安乐工程(01977) - 2025 - 中期业绩

Financial Highlights Interim Results for the Six Months Ended June 30, 2025 The group announced unaudited interim results, reporting decreased revenue, improved gross margin, a slight profit decline attributable to owners, and an interim dividend Key Financial Data for H1 2025 | Metric | 2025 (million HKD) | 2024 (million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,874.2 | 3,265.4 | -12.0% | | Gross profit | 484.3 | 477.7 | +1.4% | | Profit attributable to owners of the Company | 80.8 | 82.4 | -1.9% | | Basic EPS | 0.06 HKD | 0.06 HKD | 0% | | Interim Dividend (per share) | 2.60 HK cents | - | - | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Group revenue decreased by 12.0%, gross profit slightly increased, and profit for the period decreased, while total comprehensive income significantly rose Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,874,220 | 3,265,383 | -12.0% | | Cost of sales and services | (2,389,963) | (2,787,685) | -14.3% | | Gross profit | 484,257 | 477,698 | +1.4% | | Other income | 8,683 | 12,260 | -29.2% | | Other gains and losses | (295) | (16,385) | +98.2% | | Administrative expenses | (365,280) | (360,896) | +1.2% | | Finance costs | (11,898) | (8,366) | +42.2% | | Profit before tax | 100,388 | 105,468 | -4.8% | | Profit for the period | 79,286 | 82,280 | -3.6% | | Total comprehensive income for the period | 95,398 | 62,581 | +52.4% | - Profit attributable to owners of the Company was HK$80.811 million, with loss attributable to non-controlling interests of HK$1.525 million[6] - Basic and diluted earnings per share remained flat at 6 HK cents[6] Condensed Consolidated Statement of Financial Position As of June 30, 2025, total equity increased, non-current liabilities significantly decreased, and net current assets slightly declined Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,493,738 | 1,500,584 | -0.5% | | Current assets | 3,764,355 | 3,699,448 | +1.8% | | Current liabilities | 2,714,581 | 2,632,556 | +3.1% | | Net current assets | 1,049,774 | 1,066,892 | -1.6% | | Total equity | 2,262,494 | 2,195,073 | +3.1% | | Non-current liabilities | 281,018 | 372,403 | -24.5% | - Bank balances and cash increased to HK$1.1401 billion (December 31, 2024: HK$1.0359 billion)[7] - Trade receivables increased to HK$1.0227 billion (December 31, 2024: HK$958.3 million), while contract assets decreased to HK$1.3639 billion (December 31, 2024: HK$1.4604 billion)[7] - Total bank borrowings (due within one year and after one year) decreased from HK$574.2 million as of December 31, 2024, to HK$440.3 million as of June 30, 2025[7][8] Notes to the Condensed Consolidated Financial Statements Basis of Preparation and Principal Accounting Policies The interim financial statements are prepared under HKAS 34 and Listing Rules, applying consistent accounting policies with no significant impact from new HKFRS amendments - The condensed consolidated financial statements are prepared in accordance with HKAS 34 Interim Financial Reporting and the Listing Rules[9] - Accounting policies are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024[10] - The application of amended HKFRS accounting standards, such as HKAS 21 (Amendment) Lack of Exchangeability, had no significant impact on the group's financial position or performance during this interim period[11] Revenue and Segment Information Group revenue decreased by 12.0% due to reduced contracting work, showing varied regional performance and a significant increase in remaining performance obligations Revenue Analysis by Product and Service | Revenue Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Contracting work | 2,208,154 | 2,585,340 | -14.6% | | Maintenance work | 616,872 | 614,741 | +0.3% | | Sales of goods | 49,194 | 65,302 | -24.7% | | Total Revenue | 2,874,220 | 3,265,383 | -12.0% | Revenue Analysis by Geographical Region | Region | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 2,644,186 | 2,795,938 | -5.4% | | Macau | 83,391 | 291,946 | -71.4% | | Mainland China | 68,220 | 110,284 | -38.1% | | United Kingdom | 74,496 | 63,657 | +17.0% | | United States | 356 | 37 | +862.2% | | Others | 3,571 | 3,521 | +1.4% | - As of June 30, 2025, the transaction price allocated to remaining performance obligations was HK$13.085 billion, an 18.4% increase from HK$11.052 billion as of December 31, 2024, primarily from contracting and maintenance work[14] Total Revenue by Operating Segment | Segment | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Building Services Engineering | 1,564,933 | 2,111,348 | -25.9% | | Environmental Engineering | 717,048 | 620,588 | +15.5% | | ICBT | 303,225 | 294,570 | +2.9% | | Lifts and Escalators | 289,014 | 238,877 | +21.0% | | Total | 2,874,220 | 3,265,383 | -12.0% | Segment Profit by Operating Segment | Segment | 2025 (thousand HKD) | 2024 (thousand HKD) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Building Services Engineering | 31,984 | 68,616 | -53.4% | | Environmental Engineering | 52,538 | 35,406 | +48.4% | | ICBT | 17,764 | 12,247 | +45.0% | | Lifts and Escalators | 19,797 | 17,587 | +12.6% | | Total Segment Profit | 122,083 | 133,856 | -8.8% | [Revenue by Category and Geographical