Financial Performance - The Group's annual revenue for the year ended December 31, 2024, achieved approximately MOP 200.0 million, marking a significant milestone in its financial performance[12] - The Group recorded a net profit for the Year 2024, despite a decrease in revenue compared to the previous year[24] - The Group recorded total revenue of approximately HK$91.7 million for the Year 2024, a decrease of approximately HK$167.2 million or 64.6% from approximately HK$258.9 million for the Year 2023[34] - The overall gross profit increased to approximately HK$23.5 million for the Year 2024 from approximately HK$19.5 million for the Year 2023, with the gross profit margin rising from approximately 7.5% to approximately 25.6%[50] - The Group reported a net profit of approximately HK$3.8 million for 2024, compared to a net loss of approximately HK$8.0 million in 2023[69] Revenue and Project Contracts - The Group's project portfolio includes a contract for the installation and supply of electrical systems in a residential and commercial development project at Taipa, Macau, with an initial contract sum of approximately MOP 138.7 million[16] - The Group was awarded a project for hotel renovation at Avenida da Amizade, Macau, with an initial contract sum of approximately MOP 120.6 million, highlighting its ongoing engagement in high-value projects[16] - The Group's project for a hotel development at Lago Nam Van, Macau, has an initial contract sum of approximately MOP 168.8 million, showcasing its involvement in significant hospitality projects[16] - The initial contract sum for a project awarded to Ready System (Macau) in 2021 was approximately MOP123.0 million[17] - SEM Resources was awarded projects in 2021 with initial contract sums of approximately HK$42.0 million and HK$358.6 million, respectively[17] Market Strategy and Diversification - The Group's strategy includes diversifying market risks by continuing to engage in E&M engineering works in the Hong Kong segment through its wholly owned subsidiary, SEM Resources Limited[12] - The Group has entered the cable trading market as part of its strategic initiatives to diversify revenue streams[25] - The Group plans to explore opportunities in the electrical cable trading market to diversify its business model and create new income streams[33] - The Group is actively pursuing diversification strategies, particularly in the electrical cable trading market, to enhance long-term stability[105] - The Group aims to selectively pursue opportunities in E&M construction services, particularly in light of announced infrastructure projects by the Hong Kong SAR Government[107] Operational Efficiency and Cost Management - The decrease in revenue for Year 2024 was attributed to the reversal of impairment loss and an increase in gross profit margins compared to Year 2023[24] - The restructuring of the project management team and digitization of workflows initiated in 2023 have improved operational efficiency and reduced workforce-related costs[39] - The Group aims to maintain a higher gross profit margin by bidding for potential projects with higher margins and implementing cost-saving strategies[52] - The increase in gross profit margin was attributed to cost-saving measures implemented in Macau and Hong Kong, as well as the revaluation of budget project costs[51] - The Group's cost of sales for the Year 2024 amounted to approximately HK$68.2 million, representing a decrease of 71.5% from approximately HK$239.4 million for the Year 2023[47] Governance and Management - The company has a strong board of directors with diverse expertise in engineering, finance, and governance, enhancing its strategic decision-making capabilities[136] - The company emphasizes the importance of corporate governance and internal controls, as highlighted by the roles of its non-executive directors[134] - The Board consists of three independent non-executive Directors, representing more than one-third of the Board, complying with rule 3.10A of the Listing Rules[183] - The Company has adopted a Board Diversity Policy to enhance the effectiveness of the Board and support strategic objectives[199] - The management team is well-qualified, with members holding advanced degrees and professional certifications in their respective fields[141] Financial Position and Liquidity - Cash and cash equivalents increased to approximately HK$56.1 million as of December 31, 2024, up from approximately HK$35.9 million in 2023[75] - Working capital as of December 31, 2024, was approximately HK$188.3 million, compared to approximately HK$183.4 million in 2023[76] - The gearing ratio as of December 31, 2024, was approximately 21.0%, a decrease from approximately 24.3% in 2023, indicating stable financial leverage[77] - The business outlook for the upcoming year remains cautiously optimistic, supported by low debt levels and robust liquidity[107] - The Group has minimal exposure to foreign currency risk, as most transactions are denominated in MOP or HK$, and currently does not have a foreign currency hedging policy[79] Risk Management and Compliance - The Group has implemented a risk management system to mitigate operational risks, led by the Directors who consider macro and microeconomic conditions[89] - There were no material breaches of applicable laws and regulations that significantly impacted the group's business and operations during the Year 2024[113] - The Company has complied with the CG Code during the Year 2024, except for a deviation from code provision C.2.1[159] - The Nomination Committee assesses the independence of independent non-executive Directors annually to ensure they can exercise independent judgment[186] - The Group is committed to sustainable growth across financial performance and environmental, social, and governance (ESG) considerations[167]

