1 million for the six months ended September 30, 2021, compared to approximately HKD 219.5 million for the same period in 2020[10]. - Gross profit rose by approximately 115.7% to about HKD 48.1 million, with a slight decrease in gross margin from 10.2% to 10.0%[11]. - The total comprehensive income for the period was approximately HKD 28.6 million, representing an increase of about 44.4% from approximately HKD 19.8 million in the previous year[16]. - The net profit for the period was HKD 28,613,000, up from HKD 19,772,000 in the previous year, reflecting an increase of approximately 45%[102]. - Basic and diluted earnings per share increased to HKD 1.79 from HKD 1.65, marking a growth of about 8.5%[102]. - For the six months ended September 30, 2021, the company reported contract revenue from construction services of HKD 479,108,000, a significant increase of 118% compared to HKD 219,494,000 in the same period of 2020[137]. Assets and Liabilities - Total assets as of September 30, 2021, amounted to HKD 444,877,000, compared to HKD 370,939,000 as of March 31, 2021, representing an increase of approximately 20%[104]. - The company’s total liabilities increased to HKD 186,511,000 from HKD 138,465,000, which is an increase of approximately 35%[104]. - The company’s total liabilities decreased to HKD 140,535,000 as of September 30, 2021, from HKD 251,261,000 as of the previous year[120]. - The company’s issued share capital increased to HKD 100,000,000 as of September 30, 2021, from HKD 99,620,000 as of March 31, 2021, reflecting a growth of 0.4%[179]. Cash Flow - The net cash used in operating activities for the six months ended September 30, 2021, was HKD (15,048,000), compared to a net cash inflow of HKD 16,266,000 in the same period of 2020[124]. - The company experienced a net cash outflow from investing activities of HKD (12,441,000) for the six months ended September 30, 2021, compared to HKD (2,956,000) in the same period of 2020[124]. - The company reported a net cash inflow from financing activities of HKD 4,236,000 for the six months ended September 30, 2021, compared to a net cash outflow of HKD (32,132,000) in the same period of 2020[124]. Expenses and Costs - Administrative and other operating expenses increased to approximately HKD 13.9 million from HKD 12.2 million in the previous year, mainly due to higher employee costs post-listing[14]. - The total employee cost for the six months ended September 30, 2021, was approximately HKD 82.4 million, an increase from HKD 52.3 million for the same period in 2020, with the number of employees rising to 362 from 304[35]. - Interest expenses related to bank overdrafts decreased from HKD 187,000 in 2020 to HKD 172,000 in 2021, while bank loans dropped significantly from HKD 183,000 to HKD 15,000[141]. Investments and Capital Expenditures - The group has not made any significant investments or acquisitions in subsidiaries, associates, or joint ventures during the six months ended September 30, 2021[22]. - The group’s capital commitments for property, plant, and equipment as of September 30, 2021, amounted to approximately HKD 2.8 million, down from HKD 4.6 million as of March 31, 2021[24]. - The group acquired property, plant, and equipment for approximately HKD 6,941,000 during the six months ended September 30, 2021, an increase from HKD 4,790,000 in 2020[155]. Shareholder Information - The group declared an interim dividend of HKD 18 million on May 31, 2020, but does not recommend any interim dividend for the six months ended September 30, 2021[34]. - The controlling shareholder, Mr. Xu Jiguang, holds 75% of the company's issued share capital through New Brilliance as of September 30, 2021[93]. - The company has adopted a share incentive plan on November 22, 2021, aimed at retaining and attracting suitable personnel for further development[30]. Compliance and Governance - The company has maintained compliance with the corporate governance code as of September 30, 2021[96]. - The audit committee has reviewed the financial statements for the six months ended September 30, 2021, ensuring adherence to applicable accounting standards[99]. - The company is focused on enhancing transparency and accountability to maintain stakeholder trust and long-term value[96]. Operational Measures - The company has implemented measures to ensure business operations remain unaffected by the ongoing COVID-19 pandemic, maintaining communication with suppliers and clients[8]. - The group has no significant foreign exchange risk as most monetary assets and liabilities are denominated in HKD, and currently has no foreign exchange hedging policy[26]. Other Financial Metrics - The company did not receive any government subsidies during the six months ended September 30, 2021, compared to HKD 10,244,000 in the same period of 2020[140]. - The income tax expense for the six months ended September 30, 2021, was HKD 6,250,000, a substantial increase from HKD 1,764,000 in the same period of 2020[144]. - The profit before tax for the six months ended September 30, 2021, included depreciation of property, plant, and equipment amounting to HKD 5,192,000, compared to HKD 2,763,000 in 2020[146].
