Revenue Performance - The company's revenue increased by approximately HKD 6.0 million or 3.0% from about HKD 198.8 million for the six months ended September 30, 2023, to about HKD 204.8 million for the six months ended September 30, 2024[10]. - Revenue from the security services segment rose by approximately HKD 6.3 million or 3.4% from about HKD 186.2 million to about HKD 192.5 million during the same period[11]. - Revenue from facilities management services decreased by approximately HKD 0.2 million or 2.0% from about HKD 12.6 million to about HKD 12.3 million due to the termination of cleaning service contracts[12]. - Revenue for the six months ended September 30, 2024, was HKD 204,819,000, an increase of 3.5% compared to HKD 198,800,000 for the same period in 2023[90]. - The revenue from manpower support services increased significantly to HKD 107,214,000, up from HKD 94,840,000, marking a growth of about 13.04%[108]. - The revenue from general security services decreased to HKD 85,192,000 from HKD 91,317,000, a decline of approximately 6.00%[108]. - Total revenue for the six months ended September 30, 2024, was HKD 204,819,000, compared to HKD 198,800,000 for the same period in 2023, representing an increase of approximately 3.5%[113]. Profitability and Income - Profit and total comprehensive income for the period decreased by approximately HKD 5.1 million or 49.1% from about HKD 10.4 million to about HKD 5.3 million[18]. - The net profit margin decreased from approximately 5.2% for the six months ended September 30, 2023, to about 2.6% for the six months ended September 30, 2024[18]. - The company reported a profit before tax of HKD 6,819,000, down 45.6% from HKD 12,543,000 in the previous year[90]. - Total comprehensive income for the period was HKD 5,290,000, a decrease of 49.1% from HKD 10,391,000 in the prior year[90]. - Basic earnings per share for the period was HKD 0.67, down from HKD 1.30 in the same period last year, representing a decline of 48.5%[90]. - The total comprehensive income for the six months ended September 30, 2024, was HKD 5,349,000, down from HKD 10,391,000 for the same period in 2023, representing a decline of approximately 48.6%[120]. Expenses and Costs - Employee benefits expenses increased by approximately HKD 12.6 million or 7.3% from about HKD 173.5 million to about HKD 186.1 million, primarily due to an increase in the workforce following the resumption of cross-border travel between Hong Kong and mainland China[13]. - Tax expenses decreased by approximately HKD 0.6 million or 28.9% from about HKD 2.2 million to about HKD 1.5 million, mainly due to a reduction in taxable profits[17]. - Subcontracting costs decreased by approximately HKD 1.6 million or 35.4% from about HKD 4.6 million to about HKD 3.0 million due to a reduction in the number of subcontracted services[15]. - Other operating expenses remained relatively stable, decreasing by approximately HKD 0.1 million or 0.9% from about HKD 8.0 million to about HKD 7.9 million[16]. - Sales and marketing expenses remained stable at HKD 1.0 million for both periods[14]. - The company incurred financing costs of HKD 89,000 for the six months ended September 30, 2024, compared to HKD 87,000 for the same period in 2023, showing a slight increase[113]. - The company reported a loss on impairment of financial assets of HKD 26,000 for the six months ended September 30, 2024, compared to a loss of HKD 110,000 for the same period in 2023[113]. Cash Flow and Financial Position - As of September 30, 2024, the group's bank balance and cash decreased to approximately HKD 19.3 million, down by about HKD 54.3 million or 73.8% from HKD 73.6 million on March 31, 2024[21]. - The current ratio as of September 30, 2024, was approximately 4.5 times, compared to 5.5 times on March 31, 2024[21]. - Trade receivables and unverified income increased to approximately HKD 210.2 million as of September 30, 2024, from HKD 158.3 million on March 31, 2024[27]. - The remaining performance guarantee deposits amounted to approximately HKD 78.3 million as of September 30, 2024, compared to HKD 56.7 million on March 31, 2024[30]. - The group employed 2,811 employees as of September 30, 2024, an increase from 2,631 employees on March 31, 2024[41]. - Employee costs for the six months ended September 30, 2024, were approximately HKD 186.1 million, compared to HKD 173.5 million for the same period in 2023[41]. - As of September 30, 2024, the total borrowings were approximately HKD 2.3 million, down from HKD 3.0 million on March 31, 2024[21]. - The debt-to-equity ratio as of September 30, 2024, was 1.1%, compared to 1.4% on March 