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 91,707,000, a decrease of 64.6% compared to HKD 258,894,000 for the fiscal year ending December 31, 2023[3] - The gross profit for the fiscal year 2024 was HKD 23,521,000, representing a 20.5% increase from HKD 19,512,000 in 2023[3] - The net profit attributable to shareholders for 2024 was HKD 3,802,000, compared to a loss of HKD 7,970,000 in 2023, indicating a significant turnaround[3] - The basic earnings per share for 2024 was HKD 0.19, compared to a loss per share of HKD 0.40 in 2023[3] - The group recorded a net profit of approximately HKD 3.8 million in 2024, compared to a net loss of approximately HKD 8.0 million in 2023[42] Revenue Sources - Revenue from external customers in Macau was HKD 31,380,000 in 2024, up from HKD 22,144,000 in 2023, while revenue from Hong Kong dropped to HKD 60,327,000 from HKD 236,750,000[13] - Revenue from major customer A decreased to HKD 55,890,000 in 2024 from HKD 232,509,000 in 2023, representing a decline of approximately 76%[14] - Other income for fiscal year 2024 was approximately HKD 1.8 million, up from approximately HKD 1.2 million in fiscal year 2023, primarily due to increased bank interest income and waste disposal revenue[35] Expenses and Costs - Administrative expenses increased to HKD 23,348,000 in 2024 from HKD 22,053,000 in 2023, reflecting rising operational costs[3] - Total employee costs decreased to HKD 25,540,000 in 2024 from HKD 31,317,000 in 2023, a reduction of approximately 18%[16] - The sales cost for fiscal year 2024 was approximately HKD 68.2 million, a reduction of 71.5% from approximately HKD 239.4 million in fiscal year 2023[33] Assets and Liabilities - Trade receivables and other receivables increased to HKD 63,608,000 in 2024 from HKD 22,265,000 in 2023, reflecting a substantial growth in receivables[4] - The total assets less current liabilities stood at HKD 217,874,000 in 2024, slightly up from HKD 214,780,000 in 2023[4] - The company reported a decrease in contract assets to HKD 92,257,000 in 2024 from HKD 132,060,000 in 2023, indicating a reduction in ongoing projects[4] - The company’s bank borrowings decreased to HKD 5,354,000 in 2024 from HKD 6,095,000 in 2023, a decline of about 12%[24] - The group has confirmed an accumulated credit loss provision of approximately HKD 17.7 million and HKD 8.8 million for contract assets and trade receivables, respectively, as of December 31, 2024[37] Operational Strategy - The company operates primarily in Macau and Hong Kong, focusing on providing electrical and mechanical engineering services[5] - The group is focusing on optimizing operational efficiency in response to the changing economic landscape in Macau and Hong Kong, which includes restructuring the project management team and digitizing workflows[30] - The group aims to explore opportunities in the cable trading market to diversify its business model and create new revenue sources[28] - The group is seeking opportunities to undertake more electromechanical engineering service projects in Macau and Hong Kong, targeting both existing and potential new clients[55] Corporate Governance - The company is committed to high standards of corporate governance, with the board regularly reviewing policies to ensure compliance with applicable regulations[64] - The audit committee has reviewed the accounting principles and practices adopted by the company, discussing audit, internal control, and financial reporting matters[66] Employee and Workforce - The company has 50 full-time employees as of December 31, 2024, a decrease from 72 employees as of December 31, 2023[60] - The total employee cost for the fiscal year 2024 is approximately HKD 25.5 million, down from approximately HKD 31.3 million in the previous year[60] Future Outlook - The company maintains a cautiously optimistic outlook for the next year, emphasizing the growth potential in the cable trading sector and its low debt levels, which provide flexibility for new projects and investments[56] - There has been an increase in requests for quotations and growing interest from potential customers in the cable trading sector, indicating positive results from the company's expansion efforts[56]

Revenue Performance - The Group recorded total revenue of approximately HK$50.9 million for the six months ended June 30, 2024, a decrease of approximately HK$80.5 million or 61.3% from approximately HK$131.4 million for the same period in 2023[6]. - Revenue from Hong Kong projects was approximately HK$43.5 million for the Period 2024, representing a decrease of approximately 62.7% compared to approximately HK$116.7 million for the Period 2023[7]. - The Group's revenue decreased by approximately 61.3% from HK$131.4 million in the Period 2023 to approximately HK$50.9 million in the Period 2024, primarily due to the ongoing downturn in the Hong Kong construction market[14]. - Revenue for the six months ended June 30, 2024, was HK$50,889,000, a decrease of 61.3% compared to HK$131,442,000 in the same period of 2023[94]. - Revenue from public properties was HK$39,903,000, significantly down from HK$120,089,000 in 2023, representing a decline of 66.8%[94]. - Revenue from hotels and casinos decreased to HK$5,502,000 from HK$9,864,000, a drop of 44.5%[94]. - Revenue from residential properties increased to HK$2,069,000 from HK$258,000, showing a substantial growth of 703.5%[94]. - Revenue from commercial properties rose to HK$3,348,000 from HK$1,231,000, an increase of 172.5%[94]. - The Group's revenue from Macau was HK$7,376,000, down from HK$14,735,000, a decrease of 50.0%[98]. - Revenue from Hong Kong was HK$43,513,000, down from HK$116,707,000, a decline of 62.7%[98]. Financial Position - The Group maintains a strong net cash position with limited bank borrowing, indicating a sound financial position despite the revenue decline[10]. - As of June 30, 2024, the Group had cash and cash equivalents of approximately HK$43.0 million, an increase from approximately HK$35.9 million as of December 31, 2023[31][35]. - The working capital of the Group as of June 30, 2024, was approximately HK$176.7 million, down from approximately HK$183.4 million as of December 31, 2023[31][35]. - The net asset value of the Group as of June 30, 2024, was approximately HK$201.7 million, compared to approximately HK$209.1 million as of December 31, 2023[31][35]. - The gearing ratio as of June 30, 2024, was approximately 20.2%, a decrease from approximately 24.3% as of December 31, 2023[31][35]. - The Group's liquidity may be adversely affected if progress payments or retention