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信越控股(06038) - 2024 - 中期财报
G & M HLDGSG & M HLDGS(HK:06038)2024-09-26 09:22

Financial Performance - The group's revenue decreased by approximately HKD 48.9 million or 20.0% to about HKD 196.0 million compared to the previous period's revenue of approximately HKD 244.9 million[7]. - Gross profit increased by approximately HKD 3.5 million or 7.5% to about HKD 50.4 million, with a gross profit margin of approximately 25.7%, up from about 19.1% in the previous period[8]. - The group's profit for the period was approximately HKD 30.6 million, an increase of about HKD 7.0 million or 29.7% compared to approximately HKD 23.6 million in the previous period[10]. - For the six months ended June 30, 2024, the company reported revenue of HKD 195,984,000, a decrease of 20% compared to HKD 244,882,000 for the same period in 2023[32]. - The gross profit for the same period was HKD 50,377,000, compared to HKD 46,842,000 in 2023, indicating an increase in gross profit margin[32]. - The net profit for the six months ended June 30, 2024, was HKD 30,593,000, up from HKD 23,587,000 in the previous year, representing a year-on-year increase of approximately 30%[32]. - The company's profit attributable to owners for the six months ended June 30, 2024, was HKD 30,593,000, compared to HKD 23,587,000 for the same period in 2023, representing a year-on-year increase of approximately 29%[61]. - Basic earnings per share for the six months ended June 30, 2024, was HKD 30.59, up from HKD 23.59 in the previous year, reflecting a significant growth in profitability[61]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2024, amounted to approximately HKD 66.9 million, an increase of about HKD 11.0 million from approximately HKD 55.9 million as of December 31, 2023[13]. - The company’s cash and cash equivalents increased to HKD 66,915,000 as of June 30, 2024, compared to HKD 53,436,000 in the same period last year[42]. - The company reported a net cash inflow from operating activities of HKD 56,344,000 for the six months ended June 30, 2024, compared to a net outflow of HKD 37,717,000 in 2023[42]. - The group had no bank borrowings as of June 30, 2024, maintaining a debt-to-equity ratio of zero[12]. Assets and Liabilities - The company’s total assets as of June 30, 2024, were HKD 449,948,000, slightly up from HKD 446,003,000 as of December 31, 2023[35]. - The company’s non-current assets totaled HKD 37,663,000 as of June 30, 2024, down from HKD 38,836,000 at the end of 2023[35]. - Trade receivables as of June 30, 2024, were HKD 52,065,000, down from HKD 99,587,000 as of December 31, 2023, indicating a reduction of approximately 48%[67]. - The total amount of guarantees issued for performance bonds was HKD 105,691 thousand as of June 30, 2024, up from HKD 101,579 thousand as of December 31, 2023[74]. - The company reported a total of HKD 14,128 thousand in warranty payables as of June 30, 2024, compared to HKD 13,708 thousand as of December 31, 2023[72]. Shareholder Information - Major shareholders, including Xiangmao Limited, hold 750,000,000 shares, representing 75% of the company's equity[19]. - The total issued and paid-up share capital as of June 30, 2024, was HKD 10,010 thousand, reflecting an increase from HKD 10,000 thousand as of December 31, 2023[73]. - The company declared an interim dividend of HKD 0.02 per share and a special dividend of HKD 0.04 per share, totaling HKD 20,020,000 and HKD 40,040,000 respectively, with a dividend payout ratio of approximately 196%[30]. Operational Focus - The group is committed to enhancing project quality, safety, and cost control while maintaining operational efficiency in a challenging market environment[4]. - The group is focusing on prudent bidding for new projects to sustain project quality and reasonable gross margins amid a competitive construction market[4]. - The group operates primarily in Hong Kong, with over 98% of its non-current assets located there, indicating a strong regional focus[50]. Employee Information - As of June 30, 2024, the company had 109 employees, with total employee benefits expenditure amounting to approximately HKD 36.1 million, a slight increase from HKD 34.9 million in the previous period[14]. - Compensation for key management personnel amounted to HKD 7,015 thousand for the six months ended June 30, 2024, compared to HKD 5,666 thousand for the same period in 2023[77]. Other Financial Information - The company generated other income of HKD 6,449,000 for the six months ended June 30, 2024, significantly higher than HKD 2,010,000 in the same period last year, marking an increase of approximately 221%[53]. - Bank interest income increased to HKD 5,425,000 from HKD 2,010,000 year-on-year, reflecting a growth of around 170%[53]. - The company received government grants amounting to HKD 1,579,000, which were not recorded in the previous year[54]. - The total cost of inventory recognized as an expense for the six months ended June 30, 2024, was HKD 67,451,000, a decrease of 30% from HKD 96,243,000 in the same period of 2023[55]. - The company reported a tax expense of HKD 6,059,000 for the six months ended June 30, 2024, compared to HKD 4,754,000 for the same period in 2023, indicating an increase of approximately 27%[57]. Compliance and Governance - The company has adopted and complied with the corporate governance code as per the listing rules, except for the combined roles of Chairman and CEO held by Mr. Li[28]. - The company has adopted new accounting standards effective January 1, 2024, but these did not have a significant impact on its financial performance[48]. - The group has only one operating segment, which is consistent with the reporting requirements under Hong Kong Financial Reporting Standards[50].