Financial Performance - The group's revenue for the year ended March 31, 2024, was HKD 5,511,537,000, an increase from HKD 5,079,222,000 in 2023, representing a growth of approximately 8.5%[22] - The net profit for the year ended March 31, 2024, was HKD 204,889,000, compared to HKD 174,068,000 in 2023, reflecting an increase of about 17.7%[24] - The total comprehensive income for the year was HKD 197,292,000, up from HKD 167,851,000 in the previous year, indicating a growth of approximately 17.6%[16] - Total revenue for the year ending March 31, 2024, was HKD 1,383,926,000, an increase from HKD 1,338,066,000 in the previous year, representing a growth of approximately 3.4%[41] - Profit attributable to equity holders of the parent company for the year was HKD 204,889,000, compared to HKD 174,068,000 in the previous year, reflecting an increase of about 17.7%[42] - Basic and diluted earnings per share for the parent company's ordinary equity holders were HKD 10.24, up from HKD 8.70 in the previous year, indicating a growth of approximately 17.6%[43] - The overall gross profit margin decreased from 6.2% for the year ended March 31, 2023, to 5.9% for the year ended March 31, 2024[127] Assets and Liabilities - The group's total assets as of March 31, 2024, amounted to HKD 4,905,647,000, compared to HKD 4,626,481,000 in 2023, showing an increase of about 6%[26] - The group has a total equity of HKD 1,617,566,000 as of March 31, 2024, compared to HKD 1,520,274,000 in 2023, reflecting an increase of approximately 6.4%[19] - The company's current liabilities exceeded current assets by HKD 108,755,000 as of March 31, 2024, indicating liquidity concerns[47] - The group’s total receivables for the three months ended March 31, 2024, amounted to HKD 587,731,000, an increase from HKD 576,597,000 in 2023, while receivables over six months increased to HKD 325,822,000 from HKD 301,719,000[91] - The group has provided performance guarantees to banks totaling HKD 492,210,000 for certain contract works, an increase from HKD 330,318,000 in 2023[108] - The group’s accounts payable included HKD 284,193,000 in payable guarantees as of March 31, 2024, compared to HKD 318,223,000 in 2023[106] Cash Flow and Financial Expenses - The cash and cash equivalents increased to HKD 2,077,918,000 in 2024 from HKD 1,710,743,000 in 2023, representing a growth of approximately 21.4%[26] - The group reported a significant increase in bank loan interest expenses, rising to HKD 34,296,000 in 2024 from HKD 23,952,000 in 2023, which is an increase of about 43%[6] - The group’s financial expenses increased to HKD 34,761,000 in 2024 from HKD 24,508,000 in 2023, representing a rise of approximately 41.8%[6] - The group’s financial expenses for 2024 totaled HKD 49,357, a significant increase from HKD 12,109 in 2023[58] - Financial expenses increased by HKD 10,344,000 to HKD 34,761,000 for the year ended March 31, 2024, primarily due to the general rise in Hong Kong interbank offered rates[128] Operational Segments and Revenue Sources - The construction segment is the only reportable operating segment, focusing on contract engineering and the supply of prefabricated building components[54] - Revenue from building construction contracts for the year 2024 reached HKD 5,406,064, an increase of 6.5% from HKD 5,079,222 in 2023[75] - Revenue from Hong Kong operations was HKD 1,383,926,000, while revenue from mainland China was HKD 332,602,000, reflecting a growth in both regions[41] - The group’s revenue from major clients showed significant growth, with Client A contributing HKD 1,922,560 in 2024, up from HKD 1,241,548 in 2023, an increase of 54.5%[55] Employee and Administrative Expenses - The group’s employee benefits expenses (excluding director remuneration) rose to HKD 231,987 in 2024, compared to HKD 172,765 in 2023, an increase of 34.2%[78] - Administrative expenses rose from HKD 83,577,000 for the year ended March 31, 2023, to HKD 87,707,000 for the year ended March 31, 2024, mainly due to increased director bonuses and employee incentive travel[115] Dividends and Share Capital - The group proposed a final dividend of HKD 0.05 per share, consistent with the previous year[60] - The proposed final dividend amounts to HKD 100,000,000, based on the total issued shares of 2,000,000,000[112] - The total issued share capital remains unchanged at HKD 20,000,000, with 2,000,000,000 shares issued at a par value of HKD 0.01 each[107] Compliance and Governance - The company adopted new and revised Hong Kong Financial Reporting Standards during the year, which did not significantly impact the financial statements[36] - The company has maintained consistent accounting policies across its subsidiaries, ensuring uniformity in financial reporting[50] - The group has reassessed its control over subsidiaries based on changes in voting rights and other relevant factors, ensuring compliance with accounting standards[51] - The audit committee, consisting of five independent non-executive directors, has reviewed the group's accounting principles and practices, as well as internal controls and financial reporting matters[171] - The comprehensive financial statements for the year ending March 31, 2024, have been reviewed by the audit committee[171] Future Outlook - The group expects stable and continuous bidding opportunities for public works contracts due to the government's commitment to increasing housing supply and public housing units[127] - The group anticipates benefiting from government policies and expects to gain more opportunities for public engineering and housing projects in the coming years[119] Miscellaneous - The group has not recognized any impairment provisions for expected credit losses on receivables and contract assets as the expected credit loss rates are considered extremely low[103][105] - The group did not engage in any interest rate or currency hedging or speculative activities during the year ended March 31, 2024[153] - The group has no outstanding bank loans as of March 31, 2024, compared to HKD 74,948,000 as of March 31, 2023[160] - The group has begun production at a newly acquired prefabricated component factory to meet the demand for Modular Integrated Construction (MiC) and enhance productivity in the construction industry[133] - The group employed 468 full-time employees as of March 31, 2024, an increase from 320 employees as of March 31, 2023[144]
安保工程控股(01627) - 2024 - 年度业绩