誉燊丰控股(02132) - 2021 - 年度财报
2021-07-28 08:34
Financial Performance - For the fiscal year ending March 31, 2021, the company recorded total revenue of approximately HKD 634.4 million, an increase of about 4.1% compared to HKD 609.2 million for the previous year[11] - The company's gross profit decreased by approximately 10.0% to about HKD 67.4 million from approximately HKD 74.9 million in the previous year, primarily due to lower profit margins on two high-value contract projects[11] - The net profit for the fiscal year was approximately HKD 47.9 million, representing an increase of about 18.6% from HKD 40.4 million in the previous year[11] - Revenue increased from approximately HKD 609.2 million to approximately HKD 634.4 million, representing a growth of about 4.1%[20] - Direct costs rose from approximately HKD 534.3 million to approximately HKD 567.1 million, an increase of about 6.1%[22] - Gross profit decreased from approximately HKD 74.9 million to approximately HKD 67.4 million, a decline of about 10.0%, with gross margin dropping to approximately 10.6% from 12.3%[23] - Other income surged from approximately HKD 1.9 million to approximately HKD 17.3 million, primarily due to wage subsidies from the government related to the COVID-19 pandemic[24] - Adjusted net profit increased from approximately HKD 44.0 million to approximately HKD 54.3 million, with adjusted net profit margin rising to approximately 8.6% from 7.2%[27] - As of March 31, 2021, the group had net current assets of approximately HKD 196.1 million, up from approximately HKD 97.6 million a year earlier[30] - Total debt decreased to approximately HKD 11.6 million from approximately HKD 23.0 million, indicating improved financial stability[30] - The debt-to-equity ratio as of March 31, 2021, was approximately 5.1%, down from 20.5% a year prior, reflecting a stronger capital structure[38] - As of March 31, 2021, the company's distributable reserves amounted to approximately HKD 39.4 million, compared to zero on March 31, 2020[86] Dividend and Shareholder Returns - The board proposed a final dividend of HKD 0.3125 per share, marking the first cash dividend payment since the company's listing[12] - The company declared a final dividend of HKD 0.3125 per share, marking the first cash dividend since its listing[41] - The company proposed a final dividend of HKD 0.3125 per share for the year ending March 31, 2021, amounting to approximately HKD 5 million, compared to no dividend in 2020[66] - The board will consider various factors, including actual and expected financial performance, shareholder equity, and future operational funding requirements when deciding on dividend payments[60] - The company will review its dividend policy continuously and reserves the right to update or modify it at any time[64] Business Operations and Strategy - The company has 27 construction projects on hand, with a total uncompleted contract value of approximately HKD 2,130.3 million as of March 31, 2021[18] - The Hong Kong government is expected to continue investing in infrastructure, with annual capital works expenditure exceeding HKD 100 billion, which may enhance the company's tendering success rate[14] - The company aims to strengthen its market position and maintain good business relationships with clients while focusing on completing existing civil engineering projects to ensure project profitability[14] - The management team is committed to sustainable growth and delivering long-term benefits to shareholders through effective cost control and project completion[14] - The company has made progress in its business strategies, including the acquisition of necessary machinery and equipment for ongoing projects[46] - The company plans to enhance its workforce by hiring several project management team members, although recruitment has been delayed due to a lack of suitable candidates[50] - The company has applied cloud storage functionality and is seeking suitable service providers for upgrading its management information systems[50] Risk Management and Compliance - The company has identified several major risks, including reliance on key management personnel and potential liabilities from subcontractors[44] - The company’s financial risk management objectives and policies are detailed in the financial statements[70] - The group has complied with relevant laws and regulations, with no significant violations reported for the year ended March 31, 2021[121] - The board is responsible for the group's environmental, social, and governance (ESG) strategies and risk management, ensuring compliance with ESG reporting requirements[122] - The company maintains effective internal control and risk management systems to safeguard shareholder investments and group assets[197] Corporate Governance - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, to oversee specific areas of the company's affairs[171] - The Remuneration Committee held two meetings in the fiscal year ending March 31, 2021, to review the service agreements and compensation of directors and senior management, concluding that the remuneration was fair and reasonable[173] - The Nomination Committee was formed on September 21, 2020, with the primary responsibility of reviewing and assessing the composition of the board and the independence of independent non-executive directors[176] - The company’s governance policies and practices are regularly reviewed to ensure compliance with the corporate governance code[172] - The board is led by Chairman Xu Jiguang and CEO Xu Ziyang, ensuring a separation of roles to avoid power concentration[166] - The company has adopted a nomination policy to guide the selection and recommendation of director candidates, considering diversity in various aspects[177] Management and Personnel - The executive director Xu Jiguang has over 40 years of experience in the construction industry and has been with the group since its establishment in 1993[126] - The CEO Xu Ziyang has been with the group since 2007 and was appointed as CEO in October 2018, overseeing operations and business development[130] - Xu Huiyang, an executive director, joined the group in 2013 and has held various roles, including financial