乙德投资控股(06182) - 2025 - 年度业绩

Financial Highlights Financial Highlights This fiscal year, the Group's performance significantly improved, with revenue more than doubling year-on-year, successfully turning losses into profits, gross profit nearly tripling, and basic earnings per share shifting from a loss to a profit Financial Summary (For the Year Ended March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | HK$207.2 million | HK$102.5 million | | Gross Profit | HK$36.2 million | HK$9.4 million | | Net Profit (Loss) After Tax | HK$1.3 million | (HK$36.7 million) | | Basic Earnings (Loss) Per Share | HK$0.16 cents | (HK$4.59 cents) | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the Group's revenue increased by 102% year-on-year to HK$207 million, gross profit grew by 285% to HK$36.24 million, and effective cost control and impairment loss reversals led to an annual profit of HK$1.316 million, a significant improvement from last year's HK$36.717 million loss Key Items from Consolidated Statement of Profit or Loss (HK$'000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 207,178 | 102,540 | | Gross Profit | 36,237 | 9,415 | | Other Income | 4,799 | 1,096 | | Administrative Expenses | (32,482) | (38,240) | | Profit (Loss) Before Tax | 1,427 | (36,654) | | Profit (Loss) for the Year | 1,316 | (36,717) | | Basic Earnings Per Share (HK cents) | 0.16 | (4.59) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HK$194 million and total equity was HK$93.68 million, both showing slight increases from the previous year, with net current assets rising to HK$39.07 million, indicating stable short-term solvency, while contract assets, trade receivables, trade payables, and bank borrowings all increased reflecting business expansion Consolidated Statement of Financial Position Summary (HK$'000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Non-current Assets | 55,047 | 56,920 | | Current Assets | 139,319 | 112,622 | | Of which: Contract Assets | 95,112 | 64,074 | | Of which: Trade Receivables | 12,350 | 1,839 | | Of which: Bank Balances and Cash | 8,011 | 29,701 | | Current Liabilities | 100,247 | 76,845 | | Of which: Trade and Bills Payables | 19,190 | 8,268 | | Of which: Bank Borrowings | 54,380 | 52,210 | | Net Current Assets | 39,072 | 35,777 | | Total Equity | 93,682 | 92,366 | Notes to the Financial Statements (Summary) The notes disclose the company's core businesses, accounting policies, revenue composition, and detailed information on key financial items, with the Group's principal activities being the sale of building materials and provision of construction engineering services, and this fiscal year's significant revenue growth primarily driven by construction contract business, with no dividends declared and no potential dilutive ordinary shares - The Group's principal activities are investment holding, sale of building materials, and provision of building and engineering services[7] - For the years ended March 31, 2025 and 2024, the Company neither paid nor proposed any dividends[22] - As there were no dilutive potential ordinary shares outstanding for both financial years, diluted earnings per share were the same as basic earnings per share[23] Revenue and Segment Information This fiscal year's total revenue was HK$207 million, a 102% year-on-year increase, with construction contract business revenue at HK$191 million, accounting for 92.2% of total revenue and being the primary growth driver, while building materials sales revenue was HK$16.2 million, and both segments achieved significant profit growth Revenue by Major Product or Service Line (HK$'000) | Product/Service | 2025 | 2024 | | :--- | :--- | :--- | | Sale of Building Materials | | | | — Gypsum Blocks | 8,611 | 4,775 | | — Timber Flooring | 6,457 | 820 | | Provision of Building and Engineering Services | | | | — Gypsum Blocks | 54,935 | 42,100 | | — Timber Flooring | 92,407 | 43,384 | | — Demountable Partition Panels | 26,029 | 2,416 | | Total | 207,178 | 102,540 | Segment Results (HK$'000) | Segment | 2025 Segment Profit | 2024 Segment Profit | | :--- | :--- | :--- | | Sale of Building Materials | 10,604 | 2,343 | | Construction Contracts | 28,299 | 1,511 | | Total | 38,903 | 3,854 | Management Discussion and Analysis Business Review and Market Outlook Despite a volatile macroeconomic environment, the Group successfully turned around its performance by securing several large projects in 2024 that commenced in the second half, capitalizing on increased private residential property supply and the Hong Kong Government's 'Ten-Year Hospital Development Plan' to achieve significant growth in timber flooring and gypsum block businesses, and remains optimistic about the medium-to-long-term outlook for Hong Kong's construction industry, continuing to leverage its competitive advantages in hospital projects and new material applications - The Group secured several large projects in 2024, which commenced in the second half of 2024, being the primary reason for the increase in revenue and net profit this year[30] - The Group actively participates in the 'Ten-Year Hospital Development Plan', currently holding 3 uncommenced projects with a total contract value of approximately HK$195.5 million[33] - New products launched by the Group, such as stone crystal wall panels, secured new large hospital project contracts worth approximately HK$12.2 million due to their antibacterial, environmentally friendly, and easy-to-install features[34] Financial Review This fiscal year saw strong financial performance, with total revenue increasing by 102.1% year-on-year to HK$207 million, primarily driven by construction contract business, and gross profit margin significantly improving from 9.2% to 17.5% due to cost control and a slight increase in higher-margin building materials sales, while sales