Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 4,404,110, a decrease of 9.8% compared to HKD 4,883,569 in the same period of 2024[6] - Gross profit increased to HKD 301,070, up 7.5% from HKD 280,681 year-on-year[6] - Operating profit decreased to HKD 141,883, down 30.5% from HKD 204,316 in the previous year[6] - Net profit for the period was HKD 51,024, representing a 72.5% increase from HKD 29,628 in 2024[7] - Total comprehensive income for the period was HKD 225,076, significantly up from HKD 7,567 in the previous year[7] - Basic earnings per share for ordinary shares was HKD 0.018, up from HKD 0.014 in the same period last year[7] - The company reported a profit of HKD 29,920,000 for the six months ended June 30, 2025, up from HKD 23,831,000 in the previous year, reflecting a growth of approximately 25%[12] - The adjusted segment profit for the six months ended June 30, 2025, was HKD 152,146, down from HKD 219,386 in 2024, indicating a decrease of about 30.6%[43] - The company reported a financial income of HKD 33,757 for the six months ended June 30, 2025, an increase from HKD 22,018 in 2024, representing a growth of approximately 53.5%[43] - The company reported a loss of HKD (46,486,000) in other income/expenses net for 2025, contrasting with a gain of HKD 46,070,000 in 2024[49] Assets and Liabilities - Non-current assets increased to HKD 3,650,936, up from HKD 3,103,155 as of December 31, 2024[9] - Current assets decreased to HKD 5,398,133 from HKD 5,990,157 in the previous year[9] - Total assets amounted to HKD 9,049,069, slightly down from HKD 9,093,312 as of December 31, 2024[9] - Total liabilities decreased to HKD 6,089,245,000 as of June 30, 2025, from HKD 6,295,796,000 as of December 31, 2024, marking a reduction of about 3.3%[11] - The company’s retained earnings increased to HKD 328,085,000 as of June 30, 2025, from HKD 298,165,000 as of December 31, 2024, reflecting a growth of about 10%[12] - The total amount of receivables from joint ventures is HKD 1,942,792,000 as of June 30, 2025, up from HKD 1,455,571,000 as of December 31, 2024, indicating a significant increase of about 33%[66] - The company’s total non-current receivables from joint ventures is HKD 2,114,879,000 as of June 30, 2025, compared to HKD 1,607,451,000 as of December 31, 2024, reflecting an increase of about 31%[67] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2025, was HKD 268,269,000, compared to HKD 116,480,000 for the same period in 2024, indicating a significant increase of 130%[17] - Cash and cash equivalents at the end of June 30, 2025, were HKD 762,710,000, down from HKD 932,694,000 at the end of June 30, 2024, representing a decrease of approximately 18.2%[17] - The company’s cash flow from operations remains stable, with no significant changes reported in the financial position[64] Investments and Expenditures - The company’s total cash outflow from investing activities was HKD 365,401,000 for the six months ended June 30, 2025, compared to HKD 147,047,000 in the previous year, indicating a significant increase in investment expenditures[17] - The carrying value of properties under development was HKD 873,156,000 as of June 30, 2025, compared to HKD 1,055,373,000 as of December 31, 2024[73] - The capitalized interest expense for properties under development was HKD 50,493,000 for the period ending June 30, 2025[73] Market and Economic Conditions - The construction demand in Singapore is expected to remain strong, with annual demand projected between SGD 39 billion and SGD 46 billion over the next five years, driven by government-led infrastructure projects[111] - Singapore's GDP growth is projected to slow to approximately 1%–3% in 2025, maintaining its competitive position as ranked second globally by IMD in the 2025 Global Competitiveness Report[112] - The Malaysian construction industry is expected to grow by 6.1% in 2025, driven by a 20.2% year-on-year increase in construction value in 2024 due to public infrastructure investments and private sector confidence[112] - In Hong Kong, the construction market recorded a 1.9% year-on-year increase in the first quarter of 2025, reaching HKD 70.5 billion, primarily driven by a 17.4% increase in public works projects[113] Corporate Governance and Management - The group has complied with all applicable corporate governance codes during the reporting period[142] - The board of directors currently lacks gender diversity following the resignation of an independent non-executive director[142] - The company aims to appoint suitable female director candidates to meet diversity requirements within three months of the recent resignation[142] - The management share plan expired on April 1, 2022, with no further convertible preferred shares to be issued under this plan[127] Shareholder Information - The board does not recommend an interim dividend for the six months ending June 30, 2025, consistent with the previous period[130] - Major shareholders include Huillong Enterprises Limited, Futaoholding Investment Limited, and Guanyan Investment Limited, each holding approximately 67.49% of the shares[136] - The group provided financial assistance totaling approximately HKD 3,735,800,000 to its associates, exceeding the regulatory threshold of 8%[140]
青建国际(01240) - 2025 - 中期财报