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国际永胜集团(06663) - 2025 - 年度财报
IWS GROUPIWS GROUP(HK:06663)2025-06-27 04:08

Company Information Financial Highlights In FY2025, revenue grew 8.1% to HKD 435 million, but profit before tax and profit for the year sharply declined by 72.0% and 74.0% respectively, reflecting weakened profitability | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 434,527 | 401,994 | +8.1% | | Profit Before Tax | 5,770 | 17,065 | -72.0% | | Profit and Total Comprehensive Income for the Year | 3,555 | 13,658 | -74.0% | | Metric | FY2025 (HKD Thousands) | FY2024 (HKD Thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 11,853 | (30,035) | | Cash and Cash Equivalents at Year-End | 54,696 | 58,631 | | Key Financial Ratios | FY2025 | FY2024 | | :--- | :--- | :--- | | Adjusted Net Profit Margin (%) | 0.8 | 3.4 | | Adjusted Return on Equity (%) | 1.8 | 6.5 | | Interest Coverage Ratio (Times) | 7.8 | 86.8 | | Current Ratio (Times) | 4.5 | 5.5 | Chairman's Statement Despite economic challenges, the Group achieved 8.1% revenue growth to HKD 434.5 million in FY2025, primarily from guarding and security system services, though profit for the year sharply declined by 74.0% to HKD 3.6 million, with future plans focusing on business expansion and strategic acquisitions | Financial Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 434.5 million | Approx. HKD 402.0 million | +8.1% | | Profit and Total Comprehensive Income for the Year | Approx. HKD 3.6 million | Approx. HKD 13.7 million | -74.0% | - The Board recommends a final dividend of HKD 0.3375 cents per ordinary share for FY2025, a significant decrease from HKD 1.20 cents in the prior year12 - Future strategy: The Group aims to expand guarding and security system services, enhance facility management capabilities, improve operational efficiency, and seek strategic acquisition and investment opportunities to become a top integrated facility management service provider in Hong Kong13 Management Discussion and Analysis Business Review and Financial Overview This fiscal year, the Group's total revenue increased by 8.1% to HKD 434.5 million, primarily driven by new contracts in the guarding services segment and the newly launched security system services segment; however, increased employee benefits, consumables, and selling expenses led to a 74.0% decline in profit for the year to HKD 3.6 million, with net profit margin decreasing from 3.4% to 0.8% Revenue Performance by Business Segment (Year Ended March 31) | Business Segment | FY2025 Revenue (HKD Millions) | FY2024 Revenue (HKD Millions) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Guarding Services | 397.5 | 377.0 | +5.4% | | Facility Management Services | 24.8 | 25.0 | -0.9% | | Security System Services | 12.3 | - | N/A (New Business) | | Total | 434.5 | 402.0 | +8.1% | - Employee benefits expenses increased by 9.2% year-on-year to HKD 393.9 million, primarily due to increased headcount for new service contracts and higher retirement benefit scheme expenses20 - As a combined result of the aforementioned factors, profit and total comprehensive income for the year significantly decreased by 74.0% from HKD 13.7 million to HKD 3.6 million, with the net profit margin declining from 3.4% to 0.8%28 Liquidity, Financial Resources and Capital Structure As of March 31, 2025, the Group's financial position showed weakened liquidity, with bank balances and cash decreasing by 25.7% to HKD 54.7 million and the current ratio falling from 5.5 times to 4.5 times; however, the gearing ratio remained low at 1.3%, indicating low debt risk, and the Group had HKD 80 million in bank facilities, of which HKD 39.1 million was utilized Liquidity and Capital Structure Metrics (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Bank Balances and Cash (HKD Millions) | 54.7 | 73.6 | | Net Current Assets (HKD Millions) | 185.2 | 197.3 | | Net Assets (HKD Millions) | 202.8 | 208.9 | | Current Ratio (Times) | 4.5 | 5.5 | | Gearing Ratio (%) | 1.3 | 1.4 | - As of March 31, 2025, the Group had bank facilities up to HKD 80 million, of which HKD 39.1 million was utilized30 Risk Management The Group's primary risk exposure is credit risk, particularly concentrated in public sector clients and a single largest customer (a Hong Kong railway company), which accounts for over 30% of trade receivables; directors consider the bad debt risk from public sector clients to be low, and the Group currently does not use any financial instruments to hedge foreign exchange risk - The Group's credit risk is concentrated, with Hong Kong public sector clients accounting for approximately 70.0% of trade receivables, and a single largest customer (a Hong Kong railway company) accounting for over 30.0%32 - The Group primarily operates in Hong Kong, with transactions, assets, and liabilities mainly denominated in HKD, resulting in minimal