Financial Performance - The group's revenue for the reviewed year was approximately HKD 618.2 million, compared to HKD 338.3 million in the previous fiscal year, representing an increase of 82.8%[1]. - The gross profit margin for the reviewed year was approximately 5.6%, up from 3.5% in the previous fiscal year[1]. - The profit attributable to owners of the company for the reviewed year was approximately HKD 17.3 million, significantly higher than HKD 1.0 million in the previous fiscal year[1]. - Basic and diluted earnings per share for the reviewed year were approximately HKD 1.73, compared to HKD 0.10 in the previous fiscal year[1]. - The overall gross profit increased from approximately HKD 11.9 million for the year ended March 31, 2023, to approximately HKD 34.8 million for the current year, representing a growth of about 192.4%[96]. - The total profit and comprehensive income for the group increased from approximately HKD 1.0 million for the year ended March 31, 2023, to approximately HKD 17.3 million for the review year, an increase of about HKD 16.3 million or 1,630%[126]. Revenue Breakdown - Revenue from construction services for the reviewed year was HKD 618.2 million, compared to HKD 338.3 million in the previous year, indicating strong growth[20]. - Revenue from residential construction services was HKD 123.8 million, down from HKD 149.8 million in the previous year, while non-residential services increased to HKD 494.4 million from HKD 188.5 million[21]. - Revenue from the private sector was HKD 153.7 million, slightly up from HKD 153.4 million, while revenue from the public sector surged to HKD 464.5 million from HKD 184.9 million[21]. - Revenue from Customer A increased significantly from HKD 184,632,000 to HKD 464,519,000, a growth of about 151%[38]. - Revenue from Customer B grew from HKD 92,316,000 to HKD 124,834,000, an increase of approximately 35%[38]. Assets and Liabilities - Non-current assets decreased from HKD 61,596,000 to HKD 52,025,000, a decline of approximately 15.5%[26]. - Current assets increased significantly from HKD 231,118,000 to HKD 329,147,000, representing an increase of about 42.5%[26]. - Total liabilities increased from HKD 34,846,000 to HKD 106,961,000, marking a rise of about 206%[26]. - Net assets rose from HKD 249,121,000 to HKD 266,381,000, an increase of approximately 6.5%[28]. - Trade payables increased to HKD 38,720,000 in 2024 from HKD 15,688,000 in 2023, showing a rise in obligations to suppliers[54]. Credit and Financing - The expected credit loss on contract assets was HKD 1.0 million, a significant improvement from HKD 7.4 million in the previous year[3]. - Financing costs increased to HKD 1.1 million from HKD 0.7 million in the previous fiscal year[3]. - The expected credit loss provision for trade receivables rose from HKD 102,000 in 2023 to HKD 1,568,000 in 2024, indicating a substantial increase in anticipated credit risk[52]. - The group reported a financing cost of HKD 1,144,000 in 2024, up from HKD 667,000 in 2023, reflecting higher interest expenses on bank loans and bonds[69]. - The asset-liability ratio rose from approximately 1.3% as of March 31, 2023, to about 11.7% as of March 31, 2024, primarily due to the increase in secured bank loans and bonds[153]. Employee and Administrative Expenses - Employee benefits expenses, excluding director remuneration, increased from HKD 57,196,000 to HKD 83,394,000, a rise of about 46%[42]. - Total employee costs for the review year amounted to approximately HKD 88.1 million, compared to approximately HKD 60.8 million for the fiscal year 2022/2023[156]. - The group employed 197 employees as of March 31, 2024, up from 136 employees as of March 31, 2023[156]. - The group's administrative expenses slightly increased from approximately HKD 11.1 million for the year ended March 31, 2023, to approximately HKD 11.4 million for the review year, an increase of about HKD 0.3 million or approximately 2.7%[123]. Dividends and Share Capital - The company did not recommend the declaration of a final dividend for the reviewed year, consistent with the previous fiscal year[1]. - The company did not recommend any dividend payment for the year ending March 31, 2024, consistent with the previous year[45]. - As of March 31, 2024, the company's issued share capital was HKD 10.0 million, with 1,000,000,000 ordinary shares issued at a par value of HKD 0.01 per share[127]. Government Support and Grants - The group received a grant of HKD 53,000 from the Hong Kong government's construction innovation fund to support the adoption of innovative construction methods and technologies[66]. - The company received government subsidies totaling HKD 5,911,000 from the Employment Support Scheme and HKD 53,000 from the Construction Industry Innovation and Technology Fund[175]. Economic Outlook - The local GDP of Hong Kong grew by 3.3% in 2023, indicating a recovery in economic activity post-COVID-19[61]. - The company anticipates that the local economy in Hong Kong will improve, providing growth opportunities in the construction industry[88]. - The construction industry in Hong Kong is currently facing a shortage of 17,500 to 24,000 workers and professionals, which is expected to increase to 48,500 to 55,000 by 2027[111]. Miscellaneous - The group has maintained a credit period for customers between 15 to 60 days, consistent with the previous year[51]. - The group confirmed that there were no significant events occurring after March 31, 2024, up to the announcement date[163]. - The group did not have any significant investments, major acquisitions, or disposals of subsidiaries and associates during the review year, apart from those disclosed in the prospectus[133].
广联工程控股(01413) - 2024 - 年度业绩