money are not received on time, necessitating regular reviews of aging analysis and communication with customers[44]. - The Group's total issued and fully paid share capital remained at HK$20,000,000 as of June 30, 2024, unchanged since January 1, 2023[127]. Profitability and Loss - The Group's profitability has worsened for the Period 2024 due to the decline in revenue and market conditions[10]. - The Group reported a net loss of approximately HK$7.5 million for the Period 2024, compared to a net profit of approximately HK$4.5 million for the Period 2023, resulting in a basic loss per share of approximately HK$0.37 cents[29][33]. - Gross profit for the same period was HK$2,005,000, down 85.4% from HK$13,766,000 in 2023[78]. - Loss before taxation for the six months ended June 30, 2024, was HK$7,466,000, compared to a profit of HK$5,352,000 in 2023[78]. - Total comprehensive loss attributable to the owners of the Company for the period was HK$7,438,000, compared to a profit of HK$4,492,000 in 2023[78]. - Basic loss per share for the period was HK$0.37, compared to earnings of HK$0.22 per share in 2023[78]. Cost Management - The Group's cost of sales for the Period 2024 was HK$48.9 million, representing a decrease of approximately 58.5% from HK$117.7 million in the Period 2023[14]. - Administrative expenses decreased to approximately HK$10.5 million for the Period 2024 from approximately HK$11.7 million for the Period 2023, primarily due to a reduction in staff costs[25]. - The remuneration of directors and key management members during the current interim period amounted to HK$1,529,000, a decrease of 15.4% compared to HK$1,808,000 for the six months ended 30 June 2023[16]. Market Conditions and Future Outlook - The decrease in revenue was primarily due to sluggishness in the construction markets of Hong Kong and Macau, influenced by slow economic recovery and elevated borrowing costs[6]. - The Directors expect a challenging business environment in the coming years due to the continued weak property market sentiment in Macau and Hong Kong[8]. - The Group plans to diversify its revenue streams by expanding into the trading of construction materials in the near future[8]. - The Group's management expects the gross profit margin to remain low in the future due to the construction market downturn, but is actively seeking projects with higher gross profit margins[16][20]. - Management is cautious about the Group's financial performance in the second half of 2024 but believes improvements will be made[50]. Operational Developments - Advanced building technologies, including Building Information Modeling, are being adopted for project management and construction efficiency[8]. - The Group continues to develop its E&M maintenance department, focusing on periodic inspection and regular maintenance for hotels and residential properties[7]. - The overall economic uncertainties and sluggish construction markets have led to a need for the Group to prudently assess and evaluate the E&M markets in Macau and Hong Kong[8]. - The Group operates in a single segment focused on electrical and mechanical engineering services in Macau and Hong Kong[93]. Credit and Receivables - As of June 30, 2024, the Group recognized cumulative credit loss allowances on contract assets and trade receivables of approximately HK$23.3 million and HK$5.2 million, respectively[19]. - The reversal of impairment loss under the expected credit loss model was approximately HK$160,000 in the Period 2024, compared to approximately HK$3.2 million in the Period 2023[24]. - The expected credit loss model resulted in a reversal of impairment losses of approximately HK$3.2 million for the Period 2023 and approximately HK$160,000 for the Period 2024, attributed to improved aging of trade receivables[26]. - Trade receivables as of June 30, 2024, amounted to HK$21,078,000, down from HK$26,157,000 as of December 31, 2023, representing a decrease of about 19.4%[112]. - The allowance for credit losses on trade receivables was HK$5,151,000 as of June 30, 2024, slightly increased from HK$5,123,000 as of December 31, 2023[112]. Compliance and Governance - The company has complied with the Corporate Governance Code, except for a deviation from code provision C.2.1 due to the temporary dual role of the chairman and CEO[64][65]. - The Board is in the process of nominating a suitable candidate for the CEO position following the resignation of Mr. Woo Chu Fai[65]. - All directors have confirmed compliance with the Model Code for Securities Transactions throughout the reporting period[67]. - There were no material breaches of applicable laws and regulations during the period 2024[52].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 50,889,000, a decrease of 61.3% compared to HKD 131,442,000 for the same period in 2023[1] - Gross profit for the same period was HKD 2,005,000, down from HKD 13,766,000, indicating a significant decline in profitability[1] - The company recorded a net loss attributable to shareholders of HKD 7,438,000 for the six months ended June 30, 2024, compared to a profit of HKD 4,492,000 in the prior year[1] - Basic loss per share was HKD (0.37), compared to earnings of HKD 0.22 per share in the previous year[1] - Revenue from external customers for the six months ended June 30, 2024, was HKD 50,889,000, a decrease of 61.3% compared to HKD 131,442,000 for the same period in 2023[9] - The group reported a loss of HKD 7,438,000 for the six months ended June 30, 2024, compared to a profit of HKD 4,492,000 in the same period of 2023[15] - The company's total revenue for the six months ended June 30, 2024, was approximately HKD 50.9 million, a decrease of about HKD 80.5 million or 61.3% compared to approximately HKD 131.4 million for the same period in 2023[22] - Revenue from Hong Kong projects was approximately HKD 43.5 million, down about 62.7% from approximately HKD 116.7 million in the previous year[22] - The overall gross profit for the electromechanical engineering segment was approximately HKD 2.0 million, with a gross profit margin declining from about 10.5% in 2023 to approximately 3.9% in 2024[26] - The cost of sales for the six months ended June 30, 2024, was HKD 48.9 million, a