foreign exchange exposure and no hedging activities undertaken31 Significant Investments and Future Plans This fiscal year, the Group made several investment arrangements, including a prepayment of HKD 4.312 million for a new subsidiary in China and a deposit of HKD 15 million to co-organize a football exhibition match; additionally, new subsidiaries were established in South Korea and China to expand overseas guarding and facility management businesses, with no authorized significant capital asset additions currently planned - The Group prepaid HKD 4.312 million (equivalent to RMB 4 million) to establish a new subsidiary in China38 - The Group deposited HKD 15 million to co-organize a football exhibition match held in Hong Kong in May 202538 - To expand overseas business, the Group established subsidiaries in South Korea and China, investing approximately HKD 0.56 million and RMB 0.6 million respectively38 Employees and Remuneration Policy As of March 31, 2025, the Group's total number of employees slightly increased to 2,655, with staff costs (including directors' emoluments) for the year approximately HKD 393.9 million, up from HKD 360.7 million in the prior year, and the Group regularly reviews remuneration and awards discretionary bonuses based on performance to attract and retain talent Employee Information | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 2,655 | 2,631 | | Staff Costs (HKD Millions) | 393.9 | 360.7 | Use of Proceeds from Listing As of March 31, 2025, the Group had utilized approximately HKD 26.3 million of the net proceeds from the GEM listing, with approximately HKD 5.7 million remaining unutilized; due to unsuccessful bids for new facility management service tenders and cost-effective completion of IT upgrades, the Board decided to defer the use of unutilized funds originally designated for machinery and IT infrastructure upgrades by 12 months, expecting full utilization by March 31, 2026 Use of GEM Listing Proceeds (As of March 31, 2025) | Purpose | Actual Net Proceeds (HKD Thousands) | Amount Utilized (HKD Thousands) | Unutilized Amount (HKD Thousands) | | :--- | :--- | :--- | :--- | | Expansion of Security Services Business | 14,200 | 14,200 | – | | Enhancement of Facility Management Service Capabilities | 5,100 | 1,000 | 4,100 | | Improvement of Operational Efficiency and Scalability | 5,000 | 3,394 | 1,606 | | Repayment of Outstanding Bank Loans | 4,500 | 4,500 | – | | General Working Capital | 3,200 | 3,200 | – | | Total | 32,000 | 26,294 | 5,706 | - The Board decided to defer the utilization of the unutilized net proceeds of HKD 5.706 million by 12 months, with full utilization expected by March 31, 202649 Directors and Senior Management This section details the backgrounds and qualifications of the company's Board members and senior management team, with executive directors primarily from the Ma family responsible for overall strategy and management, independent non-executive directors providing oversight and independent advice with professional backgrounds in policing, accounting, and law, and senior management possessing extensive experience in security services, property management, and finance, overseeing daily operations - The Executive Board comprises Mr. Ma Kiu Sang (Chairman), Mr. Ma Kiu Mo, Mr. Ma Kiu Man, and Mr. Ma Yung King, primarily responsible for the Group's overall corporate and business strategy formulation51545558 - Independent Non-Executive Directors include Dr. Ng Ka Sing (former Assistant Commissioner of Police), Ms. Cheng Wai Ha (practicing accountant), and Mr. Yau Siu Yeung (solicitor), providing professional oversight and independent advice to the Group606263 - Senior management, led by CEO Mr. Choi Ming Fai, comprises team members with over 10 to 20 years of industry experience in operations, business development, property management, human resources, and finance65686971 Corporate Governance Report Corporate Governance Practices and the Board The Company has adopted and complied with all applicable provisions of the Corporate Governance Code, with a seven-member Board comprising four executive and three independent non-executive directors ensuring power balance, and the roles of Chairman (Mr. Ma Kiu Sang) and Chief Executive Officer (Mr. Choi Ming Fai) are separate; the Board is committed to diversity and ensuring all directors participate in continuous professional development, with all directors attending all seven Board meetings held during the year - For the year ended March 31, 2025, the Company complied with all applicable code provisions of the Corporate Governance Code75 - The Board comprises 4 Executive Directors and 3 Independent Non-Executive Directors, with the roles of Chairman and Chief Executive Officer held by different individuals to ensure power balance7780 - The Company has adopted a Board Diversity Policy, with one female director