Financial Performance - The Group's annual revenue for the year ended December 31, 2024, achieved approximately MOP 200.0 million, marking a significant milestone in its financial performance[12] - The Group recorded a net profit for the Year 2024, despite a decrease in revenue compared to the previous year[24] - The Group recorded total revenue of approximately HK$91.7 million for the Year 2024, a decrease of approximately HK$167.2 million or 64.6% from approximately HK$258.9 million for the Year 2023[34] - The overall gross profit increased to approximately HK$23.5 million for the Year 2024 from approximately HK$19.5 million for the Year 2023, with the gross profit margin rising from approximately 7.5% to approximately 25.6%[50] - The Group reported a net profit of approximately HK$3.8 million for 2024, compared to a net loss of approximately HK$8.0 million in 2023[69] Revenue and Project Contracts - The Group's project portfolio includes a contract for the installation and supply of electrical systems in a residential and commercial development project at Taipa, Macau, with an initial contract sum of approximately MOP 138.7 million[16] - The Group was awarded a project for hotel renovation at Avenida da Amizade, Macau, with an initial contract sum of approximately MOP 120.6 million, highlighting its ongoing engagement in high-value projects[16] - The Group's project for a hotel development at Lago Nam Van, Macau, has an initial contract sum of approximately MOP 168.8 million, showcasing its involvement in significant hospitality projects[16] - The initial contract sum for a project awarded to Ready System (Macau) in 2021 was approximately MOP123.0 million[17] - SEM Resources was awarded projects in 2021 with initial contract sums of approximately HK$42.0 million and HK$358.6 million, respectively[17] Market Strategy and Diversification - The Group's strategy includes diversifying market risks by continuing to engage in E&M engineering works in the Hong Kong segment through its wholly owned subsidiary, SEM Resources Limited[12] - The Group has entered the cable trading market as part of its strategic initiatives to diversify revenue streams[25] - The Group plans to explore opportunities in the electrical cable trading market to diversify its business model and create new income streams[33] - The Group is actively pursuing diversification strategies, particularly in the electrical cable trading market, to enhance long-term stability[105] - The Group aims to selectively pursue opportunities in E&M construction services, particularly in light of announced infrastructure projects by the Hong Kong SAR Government[107] Operational Efficiency and Cost Management - The decrease in revenue for Year 2024 was attributed to the reversal of impairment loss and an increase in gross profit margins compared to Year 2023[24] - The restructuring of the project management team and digitization of workflows initiated in 2023 have improved operational efficiency and reduced workforce-related costs[39] - The Group aims to maintain a higher gross profit margin by bidding for potential projects with higher margins and implementing cost-saving strategies[52] - The increase in gross profit margin was attributed to cost-saving measures implemented in Macau and Hong Kong, as well as the revaluation of budget project costs[51] - The Group's cost of sales for the Year 2024 amounted to approximately HK$68.2 million, representing a decrease of 71.5% from approximately HK$239.4 million for the Year 2023[47] Governance and Management - The company has a strong board of directors with diverse expertise in engineering, finance, and governance, enhancing its strategic decision-making capabilities[136] - The company emphasizes the importance of corporate governance and internal controls, as highlighted by the roles of its non-executive directors[134] - The Board consists of three independent non-executive Directors, representing more than one-third of the Board, complying with rule 3.10A of the Listing Rules[183] - The Company has adopted a Board Diversity Policy to enhance the effectiveness of the Board and support strategic objectives[199] - The management team is well-qualified, with members holding advanced degrees and professional certifications in their respective fields[141] Financial Position and Liquidity - Cash and cash equivalents increased to approximately HK$56.1 million as of December 31, 2024, up from approximately HK$35.9 million in 2023[75] - Working capital as of December 31, 2024, was approximately HK$188.3 million, compared to approximately HK$183.4 million in 2023[76] - The gearing ratio as of December 31, 2024, was approximately 21.0%, a decrease from approximately 24.3% in 2023, indicating stable financial leverage[77] - The business outlook for the upcoming year remains cautiously optimistic, supported by low debt levels and robust liquidity[107] - The Group has minimal exposure to foreign currency risk, as most transactions are denominated in MOP or HK$, and currently does not have a foreign currency hedging policy[79] Risk Management and Compliance - The Group has implemented a risk management system to mitigate operational risks, led by the Directors who consider macro and microeconomic conditions[89] - There were no material breaches of applicable laws and regulations that significantly impacted the group's business and operations during the Year 2024[113] - The Company has complied with the CG Code during the Year 2024, except for a deviation from code provision C.2.1[159] - The Nomination Committee assesses the independence of independent non-executive Directors annually to ensure they can exercise independent judgment[186] - The Group is committed to sustainable growth across financial performance and environmental, social, and governance (ESG) considerations[167]
澳达控股(09929) - 2024 - 年度财报