Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately HKD 266.3 million, an increase of about HKD 198.7 million or approximately 294.0% compared to HKD 67.6 million for the same period in 2023[17] - The gross profit for the period was HKD 14.5 million, compared to a gross loss of HKD 5.3 million in the previous year, indicating a significant turnaround[17] - The profit attributable to the company's owners for the period was approximately HKD 5.3 million, compared to a loss of HKD 12.4 million for the same period in 2023[17] - The basic and diluted earnings per share for the period were 0.4 HK cents, compared to a loss of 0.9 HK cents in the previous year[19] - The company reported a pre-tax profit of HKD 5,254 million for the six months ended June 30, 2024, compared to a loss of HKD 12,409 million in the same period of 2023[24] - The group reported a profit before tax of HKD 5,254,000 for the six months ended June 30, 2024, recovering from a loss of HKD 12,409,000 in the same period of 2023[38] Dividends and Shareholder Returns - The company did not recommend any interim dividend for the relevant period[17] - The group did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[37] - The board of directors has decided not to recommend an interim dividend for the period ending June 30, 2023[77] Expenses and Costs - The total administrative expenses for the period were HKD 7.6 million, slightly down from HKD 7.8 million in the previous year[18] - The expected credit loss for the period was HKD 1.7 million, compared to a reversal of HKD 0.7 million in the previous year[18] - The financing costs for the period increased to HKD 0.7 million from HKD 0.1 million in the previous year[18] - Other income decreased to HKD 119,000 for the six months ended June 30, 2024, down from HKD 132,000 in 2023, reflecting a decline of approximately 9.8%[31] - Financing costs increased to HKD 658,000 for the six months ended June 30, 2024, compared to HKD 73,000 in 2023, marking a substantial rise of 800%[33] - Administrative expenses decreased by approximately HKD 0.2 million or 2.6% to about HKD 7.6 million for the period[53] - Financing costs increased by approximately HKD 585,000 or 801.4% to about HKD 658,000 due to an increase in average bank borrowings[54] Assets and Liabilities - Non-current assets decreased from HKD 4,463 million in December 2023 to HKD 3,453 million in June 2024, a decline of approximately 22.6%[20] - Current assets increased significantly from HKD 192,069 million in December 2023 to HKD 205,950 million in June 2024, an increase of about 7.4%[20] - The company’s total liabilities decreased from HKD 196,922 million in December 2023 to HKD 205,641 million in June 2024, reflecting a slight increase of about 4.0%[20] - The equity attributable to shareholders improved from a loss of HKD 10,416 million in December 2023 to a loss of HKD 5,162 million in June 2024[21] - Cash and cash equivalents decreased from HKD 35,208 million in December 2023 to HKD 20,063 million in June 2024, a reduction of approximately 43.0%[25] - The company’s total assets less current liabilities improved from a negative HKD 390 million in December 2023 to HKD 3,761 million in June 2024[20] - The company’s contract assets increased significantly from HKD 49,043 million in December 2023 to HKD 82,285 million in June 2024, an increase of approximately 67.8%[20] - Trade receivables, net of expected credit loss provisions, rose to HKD 78,176,000 as of June 30, 2024, compared to HKD 65,522,000 as of December 31, 2023, indicating an increase of 19.2%[40] - Trade payables decreased to HKD 19.6 million as of June 30, 2024, from HKD 44.6 million at the end of 2023[43] - Net borrowings decreased to approximately HKD 9.7 million as of June 30, 2024, down from HKD 34.1 million as of December 31, 2023[56] Corporate Governance and Compliance - The company has established an audit committee, which consists of three independent non-executive directors, to oversee the integrity of the financial reports[86] - The company has adopted a code of conduct for securities transactions by directors, which complies with the standards set out in the listing rules[76] - The board believes that the current structure of separating the roles of chairman and CEO enhances the efficiency of strategy formulation and implementation[75] - The company is committed to maintaining good corporate governance practices to benefit stakeholders[74] - There are no known conflicts of interest or competitive businesses held by any directors or major shareholders during the relevant period[72] - The company has not faced any significant litigation that would adversely affect its financial condition during the reporting period[66] Future Outlook and Strategy - The company is focused on expanding its market presence and developing new products and technologies to drive future growth[17] - The company plans to explore various opportunities and control costs to maintain good performance in the coming years[50] - The company has no significant investment or capital asset plans as of the report date, focusing instead on consolidating its business in the construction industry[61] - The company has not experienced any significant events related to major acquisitions or disposals of subsidiaries during the reporting period[62] Share Capital and Ownership - The company’s issued share capital was HKD 13,320,000 with 1,332,000,000 shares as of June 30, 2024[59] - The major shareholder, Masterveyor, holds 56.08% of the company's shares as of June 30, 2024[70] - The maximum number of shares that can be issued under the share option plan is capped at 10% of the total issued shares, which amounts to 133,200,000 shares[81] - The company has not granted or agreed to grant any share options under the share option plan since its adoption on September 16, 2015, until June 30, 2024[78] Events After Reporting Period - No significant events requiring disclosure have occurred after June 30, 2024, up to the date of this report[85]
丰展控股(01826) - 2024 - 中期业绩