Financial Performance - The total revenue of the Group increased by 19.67% to HK$4,609.27 million for the year ended 31 December 2024, compared to HK$3,851.62 million in 2023[11]. - The net profit attributable to equity shareholders of the Company was HK$27.77 million, up from HK$25.32 million in 2023[11]. - Revenue increased by approximately HK$757.65 million, or approximately 19.67%, from HK$3,851.62 million for 2023 to HK$4,609.27 million for 2024[53]. - Revenue from general building business increased by approximately HK$613.41 million, or approximately 20.31%, from HK$3,020.76 million for 2023 to HK$3,634.17 million for 2024[54]. - Revenue from civil engineering business increased by approximately HK$163.48 million, or approximately 27.86%, from HK$586.86 million for 2023 to HK$750.34 million for 2024[55]. - Revenue from other services decreased to HK$224.76 million in 2024 from HK$244.00 million in 2023, representing 4.88% of total revenue[56]. - Gross profit for 2024 was HK$101.19 million, compared to HK$97.90 million for 2023, with a gross profit margin of 2.20%[62][63]. - The gross profit margin for the Group was 2.20% in 2024, down from 2.54% in 2023, indicating a decline in profitability amidst intense competition[98]. Project Awards and Contracts - The Group was awarded 17 new projects in Hong Kong with a total original contract sum of approximately HK$2,662 million, a decrease from HK$7,373 million in 2023[12]. - The Group has been awarded 3 additional projects after the year-end, with a total original contract sum of approximately HK$3,702 million[12]. - A total of 17 projects were awarded as a main contractor in Hong Kong, with a total original contract sum of approximately HK$2,662 million[25]. - As of December 31, 2024, the Group had 10 general building works projects and 25 civil engineering works projects on hand, with a total original contract sum of approximately HK$18 billion[31]. - The Group has been awarded new contracts for general building works, including a public housing development project with a contract sum of HK$2,494.0 million[43]. - A new contract for maintenance and improvement works for properties managed by the Housing Authority has a contract sum of HK$567.9 million[43]. Revenue Breakdown - Revenue from general building works amounted to HK$3,634.17 million, representing approximately 78.84% of total revenue for the year[39]. - Revenue from civil engineering works was HK$750.34 million, accounting for approximately 16.28% of total revenue[39]. - Other services contributed approximately 4.88% of total revenue, down from 6.33% in the previous year[40]. Cost and Expenses - Direct costs for 2024 amounted to HK$4,508.08 million, compared to HK$3,753.72 million for 2023[62]. - Administrative expenses increased to HK$69.59 million in 2024 from HK$63.27 million in 2023, primarily due to increased staff costs[69]. - Finance costs rose to HK$16.73 million in 2024 from HK$8.28 million in 2023, attributed to higher bank interest rates and average loan balances[70]. Operational Highlights - The accident rate for 2024 was 11 per 1,000 workers, significantly lower than the construction industry average of 27.6 per 1,000 workers in 2023[99][102]. - The Group has 1,128 employees as of December 31, 2024, with total remuneration approximately HK$495 million[106]. - The Group has established quality assurance measures and is committed to high safety standards, enhancing public image and customer confidence[45][46]. - The Group holds ISO9001, ISO14001, ISO45001, and ISO50001 certifications, which are increasingly required in tenders, providing a competitive advantage[46]. Financial Position - As of December 31, 2024, the Group's capital structure consisted of equity of HK$371.13 million and bank loans of HK$300.00 million, an increase from HK$240.00 million in 2023[125][131]. - The Group's cash and cash equivalents as of December 31, 2024, were HK$194.97 million, down from HK$348.96 million in 2023, with a current ratio of 1.25 compared to 1.20 in 2023[126][133]. - The Group's gearing ratio increased to 80.83% as of December 31, 2024, from 64.59% in 2023, calculated based on interest-bearing borrowings divided by total equity[136][141]. - The Group incurred capital expenditures of HK$5.33 million for the year, slightly down from HK$5.48 million in 2023, primarily for the purchase of plant and equipment[138][143]. Compliance and Risk Management - The Group maintained compliance with all applicable laws and regulations in Hong Kong and Macau during the year, obtaining all necessary licenses and permits[124][130]. - The construction industry remains highly regulated, with the Group required to maintain various registrations and licenses, which could impact operations if not complied with[80][84]. - The Group's reliance on contracts from the Hong Kong Government poses a risk, as any decrease or delay in government spending could adversely affect business operations[82][85]. Future Outlook - Future growth prospects depend on the continued prosperity of the property market and availability of major construction projects in Hong Kong[93][96]. - The local economy is expected to continue recovering in 2025, with confidence in government measures to boost economic growth[150]. - The Board expresses confidence in the Group's future development amid ongoing government efforts in land development and public housing[154].
新福港(01447) - 2024 - 年度财报