Financial Performance - Revenue for the six months ended June 30, 2022, decreased by approximately 29.5% to about HKD 68.9 million, compared to HKD 97.7 million for the same period in 2021[13] - Gross profit for the same period decreased by approximately 25.7% to about HKD 12.9 million, down from HKD 17.3 million in 2021[13] - The group recorded a profit attributable to equity holders of approximately HKD 6.8 million, compared to HKD 10.6 million for the same period in 2021[13] - Total comprehensive income for the six months ended June 30, 2022, was approximately HKD 6.8 million, a decrease of about 36.1% from approximately HKD 10.6 million for the same period in 2021[36] - The net profit attributable to equity holders of the company was HKD 6,765,000, a decline of 36.5% from HKD 10,581,000 in the previous year[105] - The company reported a total comprehensive income of HKD 6,765,000 for the first half of 2022, compared to HKD 10,581,000 in the same period of 2021, reflecting a decrease of approximately 36.5%[111] Project and Market Focus - As of June 30, 2022, the group had 9 projects on hand, down from 15 projects as of December 31, 2021, with a total original contract value of approximately HKD 533.7 million[22] - The group plans to focus on bidding for high-potential and high-profitability RMAA projects to increase market share in the RMAA industry[23] - The disruptions in logistics and supply of construction materials and labor due to the pandemic have affected project progress and tendering processes[27] Cash Flow and Liquidity - The cash flow cycle has slowed, and operational funding pressure has increased due to the impact of the COVID-19 pandemic[22] - As of June 30, 2022, the group maintained a strong liquidity position with net current assets of approximately HKD 166.8 million, compared to HKD 160.3 million as of December 31, 2021[40] - The group had no outstanding bank borrowings as of June 30, 2022, and maintained a zero debt-to-equity ratio[41][42] - The net cash used in operating activities for the six months ended June 30, 2022, was HKD (7,440,000), an improvement from HKD (38,570,000) in the same period of 2021[117] - Cash and cash equivalents at the end of the period increased to HKD 25,881,000 from HKD 25,590,000, showing a slight increase of 1.1%[117] Expenses and Costs - Administrative expenses increased from approximately HKD 4.1 million for the six months ended June 30, 2021, to approximately HKD 5.2 million for the same period in 2022, representing an increase of about 25.9%[33] - Financing costs decreased from approximately HKD 0.2 million for the six months ended June 30, 2021, to approximately HKD 7,000 for the same period in 2022, due to reduced bank loan interest[34] - Employee benefits expenses increased to HKD 5,196,000, up 28.0% from HKD 4,060,000 in 2021[170] Shareholder and Dividend Information - The board has decided not to declare an interim dividend for the six months ended June 30, 2022, compared to HKD 288,000 for the same period in 2021[13] - The company did not declare an interim dividend for the six months ended June 30, 2022, after declaring HKD 28,800,000 in interim dividends for the previous period[180] - As of June 30, 2022, major shareholder Yang Yongshen holds 605 million shares, representing 60.50% of the company's issued share capital[76] Use of Proceeds - The group has adjusted the use of net proceeds from the share placement of approximately HKD 47.9 million to meet operational funding needs instead of launching a metal scaffolding system[22] - The planned use of proceeds includes upgrading equipment (HKD 57.5 million), meeting working capital needs (HKD 25.7 million), and strengthening manpower (HKD 7.5 million)[59] - As of June 30, 2022, HKD 53.8 million of the net proceeds had been utilized, leaving HKD 36.9 million unutilized[59] - The expected timeline for utilizing the unutilized proceeds for equipment upgrades and manpower strengthening is by December 2023[59] Compliance and Governance - The company has complied with the corporate governance code applicable as of June 30, 2022[69] - The audit committee reviewed the interim financial results and confirmed compliance with applicable accounting standards and regulations[99] - The company’s financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[123] Trade Receivables and Assets - The total trade receivables as of June 30, 2022, amounted to HKD 169,549,000, a slight increase from HKD 165,517,000 as of December 31, 2021[186] - As of June 30, 2022, the overdue trade receivables included approximately HKD 138,367,000 that were overdue for 90 days or more, compared to HKD 71,663,000 as of December 31, 2021, indicating a significant increase in overdue amounts[191] - Contract assets as of June 30, 2022, amounted to HKD 33,688,000, an increase from HKD 30,719,000 as of December 31, 2021[192] Other Income and Gains - Other income and gains for the six months ended June 30, 2022, were approximately HKD 0.5 million, down from HKD 0.8 million in the same period in 2021, primarily from government subsidies and bank interest[29] - The company has received government subsidies amounting to HKD 328,000 related to the Employment Support Scheme[164]