31, 2024[21]. - Current assets increased to HKD 244,451,000 from HKD 241,577,000 as of March 31, 2024[92]. - Current liabilities were HKD 54,582,000, up from HKD 44,260,000 as of March 31, 2024, indicating a rise of 23.4%[92]. - The cash and cash equivalents at the end of the period were HKD 19,315,000, a decrease from HKD 65,240,000 at the end of the previous year, reflecting a decline of approximately 70.49%[97]. - The net cash used in operating activities for the six months ended September 30, 2024, was HKD 53,735,000, compared to HKD 33,835,000 in the same period of 2023, indicating a significant increase in cash outflow[97]. Shareholding and Governance - As of September 30, 2024, the company has a total of 800,000,000 issued shares[50]. - Major shareholders, including International Yongsheng BVI, hold 560,000,000 shares, representing 70.0% of the company's issued share capital[58]. - The company's directors, including Mr. Ma Qiaosheng, Mr. Ma Qiaowu, and Mr. Ma Qiaowen, each hold 560,000,000 shares, also accounting for 70.0% of the issued share capital[58]. - The ownership structure indicates that Mr. Ma Qiaosheng has a controlling interest through his wholly-owned company, Senye Assets Holdings Limited[48]. - The same ownership structure applies to Mr. Ma Qiaowu and Mr. Ma Qiaowen through their respective companies, Wenhua and Jianqiao[49]. - The company has disclosed that there are no other directors or senior management holding any shares or related securities as of September 30, 2024[57]. - The company is governed under the Securities and Futures Ordinance, ensuring compliance with relevant regulations regarding shareholding disclosures[48]. - The directors are considered concert parties under the Securities and Futures Ordinance, which affects their shareholding disclosures[53]. - The company maintains a significant concentration of ownership among its major shareholders, which may impact governance and decision-making[58]. - The report highlights the importance of transparency in shareholding structures to comply with regulatory requirements[51]. - The company has adopted the principles and code provisions of the corporate governance code as of September 30, 2024[72]. - The board believes that the company has complied with the corporate governance code during the six months ended September 30, 2024[73]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the six months ended September 30, 2024[82]. - There were no conflicts of interest reported among directors or major shareholders in relation to the company's business[77]. Future Plans and Utilization of Proceeds - The group plans to expand its security services and improve operational efficiency to become a leading integrated facilities management service provider in Hong Kong[43]. - The company plans to utilize the unutilized net proceeds for purchasing machinery and upgrading IT infrastructure by March 31, 2025[69]. - The company has utilized approximately HKD 26.1 million of the net proceeds from the GEM listing as of September 30, 2024[69]. - The total net proceeds from the GEM listing amounted to approximately HKD 32.0 million, with HKD 5.9 million remaining unutilized as of September 30, 2024[66]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2024[71]. - No interim dividend has been recommended for the six months ended September 30, 2024[70]. - The company has not granted or agreed to grant any share options under the share option scheme as of September 30, 2024[64]. - The company has incurred costs related to hiring security personnel and purchasing patrol vehicles, totaling HKD 14.2 million, which has been fully utilized[66]. - The company has upgraded its IT infrastructure in a cost-effective manner, impacting the planned purchase of machinery and equipment[69]. Asset Management - Non-current assets as of September 30, 2024, totaled HKD 15,571,000, an increase from HKD 13,165,000 as of March 31, 2024[92]. - The company’s trade and other receivables and deposits totaled HKD 222,783,000 as of September 30, 2024, compared to HKD 165,133,000 as of March 31, 2024, reflecting an increase of approximately 34.8%[128]. - The company acquired property, plant, and equipment amounting to HKD 109,000 during the reporting period, a significant decrease from HKD 1,817,000 in the same period last year[122]. - The group generated revenue of HKD 10,202,000 from providing security and facility management services to companies controlled by Mr. Ma Qiaosheng, Mr. Ma Qiaowu, and Mr. Ma Qiaowen during the interim period, compared to HKD 9,993,000 for the six months ended September 30, 2023[135].
国际永胜集团(06663) - 2025 - 中期财报