Financial Performance - The company reported revenue of HKD 100,981,000 for the year ended March 31, 2024, representing a 15.5% increase from HKD 86,904,000 in the previous year[7]. - Gross profit for the same period was HKD 33,314,000, up from HKD 24,512,000, indicating a significant improvement in profitability[7]. - The net profit attributable to the owners of the company was HKD 3,718,000, compared to HKD 1,871,000 in the prior year, reflecting a 98.4% increase[7]. - Basic and diluted earnings per share increased to HKD 0.32 from HKD 0.16, showing improved earnings performance[8]. - The profit for the year increased from HKD 1,871 million in 2022 to HKD 3,718 million in 2023, representing a growth of about 98%[26]. - The profit attributable to the company's owners for the year ended March 31, 2024, was HKD 3,718,000, representing a significant increase of 98.5% from HKD 1,871,000 in 2023[80]. - The group recorded a profit of approximately HKD 3.7 million for the year ended March 31, 2024, compared to a profit of approximately HKD 1.9 million for the year ended March 31, 2023, primarily due to fair value changes of financial assets amounting to approximately HKD 18.3 million[118]. Revenue and Growth - Revenue for the year ended March 31, 2024, was HKD 100,981,000, an increase of 16.5% from HKD 86,284,000 for the year ended March 31, 2023[43]. - Revenue from new property construction was HKD 79,593,000, up 17.6% from HKD 67,647,000 year-on-year[43]. - Expected revenue to be recognized within one year is HKD 57,981,000, a decrease of 11.5% from HKD 65,227,000 in the previous year[46]. - Total expected revenue to be recognized in the future is HKD 107,105,000, down 33.3% from HKD 160,669,000 year-on-year[46]. - The group's revenue increased by approximately 16.2% from about HKD 86.9 million for the year ended March 31, 2023, to about HKD 101.0 million for the year ended March 31, 2024[109]. Expenses and Costs - Administrative expenses rose to HKD 40,018,000 from HKD 22,082,000, indicating increased operational costs[7]. - Employee costs totaled HKD 78,215,000, an increase of 30.6% from HKD 59,833,000 in the previous year[54]. - General and administrative expenses increased by approximately 81.0% from approximately HKD 22.1 million for the year ended March 31, 2023, to approximately HKD 40.0 million for the year ended March 31, 2024[143]. - Service costs increased by approximately 8.5% from about HKD 62.4 million for the year ended March 31, 2023, to about HKD 67.7 million for the year ended March 31, 2024[111]. Assets and Liabilities - Non-current assets decreased from HKD 4,481 million in 2023 to HKD 3,592 million in 2024, representing a decline of approximately 19.9%[25]. - Current assets increased from HKD 107,505 million in 2023 to HKD 116,377 million in 2024, reflecting a growth of about 8.2%[25]. - Net current assets rose from HKD 68,389 million in 2023 to HKD 81,017 million in 2024, an increase of approximately 18.4%[25]. - Total assets less current liabilities increased from HKD 98,691 million in 2023 to HKD 119,621 million in 2024, marking a growth of around 21.2%[25]. - The company's equity attributable to owners increased from HKD 91,956 million in 2023 to HKD 115,796 million in 2024, a rise of approximately 26%[26]. - The group had no borrowings as of March 31, 2024, indicating a strong financial position with sufficient liquidity to meet funding needs[120]. Share Placements and Financing - The company completed a placement of 80,000,000 shares at HKD 0.2521 per share, raising approximately HKD 19,920,000 for business development and general working capital[10]. - The company raised HKD 20,168 million through a placement of new shares, net of transaction costs[26]. - The group completed a placement of new shares on May 29, 2024, issuing 150,000,000 shares at HKD 0.12 per share, raising approximately HKD 17.0 million after expenses[156]. - Approximately HKD 8.0 million has been fully utilized for general working capital from the first placement, with about HKD 11.9 million remaining for developing new businesses in various profitable sectors[161]. - Approximately HKD 3.0 million has been fully utilized for general working capital from the second placement, with about HKD 14.0 million allocated for developing food and beverage and IT business segments[184]. Taxation and Compliance - The company did not recognize any taxable profits for the year ended March 31, 2024, thus no provision for Hong Kong profits tax was necessary[56]. - The group generated tax expenses of approximately HKD 0.1 million for the year ended March 31, 2024, down from HKD 1.7 million for the year ended March 31, 2023, due to a decrease in taxable profits[145]. - As of March 31, 2024, the total amount of unutilized tax losses available to offset future profits was approximately HKD 6,564,000, up from HKD 4,599,000 in 2023[79]. Strategic Developments - The company changed its name from "WAC Holdings Limited" to "King Of Catering (Global) Holdings Ltd." effective January 15, 2024[29]. - The company plans to develop a multifunctional platform named C-PON under a licensing agreement with KOC Japan Inc., with a licensing fee of HKD 100,000 and a profit share of 10%[107]. - The group aims to diversify its services by providing equipment leasing services at construction sites and has rebranded to "Food King (Global) Holdings Limited" to reflect its expansion into new business segments including food and beverage and information technology[136]. - The management believes that increased potential land supply for residential and commercial development will drive growth in the construction consulting industry in Hong Kong[110]. - The company aims to secure more consulting engineering service contracts to strengthen its market position and expand its market share[110]. Other Financial Metrics - The group reported interest income of HKD 1,254,000 for the year ended March 31, 2024, compared to HKD 417,000 in 2023, indicating a significant increase of 200%[73]. - The expected credit loss provision for trade receivables was HKD 9.3 million as of March 31, 2024, up from HKD 6.8 million as of March 31, 2023[102]. - The current ratio improved from approximately 2.7 times as of March 31, 2023, to 3.3 times as of March 31, 2024, mainly due to an increase in contract liabilities[148]. - The group has no significant capital commitments or contingent liabilities as of March 31, 2024, indicating a stable financial outlook[124]. - The group has incurred employee costs of approximately HKD 11.0 million for newly hired senior engineers and interns in structural engineering projects as of March 31, 2024[187].
WAC HOLDINGS(08619) - 2024 - 年度业绩