骏杰集团控股(08188) - 2023 Q3 - 季度财报

Revenue Performance - Revenue decreased by 4.1% to approximately HK$305.9 million for the nine months ended September 30, 2023, compared to HK$319.1 million in the same period last year[9] - Revenue for the three months ended September 30, 2023, was HK$75.6 million, down from HK$103.3 million in the same period last year[12] - Revenue from major clients: Client M contributed HK$28.96 million in Q3 2023 and HK$161.10 million over the nine months ending September 30, 2023, while Client C contributed HK$25.82 million in Q3 2023 and HK$82.61 million over the nine months[25] - Revenue decreased by 4.1% to HK$305.9 million for the nine months ended September 30, 2023, compared to HK$319.1 million in the same period last year[54] - Revenue from public sector utility construction services increased by 26.7% to HK$189.3 million, while revenue from public sector tunnel construction services decreased by 30.8$114.1 million[54] Gross Profit and Margin - Gross profit increased to HK$25.5 million with a gross profit margin of 8.3$17.7 million and 5.6% in the same period last year[9] - Gross profit for the three months ended September 30, 2023, was HK$7.2 million, compared to HK$0.5 million in the same period last year[12] - Gross profit increased to HK$25.5 million with a gross margin of 8.3$17.7 million and 5.6% in the previous year[58] Net Profit and Earnings - Net profit attributable to owners of the company decreased to HK$4.49 million for the nine months ended September 30, 2023, compared to HK$16.26 million in the same period last year[10] - Basic and diluted earnings per share for the nine months ended September 30, 2023, were HK$0.0092, down from HK$0.0333 in the same period last year[12] - Pre-tax profit for the three months ended September 30, 2023, was HK$314,000, compared to HK$2,821,000 in the same period in 2022[34] - Pre-tax profit for the nine months ended September 30, 2023, was HK$4,490,000, compared to HK$16,257,000 in the same period in 2022[34] - Net profit decreased to HK$4.5 million from HK$16.3 million, largely due to the one-time government subsidy received in the previous year[65] Other Income and Expenses - Other income decreased to HK$0.9 million for the nine months ended September 30, 2023, from HK$17.2 million in the same period last year, mainly due to the one-time government grant from the Employment Support Scheme in 2022[12] - Other income: Total other income for the nine months ending September 30, 2023, was HK$913,000, including HK$21,000 in interest income, HK$146,000 in rental income, and HK$746,000 in miscellaneous income[28] - Government grants: The company received HK$14.55 million in government grants in 2022 under the Employment Support Scheme, which was used to support employee salaries[28] - Other income decreased significantly to HK$913,000 from HK$17.2 million, mainly due to the absence of government subsidies from the Employment Support Scheme[59] - Administrative expenses increased to HK$19.8 million for the nine months ended September 30, 2023, compared to HK$18.2 million in the same period last year[12] - Administrative expenses increased by 8.6$19.8 million, driven by a 3.0% increase in employee costs and benefits[61] - Financing costs increased to HK$2.6 million, primarily due to higher interest expenses on bank borrowings[62] Employee Costs - Employee benefit expenses, including directors' remuneration, decreased to HK$43,006,000 for the three months ended September 30, 2023, from HK$61,311,000 in the same period in 2022[30] - Employee benefit expenses for the nine months ended September 30, 2023, were HK$144,320,000, compared to HK$190,846,000 in the same period in 2022[30] - Service costs decreased by 6.9$280.4 million, primarily due to a 25.6% reduction in employee costs and a 51.0% reduction in subcontracting costs[56][57] Retained Earnings and Dividends - Retained earnings as of September 30, 2023, were HK$14.1 million, compared to HK$20.0 million as of September 30, 2022[14] - The company did not recommend any dividend for the nine months ended September 30, 2023, consistent with the same period in 2022[32] - The company did not recommend any dividend payment for the nine months ended September 30, 2023[66] Share Capital and Ownership - The company's issued and fully paid ordinary shares remained unchanged at 487,808,000 shares as of September 30, 2023[37] - The company's directors and senior executives hold a total of 290,120,000 shares, representing 59.5% of the issued share capital as of September 30, 2023[73] - Mr. Zhuang Junyue and Mr. Zhuang Weiju each directly hold 103,000,000 shares, with additional interests through spouses and concerted action