currently on the Board, and will continue to gradually increase the proportion of female members86 Board Meeting Attendance Record (FY2025) | Director Name | Position | Meetings Attended/Total Meetings | | :--- | :--- | :--- | | Mr. Ma Kiu Sang | Executive Director | 7/7 | | Mr. Ma Kiu Mo | Executive Director | 7/7 | | Mr. Ma Kiu Man | Executive Director | 7/7 | | Mr. Ma Yung King | Executive Director | 7/7 | | Dr. Ng Ka Sing | Independent Non-Executive Director | 7/7 | | Ms. Cheng Wai Ha | Independent Non-Executive Director | 7/7 | | Mr. Yau Siu Yeung | Independent Non-Executive Director | 7/7 | Board Committees The Company has established four Board committees: Audit, Remuneration, Nomination, and Risk Management; the Audit Committee, composed of three independent non-executive directors, oversees financial reporting, internal controls, and audit processes; the Remuneration Committee sets compensation policies for directors and senior management; the Nomination Committee reviews Board structure and composition; and the Risk Management Committee supervises the Group's risk management framework - The Audit Committee, comprising three Independent Non-Executive Directors and chaired by Ms. Cheng Wai Ha, held six meetings during the year, reviewing quarterly, interim, and annual results, and deemed the annual financial results properly disclosed9495 - The Remuneration Committee, comprising three Independent Non-Executive Directors and chaired by Mr. Yau Siu Yeung, reviewed and approved the remuneration packages for executive directors and senior management during the year9697 - The Nomination Committee, comprising one Executive Director and three Independent Non-Executive Directors and chaired by Mr. Yau Siu Yeung, held two meetings during the year, reviewing the Board structure and diversity policy99103 - The Risk Management Committee, comprising two Executive Directors and three Independent Non-Executive Directors and chaired by Dr. Ng Ka Sing, held one meeting during the year, overseeing the Group's risk management and internal control systems106 Risk Management and Internal Control Although the Group lacks an internal audit function, it fulfills related responsibilities by engaging external consultants and Board oversight; the Group has established comprehensive internal control policies and engaged an independent professional firm to review their effectiveness, which the Board deems effective, and has also implemented an anti-corruption policy and whistleblowing mechanism, with no related legal proceedings during the year - The Group currently does not have an internal audit function but has engaged external consultants to review internal controls, with the Audit Committee reviewing their effectiveness109 - The Board believes that for the year ended March 31, 2025, the Group maintained effective internal control measures and engaged an independent professional firm for review114 - The Group has established an anti-corruption policy and whistleblowing mechanism, with no corruption-related legal proceedings or significant non-compliance issues identified during the year110111 Shareholder Relations and Communication The Company values communication with shareholders, having adopted a shareholder communication policy and interacting with investors through various channels including annual general meetings, the company website, and announcements; the Company has also formulated a dividend policy, where dividend decisions consider financial performance, retained earnings, and economic conditions, and shareholders may convene extraordinary general meetings and propose resolutions as per the Articles of Association - The Company has adopted a Shareholder Communication Policy to ensure timely and comprehensive information for shareholders, and believes the policy was appropriately implemented during the year122 - The Company has adopted a Dividend Policy, and the Board will determine dividend distribution based on various factors including the Company's financial performance, retained earnings, and economic conditions124 - According to the Company's Articles of Association, shareholders holding not less than one-tenth of the voting share capital may request to convene an extraordinary general meeting125 Directors' Report Principal Activities, Results and Dividends The Group primarily engages in guarding and facility management services in Hong Kong, with no significant changes in principal activities this year; the Board recommends a final dividend of HKD 0.3375 cents per share for the year ended March 31, 2025, a significant reduction from the prior year, and the report specifies the book closure dates for determining shareholders' eligibility to attend the AGM and receive dividends - The Group's principal activities are providing guarding and facility management services in Hong Kong, with no significant changes during the year131 - The Board recommends a final dividend of HKD 0.3375 cents per share for FY2025, compared to HKD 1.20 cents per share for FY2024133 Continuing Connected Transactions This year, the Group had two major continuing connected transactions: a master service agreement with companies controlled by the controlling shareholder Ma family for security and facility management services, totaling approximately HKD 20 million, and a framework agreement with a company controlled by Mr. Li Man Ho, a connected person at the subsidiary level, for security system services, totaling approximately HKD 11 million, with independent non-executive directors and auditors confirming compliance for both transactions - The Group entered into a master service agreement with companies controlled by the controlling shareholder Ma family to provide security and facility management services, with related transaction amounts approximately HKD 20 million for the year ended March 31, 2025145147 - The Group entered into a framework agreement with a company controlled by Mr. Li Man Ho, a connected person at the subsidiary level, to provide security system services, with related transaction amounts approximately HKD 11 million for the year ended March 31, 2025148150 - The Independent Non-Executive Directors and the Company's auditor reviewed the aforementioned continuing connected transactions, confirming they were conducted on normal commercial terms, in the overall interest of shareholders, and within annual caps151 Major Customers and Suppliers This year, the Group experienced high customer concentration, with the top five customers accounting for 80.6% of total revenue and the largest customer contributing 52.2%; due to the nature of its business, the Group has no major suppliers, and no directors, their close associates, or major shareholders held any interests in the top five customers - High customer concentration: The top five customers accounted for 80.6% of total revenue, with the largest customer contributing 52.2%153 - Due to the nature of its business, the Group has no major suppliers154 Key Risks and Uncertainties The Group faces key risks including high business reliance on contracts with railway companies and the Hong Kong government, where non-renewal could adversely impact performance; changes in industry regulations, standards, and technological innovations may affect operations; and fluctuations in Hong Kong's economic, social, and political environment could also pose risks to results - Business risk: A significant portion of the Group's revenue derives from contracts with railway companies and the Hong Kong government, and failure to maintain relationships or renew contracts would adversely affect business158 - Industry risk: Changes in regulations, industry standards, and technological innovations related to guarding and facility management services may impact the Group's operations159 - Macroeconomic risk: Hong Kong's economic conditions and socio-political environment may affect the Group's performance and financial position160 Directors' and Interests Disclosure The report details directors' share interests in the Company and its associated corporations, with Messrs. Ma Kiu Sang, Ma Kiu Mo, and Ma Kiu Man, as parties acting in concert, collectively deemed to hold 70.0% of the Company's shares; during the reporting period, no share options were exercised by directors or chief executives, nor did the Company purchase, sell, or redeem any listed securities - Pursuant to the Deed of Confirmation of Acting in Concert, Mr. Ma Kiu Sang, Mr. Ma Kiu Mo, and Mr. Ma Kiu Man are deemed to be parties acting in concert, collectively holding interests in 560,000,000 shares, representing 70.0% of the Company's issued share capital182 - The substantial shareholder, International Wing Sang BVI, beneficially owns 560,000,000 shares, representing 70.0% of the issued share capital189 - No share options have been granted since the adoption of the share option scheme193397 - For the year ended March 31, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities197 Environmental, Social and Governance Report Report Overview and Governance This ESG report covers April 1, 2024, to March 31, 2025, prepared in accordance with the HKEX ESG Reporting Guide, with the Board bearing ultimate responsibility for overseeing ESG strategy and risk management; through stakeholder engagement and materiality assessment, the Group identified employment and labor practices (e.g., compliant employment, health and safety) and operating practices (e.g., business ethics, customer privacy) as the most material ESG issues - The Board bears primary responsibility for overseeing the implementation, review, and reporting of the Group's environmental, social, and governance strategies, as well as identifying and assessing related risks220 - Through materiality assessment, the Group