Business Operations - The Group specializes in passive fire protection works, with over 20 years of experience in the industry, focusing on the design, selection, procurement, and installation of fire protection materials [16]. - There has been no significant change in the business operations of the Group during the reporting period [17]. - The Group operates through its principal subsidiaries, Easy Smart Engineering Limited and Easy Smart Maintenance Engineering Limited, to deliver its services [16]. - The Group's operations are primarily based in Hong Kong, catering to the local market's passive fire protection needs [16]. - The Group's principal activities include the provision of passive fire protection works and information services, with all revenue generated in Hong Kong [90][99]. Financial Performance - The Group's revenue increased from approximately HK$176.9 million to approximately HK$183.2 million, representing an increase of approximately 3.6% [24]. - The increase in revenue was primarily driven by sizeable public sector projects, including a passenger terminal at an airport and a sports park at Kai Tak [25]. - The Group's costs of services rose from approximately HK$138.2 million to approximately HK$169.1 million, an increase of approximately 18.3% [29]. - Gross profit decreased from approximately HK$38.7 million to approximately HK$14.1 million, representing a decrease of approximately 174.5% [30]. - Profit before taxation decreased by approximately 92.0% from approximately HK$30.0 million to approximately HK$2.4 million [38]. - Total comprehensive income decreased from approximately HK$24.7 million to approximately HK$2.2 million, a decrease of approximately HK$22.5 million [40]. - The company reported a profit of HK$2,235,000 for the six months ended December 31, 2024, down from HK$24,675,000 for the same period in 2023, indicating a decline of approximately 91% [72]. - The Group's income tax expenses for the six months ended December 31, 2024 were HK$173,000, a significant decrease from HK$5,287,000 in the same period of 2023 [105]. Cash Flow and Assets - As of December 31, 2024, the Group had total bank balances and cash of approximately HK$22.5 million, down from approximately HK$158.0 million [46]. - Net cash used in operating activities was HK$65,842,000 for the six months ended December 31, 2024, compared to HK$13,845,000 for the same period in 2023, indicating a significant increase in cash outflow [74]. - Total assets less current liabilities decreased to HK$225,460,000 from HK$294,107,000 as of June 30, 2024, representing a decline of approximately 23.3% [69]. - Net current assets decreased to HK$216,976,000 from HK$284,818,000, a reduction of about 23.8% [69]. - Cash and cash equivalents at the end of the period were HK$22,523,000, down from HK$158,011,000 at the beginning of the period, reflecting a decrease of about 85.8% [76]. Shareholder Information - As of December 31, 2024, Mr. Ng Wing Woon Dave holds 306,000,000 shares, representing a 75% interest in the company through Lofty Profit Investments Limited [140]. - Ms. Wong Kwai Ying, as the spouse of Mr. Ng, is also deemed to have an interest in the same 306,000,000 shares, equating to a 75% shareholding [146]. - Lofty Profit Investments Limited is the beneficial owner of 306,000,000 shares, which constitutes 75% of the company's total shareholding [146]. - The company is not aware of any substantial shareholders with interests of 5% or more in the nominal value of any class of share capital as of the reporting date [144]. Corporate Governance - The Company has complied with the Corporate Governance Code and maintains a high standard of corporate governance to safeguard shareholder interests and enhance corporate value [166][167]. - The roles of Chairman and Chief Executive Officer are held by Mr. Ng Wing Woon Dave, which the Board believes provides strong leadership despite not separating these roles as per CG Code C.2.1 [168]. - The Company has adopted the Model Code for Directors' securities transactions, with all Directors confirming compliance during the Period [170]. - The Company established an Audit Committee on April 12, 2023, consisting of three independent non-executive Directors, with Mr. Lo Chi Wang as the chairperson [179]. Employee Information - The total staff cost incurred by the company for the period was approximately HK$10.9 million, an increase of 19.8% from HK$9.1 million for the corresponding period [62]. - As of December 31, 2024, the company employed a total of 66 full-time employees, up from 62 employees as of December 31, 2023 [62][65]. - Short-term employee benefits for the six months ended December 31, 2024, increased to HK$1,577,000 from HK$1,490,000 for the same period in 2023, representing a growth of approximately 5.8% [132]. Dividends and Share Options - A final dividend of HK$0.172 per ordinary share was declared, amounting to a total of HK$70,176,000, compared to no dividends declared in 2023 [110]. - The Company adopted a Share Option Scheme on April 12, 2023, to motivate employees and attract talent, allowing for options not exceeding 10% of issued shares without shareholder approval [159]. - No share options have been granted, exercised, canceled, or lapsed since the adoption of the Share Option Scheme, with a total of 40,800,000 shares available for issue, representing 10% of the entire issued share capital [163].
怡俊集团控股(02442) - 2025 - 中期财报