Revenue and Profit - Revenue increased from HKD 482.0 million in the six months ended September 30, 2023, to HKD 620.6 million in the six months ended September 30, 2024, primarily due to increased revenue from building construction services[8] - Revenue for the six months ended September 30, 2024, was HK$620.6 million, up from HK$482.0 million in the same period last year[36] - Total revenue for the six months ended September 30, 2024, was HK$620.583 million, compared to HK$482.034 million in the same period last year[63] - Revenue from building construction services increased to HK$212.544 million from HK$60.386 million year-over-year[63] - Revenue from RMAA services slightly decreased to HK$408.039 million from HK$421.648 million year-over-year[63] - Gross profit slightly increased from HKD 31.2 million in the six months ended September 30, 2023, to HKD 31.3 million in the six months ended September 30, 2024, with a decrease in gross margin from 6.5% to 5.0%[11] - Gross profit for the period was HK$31.3 million, compared to HK$31.2 million in the same period last year[36] - Net profit increased from HKD 16.3 million in the six months ended September 30, 2023, to HKD 19.9 million in the six months ended September 30, 2024, mainly due to the reversal of impairment losses on contract assets[16] - Profit before tax increased to HK$23.0 million from HK$18.9 million in the same period last year[36] - Net profit attributable to owners of the company was HK$16.7 million, up from HK$13.7 million in the same period last year[36] - Basic earnings per share increased to 4.48 HK cents from 3.68 HK cents in the same period last year[36] - Basic earnings per share increased to 4.48 HK cents from 3.68 HK cents year-over-year[74] Costs and Expenses - Service costs rose from HKD 450.8 million in the six months ended September 30, 2023, to HKD 589.3 million in the six months ended September 30, 2024, consistent with the increase in revenue[9] - Total employee costs for the period were HK$30.5 million, compared to HK$28.4 million in the same period last year[32] - Income tax expense for the period was HK$3.121 million, up from HK$2.565 million in the same period last year[69] - The company's effective tax rate for the period was approximately 14.9%, within the statutory two-tier tax rate range of 8.25% to 16.5%[15] - The depreciation expense for the six months ending September 30, 2024, was HK$137 thousand, compared to HK$275 thousand for the year ending March 31, 2024[79] Financial Position - The company maintained a strong financial position with bank balances of approximately HKD 141.8 million as of September 30, 2024, compared to HKD 125.1 million as of March 31, 2024[18] - Total assets less current liabilities stood at HK$289.9 million as of September 30, 2024, up from HK$270.0 million on March 31, 2024[38] - Net cash generated from operating activities was HK$26.4 million, compared to a net cash outflow of HK$7.6 million in the same period last year[48] - Cash and cash equivalents at the end of the period were HK$141.8 million, down from HK$182.9 million at the end of the same period last year[48] - The gearing ratio decreased to 0.1% as of September 30, 2024, from 0.1% as of March 31, 2024, primarily due to a reduction in lease liabilities[20] - The net trade receivables as of September 30, 2024, were HK$106,522 thousand, compared to HK$101,496 thousand as of March 31, 2024[82] - The total trade and other receivables as of September 30, 2024, amounted to HK$129,976 thousand, up from HK$121,009 thousand as of March 31, 2024[82] - The overdue trade receivables as of September 30, 2024, were HK$40,051 thousand, compared to HK$27,807 thousand as of March 31, 2024[82] - The total contract assets as of September 30, 2024, were HK$70,041 thousand, down from HK$77,044 thousand as of March 31, 2024[86] - The total trade and other payables as of September 30, 2024, were HK$82,714 thousand, compared to HK$68,961 thousand as of March 31, 2024[94] - The carrying amount of leasehold properties as of September 30, 2024, was HK$138 thousand, down from HK$275 thousand as of March 31, 2024[79] - The issued and fully paid share capital as of September 30, 2024, was HK$3,720 thousand, unchanged from March 31, 2024[102] Investments and Disposals - The company has no significant investments or plans for capital assets as of September 30, 2024[25] - No significant acquisitions or disposals of subsidiaries and associates occurred during the period[26] - The company sold 100% equity of Jinlixin Limited for a total cash consideration of 100,000 HKD in September 2023[109] - The net cash inflow from the sale of Jinlixin Limited was 57,000 HKD[120] - The fair value of non-listed fund investments increased to 27,106,000 HKD as of September 30, 2024, from 14,998,000 HKD on March 31, 2024[122][124] - The total gain from re-measurement of financial assets at fair value through profit or loss was 2,108,000 HKD for the six months ended September 30, 2024[127] - The company received management fee income of 240,000 HKD from Tianjun Construction Engineering Co., Ltd., an associate of the group[130] Employee and Management - Total number of employees increased to 262 as of September 30, 2024, up from 225 on March 31, 2024[32] - Short-term employee benefits for key management personnel amounted to 11,325,000 HKD for the six months ended September 30, 2024[134] - Mr. Zeng Zhaoqun holds 104,625,000 shares, representing 28.125% of the company's equity[139][145] - Mr. Zeng Zhaoqun is the beneficial owner of Guangyu International Investment Limited, holding 100% of its issued share capital[140][143] - Ms. Liang Huiling, spouse of Mr. Zeng Zhaoqun, holds 104,625,000 shares, representing 28.125% of the company's equity[145] - Mr. Lai Weilin holds 62,775,000 shares, representing 16.875% of the company's equity[145] - Ms. Zhu Shaoping, spouse of Mr. Lai Weilin, holds 62,775,000 shares, representing 16.875% of the company's equity[145] - Giant Winchain Limited, beneficially owned by Mr. Lai Weilin, holds 62,775,000 shares, representing 16.875% of the company's equity[145] Dividends and Post-Period Events - No interim dividend was declared for the six months ended September 30, 2024[151] - The company did not declare or pay any dividends during the six months ended September 30, 2024[72] - No significant post-period events occurred after September 30, 2024[154] Audit and Compliance - The Audit Committee was established on January 23, 2018, in accordance with the written terms of reference prescribed under Rule 3.21 of the Listing Rules[157] - The Audit Committee is composed of three independent non-executive directors: Mr. Chen Yangde (Chairman), Mr. Su Junwen, and Mr. Li Minghao[157] - The Audit Committee has reviewed the company's unaudited condensed interim financial statements for the period and found them to comply with applicable accounting standards and Listing Rules[157] - The Audit Committee is responsible for overseeing the company's financial reporting process, nominating and supervising the external auditor, and monitoring the risk management and internal control systems[157] - No changes in director information requiring disclosure under Listing Rule 13.51B(1) were reported[156] - The company applied new amendments to Hong Kong Financial Reporting Standards effective from April 1, 2024[58] Contingent Liabilities and Other Information - The company had no significant contingent liabilities as of September 30, 2024[28] - The company’s primary focus remains on providing building construction and RMAA services in Hong Kong[64] - The company’s registered office is located in the Cayman Islands, with a business location in Hong Kong[54] - The total cost of additions and disposals for the year ending March 31, 2024, was HK$2,816 thousand and HK$(3,133) thousand respectively[77] - Other income, gains, and losses totaled HK$4.084 million, down from HK$4.440 million in the previous year[67]
德益控股(09900) - 2025 - 中期财报