Company Overview - Sundart Holdings Limited is a leading integrated interior decoration contractor in Hong Kong, Macau, and China, specializing in residential and hotel projects[2]. - The company expanded its interior decoration business to Macau in 2005 and to China in 2017, enhancing its market presence[2]. - In October 2010, Sundart acquired a registered general contractor, enhancing its capabilities in construction and interior decoration services[2]. - The company manufactures interior decoration wood products in Dongguan, primarily used in its projects, indicating vertical integration[2]. - Sundart has undertaken multiple large-scale interior decoration projects across Hong Kong, Macau, and China, showcasing its operational scale[2]. Financial Performance - The group's revenue for the year was HKD 5,929.1 million, a decrease from HKD 6,096.2 million in the previous year[23]. - The net profit for the year was HKD 406.5 million, compared to HKD 413.0 million in the previous year[23]. - Basic earnings per share were HKD 0.1883, down from HKD 0.1914 in the previous year[23]. - The board recommended a final dividend of HKD 0.08 per share, representing approximately 42.5% of the profit available for distribution[23]. - The group completed 28 interior decoration projects, each with a contract value of no less than HKD 50 million, along with seven renovation and construction projects[23]. Market Outlook - Future outlook includes continued expansion in the interior decoration sector, leveraging its established market position[2]. - Despite economic challenges, the group maintained a strong market share and secured multiple projects due to its solid business foundation and effective development strategies[23]. - The local demand for housing remains strong due to land supply shortages and low interest rates, supporting the interior decoration service demand in the coming years[24]. - Macau's tourism and gaming industries are gradually recovering, with the government implementing effective measures to address the pandemic's impact[24]. Project and Operational Highlights - The group completed a total of 28 interior decoration projects, including 10 in Hong Kong, 6 in Macau, and 12 in China, with individual contract amounts not less than HKD 50 million[36]. - As of December 31, 2020, the group had 59 projects on hand, with a total contract value of HKD 6,953.2 million and remaining work value of HKD 3,633.3 million[36]. - The group plans to strengthen relationships with existing clients and actively expand cooperation with new clients to enhance market share[35]. - The group aims to improve cost control measures to enhance business strategies and competitive advantages, targeting higher profit levels[35]. Governance and Compliance - The company maintains a strong governance structure with a dedicated board and audit committee to oversee its operations and financial reporting[3]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2020[88]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the year[87]. - The company has established a risk management framework that includes a risk management team and regular assessments of risks affecting business objectives[135]. Sustainability and Corporate Social Responsibility - The group is committed to corporate social responsibility while focusing on business development, as detailed in the environmental, social, and governance report[157]. - The company emphasizes sustainable supply chain management to meet increasing customer demands for social responsibility[195]. - The company encourages the use of environmentally friendly materials, such as FSC-certified wood and low-VOC paints, to minimize environmental impact[195]. - The company has prioritized employee health during the COVID-19 pandemic, providing financial support to infected employees and implementing necessary hygiene measures[198]. Employee and Operational Metrics - Total employee costs increased by HKD 28.1 million or 6.2% to HKD 482.0 million for the year, attributed to an 8.8% rise in average full-time employees[62]. - The group employed 1,704 full-time employees as of December 31, 2020, compared to 1,632 on December 31, 2019[62]. - The company reported zero work-related fatalities in the past two years, maintaining a strong commitment to employee health and safety[199]. - A total of 15 work-related injuries resulted in 493 lost workdays in Hong Kong and Macau offices, while 20 injuries in Dongguan and Shenzhen led to 1,227 lost workdays[199].
承达集团(01568) - 2020 - 年度财报