Financial Performance - Revenue for the year ended March 31, 2022, was HK$350,784,000, an increase of 8.5% from HK$323,382,000 in 2021[10] - Gross profit rose to HK$174,988,000, representing a significant increase of 75.0% compared to HK$100,000,000 in the previous year[10] - Net profit surged to HK$1,009,500,000, a remarkable increase of 4,503.5% from HK$21,929,000 in 2021[10] - The profit attributable to the owners of the Company was approximately HK$979,437,000, a significant increase from approximately HK$22,308,000 in the previous year[24] - Profit for the year was approximately HK$1,009,500,000, a significant increase of 4,503.5% over the previous year[50] - Basic earnings per share reached HK$12.46, a substantial increase of 4,884.0% from HK$0.25 in the previous year[10] - Basic and diluted earnings per share amounted to HK$12.46, compared to HK$0.25 for the previous year[55] Assets and Liabilities - Total assets increased by 81.9% to HK$8,919,158,000 from HK$4,903,606,000 in 2021[10] - Total liabilities rose by 138.0% to HK$3,981,641,000 compared to HK$1,673,161,000 in the previous year[10] - Net asset value per share increased by 69.7% to HK$66.7 from HK$39.3 in 2021[10] - The gearing ratio increased to 0.72 from 0.46, indicating a higher level of financial leverage[10] - The current ratio remained stable at 3.80, reflecting the company's liquidity position[10] Property Development and Investment - The Group plans to continue expanding its market presence and investing in new product development to drive future growth[10] - The overall rental income of the Group increased by 98.9% compared to the last corresponding year, primarily due to the property investment business with a controlling stake[30] - The occupancy rate of the Group's investment properties was higher than 97% for residential, commercial, and industrial units as of March 31, 2022[30] - One residential development project, "Ayton," recognized revenue of approximately HK$248,576,000 during the year[28] - The Group completed the acquisition of properties at Chatham Road North, which will be redeveloped into a composite building with residential and commercial use[31] - The Group plans to continue replenishing its land bank when suitable opportunities arise[31] - The Group plans to launch several property development projects, including residential and commercial redevelopments in various locations[59] - The Waterloo Site is being redeveloped into a luxurious residential accommodation with an estimated gross floor area of approximately 48,965 square feet, expected to launch sales in late 2022[60] - The Chatham Road North Building, now 100% owned by the Group, will be redeveloped into a composite building with an estimated gross floor area of approximately 41,827 square feet, expected to be completed in 2025[68] Financial Assets and Loans - The Group's financial assets at fair value through profit or loss amounted to approximately HK$405,674,000, an increase from approximately HK$360,322,000 in the previous year[81] - The Group recorded interest income from loan financing business of approximately HK$17,262,000, representing an increase from HK$13,726,000 in 2021, accounting for about 4.9% of total revenue[90] - Profit from loan financing business was approximately HK$10,058,000 for the Year, a significant recovery from a loss of approximately HK$38,352,000 in 2021[90] - As of March 31, 2022, the gross carrying amount of loans receivable was HK$345,332,000, up from HK$223,793,000 in 2021, with 45% secured by marketable securities or properties[97] - The largest borrower and the other four largest borrowers accounted for approximately 20% and 56% of the Group's loans receivable, respectively[97] - The interest rate on fixed-rate loans receivable ranged from 2.3% to 16% per annum, consistent with the previous year[98] Market Outlook and Economic Conditions - The outlook for the property market in Hong Kong remains positive, with expected GDP growth of 5.1% between 2021 and 2025 due to infrastructure development[36] - The Group anticipates a quick recovery in business momentum and housing demand in Hong Kong once the pandemic is over[35] - The local economy is expected to show signs of recovery in the second half of 2022, driven by improved market sentiment and confidence, which may attract more foreign investments in the construction and property sector[178][180] - The Group anticipates that the domestic economic conditions will improve following the decline in daily coronavirus cases and the progressive relaxation of social distancing measures[178][180] Risk Management and Internal Controls - The Group has implemented a series of internal control and risk management systems to address potential risks, including economic conditions and construction costs[173] - The Group's risk management measures will be strengthened to maintain financial stability, closely monitor market changes, and focus on developing existing principal businesses while exploring new opportunities[179][181] - The Group's financial performance may be impacted by various risks, including labor shortages, rising construction costs, and credit risks associated with loan provisions[175] Management and Personnel - Mr. Tsui Chun Kong has over 40 years of experience in public accounting and the commercial sector, particularly in the travel industry[192] - Mr. Jong Koon Sang has been an independent non-executive Director since 2005 and has over 40 years of management experience in financial, industrial, and property businesses[197] - Mr. Lau Chak Hang Charles has over 7 years of extensive experience in the financial industry and is currently a consulting director at Frost & Sullivan Limited[198]
永义国际(01218) - 2022 - 年度财报