Financial Performance - Total revenue increased by approximately HKD 92.0 million or 28.5% from about HKD 323.3 million for the year ended December 31, 2023, to about HKD 415.3 million for the year ended December 31, 2024[9]. - Profit and total comprehensive income decreased from approximately HKD 7.4 million for the year ended December 31, 2023, to about HKD 2.1 million for the year ended December 31, 2024, representing a decrease of approximately 72.1%[21]. - Gross profit decreased to approximately HKD 23.1 million with a gross profit margin of about 5.6%, down from a gross profit of approximately HKD 26.6 million and a margin of about 8.2% in the previous year[17]. - The increase in cost of sales was approximately 32.2%, rising from about HKD 296.7 million to about HKD 392.3 million, due to increased project numbers and contract sizes[16]. - The net profit margin for the year was approximately 0.5%, down from about 2.3% in the previous year[21]. - The company continues to face challenges from a sluggish property market and rising costs, impacting future opportunities and growth in the building services engineering sector[10]. Expenses and Liabilities - Administrative expenses increased by approximately 18.1% from about HKD 18.9 million to about HKD 22.4 million, primarily due to higher employee salaries and discretionary bonuses[18]. - As of December 31, 2024, the total assets of the group were approximately HKD 359.1 million, an increase from HKD 296.9 million in 2023[22]. - The total liabilities and shareholders' equity were approximately HKD 208.9 million and HKD 150.2 million, respectively, compared to HKD 144.5 million and HKD 152.4 million in 2023[22]. - The current ratio as of December 31, 2024, was approximately 1.7 times, down from 2.0 times in 2023[22]. - The group had no interest-bearing loans or borrowings as of December 31, 2024, consistent with 2023[22]. Employee and Operational Metrics - The group employed a total of 113 employees as of December 31, 2024, down from 132 employees in 2023[34]. - Employee turnover rate increased significantly from 23% in 2023 to 50% in 2024, with 56 employees leaving out of 113[154]. - Total training hours for male employees in management increased from 40 hours in 2023 to 48 hours in 2024, maintaining a 100% training rate[160]. Corporate Governance - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring a strong independent element[68]. - All three independent non-executive directors confirmed their independence according to the listing rules, with no circumstances leading to their classification as non-independent[69]. - The company held four board meetings during the year, with the next annual general meeting scheduled for May 11, 2024[70]. - The board's remuneration policy aims to provide competitive yet reasonable compensation to attract and retain talent, with annual reviews subject to shareholder approval[73][74]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with the standards set out in the listing rules[76]. Sustainability and Compliance - The company has complied with environmental, social, and governance reporting guidelines, ensuring no significant non-compliance emissions were found this year[140][142]. - The company has implemented emission control measures, including recycling refrigerants and promoting high-efficiency equipment[142]. - The company has established policies to ensure service quality and safety, complying with applicable laws and regulations[164]. - The company has not received any complaints or notifications from government agencies regarding non-compliance with bribery, extortion, fraud, or money laundering laws during the year[168]. Shareholder Engagement - The company has established multiple channels for communication with shareholders, including annual general meetings, annual reports, and a dedicated website[131]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting to address specified matters[126]. - The company encourages shareholders to attend meetings in person or appoint representatives to vote on their behalf[132]. - The company has adopted a shareholder communication policy to ensure effective engagement with stakeholders[136]. Stock Options and Ownership - The stock option plan aims to reward qualified participants for their contributions and attract high-quality talent[186]. - The total number of stock options that can be granted under the plan is capped at 10% of the company's issued shares at the time of approval, equating to 128,000,000 shares[191]. - As of December 31, 2024, Mr. Huang holds 653,000,000 shares, representing 44.59% of the company's equity[196]. - The total number of shares held by Mr. Huang and Ms. Su combined is 1,690,490,000, which constitutes 115.43% of the company's equity, indicating significant ownership concentration[196].
立基工程控股(01690) - 2024 - 年度财报