reduction of about 58.5% from approximately HKD 117.7 million in 2023[25] - The company recorded a net loss of approximately HKD 7.5 million for the period 2024, compared to a net profit of approximately HKD 4.5 million for the period 2023[33] - Basic loss per share for the period 2024 is expected to be approximately HKD 0.37, while basic earnings per share for the period 2023 was approximately HKD 0.22[33] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 211,693,000, down from HKD 228,507,000 as of December 31, 2023[2] - Current liabilities decreased to HKD 176,655,000 from HKD 183,375,000, reflecting improved management of short-term obligations[2] - Non-current assets in Macau amounted to HKD 28,952,000 as of December 31, 2023, slightly down from HKD 29,796,000[9] - Trade receivables as of June 30, 2024, totaled HKD 15,927,000, down from HKD 21,034,000 as of December 31, 2023[17] - The group had bank borrowings of HKD 15,048,000 as of June 30, 2024, slightly down from HKD 15,211,000 as of December 31, 2023[16] - The company's net asset value as of June 30, 2024, was approximately HKD 201.7 million, down from approximately HKD 209.1 million as of December 31, 2023[35] - The debt-to-equity ratio as of June 30, 2024, was approximately 20.2%, a decrease from approximately 24.3% as of December 31, 2023[35] Revenue Sources and Business Strategy - Revenue from public properties significantly decreased to HKD 39,903,000 from HKD 120,089,000, indicating a major drop in this segment[7] - Revenue from hotel and entertainment properties also fell to HKD 5,502,000 from HKD 9,864,000, showing a decline in this area as well[7] - The company continues to focus on providing electrical and mechanical engineering services in Macau and Hong Kong, with no further segment analysis presented[8] - The company plans to diversify its revenue sources by expanding into building materials trading and adopting advanced construction technologies[22] - The group aims to strengthen its position as a comprehensive construction contractor and expand its business scale through additional mechanical and electrical engineering projects in Macau and Hong Kong[46] - The management acknowledges a challenging business environment in the coming years due to the ongoing weakness in the real estate market in Macau and Hong Kong[22] - The company aims to bid for projects with higher gross profit margins and implement cost-saving measures to improve profitability[26] Financial Management and Governance - The group did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[14] - The company has recognized cumulative credit loss provisions of approximately HKD 23.3 million and HKD 5.2 million for contract assets and trade receivables, respectively[28] - The company has adopted the corporate governance code and has complied with the relevant rules, except for a temporary deviation regarding the separation of the roles of Chairman and CEO[50] - The audit committee has reviewed the group's unaudited interim financial statements for the period and confirmed compliance with applicable accounting standards and regulations[54] - The company has maintained sufficient public float as required by the listing rules during the reporting period[53] Employee and Operational Changes - As of June 30, 2024, the group had 58 full-time employees, a decrease from 72 employees as of December 31, 2023[49] - Administrative expenses decreased from approximately HKD 11.7 million in 2023 to approximately HKD 10.5 million in 2024, primarily due to a reduction in the number of employees[31] - The group regularly reviews employee compensation policies and adjusts salaries based on individual performance and company results[49] Other Information - The company has not disclosed any new product developments or market expansion strategies during this reporting period[1] - There were no significant investments or acquisitions during the period 2024[41] - The company has no significant contingent liabilities as of June 30, 2024[45] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[52] - No significant events occurred after the reporting period until the date of this announcement[47] - The group recognized a credit loss reversal of HKD 160,000 for trade receivables and contract assets, a significant improvement from a loss of HKD 3,239,000 in 2023[11] - Other income increased to HKD 1.0 million in 2024 from HKD 0.2 million in 2023, primarily due to interest income and sales of scrap[27] - Interest income increased significantly to HKD 624,000 in 2024 from HKD 89,000 in 2023, representing a growth of 600%[10] - Expected credit loss reversals for the period 2023 were approximately HKD 3.2 million, while for the period 2024, it is expected to be approximately HKD 160,000[30]

Revenue and Financial Performance - The Group's annual revenue for the year ended December 31, 2023, achieved approximately MOP200.0 million, marking a significant milestone in revenue growth[18] - The Group recorded total revenue of approximately HK$258.9 million for the Year 2023, a decrease of approximately HK$22.4 million or 8.0% from HK$281.3 million in 2022[36] - The Group generated project revenue of HK$236.7 million in Hong Kong for the Year 2023, compared to HK$169.7 million in 2022, reflecting a significant increase[41] - The overall gross profit decreased to approximately HK$19.5 million for the Year 2023 from approximately HK$23.2 million in 2022, with the gross profit margin declining from 8.2% to 7.5%[53] - The cost of sales for the Year 2023 amounted to approximately HK$239.4 million, representing a decrease of 7.3% from HK$258.2 million in 2022[50] - The Group reported a net loss of approximately HK$8.0 million for 2023, compared to a net loss of approximately HK$6.7 million in 2022[73] - The Group's gross profit decreased from approximately HK$23.2 million in 2022 to approximately HK$19.5 million in 2023, with a gross profit margin decline from about 8.2% to approximately 7.5%[58] - Other income for the Group amounted to approximately HK$1.2 million in 2023, down from approximately HK$1.7 million in 2022, primarily due to a one-off government grant received in 2022[56] - The Group's other losses increased significantly