Financial Performance - For the year ended 31 March 2024, the Group's consolidated revenue increased by 8.5% to HK$5,511,537,000 from HK$5,079,222,000 in 2023[26]. - Net profit for the year ended 31 March 2024 rose by 17.7% to HK$204,889,000 compared to HK$174,068,000 in 2023[9]. - Basic earnings per share for the year was HK10.24 cents, up from HK8.70 cents in 2023[9]. - The net assets value attributable to owners of the parent increased by 6.4% to HK$1,617,566,000 as at 31 March 2024[12]. - Profit attributable to owners of the parent increased by 17.7% from HK$174,068,000 for the year ended 31 March 2023 to HK$204,889,000 for the year ended 31 March 2024[161]. - Total equity of the Group as at 31 March 2024 was HK$1,617,566,000, an increase from HK$1,520,274,000 as at 31 March 2023[161]. - The Group's cash and cash equivalents increased by 21.5% from HK$1,710,743,000 as at 31 March 2023 to HK$2,077,918,000 at 31 March 2024[161]. - 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[82]. Dividends and Shareholder Returns - A final dividend of HK5.0 cents per ordinary share has been proposed for the year ended 31 March 2024, totaling HK$100,000,000[14][31]. - The Group plans to pay a final dividend of HK5.0 cents per ordinary share for the year ended 31 March 2024, consistent with the previous year[80]. Construction and Projects - The Group's newly set up pre-fabrication factory commenced production during the year, supplying integrated modules to various projects[34]. - The construction industry outlook in Hong Kong is promising, supported by government initiatives to meet housing demands[17]. - The Group's substantial contracts on hand are mainly related to building construction works from the public sector as of March 31, 2024[78]. - The Group's gross contract values for substantial contracts awarded to subsidiaries amounted to approximately HK$11,766 million, with outstanding values of HK$8,239 million as of March 31, 2024[67]. - Contracts awarded to joint operations of the Group amounted to HK$20,734 million, with outstanding values of HK$12,952 million[67]. - The construction of public housing developments accounted for significant contract values, including HK$2,738 million for Wu Shan Road, Tuen Mun, and HK$2,260 million for Yip Wong Road[38]. - The design and construction of the redevelopment of Queen Mary Hospital, Phase 1, was awarded with a contract value of HK$9,450 million[41]. - Future tendering opportunities for construction contracts from the public sector are expected to be sustainable and stable due to government initiatives[81]. Financial Position and Assets - The Group's bank borrowings as of March 31, 2024, were all denominated in Hong Kong dollars and on a floating rate basis[137]. - The property, plant, and equipment related to certain contract works amounted to HK$1,235,822,000 as of March 31, 2024, compared to HK$1,192,356,000 as of March 31, 2023[150]. - As of March 31, 2024, contract assets included retention receivables of HK$445,540,000 and unbilled revenue of HK$368,620,000, compared to HK$488,612,000 and HK$340,065,000 respectively as of March 31, 2023[143]. - Other payables and accruals amounted to HK$1,716,194,000 as of March 31, 2024, an increase from HK$1,506,987,000 as of March 31, 2023, primarily due to an increase in provision for contract works of HK$224,107,000[169]. Management and Governance - The Group's management structure includes a Nomination Committee and a Remuneration Committee, with Mr. YAU serving as the chairman of the former[183]. - The Group's management emphasizes the importance of retaining and incentivizing employees through flexible compensation strategies[181]. - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended 31 March 2024[106]. Strategic Initiatives - The Group's vertical integration strategy aims to enhance profit margins and shareholder returns by improving product quality and reducing construction time[34]. - The Group's strategic focus includes enhancing its capabilities as a contractor and broadening its customer base through collaborations[177]. - The Group will adopt a prudent approach to cash application and capital commitments due to expected cash consumption from the redevelopment of a site in Kwun Tong, Hong Kong[136]. Acquisitions and Investments - The Group acquired a 50% equity interest in Synergy Materials Limited for HK$1, resulting in a carrying amount of nil as of March 31, 2024, due to net losses incurred by Synergy Group[61]. - The Group acquired 100% of CWF Piling & Civil Engineering Company Limited for HK$25 million during the year ended March 31, 2024[152]. - The Group acquired 100% equity of Lianbang Piling Civil Engineering Limited for HKD 25 million, which holds various licenses from the Hong Kong government for construction services[174]. - The Framework Agreements with Lanon Development allow the Group to engage in contracting services until March 31, 2025, potentially expanding its customer base[176][177]. Risks and Liabilities - The Group's exposure to foreign exchange risk arises from future commercial transactions and monetary assets and liabilities not denominated in the functional currency[138]. - The company has contingent liabilities as detailed in note 34 of the financial statements, which may impact future financial performance[199].
安保工程控股(01627) - 2024 - 年度财报