Financial Performance - The Group's revenue increased by approximately 15.8% from approximately MOP582.9 million for the year ended 31 December 2023 to approximately MOP675.2 million for the year ended 31 December 2024[23]. - The Group recorded a loss for the year of approximately MOP17.7 million[23]. - The Group's gross profit decreased by approximately MOP 3.3 million or 32.0% to approximately MOP 7.0 million for the year ended 31 December 2024, down from approximately MOP 10.3 million for the year ended 31 December 2023[45]. - The gross profit margin decreased to approximately 1.0% for the year ended 31 December 2024 from approximately 1.8% for the year ended 31 December 2023[45]. - The total comprehensive loss for the year was approximately MOP17.7 million for 2024, a decrease from approximately MOP34.1 million in 2023, mainly due to the combined effects of the aforementioned items[57][62]. - The basic loss per share for the year ended December 31, 2024, was approximately MOP1.61 cents, down from approximately MOP3.12 cents in 2023[58][63]. - The Group's total equity attributable to owners decreased to approximately MOP 160.8 million as of December 31, 2024, from approximately MOP 178.5 million in 2023[90]. - The Group's other income and gains increased to approximately MOP4.8 million for the year ended December 31, 2024, compared to a loss of approximately MOP1.1 million for the year ended December 31, 2023[48][52]. Project and Market Activity - The Group completed 39 building and ancillary services projects and was awarded 29 new projects during the year[23]. - The public sector market in Macau remains vibrant due to new construction projects launched by the Macau Government[25]. - The construction market in Macau is expected to increase due to the resurgence of the gaming and tourism sectors, providing opportunities for the Group to expand its footprint in the private sector[29]. - The Group aims to explore business opportunities in Hong Kong, focusing on foundation works, which are expected to provide strategic benefits and support overall growth[29]. - The Group anticipates an increase in Macau's construction market activities due to the recovery of the gaming and tourism industries, presenting opportunities for expansion in the private sector market[118]. Cost Management and Financial Strategy - Rising costs and competitive pressures adversely impacted the gross profit of construction projects despite revenue growth[24]. - Strict cost control measures are a top priority for the Group to navigate the competitive environment in Hong Kong[26]. - The Group is committed to improving financial performance through strict cost control amidst challenges such as potential tariffs affecting construction material costs[30]. - The Group emphasizes cost control and operational efficiency to safeguard financial performance amid potential tariffs affecting construction material costs[119]. - The Group will continue to monitor market dynamics and adjust its strategies as needed to ensure financial stability and sustained growth[119]. Corporate Governance and Management - The Group's commitment to high corporate governance standards aims to safeguard shareholder interests and enhance corporate value[162]. - The Company has complied with all applicable code provisions of the Corporate Governance Code except for the deviation from code provision C.2.1, which requires separation of the roles of chairman and chief executive officer[163]. - The Board consists of six Directors, including three independent non-executive Directors, ensuring sufficient independent voice to protect the interests of the Company and its shareholders[172]. - The Company has received written confirmation from each independent non-executive Director regarding their independence according to the guidelines set out in Rule 3.13 of the Listing Rules[194]. - The Nomination Committee evaluates candidates for directorship based on criteria including character, qualifications, and independence[196]. Human Resources and Employment - The Group had 295 full-time employees as of December 31, 2024, a significant decrease from 598 in 2023[108]. - The Group has not faced significant labor disputes or difficulties in recruiting skilled personnel, ensuring operational stability[77]. - The Group's total staff costs from operations were approximately MOP151.9 million for the year ended December 31, 2024, compared to approximately MOP111.1 million in 2023, representing an increase of about 36.6%[112]. Risks and Challenges - The Group faces risks related to securing new contracts, as revenue is derived from non-recurrent projects and there is no guarantee of future business after current projects are completed[66][68]. - The future growth of the construction industry in Macau and Hong Kong is uncertain and heavily reliant on government spending and private sector project availability[70]. - The Group's credit risk concentration increased, with 35.6% of total trade receivables due from the largest debtor and 77.1% from the five largest debtors as of December 31, 2024[105]. Equipment and Capacity - The Group aims to enhance construction capacity and efficiency by acquiring additional equipment in 2024[18]. - The Group's property, plant, and equipment increased to approximately MOP115.0 million as of December 31, 2024, from approximately MOP86.8 million as of December 31, 2023, with acquisitions of approximately MOP52.1 million during 2024[60][65]. Board Changes - Mr. Cheung Wai Lun Jacky resigned as an independent non-executive director in December 2024[114]. - Mr. Chan Wai Keung was appointed as an executive director on October 18, 2024, and is responsible for business development[131]. - Mr. Chan has over 35 years of experience in business operations, international trade, and investments, currently serving as chairman and CEO of China Trend Investments Limited[132].
建鹏控股(01722) - 2024 - 年度财报