庄臣控股(01955) - 2025 - 年度业绩

Financial Highlights Financial Highlights Group revenue grew 17.4% to HKD 1.836 billion, but rising costs led to a 6.3% decline in gross profit and a 7.6% drop in profit attributable to equity holders, with gross margin falling to 5.1% | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD '000) | 1,836,054 | 1,564,215 | 17.4% | | Gross Profit (HKD '000) | 94,530 | 100,836 | (6.3%) | | Gross Profit Margin (%) | 5.1% | 6.4% | -1.3pp | | Profit for the Year Attributable to Equity Holders of the Company (HKD '000) | 15,954 | 17,259 | (7.6%) | | Basic and Diluted Earnings Per Share (HK cents) | 3.2 | 3.5 | (7.6%) | | Proposed Final Dividend Per Share (HK cents) | 0.87 | 0.94 | (7.4%) | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue grew 17.4% to HKD 1.836 billion, but faster service cost growth led to a 6.3% gross profit decline, resulting in a 7.6% decrease in profit attributable to equity holders | Item | 2025 (HKD '000) | 2024 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,836,054 | 1,564,215 | 17.4% | | Cost of Services | (1,741,524) | (1,463,379) | 19.0% | | Gross Profit | 94,530 | 100,836 | (6.3%) | | Administrative Expenses | (82,174) | (87,716) | (6.3%) | | Operating Profit | 18,960 | 22,203 | (14.6%) | | Finance Costs | (826) | (2,978) | (72.3%) | | Profit Before Tax | 18,134 | 19,225 | (5.7%) | | Profit for the Year Attributable to Equity Holders of the Company | 15,954 | 17,259 | (7.6%) | Consolidated Statement of Financial Position Total assets grew to HKD 922 million, driven by a 62.3% increase in trade receivables, while net assets slightly rose to HKD 608 million, indicating stable financial structure despite increased liabilities | Balance Sheet Item | 2025 (HKD '000) | 2024 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 141,105 | 109,346 | 29.0% | | Total Current Assets | 781,237 | 728,486 | 7.2% | | Of which: Trade Receivables | 422,158 | 260,031 | 62.3% | | Of which: Bank and Cash Balances | 302,569 | 426,967 | (29.1%) | | Total Current Liabilities | 304,510 | 224,978 | 35.4% | | Total Non-Current Liabilities | 10,102 | 16,574 | (39.1%) | | Net Assets | 607,730 | 596,280 | 1.9% | Notes to the Consolidated Financial Statements 2. Adoption of New and Revised Hong Kong Financial Reporting Standards Financial statements adhere to HKFRS; new standards applied had no significant impact, while future standards like HKFRS 18 are expected to alter presentation and disclosure - The Group has for the first time applied a number of amendments to Hong Kong Financial Reporting Standards that are mandatorily effective for annual periods beginning on or after April 1, 2024, and the adoption of new policies has resulted in no change in the classification of the Group's borrowings[8][9] - Management is assessing the impact of several new and revised standards issued but not yet effective, including HKFRS 18, which will replace HKAS 1, and is expected to result in significant changes to the presentation and disclosure of financial statements[10][14] 3. Revenue All HKD 1.836 billion revenue came from cleaning contracts, with unsatisfied performance obligations surging 265% to HKD 4.815 billion, signaling robust future revenue potential - All revenue for the current year was derived from cleaning, sanitation, and other related services, recognized over the service period (over time)[15][17] Expected Revenue Recognition Period for Remaining Performance Obligations | Expected Revenue Recognition Period for Remaining Performance Obligations | 2025 (HKD '000) | 2024 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | Within 1 year | 2,162,858 | 925,811 | 133.6% | | More than 1 year but not exceeding 2 years | 1,660,965 | 323,261 | 413.8% | | More than 2 years | 991,484 | 69,743 | 1321.7% | | Total | 4,815,307 | 1,318,815 | 265.1% | 6. Income Tax Expense Income tax expense slightly increased to HKD 2.18 million, with the effective tax rate significantly below the 16.5% statutory rate due to non-taxable income and tax loss utilization Tax Reconciliation | Tax Reconciliation | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Profit Before Tax | 18,134 | 19,225 | | Tax at 16.5% | 2,992 | 3,172 | | Tax effect of non-taxable income | (819) | (1,023) | | Tax effect of utilization of previously unrecognized tax losses | (817) | – | | Income Tax Expense | 2,180 | 1,966 | 8. Dividends The Board proposed a final dividend of HKD 0.87 cents per share for FY2025, totaling HKD 4.35 million, a decrease from last year's HKD 0.94 cents per share - The Board recommended a final dividend of HKD 0.87 cents per share for the year ended March 31, 2025, totaling HKD 4,350,000, subject to shareholders' approval at the upcoming Annual General Meeting[23] 9. Earnings Per Share Basic and diluted earnings per share decreased from HKD 3.5 cents to HKD 3.2 cents due to lower annual profit, with no dilutive potential ordinary shares issued EPS Calculation | EPS Calculation | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Year Attributable (HKD '000) | 15,954 | 17,259 | | Weighted Average Number of Ordinary Shares ('000) | 500,000 | 500,000 | | Basic and Diluted Earnings Per Share (HK cents) | 3.2 | 3.5 | 10. Trade Receivables Total trade receivables surged from HKD 262 million to HKD 424 million, with 89.7% within 90 days, indicating business growth and reasonable credit risk control Aging Analysis of Trade Receivables (by invoice date) | Aging Analysis of Trade Receivables (by invoice date) | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Within 90 days | 380,452 | 224,543 | | 91 to 180 days | 25,767 | 29,973 | | 181 days to 1 year | 10,779 | 4,142 | | Over 1 year | 7,215 | 3,710 | | Total | 424,213 | 262,368 | Management Discussion and Analysis Business Review and Outlook Despite market challenges, the Group secured major government and high-end commercial cleaning contracts, entered medical services, and saw its contract backlog surge 265% to HKD 4.815 billion, while diversifying into new businesses - Facing fierce market competition, the Group achieved breakthroughs in both government and commercial business lines, winning multiple large street cleaning contracts and expanding services to high-end clients including international banks, universities, and hospitals[29][30] - As of March 31, 2025, the Group's contract backlog (unsatisfied portion) was approximately HKD 4.815 billion, a significant 265% increase compared to the same period last year, indicating strong growth potential[31] - The Group will continue to focus on cleaning services while developing new businesses such as security, waste transportation, and professional pest management to enrich its business structure and accelerate overall development[31] Financial Review Revenue grew 17.4% due to expansion, but rising service costs and competition reduced gross margin to 5.1%, leading to a 7.6% net profit decline despite a 6.3% reduction in administrative expenses Financial Metric | Financial Metric | 2025 | 2024 | Description | | :--- | :--- | :--- | :--- | | Revenue | HKD 1.836 billion | HKD 1.564 billion | Increased by 17.4%, primarily from increased government and non-government cleaning business[32] | | Gross Profit | HKD 94.5 million | HKD 101 million | Decreased by 6.3%, due to intensified market competition and increased upfront costs for new contracts[34] | | Gross Profit Margin | 5.1% | 6.4% | Decreased by 1.3 percentage points[35] | | Administrative Expenses | HKD 82.2 million | HKD 87.7 million | Decreased by 6.3%, benefiting from cost control measures[37] | | Profit for the Year | HKD 16 million | HKD 17.3 million | Decreased by 7.6%, a combined effect of the aforementioned factors | Liquidity and Financial Resources The Group maintains a robust financial position with a gearing ratio improved to 1.7% and HKD 1.1 billion in unutilized bank facilities, despite cash balances decreasing to HKD 303 million due to a 190% surge in capital expenditure - The Group's gearing ratio decreased from 4.3% in the same period last year to 1.7%, indicating a reduction in financial leverage[43] - Total capital expenditure increased from HKD 20.5 million to HKD 59.5 million, primarily for the acquisition of vehicles to provide environmental hygiene services[45] Financial Resources Metric | Financial Resources Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HKD 303 million | HKD 427 million | | Total Bank and Other Borrowings | HKD 8 million | HKD 17 million | | Total Unutilized Bank Facilities | HKD 1.1 billion | Not applicable | | Current Ratio | 2.6x | 3.2x | Human Resources Employee count more than doubled to over 10,000 from over 4,700 last year to support significant business growth, with remuneration based on market levels and performance, alongside quality training - Due to successful project bids and significant business volume growth, as of March 31, 2025, the Group had over 10,000 employees, compared to over 4,700 in the same period of 2024[52] Other Disclosures Corporate Governance and Shareholder Returns The Company adhered to the Corporate Governance Code, with the Audit Committee reviewing results, the Board recommending a final dividend of HKD 0.87 cents per share, and no listed securities repurchases or redemptions occurring - For the year ended March 31, 2025, the Company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[56] - The Board recommended a final dividend of HKD 0.87 cents per share, totaling HKD 4,350,000[54] - During the year, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[55] Annual General Meeting and Closure of Register of Members The Annual General Meeting is on September 4, 2025, with register closures from August 29 to September 4 for meeting eligibility and from September 19 to September 22 for final dividend entitlement - The Annual General Meeting will be held on September 4, 2025[58] Event | Event | Relevant Dates | | :--- | :--- | | Closure of Register of Members for determining eligibility to attend AGM | August 29 to September 4, 2025 | | Record date for determining entitlement to final dividend | September 22, 2025 | | Closure of Register of Members for determining entitlement to final dividend | September 19 to September 22, 2025 |