identified key ESG issues including: compliant employment, remuneration and benefits, occupational health and safety, business ethics, and protection of customer privacy225 Environmental Protection As a service-oriented enterprise, the Group's environmental impact primarily stems from vehicle emissions and office resource consumption; the Group reduces emissions and resource consumption through measures such as regular vehicle maintenance, adopting energy-efficient equipment (e.g., LED lights), setting air conditioning temperatures, and encouraging green office practices (e.g., double-sided printing), and has obtained ISO14001:2015 environmental management system certification and developed measures to address extreme weather events like typhoons - The Group strictly complies with Hong Kong environmental regulations, with primary emission sources being vehicle exhaust and general waste and domestic wastewater generated from offices226228 - To conserve resources, the Group has implemented various energy and water-saving measures, such as using LED lighting, maintaining indoor temperatures at 25.5 degrees Celsius, and encouraging employees to use public transportation229230 - The Group has obtained ISO14001:2015 environmental management system certification and established work arrangements for adverse weather to address climate change risks232233 Employment and Labor Practices The Group strictly adheres to labor laws, implements equal opportunity and non-discrimination policies, and prevents child labor through ID verification; it offers competitive remuneration and benefits with a performance appraisal system, and in terms of health and safety, has established an occupational safety and health policy, provides safety training and personal protective equipment, and records and handles work-related accidents, with 11 such cases this year, a decrease from last year - The Group complies with labor regulations such as the Employment Ordinance, implements equal opportunity and anti-discrimination policies, and strictly prohibits child and forced labor234235 - The Group is committed to providing a safe working environment, complying with the Occupational Safety and Health Ordinance, and providing employees with safety training and personal protective equipment239241 Work Injury Data (Past Three Years) | Metric | 2024/25 | 2023/24 | 2022/23 | | :--- | :--- | :--- | :--- | | Number of Work-Related Fatalities | 0 | 0 | 0 | | Number of Work Injuries | 11 | 20 | 18 | | Lost Workdays Due to Work Injuries (Days) | 62 | 184 | 301 | - The Group encourages employee development by providing internal training, education allowances, and tuition subsidies to enhance their professional knowledge and skills242 Operating Practices In operations, the Group prioritizes local suppliers with environmental certifications; to ensure service quality, it strictly adheres to industry regulations and has obtained ISO9001:2015 quality management system certification; the Group provides various channels, including a 24-hour hotline, for customer complaints and strictly complies with privacy ordinances to protect customer data; furthermore, the Group has established a stringent anti-corruption policy and whistleblowing mechanism, with no related legal proceedings during the year - The Group prioritizes local suppliers with environmental certifications in supply chain management and conducts reviews for new suppliers244 - To ensure service quality, the Group has obtained ISO9001:2015 Quality Management System certification and established a customer complaint handling policy245246 - The Group strictly complies with the Personal Data (Privacy) Ordinance, protecting customer and employee privacy, and respects intellectual property rights247248 - The Group is committed to ethical operations, having established an anti-corruption policy and whistleblowing mechanism, with no corruption-related legal proceedings during the year, and provided 8 hours of anti-corruption training for directors250251 Community Investment The Group actively fulfills its social responsibilities by participating in community activities to give back to society; during the year, it sponsored a community Chinese New Year reunion dinner, donating HKD 25,000 and inviting elderly individuals to attend for free, and is also committed to providing employment opportunities for vulnerable groups and encouraging employee volunteerism to promote social inclusion and economic empowerment - During the year, the Group sponsored a community Chinese New Year reunion dinner, donating HKD 25,000 and inviting 20 elderly individuals aged 70 and above to attend for free252 - The Group is committed to providing employment opportunities for vulnerable groups and encourages employee volunteer work to give back to the community252 Independent Auditor's Report Deloitte Touche Tohmatsu, the independent auditor, issued