Financial Performance - The company's revenue for the year ended December 31, 2021, decreased by approximately 20.6% to about HKD 249.6 million, down from HKD 314.2 million in 2020[11]. - The group's revenue for the year ended December 31, 2021, was approximately HKD 249.6 million, a decrease of about 20.6% from HKD 314.2 million in 2020[20]. - Gross profit for the year ended December 31, 2021, was approximately HKD 44.8 million, down about 23.6% from HKD 58.7 million in 2020, with a gross margin of approximately 18.0%[22]. - Net profit for the year ended December 31, 2021, was approximately HKD 26.3 million, a decrease of about 30.4% from HKD 37.7 million in 2020, with a net profit margin of approximately 10.5%[29]. - Service costs decreased from approximately HKD 255.6 million in 2020 to about HKD 204.8 million in 2021, representing a reduction of approximately HKD 50.8 million or 19.9%[21]. - Administrative expenses increased from approximately HKD 6.5 million in 2020 to about HKD 9.8 million in 2021, an increase of approximately HKD 3.3 million or 50.9%[24]. Project and Market Outlook - The company faced project delays due to a fatal accident at the Happy Valley site, which was expected to generate approximately HKD 29.1 million in revenue[11]. - New contracts awarded during the year amounted to approximately HKD 122.5 million, partially offsetting the negative impacts from project delays[11]. - As of December 31, 2021, the company had 15 projects on hand with a total original contract value of approximately HKD 636.2 million, compared to HKD 610.4 million in 2020[15]. - The company anticipates an increase in demand for RMAA projects due to the growing number of buildings over 30 years old in Hong Kong[16]. - The year 2022 is expected to be challenging due to the impact of the COVID-19 pandemic, including labor shortages and supply chain disruptions[17]. - The company is committed to maintaining high-quality RMAA projects as a key to its success[16]. - The company aims to improve its competitiveness in the RMAA industry through wise use of existing resources[16]. Capital and Liquidity - As of December 31, 2021, the group maintained a strong liquidity position with net current assets of approximately HKD 160.3 million[30]. - The group had no outstanding bank borrowings as of December 31, 2021, compared to approximately HKD 11.3 million on December 31, 2020[31]. - The capital adequacy ratio was zero as of December 31, 2021, down from approximately 20.9% on December 31, 2020[32]. - Capital expenditures for the year ended December 31, 2021, amounted to approximately HKD 1.8 million, primarily for vehicle purchases and lease renewals[38]. Shareholder and Dividend Information - The company declared an interim dividend of HKD 288,000 per ordinary share, totaling HKD 28.8 million, compared to HKD 15 million in the previous year[55]. - The board recommended not to declare a final dividend for the year ended December 31, 2021[56]. - The company has adopted a dividend policy aimed at maintaining sufficient cash reserves to meet operational needs and future growth[182]. - The company has no predetermined dividend payout ratio, and the board may decide on dividends based on various factors including operational performance and financial condition[183]. Corporate Governance - The company has maintained compliance with the corporate governance code since its listing date on March 31, 2021[81]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[84]. - The company has established a clear division of responsibilities between the chairman and the CEO to ensure a balance of power[87]. - The company has committed to providing ongoing professional development for directors to enhance their knowledge and skills[113]. - The independent non-executive directors have been confirmed as independent according to the listing rules[102]. - The company has a structured approach to board member appointments, with a rotation policy ensuring that one-third of directors retire and seek re-election at each annual general meeting[103]. - The company established an Audit Committee on March 15, 2021, which is composed of three independent non-executive directors and one non-executive director, ensuring compliance with listing rules[120]. - The Audit Committee's responsibilities include reviewing financial statements and overseeing the company's risk management and internal control systems[121]. Risk Management and Compliance - The company faces significant risks and uncertainties as detailed in the management discussion and analysis section of the annual report[190]. - There were no significant or systemic non-compliance issues with relevant laws and regulations as of December 31, 2021[176]. - The audit committee has reviewed and discussed the effectiveness of the internal control and risk management systems, concluding that they are adequate and effective[148]. - The board is responsible for maintaining sufficient internal controls and risk management systems to protect shareholder interests and group assets[147]. Social Responsibility - The group made charitable donations of HKD 145,000 in the year, compared to HKD 33,000 in 2020[173]. - The company emphasizes environmental sustainability and integrates this concept into its daily operations[179].

