Revenue and Profitability - The group's revenue for the six months ended June 30, 2022, was HKD 5,914 million, an increase from HKD 4,833 million for the same period in 2021, representing a growth of 22.4%[22] - The profit attributable to the company's owners for the same period was HKD 43 million, a significant decrease of 84% compared to HKD 262 million in the previous year[22] - The group's share of profit from its associate, Road King Infrastructure Limited, was HKD 38 million, down from HKD 143 million in the previous year, reflecting a decline of 73%[23] - Road King's attributable profit for the six months was HKD 85 million, a decrease of 74% from HKD 325 million in the same period last year[24] - The company reported a total comprehensive loss of HKD 86,976 thousand for the six months ended June 30, 2022, compared to a total comprehensive income of HKD 641,099 thousand in 2021[110] - The net profit for the six months ended June 30, 2022, was HKD 125,858 thousand, a significant decrease from HKD 324,775 thousand in 2021, reflecting a decline of approximately 61.2%[110] Revenue Segments - Road King's revenue from property sales in mainland China and Hong Kong totaled RMB 14,787 million, with a significant drop in sales due to the absence of new project launches in Hong Kong[24] - The construction, sewage treatment, and steam fuel segment generated revenue of HKD 5,805,895, up from HKD 4,636,412, reflecting a growth of about 25.2%[130] - The building materials segment reported revenue of HKD 73,309, down from HKD 120,500, a decline of about 39.2%[130] - The construction materials segment reported revenue of HKD 205,000,000, down from HKD 243,000,000 in the same period last year, with a net profit of HKD 1,000,000 compared to HKD 17,000,000 previously[34] - The stone quarry segment generated revenue of HKD 90,000,000, a decrease from HKD 124,000,000 year-on-year, with net profit dropping to HKD 14,000,000 from HKD 21,000,000[37] Financial Position and Assets - The total value of unfinished contract works amounted to HKD 24,000,000,000, indicating ongoing project commitments[31] - Non-current assets as of June 30, 2022, amounted to HKD 11,178,073 thousand, a slight decrease from HKD 11,519,411 thousand as of December 31, 2021[112] - The company’s total equity as of June 30, 2022, was HKD 11,259,761,000, reflecting an increase from HKD 10,937,168,000 at the beginning of the year[117] - The fair value of the group's debt securities investment portfolio was HKD 518,000,000, down from HKD 850,000,000 at the end of the previous year[43] - The total assets as of June 30, 2022, were HKD 808,993,000, down from HKD 1,030,193,000 as of December 31, 2021, a decrease of 21.4%[157] Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 657,175,000, compared to a net cash usage of HKD 29,722,000 in the same period last year[120] - The company’s financing activities resulted in a net cash outflow of HKD 599,432,000, contrasting with a net cash inflow of HKD 998,125,000 in the previous year[120] - The group has unutilized bank financing amounting to HKD 2,032 million, up from HKD 1,772 million as of December 31, 2021[47] - Total borrowings decreased from HKD 2,238 million to HKD 1,799 million, with current liabilities at HKD 503 million and non-current liabilities at HKD 1,296 million[46] - The group reported cash held on behalf of clients at HKD 573,000 as of June 30, 2022, an increase from HKD 485,000 as of December 31, 2021[172] Shareholder Information - The company reported a total of 1,241,877,992 shares issued as of June 30, 2022, with significant shareholdings by directors[62] - Cheng Yu Tung Family (Holdings) Limited holds 91,134,000 shares, representing 11.49% of the issued ordinary share capital[76] - The company has not granted any share options since the adoption of the preferential share option plan on May 15, 2012[73] - The company’s major shareholders include multiple entities, all holding 91,134,000 shares, which is 11.49% of the total issued shares[76] Employee and Management Costs - The group had a total employee cost of HKD 823 million for the six months ended June 30, 2022, compared to HKD 682 million for the same period in 2021, representing an increase of approximately 20.6%[94] - The total remuneration for key management personnel increased to HKD 78,390,000 from HKD 71,723,000, marking an increase of approximately 9.3%[184] Corporate Governance and Compliance - The group has complied with the corporate governance code as set out in Appendix 14 of the Listing Rules during the six months ended June 30, 2022[87] - The group’s management confirmed that all directors complied with the standard code of conduct regarding securities transactions during the six months ended June 30, 2022[88] - The audit committee reviewed the accounting policies adopted by the group for the six months ended June 30, 2022, along with the unaudited interim financial information[93] Future Outlook and Strategy - The group expects to exceed last year's total revenue due to the successful launch of several large new projects and improved gross profit margins[30] - The company plans to focus on market expansion and new product development to drive future growth despite the current financial challenges[109] - The group is actively exploring co-investment opportunities with partners to support sustainable growth[44] Investment and Acquisitions - The group acquired a residential land parcel in Beijing with a total floor area of approximately 71,000 square meters for a total consideration of RMB 1,400 million, holding a 49% interest in the project[25] - The acquisition of an additional 20% interest in Ruyi Residence Development Sdn. Bhd. was completed for a cash consideration of HKD 1,873,000, increasing the group's voting power to 84%[185] - The remeasurement gain from the previously held interest in Ruyi Residence at the acquisition date was HKD 6,138,000[185]
WAI KEE HOLD(00610) - 2022 - 中期财报