Revenue and Profitability - Revenue for the six months ended June 30, 2024, was MOP 338,279 thousand, representing a 58.8% increase from MOP 212,986 thousand in the same period of 2023[2] - Gross profit decreased to MOP 4,524 thousand, down 47.7% from MOP 8,646 thousand year-on-year[2] - Operating loss for the period was MOP 9,458 thousand, compared to a loss of MOP 3,170 thousand in the previous year, indicating a significant increase in losses[2] - Loss attributable to owners of the company was MOP 11,248 thousand, up 66.5% from MOP 6,772 thousand in the same period last year[2] - Basic and diluted loss per share was MOP 1.02, compared to MOP 0.63 in the previous year[2] - The group reported a loss before tax of MOP 11,265,000 for the six months ended June 30, 2024, compared to a loss of MOP 6,140,000 in the same period of 2023[11] - The group reported a total comprehensive loss of approximately 11.3 million Macau Patacas for the six months ended June 30, 2024, compared to a total comprehensive loss of about 6.8 million Macau Patacas for the same period in 2023[45] - Basic loss per share was approximately 1.02 Macau cents, compared to about 0.63 Macau cents for the same period in 2023[46] Assets and Liabilities - Total assets as of June 30, 2024, were MOP 416,620 thousand, down from MOP 467,754 thousand as of December 31, 2023[3] - Total liabilities decreased to MOP 247,398 thousand from MOP 289,284 thousand at the end of 2023, reflecting a reduction in financial obligations[4] - Trade receivables were MOP 58,081 thousand, down from MOP 69,145 thousand year-on-year, indicating a decline in receivables[3] - Cash and cash equivalents increased to MOP 28,465 thousand from MOP 18,952 thousand at the end of 2023, showing improved liquidity[3] - As of June 30, 2024, trade payables amounted to MOP 93,364,000, a decrease of 19.8% from MOP 116,450,000 as of December 31, 2023[31] - Retention money payable increased to MOP 33,399,000 as of June 30, 2024, compared to MOP 30,320,000 as of December 31, 2023, reflecting a growth of 3.6%[31] - The aging analysis of trade payables shows that amounts due within 30 days decreased to MOP 61,104,000 from MOP 89,447,000, a decline of 31.7%[32] - The actual annual interest rate on bank borrowings as of June 30, 2024, was 4.25%, down from 4.38% as of December 31, 2023[34] - Total bank borrowings were approximately MOP 4,210,000 as of June 30, 2024, compared to MOP 13,637,000 as of December 31, 2023, indicating a significant reduction[35] - The debt-to-asset ratio increased from approximately 41.0% as of December 31, 2023, to approximately 53.8% as of June 30, 2024, primarily due to increased bank borrowings[50] Expenses and Costs - Total expenses increased significantly to MOP 349,955,000 from MOP 217,511,000, representing a rise of 60.8%[20] - The group incurred administrative expenses and financing costs totaling MOP 1,340,000 for the six months ended June 30, 2024[11] - Employee benefit costs rose to MOP 79,724,000 from MOP 50,106,000, an increase of 58.9%[20] - Financing costs decreased to MOP 1,807,000 from MOP 2,970,000, a reduction of 39%[21] - Other income decreased by approximately 162,000 Macau Patacas or 10.8% to about 1,340,000 Macau Patacas due to a reduction in interest income[40] - Administrative expenses increased by approximately 3.0 million Macau Patacas or 22.7% to about 16.2 million Macau Patacas, primarily due to rising employee costs and establishment expenses for joint ventures[42] Revenue Segmentation - For the six months ended June 30, 2024, the group reported segment revenue of MOP 338,279,000, compared to MOP 212,986,000 for the same period in 2023, representing a growth of 58.8%[15] - Revenue from external customers in Macau increased to MOP 306,075,000 for the six months ended June 30, 2024, compared to MOP 190,063,000 in 2023, reflecting a growth of 60.9%[15] - The group’s total revenue from contracts with external customers for construction and ancillary services was MOP 338,279,000 for the six months ended June 30, 2024, compared to MOP 212,986,000 in 2023, marking an increase of 58.8%[17] - The segment profit for the six months ended June 30, 2024, was MOP 5,402,000, down from MOP 8,499,000 in the same period of 2023, indicating a decline of 36.8%[11] Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes as of June 30, 2024, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[68] - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and the unaudited interim financial statements for the six months ending June 30, 2024[70] - The interim results announcement is available on the Hong Kong Stock Exchange website and the company's website, with the interim report to be sent to shareholders in due course[71] Future Outlook and Strategy - The company anticipates increased construction activities in the latter half of 2024, aiming to secure more projects and strengthen its market position[60] - The company plans to maintain strict cost control measures to mitigate risks associated with anticipated inflation and competitive pressures in the construction market[61] Shareholder Returns - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[23] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[62] Investments and Acquisitions - The company has not purchased, sold, or redeemed any of its listed securities as of June 30, 2024[63] - Subsequent to the reporting period, the company issued a purchase order for a hydraulic oscillator at a cost of approximately 524,810 Euros (about 4,524,000 MOP), which was later terminated[64] - A second purchase order for a hydraulic oscillator was issued at a cost of approximately 776,377 Euros (about 6,751,000 MOP)[64] - The company also issued a purchase order for a rotary control device accessory at a cost of approximately 7,159,485 HKD (about 7,374,000 MOP)[64] - The company acquired a new MC96 crawler foundation crane for approximately €1,620,000, equivalent to about MOP 14,087,000[65] Risk Management - The group does not currently have a foreign currency hedging policy but monitors foreign exchange risks[54] - The group faces interest rate risks primarily from bank deposits and borrowings, with no financial derivatives used to hedge these risks[55] - Credit risk is mainly derived from trade receivables and bank balances, with the highest credit risk stemming from counterparties failing to fulfill their obligations[56] - As of June 30, 2024, the group faced concentrated credit risk, with trade receivables from the largest customer accounting for approximately 26.4% and from the top five customers accounting for about 83.9%[57]
建鹏控股(01722) - 2024 - 中期业绩