to approximately HK$2.8 million in 2023 from approximately HK$95,000 in 2022, attributed to impairment of property, plant, and equipment[57] Project Awards and Operations - The Group continued its strategy of diversifying market risks by engaging in E&M engineering projects in Hong Kong through its wholly owned subsidiary, SEM Resources Limited[12] - The scope of E&M engineering works primarily included supply, installation, and maintenance of electrical systems for commercial and residential developments, hotel renovations, and sports venues in Macau and Hong Kong[13] - The Group was awarded a project for the installation and supply of electrical systems in a residential and commercial development project at Taipa, Macau, with an initial contract sum of approximately MOP138.7 million[18] - A project awarded in 2019 for a hotel development at Lago Nam Van, Macau, had an initial contract sum of approximately MOP168.8 million, including a provisional sum of MOP13.6 million[18] - Initial contract sums for projects awarded in 2021 included approximately MOP123.0 million for a hospital project and HK$358.6 million for a sports park project[21] - The initial contract sum for a casino resort project awarded in 2022 was approximately MOP27.8 million[22] - SEM Resources was awarded projects in 2023 to install electrical systems for converting an industrial building to a commercial building[23] - The Group's backlog as of December 31, 2023, included 14 E&M engineering services projects with an aggregate outstanding contract sum of approximately HK$267.2 million[35] Market Conditions and Challenges - The Group recorded a net loss for the Year 2023, with a slight decrease in revenue attributed to a loss-making project in Macau and increased labor costs in Hong Kong and Macau markets[26] - Increased labor costs and material costs in Macau and Hong Kong markets have led to lower profit margins due to fierce competition in the construction market[26] - The Group faced operational challenges in 2023, including workforce shortages and project delays, which contributed to the revenue decline[36] - The management is cautiously optimistic about the E&M markets in Macau and Hong Kong post-epidemic and aims to capture new market opportunities[42] Strategic Direction and Future Outlook - The Group aims to stabilize revenue during the recovery phase by actively pursuing additional E&M engineering projects, particularly in the Hong Kong market[27] - The Group's strategy includes focusing on electrical-related E&M engineering works, enhancing its competitive edge in the market[10] - The Group remains committed to exploring new projects within its specialized market segment to ensure revenue growth[27] - The Group's business outlook for the upcoming year is positive, driven by high market demand and opportunities for growth, supported by low debt levels and robust liquidity[111] - The Group aims to expand its operations by actively seeking additional E&M engineering services projects in Macau and Hong Kong[110] - The Group plans to diversify risks by seeking investment opportunities in various industries within the Greater China area[112] - The Hong Kong SAR Government has announced major infrastructure projects that are expected to drive demand for E&M construction services[111] Governance and Management - The Board of Directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[134] - Mr. MK Wan, aged 62, is the chairman and executive director, responsible for overall strategic planning and management of the Group's business development[134] - The Group's strategic direction is influenced by the extensive experience of its directors in the E&M engineering industry[136] - The company is committed to achieving a high standard of corporate governance, which is essential for safeguarding shareholder interests and enhancing corporate value[171] - The company has complied with the Corporate Governance Code during the Year 2023, except for a deviation from code provision C.2.1 regarding the separation of the roles of chairman and chief executive officer[172] - The organizational culture emphasizes robust corporate governance, including employee engagement, retention, and comprehensive training[180] - The independent non-executive Directors represent more than one-third of the Board, satisfying regulatory requirements[199] Financial Position and Capital Management - As of December 31, 2023, the Group had cash and cash equivalents of approximately HK$35.9 million, an increase from approximately HK$19.7 million as of December 31, 2022[80] - The working capital as of December 31, 2023, was approximately HK$183.4 million, down from approximately HK$187.7 million as of December 31, 2022[81] - Total equity attributable to owners of the Group as of December 31, 2023, was approximately HK$209.1 million, compared to approximately HK$217.1 million as of December 31, 2022[81] - The gearing ratio as of December 31, 2023, was approximately 24.3%, slightly up from approximately 23.6% as of December 31, 2022[82] - The Group has minimal exposure to foreign currency risk, as most transactions are denominated in MOP or HK$, and currently does not have a foreign currency hedging policy[84] - The Group is exposed to interest rate risk, with bank borrowing based on a contracted interest rate at prime rate less 2.55% per annum, and currently has no interest rate hedging policy[90] Human Resources and Staff Management - Total staff costs for the Year 2023 were approximately HK$31.3 million, an increase from approximately HK$25.2 million in Year 2022[119] - As of 31 December 2023, net proceeds from the Listing amounted to approximately HK$71.0 million, with significant reallocations to strengthen manpower in the Hong Kong market[124] - The Group has reorganized operating units and appointed new leaders to enhance governance and business development in emerging technology and market segments[113]

