Financial Performance - Revenue for the year ended March 31, 2024, was HKD 333,430,000, an increase of 6.5% compared to HKD 312,906,000 in 2023[4] - Gross profit for the same period was HKD 60,794,000, representing a significant increase of 147% from HKD 24,573,000 in 2023[4] - The company reported a net profit attributable to shareholders of HKD 39,465,000, up from HKD 18,932,000 in the previous year, marking a growth of 108.5%[4] - Basic and diluted earnings per share increased to HKD 0.99 from HKD 0.47, reflecting a growth of 110.6%[4] - Other income for 2024 totaled HKD 1,865,000, a decrease of 57.5% from HKD 4,391,000 in 2023, primarily due to reduced government subsidies[23] - The profit before tax for 2024 was HKD 3,316,000, compared to a loss in 2023[24] - The annual net profit was approximately HKD 39.5 million, compared to HKD 18.9 million for the previous year, indicating significant growth[39] Assets and Liabilities - Total assets as of March 31, 2024, amounted to HKD 203,411,000, compared to HKD 169,457,000 in 2023, indicating a growth of 20%[5] - Total equity attributable to shareholders increased to HKD 145,713,000 from HKD 106,248,000, representing a growth of 37%[5] - The company’s cash and cash equivalents rose to HKD 93,395,000, up from HKD 45,040,000, showing a significant increase of 107%[5] - Trade and other receivables increased to HKD 50,600,000 from HKD 37,659,000, reflecting a growth of 34%[5] - The company reported a decrease in trade and other payables to HKD 30,775,000 from HKD 63,209,000, a reduction of 51%[5] - Trade receivables increased to HKD 35,793,000 in 2024 from HKD 29,706,000 in 2023, marking a rise of 20.5%[28] - The total trade and other receivables for 2024 were HKD 50,600,000, an increase of 34.2% from HKD 37,659,000 in 2023[28] Strategic Focus and Operations - The company is focused on expanding its operations in Hong Kong, primarily in foundation engineering, as part of its strategic growth plan[6] - The company plans to adjust its bidding strategy to lower bid prices for new contracts to maintain competitiveness amid market pressures[40] - The company expects to benefit from government policies aimed at stimulating housing demand in the Hong Kong Special Administrative Region[40] Financial Reporting and Compliance - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, which do not have a significant impact on the financial position and performance for the current and prior years[12] - The company anticipates that the application of all revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[18] - The accounting policy changes related to the cancellation of the offsetting mechanism for mandatory provident funds and long service payments will take effect on May 1, 2025, but do not significantly affect the current financial statements[13][15] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the review period and found them compliant with applicable accounting standards and regulations[81] - The external auditor has agreed that the financial figures in the annual performance announcement are consistent with the consolidated financial statements as of March 31, 2024[82] Employment and Expenses - The total salary cost incurred by the company during the review year is approximately HKD 33.2 million, a decrease from HKD 34.3 million in the previous year[68] - As of March 31, 2024, the company employed 54 full-time employees, down from 97 full-time employees as of March 31, 2023[68] - Administrative and other operating expenses were approximately HKD 22.4 million, an increase of about HKD 0.1 million or 0.3% compared to the same period last year[45] Capital Expenditures and Investments - The group made capital expenditures of approximately HKD 2.6 million for the purchase of properties, plants, and equipment, all funded by internal resources[56] - The net proceeds from the fundraising amount to approximately HKD 84.2 million, which will be used for various purposes including the purchase of excavators, cranes, and crushers[65] - The actual use of funds for purchasing excavators, cranes, and crushers is projected to be HKD 39.322 million, compared to the originally planned HKD 55 million[65] - There are no significant investments or capital asset plans disclosed for the review year[66] Shareholder Information - The company did not declare any dividends for the year ending March 31, 2024, consistent with 2023[27] - The group did not recommend the declaration of any final dividend for the year[64] - The 2024 Annual General Meeting is scheduled for September 13, 2024[79] - Share registration services will be suspended from September 10, 2024, to September 13, 2024, to determine shareholder eligibility for the upcoming Annual General Meeting[80] Other Information - The company has not conducted any major post-year-end events as of the announcement date[69] - The company has adhered to all applicable corporate governance codes throughout the review year[70] - No significant contracts in which directors have a substantial interest were established during the review year[77] - The company has not engaged in any buybacks, sales, or redemptions of its securities during the review year[76] - The company has not issued any stock options under its stock option plan since its adoption on September 3, 2016[73] - The company confirmed that it has maintained sufficient public float as per listing rules throughout the review period and up to the announcement date[78]
汛和集团(01591) - 2024 - 年度业绩