Revenue Performance - Revenue for the year ended May 31, 2024, was approximately HKD 223.3 million, an increase of about 12.8% compared to HKD 198.0 million in the previous fiscal year[1] - Revenue from the maritime construction segment was approximately HKD 186.4 million, a significant increase of 209.8% from HKD 60.2 million in the previous fiscal year[1] - Revenue from the civil engineering segment decreased by 91.1% to approximately HKD 10.8 million, down from HKD 122.1 million in the previous fiscal year[1] - Revenue from the vessel leasing services segment increased by 36.2% to approximately HKD 21.5 million, compared to HKD 15.8 million in the previous fiscal year[1] - Total revenue for the group reached HKD 223,331,000 in 2024, compared to HKD 198,025,000 in 2023, marking an increase of 12.8%[11] - Revenue from maritime construction increased significantly to HKD 186,432,000 in 2024 from HKD 60,184,000 in 2023, representing a growth of 209%[11] - Revenue from ship leasing services generated revenue of HKD 21,470,000 in 2024, up from HKD 15,763,000 in 2023, reflecting a growth of 36.3%[11] - Revenue from external customers in Hong Kong was HKD 218,706 thousand, up from HKD 198,025 thousand, reflecting a growth of 10.4%[17] - Revenue from external customers in China was HKD 4,625 thousand, with no revenue reported in the previous year[17] Financial Losses and Improvements - The company reported a net loss attributable to owners of approximately HKD 44.1 million, an improvement from a net loss of HKD 87.1 million in the previous fiscal year[1] - Basic and diluted loss per share for the year was approximately HKD 17.42, compared to HKD 39.14 in the previous fiscal year[3] - The group reported a net loss of approximately HKD 44,136,000 and negative operating cash flow of HKD 26,696,000 for the year ending May 31, 2024[9] - The group experienced a gross loss of HKD 31,864,000 for the year ending May 31, 2024, compared to a gross loss of HKD 62,337,000 in 2023, indicating an improvement[14] - The comprehensive loss before tax was HKD (45,890) thousand, significantly reduced from HKD (88,915) thousand, indicating a decrease of approximately 48.3%[16] - The group incurred a gross loss of approximately HKD 32.8 million in maritime construction, an improvement from a gross loss of HKD 42.3 million in the prior year[36] - The group incurred a gross loss of approximately HKD 9.3 million in other civil engineering, an improvement from a gross loss of about HKD 22.5 million in the previous year[37] - The company reported a basic loss per share of HKD (44,136) thousand, an improvement from HKD (87,050) thousand in the previous year[23] Assets and Liabilities - Total assets less current liabilities amounted to HKD 80.649 million, down from HKD 116.904 million in the previous fiscal year[4] - The company’s cash and cash equivalents were approximately HKD 25.822 million, a decrease from HKD 33.687 million in the previous fiscal year[4] - Trade receivables increased to HKD 24,460 thousand from HKD 4,164 thousand, showing a substantial rise of 485.5%[27] - As of May 31, 2024, the group's trade receivables balance includes overdue accounts totaling HKD 5,310,000, compared to approximately HKD 1,577,000 in 2023[29] - For the year ending May 31, 2024, trade payables amounted to HKD 25,106,000, a significant increase from HKD 7,824,000 in 2023[30] Operational Strategies and Future Plans - The group plans to implement strategies to enhance cash flow, including efforts to recover trade receivables and control administrative costs[9] - The group is considering fundraising activities, such as share placements, to strengthen its capitalization[9] - The group has ongoing maritime construction projects, with five projects currently in progress as of May 31, 2024[36] - The group was awarded contracts totaling approximately HKD 261.4 million in the previous year, maintaining its status as a main contractor for two maritime construction projects[35] Corporate Governance and Compliance - The company has committed to maintaining high standards of corporate governance and has complied with the corporate governance code during the year[58] - The board will seek to appoint replacements to meet the minimum number of independent non-executive directors required by listing rules[59] - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[51] - There have been no significant events after the reporting period up to the date of this announcement[62] Other Income and Expenses - Other income increased to approximately HKD 4.734 million from HKD 2.464 million in the previous fiscal year[2] - Other income increased from approximately HKD 2.5 million to about HKD 4.7 million, primarily due to the sale of four vessels[41] - General and administrative expenses rose by approximately 14.0% to about HKD 16.5 million, up from HKD 14.5 million in the previous year[42] - The total employee cost for the year was approximately HKD 53.4 million, an increase from HKD 36.4 million in the previous year[48] Shareholder Information - The company did not declare or recommend any dividends for the reporting periods[26] - The group has issued and fully paid 266,880,000 shares as of May 31, 2024, following a share consolidation[31] - A share consolidation was approved on October 31, 2023, merging every ten existing shares into one share with a par value of HKD 0.1[53] - The net proceeds from the share placement on September 20, 2023, amounted to approximately HKD 11.6 million, which will be used for general working capital[52] - The net proceeds from the initial public offering were approximately HKD 84.0 million, fully utilized by May 31, 2023[54] New Business Ventures - The company successfully established a new business segment in wellness services, driven by increasing demand for disease prevention and treatment in China[51]
天成控股(02110) - 2024 - 年度业绩