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was HKD 258,894,000, a decrease of 8% from HKD 281,333,000 in the previous year[3] - The gross profit for the year was HKD 19,512,000, down 16% from HKD 23,150,000 in 2022[3] - The company reported a loss before tax of HKD 8,188,000, compared to a loss of HKD 5,576,000 in the prior year, indicating a worsening financial performance[3] - The basic loss per share increased to HKD 0.40 from HKD 0.34, reflecting a higher loss attributable to shareholders[3] - The group reported an impairment loss of HKD 2,803 on property, plant, and equipment in 2023, compared to no such loss in 2022[27] - The group recorded a net loss of approximately HKD 8.0 million in 2023, compared to a net loss of about HKD 6.7 million in 2022[60] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 214,780,000, a decrease from HKD 223,881,000 in the previous year[4] - The company's cash and cash equivalents increased to HKD 35,887,000 from HKD 19,746,000, showing improved liquidity[4] - Trade receivables and other receivables decreased significantly to HKD 22,265,000 from HKD 58,213,000, indicating a reduction in outstanding debts[4] - The company’s bank loan amounted to HKD 8,000,000, with no new loans obtained in 2023, and the loan is secured against property valued at HKD 15,211,000[37] - The debt ratio as of December 31, 2023, was approximately 24.3%, stable compared to 23.6% on December 31, 2022[63] Revenue Breakdown - Revenue from Macau decreased significantly to HKD 22,144 in 2023 from HKD 111,644 in 2022, while revenue from Hong Kong increased to HKD 236,750 from HKD 169,689[24] - Major customer A contributed HKD 232,509 in revenue for 2023, up from HKD 158,714 in 2022, while customer B did not contribute over 10% of total revenue in 2023[25] - Project revenue in Hong Kong for 2023 was HKD 236.7 million, up from HKD 169.7 million in 2022, indicating a significant growth in this market[43] - Revenue from the Macau segment decreased due to existing projects nearing completion and new projects starting only at the end of 2023[41] Operational Highlights - The company has 14 ongoing electromechanical engineering service projects with a total contract value of approximately HKD 267.2 million as of December 31, 2023[40] - The company completed 9 electromechanical engineering service projects in 2023, with a total contract amount of about HKD 39.1 million awarded during the year[40] - The group operates in a single business segment focused on power and mechanical engineering services, with no further analysis of segment data presented[22] - The group primarily serves general contractors and subcontractors in Macau and Hong Kong, with contracts mainly being fixed-price agreements[19] Employee and Administrative Costs - Total employee costs increased to HKD 31,317,000 in 2023 from HKD 25,172,000 in 2022, reflecting a rise of about 24.5%[7] - Administrative expenses increased from approximately HKD 17.6 million in 2022 to about HKD 22.1 million in 2023, primarily due to higher employee costs and professional fees[58] - The group has 72 full-time employees as of December 31, 2023, down from 79 employees in the previous year[81] Future Outlook and Strategic Initiatives - The company anticipates an 8.3% growth in Macau's GDP in 2024, driven by increased tourism and gaming services post-COVID[41] - The management has restructured its project management team and digitized workflows to better handle larger and more complex projects in the future[43] - The company is optimistic about the recovery of the electromechanical market in Macau and Hong Kong and aims to capture new market opportunities[44] - The group aims to strengthen its position as a comprehensive contractor by actively seeking new projects in the Macau and Hong Kong markets, driven by strong market demand and growth opportunities[76] Governance and Compliance - The company has not reported any significant violations of applicable laws and regulations that would materially affect its business operations[80] - The company has complied with corporate governance standards and regularly reviews its policies to ensure alignment with applicable regulations[88] - The audit committee has reviewed the accounting principles and practices adopted by the group, ensuring consistency with the audited financial statements for the year 2023[90] Miscellaneous - The company has not disclosed any new product launches or technological advancements during the reporting period[5] - There were no significant mergers or acquisitions reported in the fiscal year[5] - Future outlook and performance guidance were not provided in the earnings announcement[5] - The company did not declare or propose any dividends for the year ended December 31, 2023, consistent with 2022[30] - The company has adopted a stock option plan to incentivize eligible participants for their contributions to the group, with no options exercised or granted since its adoption[85] - The group has actively sought investment opportunities in various industries in the Greater China region to diversify operational risks and uncertainties[78] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[92] - The annual report will be available for shareholders at an appropriate time[92]

Revenue and Financial Performance - The Group recorded total revenue of approximately MOP135.6 million for the six months ended June 30, 2023, representing an increase of approximately MOP8.5 million or 6.7% compared to MOP127.1 million for the same period in 2022[10]. - Revenue from Hong Kong projects reached approximately MOP120.4 million in the Period 2023, marking an increase of approximately 182.6% from MOP42.6 million in the Period 2022[15]. - The increase in revenue was primarily due to the easing of COVID-19 quarantine measures and higher manpower input for certain projects in Hong Kong[10]. - The Group's revenue increased by approximately 6.7%, from approximately MOP127.1 million in 2022 to approximately MOP135.6 million in 2023, primarily due to successful market strategies implemented in Hong Kong[20]. - The Group reported a net profit of approximately MOP4.7 million for 2023, compared to a net loss of approximately MOP1.4 million in 2022, with basic earnings per share of approximately MOP0.23 cents[44][49]. - Gross profit rose to MOP 14,199, representing a 17.9% increase compared to MOP 12,038 in the prior year[22]. - Profit before taxation improved significantly to MOP 5,521, compared to a loss of MOP 950 in the same period last