Financial Performance - Revenue for the six months ended June 30, 2021, increased by approximately 11.9% to about HKD 97.7 million, compared to HKD 87.3 million for the same period in 2020[7]. - Gross profit for the same period rose by approximately 8.0% to about HKD 17.3 million, with a gross margin of approximately 17.7%, down from 18.4% in the previous year[17]. - Profit attributable to equity holders for the six months ended June 30, 2021, was approximately HKD 10.6 million, compared to HKD 9.4 million for the same period in 2020[7]. - Profit and total comprehensive income increased by approximately 12.9% from HKD 9.4 million for the six months ended June 30, 2020, to approximately HKD 10.6 million for the same period in 2021[27]. - The company reported a total comprehensive income of HKD 9,370,000 for the period, compared to HKD 25,748,000 for the same period in 2020, reflecting a decrease in profitability[101]. - The company's basic and diluted earnings per share for the period were HKD 1.21, slightly down from HKD 1.25 in the previous year[91]. - The company reported a pre-tax profit before income tax of HKD 97,694,000 for the six months ended June 30, 2021, compared to HKD 87,308,000 in the same period of 2020[139]. Dividends - The company declared an interim dividend of HKD 28.8 million, amounting to HKD 0.288 per share, for the period[7]. - The company declared an interim dividend of HKD 28.8 million for the period from January 1, 2021, to March 29, 2021, compared to HKD 15.0 million for the same period in 2020[53]. - No additional interim dividends were declared for the six months ending June 30, 2021, beyond the aforementioned amount[53]. Assets and Liabilities - Current assets net value as of June 30, 2021, was approximately HKD 144.6 million, up from HKD 56.2 million as of December 31, 2020[28]. - As of June 30, 2021, total assets amounted to HKD 232,251,000, a decrease from HKD 239,461,000 as of December 31, 2020[95]. - The company's total liabilities decreased significantly from HKD 183,254,000 at the end of 2020 to HKD 87,686,000 as of June 30, 2021, indicating a reduction of approximately 52.1%[95]. - The equity attributable to the company's equity holders increased to HKD 147,001,000 as of June 30, 2021, compared to HKD 54,115,000 at the end of 2020, representing a growth of approximately 171.5%[97]. - Trade receivables as of June 30, 2021, amounted to HKD 112,734,000, a decrease from HKD 152,073,000 as of December 31, 2020[152]. - Trade payables decreased from HKD 108,859,000 as of December 31, 2020, to HKD 55,215,000 as of June 30, 2021, representing a reduction of approximately 49.3%[20]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (38,570,000), a decrease from HKD 12,616,000 in the previous year[107]. - The company raised HKD 140,000,000 from the issuance of new shares during the financing activities, significantly contributing to a net cash inflow of HKD 99,480,000 from financing activities[107]. - The cash and cash equivalents at the end of the period were HKD 25,590,000, up from HKD 5,015,000 at the end of the same period in 2020, indicating a substantial increase in liquidity[107]. - The company's operating cash flow remains negative, indicating challenges in generating cash from core operations[107]. Business Operations - The company’s main business involves investment holding and providing repair, maintenance, alteration, and addition (RMAA) services in Hong Kong[111]. - The company aims to strengthen its market position and increase market share in the RMAA sector, driven by mandatory inspection regulations and the revitalization of old buildings[15]. - The company plans to continue expanding its market presence and exploring new business opportunities in the RMAA sector[111]. - The group anticipates that the impact of the COVID-19 pandemic on ongoing project progress will not be severe, based on discussions with major clients[15]. - The company is engaged in long-term contracts for RMAA engineering services, with all contracts being fixed-price agreements[130]. Expenses and Costs - Administrative expenses increased from approximately HKD 3.4 million for the six months ended June 30, 2020, to approximately HKD 4.1 million for the same period in 2021, representing a 20.3% increase[23]. - Financing costs rose to approximately HKD 0.2 million for the six months ended June 30, 2021, compared to HKD 47,000 for the same period in 2020, an increase of HKD 145,000[24]. - Employee benefits expenses rose to HKD 4,060,000, up 24.4% from HKD 3,263,000, reflecting increased salaries and benefits[139]. Shareholder Information - The major shareholder, 富泽企业, holds a 75% stake in the company, with the beneficial owner being Mr. 杨, who also holds a 75% interest[72]. - The company has adhered to the corporate governance code as per the listing rules since its listing date on March 31, 2021[57]. - The company has not entered into any related party transactions that require disclosure under the Listing Rules during the reporting period[80]. Future Plans and Investments - The planned use of net proceeds includes upgrading construction equipment and enhancing safety measures, with an allocation of HKD 57.5 million, expected to be utilized by December 2022[50]. - The company aims to further strengthen its workforce with an allocation of HKD 7.5 million, of which HKD 0.2 million has been utilized[50]. - The group plans to focus on promoting the use of metal scaffolding systems to enhance safety and productivity in construction[15].

