Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 2,119,928, an increase of 7.5% compared to HKD 1,972,376 for the same period in 2021[4] - Gross profit decreased to HKD 231,444, down 20.7% from HKD 292,086 in the previous year[4] - Net profit for the period was HKD 44,731, a decline of 51.3% compared to HKD 91,862 in the same period last year[4] - Total comprehensive income for the period was HKD 17,656, significantly lower than HKD 98,218 in the previous year, reflecting a decrease of 82.0%[6] - Basic earnings per share decreased to HKD 0.067, down from HKD 0.1363 in the prior year, representing a decline of 50.9%[6] - The company reported a total comprehensive income of 98,218 thousand HKD for the period ending June 30, 2022, compared to 137,824 thousand HKD for the same period in the previous year, reflecting a decrease of approximately 28.7%[19] - The group reported a profit of HKD 38,476,000 for the six months ended June 30, 2022, compared to HKD 78,286,000 for the same period in 2021, indicating a decrease of approximately 50.9% [70] Assets and Liabilities - Non-current assets amounted to HKD 784,343, a slight decrease from HKD 812,308 as of December 31, 2021[8] - Current assets increased to HKD 2,560,155, up from HKD 2,335,533 at the end of 2021, indicating a growth of 9.6%[8] - Total equity decreased to HKD 1,278,769 from HKD 1,307,063, a decline of 2.2%[12] - The total equity attributable to shareholders was reported at 1,307,063 thousand HKD as of June 30, 2022, compared to 1,278,769 thousand HKD in the previous year, showing an increase of approximately 2.2%[23] - The company's total assets as of June 30, 2022, were valued at 1,193,866 thousand HKD, reflecting a slight increase from 1,165,372 thousand HKD in the prior year[23] - The net trade receivables as of June 30, 2022, amounted to HKD 921,134,000, an increase from HKD 813,594,000 as of December 31, 2021, reflecting a growth of 13.2% [74] - Trade and other payables as of June 30, 2022, were HKD 430,015,000, significantly higher than HKD 238,343,000 as of December 31, 2021, reflecting an increase of 80.5% [77] - The group's total borrowings as of June 30, 2022, were approximately HKD 1,279,160,000, compared to HKD 1,245,786,000 as of December 31, 2021[100] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2022, was 1,237,776 thousand HKD, an increase from 894,684 thousand HKD in the prior year, representing a growth of about 38.3%[29] - The company incurred a net cash outflow from investing activities of 29,207 thousand HKD for the current period, compared to a net inflow of 2,029 thousand HKD in the previous year[29] - The financing activities resulted in a net cash outflow of 1,324,614 thousand HKD, significantly higher than the outflow of 774,165 thousand HKD in the prior year, indicating increased financing costs[29] - The group’s cash flow from operating activities was reclassified to a net cash inflow of HKD 894,684,000 for the six months ended June 30, 2021[83] Revenue Segmentation - Revenue from metal products was HKD 617,738, while revenue from construction materials was HKD 1,502,112, contributing to the overall revenue[39] - The company’s revenue from operations for the six months ended June 30, 2022, was 744,936 thousand HKD, compared to 739,877 thousand HKD in the same period last year, indicating a slight increase[23] - The construction materials business generated revenue of approximately HKD 1,502,112,000, representing a 30% increase compared to the same period last year[98] - Revenue from the metal products segment was approximately HKD 619,185,000, a decrease of 24% compared to the same period last year[95] Expenses and Financial Costs - The financial expenses for the period amounted to HKD 14,987, including bank borrowing interest of HKD 9,003 and lease liabilities interest of HKD 5,984[44] - The group’s tax expenses for the six months ended June 30, 2022, were HKD 9,715,000, compared to HKD 8,524,000 for the same period in 2021, representing an increase of 13.9% [64] - The group’s depreciation expenses for property, plant, and equipment were HKD 19,032,000 for the six months ended June 30, 2022, compared to HKD 20,556,000 in the same period of 2021, showing a decrease of 7.4% [68] Market Outlook - The group expects a prolonged golden period for the Hong Kong construction industry due to strong demand for land, public facilities, and housing[104] - The group maintains a positive outlook for the construction materials business despite challenges from the pandemic and international market volatility[104] Corporate Governance - The Audit Committee was established on January 5, 1999, consisting of three independent non-executive directors[116] - The Remuneration Committee was formed on April 21, 2005, also comprising three independent non-executive directors[117] - The Nomination Committee was established on December 30, 2021, led by an executive director and three independent non-executive directors[119] - The company confirmed compliance with the standards set forth in the code of conduct for securities trading by directors for the six months ending June 30, 2022[120] - There were no purchases or redemptions of the company's listed securities by the company or its subsidiaries during the six months ending June 30, 2022[121] Employee and Stakeholder Relations - The company expressed gratitude to employees, management, shareholders, clients, banks, and business partners for their support and efforts[122]
高力集团(01118) - 2022 - 中期财报