Financial Position - As of March 31, 2024, the group's current assets amounted to approximately HKD 321.7 million, compared to HKD 303.6 million in 2023, with cash and cash equivalents at HKD 31.9 million (2023: HKD 47.9 million) and short-term bank deposits at HKD 50 million (2023: HKD 50 million) [8] - Total assets as of March 31, 2024, were HKD 384.6 million, up from HKD 358.3 million in 2023, with total equity increasing to HKD 325.8 million from HKD 306.8 million [34] - The group’s total liabilities and equity structure indicates a solid financial foundation, with no asset pledges as of March 31, 2024 [12] - The group has zero bank borrowings as of March 31, 2024, compared to approximately HKD 5.6 million on March 31, 2023, resulting in an asset-liability ratio of zero for 2024 [97][98] - Total liabilities amounted to 58,769 million, an increase from 51,577 million in the previous year [153] - Total equity and liabilities reached 384,588 million, up from 358,327 million year-on-year [153] Revenue and Profitability - Revenue increased from approximately HKD 541.6 million in the year ended March 31, 2023, to approximately HKD 585.2 million in the year ended March 31, 2024, representing an increase of about HKD 43.5 million or 8.0% [45] - Gross profit decreased from approximately HKD 65.5 million in the year ended March 31, 2023, to approximately HKD 41.8 million in the year ended March 31, 2024, representing a decrease of about HKD 23.7 million or 36.1% [45] - The profit attributable to owners of the company for the year ended March 31, 2024, was approximately HKD 19.1 million, compared to approximately HKD 49.3 million for the year ended March 31, 2023 [45] - Basic earnings per share attributable to owners of the company for the year ended March 31, 2024, was approximately HKD 1.9 cents, down from approximately HKD 5.7 cents for the year ended March 31, 2023 [45] - Net profit attributable to owners of the company decreased from approximately HKD 49.3 million for the year ended March 31, 2023, to approximately HKD 19.1 million for the year ended March 31, 2024, a decrease of about HKD 30.3 million or 61.3% [73] Expenses and Costs - Employee benefit expenses, including directors' remuneration, amounted to approximately HKD 25.49 million for the year ended March 31, 2024, compared to approximately HKD 26.99 million for the year ended March 31, 2023 [43] - Administrative expenses for the year ended March 31, 2024, were approximately HKD 20.73 million, compared to approximately HKD 20.61 million for the year ended March 31, 2023 [46] - Service costs rose from approximately HKD 476.1 million for the year ended March 31, 2023, to approximately HKD 543.3 million for the year ended March 31, 2024, an increase of approximately HKD 67.2 million or 14.1% [117] - Income tax expenses decreased from approximately HKD 7.4 million for the year ended March 31, 2023, to approximately HKD 3.7 million for the year ended March 31, 2024, due to a reduction in taxable profits [120] Assets and Liabilities - The group's trade receivables increased to HKD 76.0 million in 2024 from HKD 53.7 million in 2023, while contract assets rose to HKD 214.5 million from HKD 196.8 million [34] - Trade payables increased from HKD 21.9 million in 2023 to HKD 33.2 million in 2024, indicating higher liabilities [63] - The group reported a significant increase in non-current assets, with property, plant, and equipment rising to HKD 3.8 million in 2024 from HKD 3.1 million in 2023 [34] - Other income for the year ended March 31, 2024, was approximately HKD 102, compared to approximately HKD 18.74 million for the year ended March 31, 2023 [46] - Other income decreased from approximately HKD 18.7 million for the year ended March 31, 2023, to approximately HKD 0.1 million for the year ended March 31, 2024, primarily due to the absence of government subsidies [71] Strategic Initiatives - The group is exploring opportunities in the Cambodian masonry engineering and Hong Kong renovation projects to diversify its services and reduce reliance on local masonry engineering [68] - The group has established a subsidiary to expand its expertise in civil engineering to Southeast Asian countries, particularly Cambodia, to diversify revenue sources [91] - The group is also expanding into the renovation engineering sector in Hong Kong to tap into niche markets and utilize existing resources [91] - The group has 61 ongoing projects as of March 31, 2024, compared to 53 projects in 2023, with a total project value of approximately HKD 564.8 million, down from HKD 621.5 million in 2023 [90] Financial Management - The group has maintained a cautious financial management approach regarding its liquidity, ensuring that its asset and liability structure meets financing requirements [11] - The group plans to utilize HKD 91.8 million in proceeds for various purposes, including HKD 67.0 million for project pre-costs and HKD 9.9 million for expanding workforce and office space [16] - The company did not recommend the declaration of a final dividend for the year ended March 31, 2024 [45] - The company did not declare or pay dividends for both the years ended March 31, 2023, and March 31, 2024 [60] Governance and Compliance - The company established an audit committee responsible for reviewing financial statements and providing important opinions on financial reporting [146] - The audit committee confirmed that the annual performance for the year ending March 31, 2024, was prepared in accordance with applicable accounting standards and listing rules [147] - The company will hold its annual general meeting on August 16, 2024, with notifications to be issued as per listing rules [148] - The company expressed gratitude to management, employees, shareholders, and business partners for their support during the reporting period [149] Company Overview - The company operates as an investment holding company engaged in providing masonry engineering for public and private residential and commercial properties in Hong Kong [158]
GC CONSTRUCTION(01489) - 2024 - 年度业绩