Financial Performance - Revenue for the six months ended September 30, 2024, was approximately HKD 480.0 million, an increase of about 60.4% compared to HKD 299.2 million for the same period in 2023[1] - Gross profit for the six months ended September 30, 2024, was approximately HKD 34.1 million, up from HKD 19.5 million for the same period in 2023[1] - Gross margin increased from approximately 6.5% for the six months ended September 30, 2023, to approximately 7.1% for the six months ended September 30, 2024[1] - Profit attributable to owners of the company for the six months ended September 30, 2024, was approximately HKD 12.2 million, compared to HKD 3.0 million for the same period in 2023[1] - Earnings per share for the six months ended September 30, 2024, was approximately HKD 2.94, compared to HKD 0.73 for the same period in 2023[1] - The group reported a pre-tax profit of HKD 15,072,000 for the six months ended September 30, 2024, compared to HKD 3,052,000 for the same period in 2023[25] - Other income for the six months ended September 30, 2024, was HKD 3,943,000, an increase of 97.5% compared to HKD 1,991,000 for the same period in 2023[32] - Financing costs decreased to HKD 6,183,000 for the six months ended September 30, 2024, down 13.5% from HKD 7,155,000 in 2023[32] - Income tax expense for the six months ended September 30, 2024, was HKD 2,890,000, significantly higher than HKD 30,000 in 2023[34] - Profit before tax for the six months ended September 30, 2024, was HKD 49,638,000, compared to HKD 52,299,000 in 2023, reflecting a decrease of 5.1%[35] - Basic and diluted earnings attributable to shareholders for the six months ended September 30, 2024, were HKD 12,183,000, a substantial increase of 303.5% from HKD 3,023,000 in 2023[38] Revenue Breakdown - Construction engineering revenue was HKD 330,662,000, up 110.5% from HKD 157,192,000 year-on-year[20] - Construction machinery rental revenue was HKD 149,308,000, a slight increase of 5.6% compared to HKD 142,028,000 in the previous year[20] - Construction engineering revenue amounted to approximately HKD 330.7 million, accounting for about 68.9% of total revenue, a significant increase from 52.5% in the previous period[54] - Revenue from construction machinery leasing was approximately HKD 149.3 million, representing an increase from HKD 142.0 million in the previous period, and accounted for about 31.1% of total revenue[62] Assets and Liabilities - Total assets less current liabilities amounted to HKD 314.3 million as of September 30, 2024, compared to HKD 319.0 million as of March 31, 2024[5] - Total assets as of September 30, 2024, amounted to HKD 613,285,000, compared to HKD 597,266,000 as of March 31, 2024[29] - Total liabilities as of September 30, 2024, were HKD 344,491,000, slightly up from HKD 340,654,000 as of March 31, 2024[29] - Trade receivables increased to HKD 274.9 million as of September 30, 2024, from HKD 252.5 million as of March 31, 2024[5] - Trade receivables as of September 30, 2024, amounted to HKD 312,286,000, up from HKD 285,897,000 as of March 31, 2024, representing a growth of 9.2%[40] - Trade payables as of September 30, 2024, were HKD 94,610,000, an increase from HKD 84,803,000 as of March 31, 2024, indicating a rise of 11.3%[44] - Total bank borrowings as of September 30, 2024, were HKD 72,611,000, a decrease of 2.9% from HKD 74,788,000 as of March 31, 2024[46] - The debt-to-equity ratio improved to approximately 57.4% as of September 30, 2024, down from 72.7% on March 31, 2024, a reduction of about 15.3%[70] Operational Insights - The company continues to focus on construction engineering and machinery leasing as its main business activities[15] - The company has 13 ongoing projects with a total uncompleted contract value of approximately HKD 184.8 million, with seven projects expected to be completed by March 31, 2025[54] - The group employed 467 staff as of September 30, 2024, down from 508 staff a year earlier, with total employee costs amounting to approximately HKD 123.9 million, compared to HKD 101.8 million for the same period last year[77] - The group has equipped various machinery to meet market demand and plans to enhance equipment to improve production efficiency[74] - The group does not anticipate any significant foreign exchange risk as most transactions are conducted in Hong Kong dollars[76] Future Outlook - The Hong Kong government is expected to maintain high levels of infrastructure spending, averaging about HKD 90 billion annually over the next three years, reflecting a growth of about 17% compared to the previous five-year average[49] - The group is optimistic about the construction industry outlook due to significant infrastructure projects expected to impact the market positively[72] Corporate Governance - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2024[1] - The company did not declare or recommend any dividends for the six months ended September 30, 2024, and 2023[36] - The company has not appointed a CEO, but the board believes that the power and authority can be balanced through its operations[86] - The company has adopted a stock option plan to attract and retain qualified personnel since November 15, 2016, but no options have been granted or exercised during the period[88] - The independent non-executive director has resigned from another company effective November 18, 2024[90] - The audit committee has reviewed the unaudited condensed consolidated interim financial information for the period[93] - The interim report for the six months ending September 30, 2024, will be sent to shareholders and published on the company's website[94]
进升集团控股(01581) - 2025 - 中期业绩