Financial Performance - Revenue decreased from approximately HKD 334.2 million in FY2019 to approximately HKD 314.2 million in FY2020, a decline of about HKD 20.0 million or 6.0%[12] - Gross profit fell from approximately HKD 62.9 million in FY2019 to approximately HKD 58.7 million in FY2020, representing a decrease of about HKD 4.2 million or 6.7%[12] - Total comprehensive income increased from approximately HKD 29.6 million in FY2019 to approximately HKD 37.7 million in FY2020, an increase of about HKD 8.1 million or 27.3%[12] - Revenue decreased from approximately HKD 334.2 million in FY2019 to about HKD 314.2 million in FY2020, representing a decline of approximately HKD 20.0 million or 6.0%[18] - Service costs reduced from approximately HKD 271.3 million in FY2019 to about HKD 255.6 million in FY2020, a decrease of approximately HKD 15.8 million or 5.8%[22] - Gross profit decreased from approximately HKD 62.9 million in FY2019 to about HKD 58.7 million in FY2020, a decline of approximately HKD 4.2 million or 6.7%[23] - Other income increased from zero in FY2019 to approximately HKD 1.2 million in FY2020, mainly due to government subsidies received in response to the COVID-19 pandemic[25] - Administrative expenses decreased from approximately HKD 9.0 million in FY2019 to about HKD 6.5 million in FY2020, a reduction of approximately HKD 2.5 million or 27.9%[26] - Net profit and total comprehensive income increased from approximately HKD 29.6 million in FY2019 to about HKD 37.7 million in FY2020, an increase of approximately HKD 8.1 million or 27.3%[29] Project and Market Position - As of December 31, 2020, the company had 15 ongoing projects with a total original contract value of approximately HKD 610.4 million, down from approximately HKD 712.5 million in 2019[13] - The company aims to strengthen its market position and increase market share by upgrading construction equipment and enhancing safety measures[12] - The company plans to further improve its financial position to secure larger RMAA projects[12] - The company is focused on investing in manpower and equipment to enhance bidding capabilities and undertake higher-value projects[11] Risk Management and Governance - The company expresses a cautious outlook on future challenges but remains confident in its strategies for sustainable business development[8] - The company acknowledges the support from shareholders, clients, and business partners during its listing process and ongoing operations[8] - The company has not utilized any of the proceeds from the share offering as of the report date, and no significant changes in the proposed use of proceeds are anticipated[53] - The company’s management is focused on ensuring timely and effective risk management related to financial instruments[47] - The company is committed to maintaining effective internal controls and risk management systems to protect shareholder interests[132] Corporate Governance - The company appointed three independent non-executive directors on March 15, 2021, enhancing its governance structure[65][68][69]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[85] - The company has maintained compliance with the corporate governance code since its listing date on March 31, 2021[82] - The company emphasizes the importance of board diversity as a key element for sustainable development and strategic goals[99] - The company has established a board diversity policy to enhance performance quality[98] Shareholder Information - The total amount of interim dividends declared was HKD 39 million, with HKD 24 million for the period up to December 31, 2019, and HKD 15 million for the 2020 fiscal year[54] - The board does not recommend the payment of a final dividend for the 2020 fiscal year[56] - The company has adopted a dividend policy that requires maintaining sufficient cash reserves for operational needs and future growth[164] - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special general meeting[137] Management and Employee Information - The company had no significant investments, acquisitions, or disposals during FY2020, except for a restructuring[45] - Employee benefits expenses remained stable at approximately HKD 7.3 million for both the 2019 and 2020 fiscal years[48] - As of December 31, 2020, the company had 25 employees, consistent with the previous year[48] - The senior management team includes individuals with over 15 years of experience in the construction industry, indicating strong operational expertise[73][75][78]. Stock Options and Incentives - The stock option plan allows for the issuance of up to 100,000,000 shares, representing 10% of the total shares issued as of the report date[196] - The stock option plan aims to incentivize participants to enhance their performance and efficiency, as well as to attract and retain key contributors to the group's long-term development and profitability[194] - Participants in the stock option plan include full-time and part-time employees, consultants, directors, major shareholders, and business partners[195] - Any grant of stock options exceeding 1% of the total issued shares must be approved by shareholders at a general meeting[199] Charitable Contributions - The company made charitable donations totaling HKD 30,000 during the year, compared to HKD 33,000 in 2019[156]