an unmodified opinion on the Group's consolidated financial statements, deeming them to present fairly the Group's financial position as of March 31, 2025, and its financial performance for the year, prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance; the report identified 'Revenue Recognition for Guarding Services' as a key audit matter and detailed the audit procedures performed for it - The auditor believes that the consolidated financial statements fairly present the Group's consolidated financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards, and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance263 - A key audit matter identified is 'Revenue Recognition for Guarding Services' due to its significant impact on the financial statements; for the year ended March 31, 2025, this revenue amounted to HKD 397.5 million, representing 91% of total revenue267268 - Procedures performed by the auditor included: understanding and testing key controls over revenue recognition, sampling service contracts and invoices, comparing recognized revenue to expected amounts, and performing analytical review of revenue269 Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, the Group's revenue was HKD 434.5 million, an 8.1% year-on-year increase; however, due to increased employee benefits and other operating expenses, profit before tax significantly decreased to HKD 5.77 million, and profit and total comprehensive income for the year was HKD 3.555 million, a 74.0% year-on-year decrease, with basic earnings per share at HKD 0.52 cents Consolidated Statement of Profit or Loss Summary (Year Ended March 31) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 434,527 | 401,994 | | Employee Benefits Expenses | (393,926) | (360,680) | | Other Operating Expenses | (17,512) | (15,838) | | Profit Before Tax | 5,770 | 17,065 | | Income Tax Expense | (2,215) | (3,407) | | Profit and Total Comprehensive Income for the Year | 3,555 | 13,658 | | Profit Attributable to Owners of the Company | 4,149 | 13,663 | | Basic Earnings Per Share (HKD Cents) | 0.52 | 1.71 | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HKD 256 million, total liabilities HKD 53.26 million, and net assets HKD 202.8 million, a slight decrease from the prior year; net current assets were HKD 185.2 million, and equity attributable to owners of the Company within capital and reserves was HKD 203.4 million Consolidated Statement of Financial Position Summary (As of March 31) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Non-current Assets | 18,119 | 13,165 | | Current Assets | 237,965 | 241,577 | | Trade and Other Receivables and Deposits | 180,196 | 165,133 | | Bank Balances and Cash | 54,696 | 58,631 | | Current Liabilities | 52,776 | 44,260 | | Net Current Assets | 185,189 | 197,317 | | Net Assets | 202,820 | 208,865 | | Total Equity | 202,820 | 208,865 | Consolidated Statement of Cash Flows This year, the Group's cash flow from operating activities significantly improved from a net outflow of HKD 30.03 million to a net inflow of HKD 11.85 million; net cash used in investing activities was HKD 3.81 million, and net cash used in financing activities was HKD 11.98 million, primarily for dividend payments, resulting in a net decrease of HKD 3.935 million in cash and cash equivalents at year-end to HKD 54.7 million Consolidated Statement of Cash Flows Summary (Year Ended March 31) | Item (HKD Thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash From (Used In) Operating Activities | 11,853 | (30,035) | | Net Cash Used In Investing Activities | (3,808) | (17,826) | | Net Cash Used In Financing Activities | (11,980) | (13,688) | | Net Decrease in Cash and Cash Equivalents | (3,935) | (61,549) | | Cash and Cash Equivalents at Beginning of Year | 58,631 | 120,180 | | Cash and Cash Equivalents at End of Year | 54,696 | 58,631 | Financial Summary This section provides a summary of the Group's key financial data for the past five fiscal years, showing that FY2025 revenue (HKD 434.5 million), while higher than 2024 and 2023, was significantly lower than the 2022 peak, and profit for the year (HKD 3.56 million) was the lowest in five years, with total assets and total equity remaining relatively stable over the past two years Five-Year Financial Performance Summary (Year Ended March 31, HKD Thousands) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 434,527 | 401,994 | 392,496 | 537,371 | 365,833 | | Profit Before Tax | 5,770 | 17,065 | 21,425 | 71,783 | 72,806 | | Profit for the Year | 3,555 | 13,658 | 17,645 | 56,569 | 66,212 | Five-Year Assets, Liabilities and Equity Summary (As of March 31, HKD Thousands) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 256,084 | 254,742 | 246,011 | 292,907 | 251,719 | | Total Liabilities | (53,264) | (45,877) | (38,809) | (60,150) | (49,531) | | Total Equity | 202,820 | 208,865 | 207,202 | 232,757 | 202,188 |