Financial Performance - The company reported a comprehensive income statement for the year ending December 31, 2022, with total revenue of HKD 1.2 billion, representing a 15% increase compared to the previous year[11]. - The group's revenue decreased by 11.6% to HKD 1,806,000,000 for the year ended December 31, 2022, compared to HKD 2,042,000,000 in 2021[21]. - Profit attributable to equity holders increased by 44.0% to HKD 96,000,000, up from HKD 67,000,000 in the previous year[21]. - The group's gross profit for the reporting year was HKD 289,400,000, an increase of 12.6% from HKD 257,100,000 in the previous year, with a gross profit margin rising from 12.6% to 16.0%[107]. - The group's net profit for the reporting year was HKD 96,000,000, an increase of 44.0% or HKD 29,300,000 from HKD 66,700,000 in the previous year[110]. - Total revenue for the year ended December 31, 2022, was HKD 1,805,843,000, a decrease of 11.6% from HKD 2,042,378,000 in 2021[122]. - Profit for the year increased to HKD 96,024,000, up 43.9% from HKD 66,693,000 in the previous year[122]. Dividends and Shareholder Value - The company plans to distribute a final dividend and a special dividend for the year ending December 31, 2022, reflecting a commitment to returning value to shareholders[11]. - Proposed final dividend of HKD 0.02 per share and special dividend of HKD 0.013 per share, subject to shareholder approval[22]. - The company reported a final dividend of HKD 0.02 per share and a special dividend of HKD 0.013 per share for the year ending December 31, 2022, pending shareholder approval[102]. - The company maintains a dividend policy that considers sufficient cash reserves for operational needs and future business growth, with no guarantee of specific dividend payments[88]. Corporate Governance - The board of directors has proposed to reappoint the auditor and authorize the board to determine their remuneration, ensuring continued compliance with financial regulations[11]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[4]. - The board consists of five executive directors and three independent non-executive directors, with regular meetings held to oversee business operations and stakeholder value[56]. - The company has adhered to the corporate governance code as per the listing rules, except for code provision C.5.1, which is discussed in detail in the report[52]. - The company has established a clear distinction between the roles of the chairman and the CEO to ensure accountability[60]. - The company has implemented a balanced approach in formulating and reviewing corporate governance policies and practices[52]. - The board has three committees: audit committee, remuneration committee, and nomination committee, each executing specific roles to assist in monitoring senior management functions[54]. Market and Growth Strategy - The company is focused on expanding its market presence and exploring potential mergers and acquisitions to drive growth and enhance competitive positioning[11]. - The company aims to enhance shareholder value through strategic initiatives and effective capital management practices[11]. - The company aims to strengthen its competitive advantage through continuous investment in machinery, facilities, and talent development[27]. - The company expresses cautious optimism about the medium to long-term construction market due to ongoing government investments in infrastructure[26]. - The company anticipates healthy growth in foundation piling contract tenders in both public and private sectors[27]. Financial Position and Assets - The company maintains a strong financial position with no debt, despite challenges such as fluctuating material costs and skilled labor shortages[21]. - The group maintained a strong financial position with unencumbered cash and bank balances of HKD 457,800,000, up from HKD 186,000,000 in the previous year[111]. - Total assets as of December 31, 2022, amounted to HKD 1,525,661,000, an increase of 25.7% from HKD 1,214,049,000 in 2021[122]. - The company has a distributable reserve of HKD 89,171,000 as of December 31, 2022, including a proposed final and special dividend of HKD 49,500,000[129]. Risk Management and Compliance - The company faces various risks and uncertainties, which are discussed in the annual report, including potential future developments[100]. - The board of directors is responsible for maintaining and reviewing the effectiveness of the internal control system, which aims to minimize operational risks and ensure compliance with applicable laws and regulations[85]. - The company has appointed internal audit personnel to regularly review the effectiveness of risk management and internal control systems[85]. - The independent auditor's report emphasizes the importance of understanding internal controls related to the audit[168]. Community and Social Responsibility - The company is actively involved in community affairs, with board members participating in various committees and organizations, enhancing its corporate social responsibility profile[36][39]. - The group is committed to environmental policies aimed at conserving natural resources and has implemented measures to save energy and water[147]. Management and Leadership - The company has a strong management team with members holding significant qualifications and experience in finance, law, and engineering, contributing to its operational oversight and strategic direction[40][41][43][44][45][46]. - Lin Binglin has been appointed as an executive director since September 2, 2016, and has extensive experience in finance and management, including roles at Hang Seng Bank and the University of Hong Kong[36]. - Su Hsiang-Kuang, appointed as an executive director on August 11, 2015, has over 30 years of experience in project management and supervision in foundation and construction engineering[39].
建业建荣(01556) - 2022 - 年度财报