骏杰集团控股(08188) - 2024 - 中期业绩

Interim Results Announcement Condensed Consolidated Financial Statements The Group recorded strong financial growth for H1 2024, with revenue up 113.9% to HK$492 million and profit surging over 12 times Condensed Consolidated Statement of Comprehensive Income Revenue increased by 113.9% to HK$492 million, gross profit surged by 436.8% to HK$98.08 million, with profit for the period reaching HK$55.79 million Performance Summary for the Six Months Ended June 30 | Metric | For the six months ended June 30, 2024 (HK$'000) | For the six months ended June 30, 2023 (HK$'000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 492,499 | 230,283 | +113.9% | | Gross Profit | 98,076 | 18,269 | +436.8% | | Profit Before Income Tax | 67,318 | 3,727 | +1706.2% | | Profit for the Period | 55,789 | 4,175 | +1236.3% | | Basic and Diluted Earnings Per Share (HK cents) | 11.44 | 0.86 | +1230.2% | Condensed Consolidated Statement of Financial Position As of June 30, 2024, total assets increased to HK$311 million, net assets to HK$162 million, and net current assets improved, with bank borrowings decreasing Statement of Financial Position Summary | Metric | As of June 30, 2024 (HK$'000) | As of December 31, 2023 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 311,375 | 273,097 | +14.0% | | Total Liabilities | 149,150 | 142,026 | +5.0% | | Net Assets | 162,225 | 131,071 | +23.8% | | Bank and Cash Balances | 14,437 | 4,467 | +223.2% | | Bank Borrowings | 49,230 | 66,000 | -25.4% | Notes to the Financial Statements Notes detail the Group's focus on Hong Kong underground construction, significant revenue from key clients, and the declaration of an interim dividend - The Group's business is highly concentrated in underground construction services in Hong Kong, with no other operating or geographical segments[8][9] - During the reporting period, Client B and Client M were major clients, contributing HK$361 million and HK$53.04 million in revenue, respectively[10] - The Board declared an interim dividend of 4.0 HK cents per share for the year ending December 31, 2024, with no dividend declared in the prior corresponding period[15] Management Discussion and Analysis Management reviews the Group's strong performance in underground construction, driven by Hong Kong's infrastructure projects, leading to significant revenue and profit growth and a robust financial position Business Review and Prospects The Group focuses on underground construction for public infrastructure in Hong Kong, securing new projects and maintaining a substantial order book, with a positive outlook from government initiatives - During the reporting period, the Group secured 10 new construction projects with a total contract value of approximately HK$175 million[27] - As of June 30, 2024, the total outstanding contract sum was approximately HK$812 million, providing a solid foundation for future revenue[28] - Management anticipates sustained market demand driven by major Hong Kong government infrastructure projects, including the Northern Metropolis and new MTR lines[30] Financial Review Exceptional financial performance was driven by a 113.9% revenue increase to HK$492 million, primarily from public sector tunnel construction, leading to a significant rise in gross profit margin and net profit growth Revenue Breakdown by Project Type (For the Six Months Ended June 30) | Project Type | 2024 (HK$'000) | % of Total | 2023 (HK$'000) | % of Total | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Public Sector Projects | | | | | | | - Tunnel Construction Services | 367,626 | 74.6% | 74,547 | 32.4% | +393.1% | | - Utilities Construction and Others | 122,409 | 24.9% | 153,243 | 66.5% | -20.1% | | Private Sector Projects | 2,464 | 0.5% | 2,493 | 1.1% | -1.2% | | Total | 492,499 | 100.0% | 230,283 | 100.0% | +113.9% | - Gross profit and gross profit margin significantly increased to HK$98.08 million and 19.9%, respectively, compared to HK$18.27 million and 7.9% in the prior period, primarily due to the progress of higher-margin tunnel construction services[34] - Net profit surged to approximately HK$55.79 million from HK$4.18 million in the prior period, driven by increased revenue and improved gross profit margin[40] Liquidity, Financial Resources and Capital As of June 30, 2024, the Group maintained a robust financial position with increased cash balances, substantial available banking facilities, and an optimized debt structure with a reduced gearing ratio Liquidity and Financial Resources Overview | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Bank and Cash Balances (HK$'000) | 14,437 | 4,467 | | Pledged Bank Deposits (HK$'000) | 6,000 | 3,000 | | Total Available Banking Facilities (HK$'000) | 84,000 | 66,000 | | Unutilized Banking Facilities (HK$'000) | 34,770 | 0 | | Gearing Ratio | 65% | 78% | Other Information This section discloses share repurchases, controlling shareholder's stake, a new share scheme with employee awards, and compliance with corporate governance codes - The Company repurchased a total of 2,292,000 shares during and after the reporting period for approximately HK$0.632 million, which were cancelled on July 23, 2024[54] - The controlling shareholders, members of the Chong family (Chong Chun Ngok, Chong Wai Ku, Chong Yau Ka, and To Yin Ping), acting in concert, collectively hold 59.5% of the Company's issued share capital[55][56][57] - The Company adopted a new share scheme on May 29, 2024, and granted a total of 4.6 million award shares to nine employees on June 14[60]