Revenue and Financial Performance - The overall revenue for the six months ended June 30, 2023, amounted to HK$1,486.80 million, representing a decrease of approximately 8.34% compared to HK$1,622.04 million for the same period last year[11]. - Total revenue for the six months ended June 30, 2023, decreased by approximately HK$135.24 million, or 8.34%, to HK$1,486.80 million from HK$1,622.04 million for the same period in 2022[26]. - Revenue from general building business decreased by approximately HK$107.70 million, or 8.36%, to HK$1,180.99 million for the six months ended June 30, 2023[27]. - Revenue from civil engineering business decreased by approximately HK$12.23 million, or 5.41%, to HK$213.94 million for the six months ended June 30, 2023[28]. - Revenue from other services amounted to approximately HK$91.87 million, representing 6.18% of total revenue, a decrease from 6.61% in the same period of 2022[32]. - Revenue recognized during the six months ended June 30, 2023, amounted to approximately HK$1,000.0 million[17]. - Profit attributable to equity shareholders was HK$9.30 million for the six months ended June 30, 2023, down from HK$13.15 million for the same period in 2022[47]. - Basic earnings per share for the period were 2.32 cents, compared to 3.29 cents in 2022, reflecting a decline of 29.52%[130]. - Total comprehensive income for the period was HKD 9,610,000, down from HKD 13,742,000 in the same period last year, a decrease of 30.00%[132]. Project and Contract Information - As of June 30, 2023, the total original contract sum of ongoing projects was approximately HK$23 billion, an increase from HK$16 billion as of December 31, 2022[16]. - The outstanding value of projects on hand as of June 30, 2023, was approximately HK$13.5 billion, up from HK$7.1 billion as of December 31, 2022[16]. - The Group had a total of 15 projects for general building works and 25 projects for civil engineering works on hand as of June 30, 2023[16]. - The major projects undertaken during the period were outlined in the report, indicating ongoing engagement in significant construction activities[11]. - The contract sum for the construction of Public Rental Housing Development was HK$3,740.0 million, with recognized revenue of HK$237.5 million[19]. - The contract for the construction of Subsidised Sale Flats Development had a sum of HK$1,911.0 million, with recognized revenue of HK$176.5 million[19]. - The projected revenue from the management and maintenance of roads in Kowloon East is HK$482.6 million, with recognized revenue of HK$58.1 million expected by March 2024[20]. - The contract for Electrical and Mechanical Works for Sewage Treatment Facilities has a total sum of HK$557.6 million, with recognized revenue of HK$36.9 million expected by May 2024[20]. - The anticipated revenue from the Infrastructure Works for Non-public Housing Facilities is HK$1,497.0 million, with recognized revenue of HK$197.8 million expected by December 2024[20]. - The maintenance project for properties managed by the Architectural Services Department has a contract sum of HK$830.4 million, with recognized revenue of HK$47.7 million expected by March 2025[20]. - The maintenance and overhaul of Electrical and Mechanical Installations managed by the Drainage Services Department is projected to have a contract sum of HK$267.0 million, with recognized revenue of HK$20.2 million expected by July 2025[20]. - The company is engaged in the design and construction of proposed Transitional Housing for the Evangelical Lutheran Church, with a contract sum of HK$484.0 million and recognized revenue of HK$69.6 million expected by January 2024[19]. - The company is involved in the Three Runway System Project for Hong Kong International Airport, with a contract sum of HK$440.7 million and recognized revenue of HK$15.9 million expected by September 2024[20]. Profitability and Expenses - Overall gross profit increased by HK$18.81 million, or approximately 83.00%, to HK$41.47 million for the six months ended June 30, 2023[34]. - Overall gross profit margin increased from 1.40% for the six months ended June 30, 2022, to 2.79% for the same period in 2023[35]. - Other revenue for the six months ended June 30, 2023, amounted to HK$1.63 million, a significant decrease from HK$18.76 million in the same period of 2022[36]. - Other net gain for the six months ended June 30, 2023, amounted to HK$0.52 million, compared to HK$1.06 million for the same period in 2022[37]. - Administrative expenses increased to HK$30.37 million for the six months ended June 30, 2023, compared to HK$27.51 million for the same period in 2022, primarily due to higher staff costs[44]. - The company reported administrative expenses of HKD 30,370,000, an increase of 10.43% from HKD 27,510,000 in 2022[130]. - The finance costs for the period were HKD 1,704,000, slightly reduced from HKD 1,764,000 in the previous year[130]. Financial Position and Ratios - As of June 30, 2023, total bank loans amounted to HK$150.00 million, up from approximately HK$50.00 million as of December 31, 2022, mainly used for financing working capital[58]. - The current ratio improved to 1.32 as of June 30, 2023, compared to 1.25 as of December 31, 2022[49]. - The gearing ratio increased to 40.82% as of June 30, 2023, from 13.45% as of December 31, 2022, indicating a higher level of debt relative to equity[60]. - Total assets as of June 30, 2023, amounted to HK$1,661,642,000, a decrease from HK$1,806,514,000 as of December 31, 2022[134]. - Current liabilities decreased to HK$972,537,000 from HK$1,226,712,000, reflecting a reduction of approximately 20.8%[134]. - Cash and cash equivalents decreased to HK$191,671,000 from HK$262,563,000, representing a decline of about 27%[140]. - Total equity attributable to equity shareholders decreased to HK$367,112,000 from HK$371,819,000, a decline of approximately 1.9%[136]. - The company’s total equity as of June 30, 2023, was HKD 367,454,000, down from HKD 371,844,000 as of December 31, 2022[136]. Dividends and Shareholder Information - The Directors declared an interim dividend of HK3.0 cents per share for the period, amounting to approximately HK$12 million, an increase from HK$10 million in the previous year[94]. - The interim dividend declared is HKD 0.03 per share, an increase from HKD 0.025 per share in the previous period, totaling approximately HKD 12 million compared to HKD 10 million previously[98]. - The interim dividend will be paid to shareholders listed on the register as of September 15, 2023, with expected payment around September 28, 2023[98]. - There are no arrangements for shareholders to waive or agree to waive any dividends[99]. - The company will suspend the transfer of shares from September 14 to September 15, 2023, to determine entitlement to the proposed interim dividend[100]. Corporate Governance and Compliance - The Company has complied with all applicable corporate governance code provisions, except for deviations regarding the roles of chairman and CEO[86]. - The Group has appointed an external internal control adviser to review its internal control system periodically[87]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023[123]. - No significant events requiring disclosure occurred after June 30, 2023, up to the date of the report[124]. Market and Economic Conditions - The impact of COVID-19 is gradually easing, and the local economy is expected to pick up in the second half of 2023, with confidence in future development due to government measures[81].
新福港(01447) - 2023 - 中期财报