agreements[73][75] - Ms. Du Yanbing holds 49,620,000 shares personally and is deemed to have interests in shares held by her spouse and through concerted action agreements[76] - Ms. Zhuang Roujia holds 34,500,000 shares personally and is deemed to have interests in shares held through concerted action agreements[76] - Mr. Wu Guolun holds 39,500,000 shares, representing 8.1% of the issued share capital[76] - No directors or senior executives hold any interests in equity derivatives as of September 30, 2023[73] Corporate Governance and Compliance - The company maintains high corporate governance standards in compliance with GEM Listing Rules[78] - The Board of Directors has reviewed and is satisfied with the company's corporate governance practices during the reporting period[78] - The company has not granted or issued any share options or adopted any share option plan as of September 30, 2023[81] - The company's third-quarter report for the nine months ended September 30, 2023, has been reviewed by the audit committee and is in compliance with applicable accounting standards and GEM Listing Rules[80] - The company has adopted the GEM Listing Rules' trading standards as the code of conduct for directors regarding securities transactions, and all directors and relevant persons have confirmed compliance during the reporting period[79] - The company has disclosed a financing letter with a Hong Kong licensed bank, which includes specific responsibilities for the controlling shareholder and a termination event if the controlling shareholder holds less than 50% of the issued shares[83] - The company's compliance advisor, Haode Financing Limited, has no interests in the group other than its roles as sponsor, compliance advisor, and financial advisor[84] - No directors or their associates have any interests in businesses that compete with the company's operations as of September 30, 2023[82] Business Operations and Projects - The company's primary business is providing underground construction services, mainly for public infrastructure projects in Hong Kong[44] - The company secured a total of 9 public sector construction projects and 5 private sector projects in 2023, with contract amounts and change orders totaling approximately HKD 502,412,000 and HKD 26,583,000 respectively[45] - The backlog of new contracts and carryover from 2022 contracts recognized as revenue after September 30, 2023, amounted to approximately HKD 1,296,054,000[45] - The company participated in 37 public sector projects (compared to 40 in the same period in 2022) and 7 private sector projects (compared to 5 in the same period in 2022) during the reporting period[45] - The company is focusing on the development of tunnel construction services, which are expected to be a major growth driver and sustainable revenue source, supported by large infrastructure projects such as the Central Kowloon Route and the Three-Runway System at Hong Kong International Airport[49] - The company has been awarded several major construction contracts, including HKD 28.9 billion for the Central Kowloon Route and HKD 10.9 billion for the T2 Main Road and Cha Kwo Ling Tunnel[51] - The company is actively applying innovative construction technologies such as automation and artificial intelligence to improve site safety, environmental performance, construction quality, and productivity[52] - The company has a formal quality management system certified to ISO 9001:2015 standards, ensuring compliance with specific work procedures and quality assurance requirements[47] - The company's performance is heavily reliant on the supply of public sector civil engineering projects in Hong Kong, which are subject to fluctuations in project numbers, scale, and revenue due to the non-recurring nature of such projects[48] - The company's operations are entirely based in Hong Kong, making its business, financial performance, and prospects highly dependent on Hong Kong government policies, political environment, and economic conditions[48] - The company is exploring opportunities for diversification within the construction industry, including public utility construction services, earthworks, bridge construction, and building construction[45] Financial Position and Commitments - Capital commitments for the acquisition of property, plant, and equipment as of September 30, 2023, were approximately HK$2,689,000, compared to HK$2,386,000 as of December 31, 2022[41] - The company has no significant foreign currency risk as all transactions are denominated in Hong Kong dollars[68] - Deferred tax credits for the nine months ended September 30, 2023, were HK$497,000, compared to HK$438,000 in the same period in 2022[31]