director before her current position[132] - The independent non-executive director Li Yanjie was appointed in September 2020 and serves as the chairman of the remuneration committee[135] Market and Growth Prospects - The company reported a significant increase in revenue, achieving a total of $150 million, representing a 20% growth year-over-year[146] - User data showed an increase in active users, reaching 1.2 million, which is a 15% increase compared to the previous year[146] - The company provided guidance for the next fiscal year, projecting revenue growth of 25% to $187.5 million[146] - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative technology solutions[146] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[146] - A strategic acquisition was completed, enhancing the company's capabilities and expected to generate $5 million in synergies annually[146] - Research and development expenses increased to $10 million, reflecting a 30% investment in new technologies[146] - The company has implemented new operational strategies aimed at improving efficiency, projected to reduce costs by 15%[146] - Customer satisfaction ratings improved to 85%, indicating a positive response to recent service enhancements[146] - The company maintains a strong balance sheet with cash reserves of $50 million, providing flexibility for future investments[146]
誉燊丰控股(02132) - 2021 - 中期财报
2020-12-23 08:30
Financial Performance - The company recorded a net profit of approximately HKD 19.8 million for the six months ended September 30, 2020, down from HKD 21.7 million in the same period of 2019, representing a decrease of about 8.8%[18]. - Revenue decreased by approximately HKD 104.9 million or 32.3%, from approximately HKD 324.4 million for the six months ended September 30, 2019, to approximately HKD 219.5 million for the same period in 2020[12]. - Gross profit fell by approximately HKD 15.4 million or 40.8%, from approximately HKD 37.7 million to approximately HKD 22.3 million, with the gross profit margin declining from 11.6% to 10.2%[13]. - Profit before tax for the six months ended September 30, 2020, was HKD 21,536,000, a decrease of 15.5% compared to HKD 25,507,000 in 2019[72]. - Total comprehensive income attributable to owners of the company for the period was HKD 19,772,000, down 9.0% from HKD 21,715,000 in 2019[72]. - Profit attributable to owners of the company for the six months ended September 30, 2020, was HKD 19,772,000, a decrease of 8.8% from HKD 21,715,000 in the same period of 2019[110]. Income and Expenses - Other income increased from approximately HKD 0.5 million to approximately HKD 11.8 million, primarily due to wage subsidies from the Hong Kong government's employment support scheme[14]. - Administrative and other operating expenses decreased slightly from approximately HKD 12.3 million to approximately HKD 12.2 million, with adjusted expenses dropping from approximately HKD 10.6 million to approximately HKD 10.2 million[16]. - Income tax expenses decreased by approximately HKD 2.0 million or 52.6%, from approximately HKD 3.8 million to approximately HKD 1.8 million[17]. - The total employee costs for the six months ended September 30, 2020, were approximately HKD 52.3 million, down from HKD 63.1 million for the same period in 2019[34]. - Total financing costs for the six months ended September 30, 2020, were HKD 385,000, an increase of 9.7% compared to HKD 351,000 for the same period in 2019[105]. Assets and Liabilities - As of September 30, 2020, the company had net current assets of approximately HKD 97.1 million and cash and bank balances of approximately HKD 41.0 million[20]. - The total debt of the group, including interest-bearing bank borrowings and bank overdrafts, was approximately HKD 11.2 million, down from HKD 23.0 million as of March 31, 2020[22]. - The group's debt-to-equity ratio as of September 30, 2020, was approximately 9.9%, a decrease from 20.6% as of March 31, 2020[29]. - As of September 30, 2020, total assets amounted to HKD 238,553,000, a decrease from HKD 247,638,000 as of March 31, 2020, representing a decline of approximately 3.5%[75]. - The company’s total liabilities decreased to HKD 74,223,000 as of September 30, 2020, from HKD 84,490,000 as of March 31, 2020, indicating a reduction of about 12.1%[132]. Shareholder Information - The company was successfully listed on the Main Board of the Hong Kong Stock Exchange on October 20, 2020[19]. - As of September 30, 2020, New Brilliance holds 1,200,000,000 shares, representing a 75% equity stake in the company[45]. - Huang Zhuomei, as the spouse of Xu Jiguang, also holds 1,200,000,000 shares, equating to a 75% equity stake[45]. - No major shareholders or significant stakeholders have disclosed any interests or short positions in the company's shares as of the mid-term report date[47]. Operational Highlights - The impact of the COVID-19 pandemic on the company's operations was relatively minor, with no significant difficulties or delays reported in project completions[10]. - The company is focused on expanding its construction engineering services, with ongoing restructuring efforts to enhance operational efficiency[94]. - The company confirmed that all government subsidies received will be used for employee salaries during the subsidy period[104]. - The company has engaged in strategic marketing and expansion through joint ventures in the construction sector, which is considered crucial for business development[153]. Corporate Governance - The company has complied with the corporate governance code since its listing date[64]. - All directors have fully complied with the standards set forth in the code of conduct for securities trading since the company's listing[53]. - The audit committee was established on September 21, 2020, to oversee financial reporting and internal controls[66]. Future Outlook - The company plans to continue monitoring the COVID-19 situation and actively respond to its impact on financial performance and operational results[159]. - The impact of the COVID-19 pandemic on the group's financial performance has been relatively minor as of the mid-report date, although future developments may affect financial results[159].