Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 151.5 million, an increase from HKD 110.0 million in 2023[12]. - The gross loss for the year ended December 31, 2024, was approximately HKD 1.5 million, significantly improved from HKD 16.6 million in 2023, resulting in a gross loss margin of 1.0% compared to 15.1% in the previous year[13]. - The net loss for the year ended December 31, 2024, was approximately HKD 27.0 million, a decrease from HKD 29.4 million in 2023[20]. - The pure loss margin for the year ended December 31, 2024, was approximately 17.8%, improved from 26.7% in 2023[21]. - Administrative expenses decreased from approximately HKD 9.3 million for the year ended December 31, 2023, to approximately HKD 6.5 million for the year ended December 31, 2024, representing a reduction of about 29.8%[16]. - The financing costs increased from approximately HKD 53,000 for the year ended December 31, 2023, to approximately HKD 96,000 for the year ended December 31, 2024, primarily due to increased bank loan interest[17]. - As of December 31, 2024, the group's net current assets and cash and bank balances were approximately HKD 101.0 million and HKD 9.7 million, respectively, compared to HKD 125.3 million and HKD 10.1 million as of December 31, 2023[22]. - The group's outstanding bank borrowings as of December 31, 2024, were approximately HKD 1.4 million, down from HKD 3.4 million as of December 31, 2023[23]. - The capital debt ratio as of December 31, 2024, was 1.1%, a decrease from 2.7% as of December 31, 2023[24]. Acquisitions and Business Strategy - The company acquired 100% of the shares of Courage Holdings Limited and its subsidiaries on April 30, 2024, enhancing its capabilities in the RMAA sector[6]. - The group completed the acquisition of the Yongwang Group on April 30, 2024, and is set to complete the acquisition of Shun Tat Construction Engineering Co., Ltd. on January 15, 2025[35]. - The company plans to adopt a horizontal acquisition strategy to increase market share and reduce competition in the RMAA industry[9]. - The group had 9 projects on hand as of December 31, 2024, compared to 7 projects in 2023[8]. Governance and Board Structure - The company emphasizes the importance of governance and has a dedicated corporate governance report[53]. - The board consists of four members, including one executive director and three independent non-executive directors, ensuring a high level of independence[58]. - The company held seven board meetings in the year ending December 31, 2024, with all directors attending every meeting[61]. - The board has adopted a diversity policy, recognizing the benefits of board diversity in enhancing performance[69]. - The company has established a mechanism to ensure board effectiveness, including having at least three independent non-executive directors[65]. - The company provides ongoing professional development for directors to ensure they are informed and compliant with governance standards[67]. - The board is responsible for formulating business policies and strategies, ensuring sufficient resources and effective internal controls[57]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, to assist in effective governance[72]. Employee and Safety Management - The company achieved ISO 45001: 2018 certification for occupational health and safety management, reflecting its commitment to employee safety[182]. - Reported one work-related injury in 2024, resulting in a total of 128 lost workdays, compared to 10 lost workdays in 2023[183]. - The company has implemented flexible working arrangements in response to extreme weather conditions, ensuring employee safety[175]. - The company is focusing on enhancing employee well-being and professional development to retain talent[176]. - The company has established a disaster recovery mechanism to address potential impacts from extreme weather events[175]. - The total number of reported accidents was zero in 2024, maintaining a record of no work-related fatalities over the past three reporting periods[183]. - The company is committed to continuous improvement of its safety policies and practices to enhance safety performance[182]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's management approach and performance for the year ending December 31, 2024[150]. - The board is responsible for overseeing the group's ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[154]. - The group emphasizes stakeholder engagement to maintain long-term value and considers industry practices and international trends in its sustainability measures[155]. - The group has established an ESG working group to support the board in implementing ESG strategies and goals[156]. - The total greenhouse gas emissions decreased from 11 tons in 2023 to 9 tons in 2024, with a reduction in emission density from 0.00010 tons per thousand HKD revenue to 0.00006 tons[165]. - The total construction and demolition (C&D) waste generated decreased significantly from 325 tons in 2023 to 150 tons in 2024, with a reduction in waste density from 0.00295 tons per thousand HKD revenue to 0.00099 tons[168]. - The company has maintained compliance with all significant environmental laws and regulations, with no confirmed non-compliance incidents reported during the reporting period[164]. - The company encourages employees to participate in green office practices to reduce fuel and electricity consumption[172]. Shareholder and Capital Management - The total amount raised from the IPO was HKD 140 million, with a net amount of approximately HKD 90.7 million after deducting underwriting commissions and related expenses[39]. - The company did not declare or propose any dividends to ordinary shareholders for the year ending December 31, 2024[117]. - The company has not entered into any equity-linked agreements during the year[119]. - The company will suspend the transfer of shares from June 16, 2025, to June 19, 2025, to determine shareholder eligibility for the 2025 Annual General Meeting[126]. - As of December 31, 2024, the major shareholder, Fuzhou Enterprises Holdings Limited, holds 525,000,000 shares, representing 44.70% of the total equity[133]. - No share buybacks or sales were conducted by the company or its subsidiaries during the year ending December 31, 2024[135]. Training and Development - The percentage of trained employees decreased from 40% in 2023 to 29% in 2024[185]. - The board of directors had a 100% training rate in 2024, up from 40% in 2023[185]. - All employees received 2 hours of anti-corruption training during the reporting period[196].
盈汇企业控股(02195) - 2024 - 年度财报