Financial Performance - The company's revenue reached approximately HKD 394.5 million for the year ended April 30, 2024, an increase of about 42.1% compared to HKD 277.7 million in 2023[12] - The annual profit was approximately HKD 2.2 million, down from HKD 7.4 million in 2023, primarily due to a decrease in gross margin, reduced other income, and increased financial costs[12] - The basic and diluted earnings per share were HKD 0.02, compared to HKD 0.16 in 2023, based on a weighted average of 125,290,504 shares issued[12] - Revenue increased by approximately 48.0% from about HKD 259.3 million for the year ended April 30, 2023, to about HKD 383.8 million for the year ended April 30, 2024, representing an increase of approximately HKD 124.5 million due to the progress of ongoing installation projects[55] - Gross profit decreased by approximately HKD 1.4 million or 4.6% from about HKD 30.4 million for the year ended April 30, 2023, to about HKD 29.0 million for the year ended April 30, 2024, with a gross margin dropping to 7.4% due to increased sales costs of approximately HKD 365.5 million[58] - Basic earnings per share for 2024 were HKD 2,928, compared to HKD 7,054 for 2023, with the weighted average number of ordinary shares used for calculating basic earnings per share increasing from 44,545,298 to 125,290,504[45] - The pre-tax profit for the year 2024 was reported at HKD 2,928,000, compared to a profit of HKD 7,054,000 in 2023, indicating a decline of 58.6%[149] Assets and Equity - The total equity increased to HKD 273.9 million in 2024 from HKD 143.5 million in 2023[28] - The total assets less current liabilities amounted to HKD 274.4 million in 2024, compared to HKD 145.6 million in 2023[26] - The total amount of transaction price allocated to unsatisfied performance obligations was approximately HKD 516.7 million as of April 30, 2024, compared to HKD 497.4 million in 2023[19] - Total trade receivables amounted to HKD 99.9 million in 2024, compared to HKD 43.9 million in 2023, reflecting a significant increase[71] - The net amount of trade receivables after impairment provisions was HKD 78.3 million in 2024, up from HKD 23.4 million in 2023[71] Expenses and Costs - The company's administrative expenses increased to HKD 22.2 million in 2024 from HKD 20.1 million in 2023[15] - The financing costs rose to HKD 4.0 million in 2024 from HKD 1.7 million in 2023[15] - The cost of sales rose to approximately HKD 365.5 million in 2024, an increase of about 47.9% from approximately HKD 247.2 million in 2023[83] - The total employee costs (excluding director remuneration) for the year 2024 amounted to HKD 34,040,000, an increase from HKD 31,799,000 in 2023, representing a growth of 7.8%[155] - Other income for the year ended April 30, 2024, was approximately HKD 1.0 million, down from approximately HKD 2.7 million in 2023, primarily due to a decrease in government subsidies by about HKD 2.1 million[105] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ended April 30, 2024, compared to no dividend in 2023[12] - The company has no plans to declare or recommend any dividends as of the reporting date[70] - The company does not recommend the payment of a final dividend for the year ending April 30, 2024 (2023: none)[139] - As of April 30, 2024, Mr. Li holds 14,390,000 shares, representing approximately 8.33% of the company's total issued share capital[140] Governance and Compliance - The company has established a remuneration committee to review its compensation policies, considering business performance and market practices[137] - The company has adhered to the corporate governance code as stipulated in the listing rules up to April 30, 2024[123] - There are no significant transactions or contracts involving directors or related entities as of April 30, 2024[128] - The company has not granted, exercised, cancelled, or allowed any share options to lapse as of April 30, 2024[129] - The audit committee has reviewed the consolidated results for the year ending April 30, 2024[131] Operational Focus and Market Position - The company provides maintenance and repair services for fire safety systems in completed properties, alongside installation services for fire safety systems in buildings under construction or renovation[52] - The company aims to maintain its market position by continuing to provide installation services and selling fire safety components, including those from a multinational brand supplier[52] - The group expects to launch more projects in Hong Kong and related works to maintain stable revenue sources in the coming year[99] - The company's operational focus is on the design, supply, and installation of fire safety systems for buildings under construction or renovation[161] Financial Ratios and Commitments - The group’s current ratio as of April 30, 2024, was 3.0, up from 2.0 as of April 30, 2023, due to increases in trade receivables and contract assets[113] - The group’s debt-to-asset ratio decreased to 20.7% as of April 30, 2024, from 41.6% as of April 30, 2023, mainly due to completed placements[113] - As of April 30, 2024, the group had no capital commitments[115] - The group pledged bank deposits of HKD 21.5 million as collateral for bank financing[116] Future Outlook and Strategic Initiatives - The company is continuously seeking strategic and financial partners to explore potential opportunities for further expansion and development into other overseas markets[53] - The company is evaluating the potential impact of new and revised standards during the initial application period, with no significant effects anticipated on the consolidated financial statements[36] - The group has not applied any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective as of May 1, 2023, and concluded that their adoption is unlikely to have a significant impact on the consolidated financial statements[36] - The company has no significant investments or capital asset plans for the future[93] - As of April 30, 2024, the company has no significant investments, consistent with the previous year[135] - The company has no foreign currency hedging policy in place due to minimal foreign exchange volatility risk[120]
鸿盛昌资源(01850) - 2024 - 年度业绩