Employee Management and Development - The Group emphasizes the importance of employees as key assets for sustainable business development, offering competitive salaries and comprehensive benefits to attract and retain talent[1] - The remuneration package for employees includes salary, discretionary bonuses, and other cash subsidies to attract and retain talent[16] - The Group conducts annual salary and promotion reviews to attract and retain employees[90] - The Group is focused on enhancing employee loyalty and morale through various training programs[90] - As of March 31, 2024, the Group had 58 full-time employees, an increase from 54 as of March 31, 2023, primarily due to more project staff[90] - Total staff costs for FY2024 were approximately HK$37.2 million, compared to approximately HK$31.4 million in FY2023, indicating an increase of about 18.3%[90] Customer and Supplier Relationships - The Group maintains strong relationships with major customers, prioritizing reputable clients to secure future business opportunities and enhance job references[3] - Despite customer concentration, the Group believes its business model remains sustainable, allowing for service expansion to other customers[3] - The Group has established stable relationships with suppliers and subcontractors to effectively meet customer needs, ensuring fair procurement processes[3] - The Group's largest customer contributed approximately 51.7% of total revenue, with the top five customers accounting for 94.8%[17] - The Group's largest supplier accounted for approximately 18.1% of total procurement, while the top five suppliers accounted for 34.4% in the fiscal year 2024[17] Financial Performance - For FY2024, the Group recognized a significant increase in revenue of approximately HK$52.0 million or 27.3% compared to the prior financial year[42] - The total revenue for the year ended March 31, 2024, was HK$242,638,000, up from HK$190,621,000 in 2023, marking a significant growth[99] - Gross profit increased from approximately HK$12.8 million in FY2023 to approximately HK$26.4 million in FY2024, with the gross profit margin improving from approximately 6.7% to approximately 10.9%[84] - The Group's net profit for FY2024 was approximately HK$3.3 million, compared to a net loss of approximately HK$8.1 million in the previous year[87] - The Group confirmed other income, gains, and losses net of approximately HK$1.7 million in FY2024, compared to approximately HK$1.6 million in FY2023, including bank interest income of approximately HK$1.2 million[86] Project Management and Operations - The construction progress of the Group's key projects returned to normal during the Year after the lifting of COVID-19 restrictions[42] - The Group will maintain a prudent approach on bidding new projects while focusing on enhancing work quality, safety, and cost control[42] - The Group plans to periodically review its backlog and proactively seek potential opportunities for business expansion[42] - The Group had 15 projects in progress with a total original contract sum of approximately HK$704.4 million as of 31 March 2024[74] - The outstanding value of projects on hand was approximately HK$327.2 million, down from approximately HK$440.1 million as of 31 March 2023[61] Market Conditions and Future Outlook - The Group expects sustained competition in the local construction market due to global economic uncertainty and high interest rates affecting demand[42] - The number of residential and commercial property development projects in the Hong Kong market has decreased due to a glut of unsold units[42] - The construction industry in Hong Kong is expected to present long-term opportunities despite current global economic uncertainties[63] - Future outlook remains positive with anticipated growth in both residential and public facility sectors[102] - The Chief Executive's 2023 Policy Address highlighted commitments to land and housing supply, which are expected to drive growth in the construction sector[63] Corporate Governance and Compliance - There were no material breaches of applicable laws and regulations that significantly impacted the Group's business operations during the year[4] - The Company maintained the prescribed minimum public float for its shares as required under the Listing Rules throughout the year[5] - The Company has received annual confirmation of independence from each of the independent non-executive Directors[129] - The Company is committed to achieving a high level of corporate governance standards to safeguard shareholder interests and enhance corporate value[168] - The Company has adopted the Model Code for Securities Transactions by Directors to ensure compliance with securities transaction regulations[157] Share Capital and Securities - The total number of issued shares as of March 31, 2024, was 2,000,000,000[11] - The maximum limit of banking facilities available to the Group was approximately HK$114.7 million, with approximately HK$11.9 million utilized for performance guarantees as of 31 March 2024[88] - The Group's gearing ratio was zero as of 31 March 2024, down from approximately 23.5% as of 31 March 2023[88] - The Company did not issue any debentures during the Year[136] - The Board does not recommend the payment of a final dividend for the Year, consistent with the previous year where no dividend was paid[124]
智中国际(06063) - 2024 - 年度财报