Financial Performance - For the fiscal year ending March 31, 2023, the company's revenue increased by approximately HKD 58.7 million or 14.4% to approximately HKD 467.3 million compared to the fiscal year ending March 31, 2022[5]. - The net profit for the fiscal year 2023 was approximately HKD 50.2 million, up from approximately HKD 37.4 million in the previous fiscal year, primarily due to increased revenue and higher gross margins[5]. - Revenue increased by approximately 14.4% from about HKD 408.6 million for the year ended March 31, 2022, to about HKD 467.3 million for the year ended March 31, 2023[18]. - The company recorded a net profit of approximately HKD 50.2 million for the year ended March 31, 2023, compared to HKD 37.4 million for the previous year, representing an increase of about 34.5%[16]. - Gross profit for the year ended March 31, 2023, was approximately HKD 78.7 million, up about 21.7% from HKD 64.7 million for the previous year, with a gross margin of approximately 16.8%[21]. - The cost of goods sold for the year ended March 31, 2023, was approximately HKD 388.6 million, an increase of about 13.0% from HKD 343.9 million for the previous year[20]. - Administrative expenses increased from approximately HKD 7.8 million for the year ended March 31, 2022, to about HKD 8.7 million for the year ended March 31, 2023, primarily due to increased employee dining expenses and compliance costs[23]. - Tax expenses rose to approximately HKD 10.4 million for the year ended March 31, 2023, from HKD 8.0 million for the year ended March 31, 2022, an increase of approximately HKD 2.4 million or 30.3%[25]. - Profit attributable to owners of the company increased to approximately HKD 50.2 million for the year ended March 31, 2023, compared to HKD 37.4 million for the year ended March 31, 2022, reflecting a growth driven by increased revenue and gross profit[26]. Market Position and Strategy - The company aims to strengthen its market position in the frozen seafood import and wholesale industry in Hong Kong through strategic planning and monitoring of market conditions[6]. - The company anticipates gradual recovery in the restaurant industry as vaccination rates increase and citizens adapt to living with COVID-19, despite ongoing uncertainties in the overall economy[6]. - The company plans to continue leveraging financial resources obtained from its listing to seize business opportunities and strategies[6]. - The company aims to strengthen its market position in the frozen seafood import and wholesale industry through financial resources from the proceeds of its share issuance[17]. - The company has established sales agency arrangements with several new overseas suppliers since its listing and will seek more exclusive agency agreements to enrich its product offerings[17]. Corporate Governance - The board of directors includes five members, with terms set to continue until the annual general meeting on August 17, 2023[55]. - The company has received independence confirmations from all independent non-executive directors, affirming their status as independent individuals[58]. - The company has established specific committees, including the audit committee, remuneration committee, and nomination committee, to assist in effective governance[123]. - The audit committee, composed of three independent non-executive directors, reviews the financial statements and internal control systems[104]. - The company plans to propose the reappointment of Deloitte as its auditor at the 2023 annual general meeting[105]. - The board acknowledges the importance of good corporate governance practices to ensure effective accountability[106]. - The company has implemented appropriate insurance coverage for directors and senior officers to mitigate business-related risks[119]. - The remuneration committee is responsible for recommending compensation policies for all directors and senior management, and it includes one executive director and two independent non-executive directors[129]. Shareholder and Stakeholder Engagement - The company has established multiple communication channels to maintain ongoing dialogue with shareholders and investors, including annual general meetings and financial reports[158]. - The company’s shareholder communication policy ensures timely and accessible information is available to shareholders, facilitating informed decision-making[148]. - The company actively engages with stakeholders, including employees, customers, suppliers, and the community, to address their concerns and feedback[158]. Environmental, Social, and Governance (ESG) Commitment - The company emphasizes its commitment to environmental and social responsibilities as a core aspect of its operations, aiming to create value for stakeholders[156]. - The company’s environmental, social, and governance (ESG) report is prepared in accordance with the GEM listing rules and guidelines, focusing on sustainability and stakeholder engagement[152]. - The company has a structured approach to managing ESG risks, with the board responsible for overseeing the implementation of related policies and initiatives[155]. - The company has implemented measures to reduce electricity consumption, including limiting air conditioning hours and maintaining appropriate indoor temperatures[173]. - The company encourages recycling and the use of electronic documents to minimize paper waste and reduce emissions[173]. - The company adheres to environmental laws and regulations while promoting energy-saving practices across all operational processes[163]. Employee Relations and Safety - The company has implemented extensive internal training programs to enhance employee health and safety awareness[197]. - The group reported 224 workdays lost due to injuries, with no work-related fatalities recorded[199]. - The group has established a workplace health and safety policy in compliance with applicable Hong Kong laws, with no significant adverse impacts reported on business operations[198]. - Training programs are organized for employees to support personal growth and career development, emphasizing the importance of talent retention[200]. - The group encourages employees to participate in workshops and seminars related to food safety and business management[200]. Financial Position - As of March 31, 2023, the group's cash and cash equivalents amounted to approximately HKD 79.4 million, up from HKD 48.8 million as of March 31, 2022[31]. - The total equity attributable to owners of the company increased to approximately HKD 231.8 million as of March 31, 2023, compared to HKD 190.9 million as of March 31, 2022[31]. - The group had a debt-to-equity ratio of approximately 0.9% as of March 31, 2023, compared to 0.5% as of March 31, 2022[33]. - The net proceeds from the listing amounted to approximately HKD 63.0 million, which will be used for purposes outlined in the prospectus[28]. Dividends and Shareholder Returns - The proposed final dividend for the year ended March 31, 2023, is HKD 4.0 cents per share, totaling approximately HKD 11.2 million, compared to HKD 3.3 cents per share totaling HKD 9.24 million for the previous year[48]. - The company proposed a final dividend of HKD 0.04 per share for the year ending March 31, 2023, subject to shareholder approval at the annual general meeting[89].
大洋环球控股(08476) - 2023 - 年度财报