year[22]. - The Group's overall gross profit for the Group's E&M engineering works was approximately MOP14.2 million in 2023, up from approximately MOP12.0 million in 2022, with the gross profit margin increasing from approximately 9.5% to approximately 10.5%[24]. Economic Environment and Market Trends - The economy of Macau SAR experienced a significant growth of 38.8% in real terms in the first quarter of 2023 compared to the previous quarter[11]. - The Directors expect an improving business environment in the coming years due to the recovery from the COVID-19 epidemic and the relief of control measures in Macau and Hong Kong[16]. - The gross domestic product of Macau increased by 56.4% compared to the fourth quarter of 2022, indicating a significant sign of improvement[11]. - The Group aims to capture new market trends and rising needs for E&M engineering services following the recovery from the COVID-19 epidemic[16]. Operational Developments - The Group plans to strengthen its workforce to undertake larger projects, leading to an expansion of its project management team in the Period 2023[16]. - Advanced building technologies, including Building Information Modeling, are being adopted for project management and construction efficiency, showcasing the integration of digital technologies into construction practices[16]. - The Group's E&M maintenance department continued to develop by performing periodic inspections and regular maintenance for hotels and residential properties during the Period 2023[15]. - The Group is expanding its project management team to better handle larger and more complex projects in the future[18]. - Advanced construction technologies, including building information modeling, are being adopted to enhance project management and construction efficiency[18]. Financial Position and Management - The Group maintains a strong net cash position with limited bank borrowing, indicating a solid financial position[20]. - As of June 30, 2023, cash and cash equivalents were approximately MOP18.2 million, down from approximately MOP20.4 million at the end of 2022, while time deposits were approximately MOP21.6 million[46][51]. - Working capital as of June 30, 2023, was approximately MOP198.9 million, an increase from approximately MOP193.6 million at the end of 2022, with a net asset value of approximately MOP228.6 million[47]. - The gearing ratio as of June 30, 2023, was approximately 23.7%, slightly up from approximately 23.6% at the end of 2022[47]. - The Group has adopted a prudent financial management approach towards its treasury policy, closely monitoring liquidity to meet funding requirements[52]. - The Group faces minimal foreign currency risk as most transactions are denominated in MOP or Hong Kong dollars, and currently does not have a foreign currency hedging policy[53][57]. Shareholder and Corporate Governance - The Board did not recommend the payment of an interim dividend for 2023, consistent with the previous year[45][50]. - The Company has complied with the Corporate Governance Code during the Period 2023 and up to the date of the interim report[110]. - Changes in the Board included the resignation of two independent non-executive Directors and the appointment of two new independent non-executive Directors effective May 5, 2023[127]. - The Company will periodically review its corporate governance policies to ensure compliance with the code provisions[111]. Cash Flow and Investments - The company recorded a significant increase in segment revenue in the Hong Kong market, prompting the decision to strengthen manpower[89]. - The net proceeds from the listing were approximately MOP73.2 million, with a reallocation to strengthen manpower in the Hong Kong market due to significant revenue growth[87][88]. - The actual usage of net proceeds includes MOP 22.9 million for upfront costs and performance bonds for future projects, and MOP 15.3 million for establishing the E&M Maintenance Department[92]. - The company plans to fully utilize the unutilized net proceeds within six months after the reporting period ending June 30, 2023[94]. - The company aims to enhance its market competitiveness through the reallocation of financial resources[89]. Trade and Receivables Management - As of June 30, 2023, the Group recognized cumulative credit loss allowances of approximately MOP17.9 million on contract assets and approximately MOP4.4 million on trade receivables[32]. - Management is optimistic about the recoverability of outstanding balances due to positive arbitration outcomes with direct customers[36]. - Trade receivables increased to MOP 68,752,000 as of June 30, 2023, from MOP 66,249,000 as of December 31, 2022, reflecting a growth in sales[181]. - The allowance for credit losses on trade receivables decreased to MOP 4,441,000 from MOP 7,278,000, indicating improved credit quality[181]. - The group reversed expected credit losses amounting to MOP 1,394,000 during the current interim period, compared to a provision of MOP 2,518,000 in the same period of 2022[184]. Liabilities and Financial Obligations - The total liabilities as of June 30, 2023, amounted to MOP 41,941,000, compared to MOP 41,747,000 as of December 31, 2022, indicating a marginal increase[196]. - The company continues to manage its financial obligations effectively, as evidenced by the reduction in trade payables and accrued expenses[196]. - Trade payables decreased from MOP 13,949,000 as of December 31, 2022, to MOP 8,521,000 as of June 30, 2023, representing a reduction of approximately 38.3%[196]. - The ageing analysis of trade payables shows that the amount overdue for over 90 days decreased from MOP 6,756,000 to MOP 4,799,000, a decline of about 29.0%[197].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SEM Holdings Limited 澳 達 控 股 有 限 公司 （於開曼群島註冊成立的有限公司） 9929 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 澳達控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附 屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「二零二三期間」）的 未經審核簡明綜合中期業績，連同截至二零二二年六月三十日止同期六個月（「二 零二二期間」）的比較數字如下： 未經審核簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千澳門元 千澳門元 （未經審核） （未經審核） 4 135,582 127,122 收益 (121,383) (115,084) 銷售成本 14,199 12,038 毛利 5 216 486 ...