and administrative expenses decreased, collectively enabling the Group to turn last year's net loss of HK$36.7 million into a net profit of HK$1.3 million this year Revenue Total revenue increased by 102.1% year-on-year to HK$207.2 million, with construction contract revenue growing by 97.1% to HK$191 million, primarily due to doubled timber flooring project revenue and contributions from new services like demountable partition panels, while building materials sales revenue rose by 189.3% to HK$16.2 million, mainly from increased orders for gypsum blocks and timber flooring Revenue Sources (HK$ million) | Segment | 2025 | 2024 | Growth Rate | | :--- | :--- | :--- | :--- | | Construction Contracts | 191.0 | 96.9 | +97.1% | | Sale of Building Materials | 16.2 | 5.6 | +189.3% | | Total | 207.2 | 102.5 | +102.1% | Gross Profit and Gross Profit Margin The Group's gross profit significantly increased from HK$9.4 million last year to HK$36.2 million, with gross profit margin improving from 9.2% to 17.5%, primarily due to the Group's commitment to cost control, resulting in subcontractor cost growth lower than revenue growth, and a slight increase in the proportion of higher-margin building materials sales Gross Profit and Gross Profit Margin Performance | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gross Profit | Approx. HK$36.2 million | Approx. HK$9.4 million | | Gross Profit Margin | Approx. 17.5% | Approx. 9.2% | Net Profit (Loss) The Group successfully turned losses into profits, recording a net profit of approximately HK$1.3 million, compared to a net loss of approximately HK$36.7 million in the prior year, with the improved performance primarily attributable to significant increases in revenue and gross profit, as well as the reversal of an impairment loss on a project - The shift from net loss to net profit was primarily due to increased revenue and gross profit, along with the reversal of an impairment loss on a project[49] Liquidity and Financial Resources Review The Group's financial position remains robust, with slight increases in total equity and net current assets at fiscal year-end, while the gearing ratio slightly rose to 59.3% and the current ratio decreased from 1.5 times to 1.4 times, and the Group's bank facilities are primarily secured by properties, life insurance policies, and pledged bank deposits Key Financial Ratios | Ratio | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio | 59.3% | 57.4% | | Current Ratio | 1.4 | 1.5 | - As of March 31, 2025, the Group's bank facilities were secured by properties with a net book value of approximately HK$46.1 million, life insurance policies of approximately HK$6.9 million, and pledged bank deposits of approximately HK$18.9 million[57] - As of March 31, 2025, the Group's contingent liabilities for performance bonds were approximately HK$5.6 million, a significant decrease from HK$14 million last year[59] Key Risks and Uncertainties The Group faces multiple operational risks, including volatile cash flow patterns with potential net cash outflows in early project stages, inaccurate project cost and progress estimates, non-fixed project profit margins, reliance on securing new projects, and foreign exchange and interest rate fluctuation risks, in addition to significant credit risk, particularly for contract assets, and high customer concentration, with the top five customers accounting for 61% of total revenue - High customer concentration: The top five customers accounted for approximately 61.0% of total revenue this year, with the largest customer accounting for approximately 29.8%[70] - Credit risk: Contract assets with a carrying amount of approximately HK$95.1 million constitute a significant portion of the Group's assets, posing a major credit risk[68] - Cash flow risk: The Group may experience net cash outflows during specific project periods due to the need to pay for materials and subcontractors before receiving payments from customers[61] - Interest rate risk: Approximately HK$54.4 million of the Group's interest-bearing bank borrowings are floating-rate loans, which are not hedged, exposing the Group to the risk of rising interest rates[67] Other Information Corporate Governance and Compliance The Group is committed to maintaining high standards of corporate governance, and during the reporting period, the Company complied with all applicable code provisions, except for the deviation from the Corporate Governance Code's recommendation that the roles of Chairman and Chief Executive should be separate, as Mr. Lo Wing Cheong holds both positions, which the Board believes facilitates efficient decision-making, and all Directors have confirmed compliance with the standard code for securities transactions - The Company deviated from Corporate Governance Code provision C.2.1, which recommends a separation of the roles of Chairman and Chief Executive, as Mr. Lo Wing Cheong holds both positions, an arrangement the Board believes facilitates prompt and effective decision-making[76] - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for securities transactions by Directors, and all Directors have confirmed compliance with this code during the reporting period upon enquiry[77] Dividends and Annual General Meeting The Board does not recommend the payment of a final dividend for the financial year ended March 31, 2025, and the Company has confirmed that the Annual General Meeting will be held on August 20, 2025, with related share transfer registration suspension arrangements announced - The Board does not recommend the declaration of a final dividend for the year ended March 31, 2025[80] - The Annual General Meeting is scheduled for August 20, 2025, and to determine eligibility for attendance, share transfer registration will be suspended from August 15 to August 20, 2025[81]