Financial Performance - Revenue for the six months ended June 30, 2024, reached MOP 81,824,000, a significant increase of 172.7% compared to MOP 30,003,000 for the same period in 2023[1] - Gross profit for the same period was MOP 18,536,000, reflecting a gross margin of 22.7%, up from 15.7% in the previous year, indicating a gross profit increase of 293.3%[1] - The profit attributable to owners of the company for the period was MOP 5,281,000, compared to a loss of MOP 9,367,000 in the prior year, resulting in earnings per share of MOP 1.3[2] - The company reported a net profit of MOP 5,671,000 for the period, compared to a loss of MOP 9,328,000 in the previous year, indicating a turnaround in overall performance[3] - The group reported a profit attributable to owners of the company of approximately MOP 5.3 million for the six months ended June 30, 2024, compared to a loss of MOP 9.4 million for the same period in 2023[35] - Earnings per share improved to MOP 1.3 cents for the six months ended June 30, 2024, from a loss of MOP 2.3 cents per share for the same period in 2023[36] Assets and Equity - Total equity attributable to owners increased by 5.4% to MOP 110,615,000 as of June 30, 2024, compared to MOP 104,944,000 at the end of 2023[5] - Current assets totaled MOP 93,646,000, an increase from MOP 74,564,000, reflecting a stronger liquidity position[4] - Non-current assets decreased slightly to MOP 105,143,000 from MOP 105,743,000, primarily due to changes in investment properties[4] - As of June 30, 2024, the group had net current assets of approximately MOP 8.9 million, an increase of MOP 6.2 million from MOP 2.7 million as of December 31, 2023[38] - The group’s asset-to-equity ratio increased to 0.35 as of June 30, 2024, from 0.32 as of December 31, 2023, primarily due to increased bank borrowings[39] Revenue Segmentation - The segment performance for renovation, alteration, and addition works showed a revenue of MOP 76,895,000 for the six months ended June 30, 2024, compared to MOP 20,891,000 in 2023, marking an increase of 267%[12] - The total value of new renovation projects awarded in the six months ended June 30, 2024, was approximately MOP 694 million, compared to MOP 274 million for the same period in 2023, representing a significant increase[25] Trade Receivables and Payables - Trade receivables rose to MOP 27,732,000, up from MOP 19,430,000, indicating improved collection efficiency[4] - Trade receivables as of June 30, 2024, amounted to MOP 49.1 million, up from MOP 42.4 million as of December 31, 2023[20] - The aging analysis of trade receivables shows that MOP 11.4 million was within one month, down from MOP 13.1 million in the previous year, while receivables over one year decreased to zero from MOP 31,000[21] - Trade payables as of June 30, 2024, were reported at MOP 19.7 million, slightly down from MOP 20.3 million as of December 31, 2023[21] Costs and Expenses - The cost of services provided for the six months ended June 30, 2024, was MOP 63,288,000, up from MOP 25,290,000 in 2023, indicating an increase of 150%[14] - Administrative expenses rose by MOP 1.6 million or 10.8% from MOP 15.2 million for the six months ended June 30, 2023, to MOP 16.9 million for the six months ended June 30, 2024, attributed to subcontractor disputes and consultancy services[30] - The total employee costs for the six months ended June 30, 2024, amounted to MOP 23.4 million, an increase from MOP 16.3 million for the same period in 2023[50] Impairment and Provisions - The company recorded a net impairment reversal of MOP 2,836,000 for financial assets and contract assets for the six months ended June 30, 2024, compared to MOP 1,299,000 in 2023[14] - The reversal of impairment losses on financial and contract assets recorded a recovery of MOP 2.8 million for the six months ended June 30, 2024, compared to MOP 1.3 million for the same period in 2023[31] - The group has a credit risk management team in place to set credit limits and monitor overdue debts, ensuring adequate provisions for uncollectible amounts[47] Dividends and Shareholder Returns - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[1] - The company did not declare or pay any dividends for the periods ended June 30, 2024, and 2023[17] Corporate Governance and Compliance - The group has maintained compliance with all applicable corporate governance codes as per the listing rules during the reporting period[56] - The audit committee consists of three independent non-executive directors, including Mr. Siu Wing Hei (Chairman), Mr. Chan Yuk Chuen, and Dr. Lau Ting Ki[58] - The interim financial results for the six months ended June 30, 2024, have been reviewed by the audit committee and the group's auditor, Deloitte Hong Kong[59] Market Conditions and Future Outlook - The construction industry in Macau is still cautious due to unclear economic prospects, despite some recovery in the gaming and tourism sectors[51] - The group anticipates that the ongoing recovery of the gaming industry will be a key driver for economic growth, while non-gaming sectors require continued attention[53] Other Information - The group has not experienced any significant events after June 30, 2024, up to the date of this announcement[49] - The group currently has no foreign currency hedging policy, but management monitors foreign exchange risks and will consider hedging significant foreign currency risks if necessary[44] - The group has not repurchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[55]
黎氏企业(02266) - 2024 - 中期业绩