Financial Performance - The Group's annual revenue for the year ended December 31, 2022, was approximately MOP 200 million, marking a significant achievement in financial performance[15]. - The Group recorded total revenue of approximately MOP290.2 million for the Year 2022, an increase of approximately MOP108.0 million or 59.3% from approximately MOP182.2 million in 2021[37]. - The Group's revenue increased by 59.3% from approximately MOP182.2 million in 2021 to approximately MOP290.2 million in 2022[49]. - The Group recorded a net loss for the Year 2022 despite a sharp increase in revenue, attributed to improved construction progress due to eased COVID-19 quarantine measures and successful market strategies in Hong Kong[23]. - The Group reported a net loss of approximately MOP6.9 million for 2022, compared to a net loss of approximately MOP5.0 million in 2021[70]. Project Portfolio and Strategy - In 2022, the Group's strategy focused on expanding its project portfolio to mitigate uncertainties in the market[10]. - The Group aims to enhance its market position by leveraging its expertise in E&M engineering across various sectors[10]. - The Group is actively pursuing new projects in the electrical-related E&M engineering services market, particularly in Hong Kong, to stabilize revenue during economic recovery[29]. - The Group's strategy includes diversifying market risks by expanding operations in Hong Kong and seeking new project opportunities[43][46]. - The Group plans to establish an E&M maintenance department to enhance revenue base and support long-term growth post-economic recovery[18]. Economic Context - The Macau economy saw a GDP decrease of 33.4% and 23.4% in the third and fourth quarters of 2022, respectively, compared to the previous periods, reaching only 35.3% and 41.4% of pre-pandemic levels[25]. - The Macau economy saw a GDP decrease of 39.3% and 33.4% in the second and third quarters of 2022, respectively, but showed a recovery with a 26.9% increase in the fourth quarter[41][42]. - The Group is optimistic about the future prospects of the electrical-related E&M engineering industry as the COVID-19 situation improves[29]. Operational Challenges - Increased labor costs in the Macau market were noted due to limited import labor quotas during the COVID-19 pandemic[23]. - The Group faces risks related to project bidding and customer acquisition, which could significantly impact revenue if new projects are not secured[87]. - The increase in sales costs was attributed to rising labor costs and material costs, alongside increased revenue[52]. Workforce and Management - The Group plans to strengthen its workforce to handle larger projects in the future, having expanded its project management team in 2022[43]. - As of December 31, 2022, the Group had 79 full-time employees, up from 63 in the previous year, with 56 stationed in Macau and 23 in Hong Kong[114]. - The Group's total staff costs for the Year 2022 were approximately MOP 26.0 million, an increase from approximately MOP 17.6 million in 2021[114]. Governance and Corporate Structure - The Board of Directors consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[123]. - The company emphasizes the importance of corporate governance and internal controls, as highlighted by the roles of its non-executive directors[145]. - The company has complied with the Corporate Governance Code during the year 2022 and up to the date of the annual report[180]. - The company aims to formulate business strategies and policies aligned with good corporate governance standards[179]. Financial Position and Capital Management - As of December 31, 2022, cash and cash equivalents were approximately MOP20.4 million, down from approximately MOP40.3 million as of December 31, 2021[77]. - The working capital as of December 31, 2022, was approximately MOP193.6 million, compared to approximately MOP198.5 million as of December 31, 2021[78]. - The gearing ratio increased to approximately 23.6% as of December 31, 2022, from approximately 18.4% as of December 31, 2021, mainly due to an increase in trade and other payables[79]. Future Outlook - The Group expects a rebound in construction demand in 2023 as most COVID-19 risk factors have been sufficiently addressed[106]. - The Group is focused on the development of smart city initiatives in Macau, which may provide further business opportunities in the future[43].

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結 算有限公司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 SEM Holdings Limited 澳 達 控 股 有 限 公司 （於開曼群島註冊成立的有限公司） 9929 （股份代號： ） 截至二零二二年十二月三十一日止年度之 全年業績公告 澳達控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度（「二零二二年 度」）的經審核綜合業績，連同截至二零二一年十二月三十一日止年度（「二零二一 年度」）的比較數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千澳門元 千澳門元 3 290,195 182,176 收益 (266,316) (160,701) 銷售成本 23,879 21,475 毛利 5 1,727 827 ...