Financial Performance - The group's revenue for the year was approximately HKD 945.9 million, an increase of 20.3% compared to HKD 786.2 million in the previous fiscal year[2]. - The gross profit margin for the year was approximately 4.2%, up from 3.1% in the previous fiscal year[2]. - The profit attributable to equity holders of the company was approximately HKD 4.2 million, a decrease of 47.3% from HKD 7.9 million in the previous fiscal year[2]. - Basic and diluted earnings per share were approximately HKD 0.35, down from HKD 0.66 in the previous fiscal year[2]. - The total comprehensive income attributable to equity holders of the company was HKD 4,195, down from HKD 7,923 in the previous fiscal year[30]. - The profit attributable to equity holders for the year 2024 is HKD 4,188,000, compared to HKD 7,923,000 in 2023, representing a decrease of approximately 47.3%[53]. - The company's revenue before tax for 2024 is HKD 6,794,000, down from HKD 9,039,000 in 2023, reflecting a decline of about 25.0%[75]. - Net profit decreased by approximately HKD 3.7 million or about 46.8% to HKD 4.2 million, with a net profit margin of approximately 0.4% compared to 1% in the previous fiscal year[128]. Dividends and Shareholder Returns - The board of directors decided not to recommend the payment of a final dividend for the year, consistent with the previous fiscal year[2]. - The company did not declare or propose any dividends for the years ending March 31, 2024, and 2023[75]. - The company does not recommend the declaration of a final dividend for the review period[154]. Expenses and Costs - Administrative expenses rose to HKD 27,759, an increase of 26.1% from HKD 22,023 in the previous fiscal year[30]. - Employee costs, including director remuneration, decreased to HKD 140,034,000 from HKD 157,844,000, a reduction of 11.3%[46]. - Direct costs for the fiscal year 2024 were HKD 125,208,000, down from HKD 144,460,000, indicating a decrease of 13.3%[51]. - Financial expenses rose to approximately HKD 1.0 million from approximately HKD 0.2 million in the previous fiscal year, primarily due to an increase in bank borrowings[126]. - Total employee costs amounted to approximately HKD 140.0 million, down from HKD 157.8 million in the previous fiscal year[152]. Assets and Liabilities - The company's total assets less current liabilities increased to HKD 272,147,000 from HKD 264,677,000, a rise of 2.8%[12]. - The net asset value of the company rose to HKD 267,835,000, compared to HKD 263,282,000 in the previous year, reflecting a growth of 1.9%[12]. - The company reported a current asset net value of HKD 245,525,000, an increase from HKD 224,850,000, representing a growth of 9.2%[12]. - The company's debt-to-equity ratio increased from approximately 1.3% on March 31, 2023, to about 23.1% on March 31, 2024, primarily due to an increase in bank borrowings[167]. Credit and Risk Provisions - The expected credit loss provision for trade receivables and contract assets was HKD 3,733, significantly higher than HKD 74 in the previous fiscal year[30]. - The expected credit loss provision for trade receivables and contract assets increased to HKD 5,501,000 in 2024 from HKD 1,533,000 in 2023, indicating a significant rise in credit risk[60]. - The net expected credit loss provision for trade receivables decreased to HKD 27,000 in 2024 from HKD 262,000 in 2023, indicating improved credit quality[80]. Revenue Sources and Growth - Revenue from contracts with customers amounted to HKD 911,778,000, up from HKD 784,126,000, reflecting a growth of 16.3%[38]. - Revenue increased by approximately HKD 159.7 million or about 20.3% to approximately HKD 945.9 million, primarily due to an increase in the number of projects contributing to revenue during the review period[122]. - The company secured 8 projects with a total contract value of approximately HKD 1,255 million[98]. Future Outlook and Strategy - The company plans to expand its business beyond Hong Kong, particularly in collaboration with enterprises in China and other regions, aiming to diversify revenue sources[121]. - The company anticipates a competitive environment for project contracts due to a high number of contractors in the market[99]. Compliance and Governance - The audit committee has reviewed and approved the consolidated financial statements for the review period, confirming compliance with applicable accounting standards[162]. - There have been no significant events occurring from March 31, 2024, until the date of this announcement[159].
龙昇集团控股(06829) - 2024 - 年度业绩