Financial Performance - Revenue for the year ended March 31, 2022, was HK$5,577,514, an increase from HK$3,705,241 in 2021, representing a growth of 50.5%[9] - Gross profit for the year was HK$253,223, compared to HK$147,033 in the previous year, indicating a gross profit margin improvement[9] - Profit for the year reached HK$122,880, up from HK$94,700 in 2021, reflecting a year-on-year increase of 29.7%[9] - The total comprehensive income for the year attributable to owners of the parent was HK$122,880, compared to HK$94,700 in the previous year[9] - Net profit for the year ended 31 March 2022 amounted to HK$122,880,000, representing an increase of 29.8% from HK$94,700,000 in 2021[15] - Basic earnings per share for the year ended 31 March 2022 amounted to HK6.14 cents, up from HK4.74 cents in 2021[16] - The overall gross profit margin increased slightly from 4.0% for the year ended March 31, 2021, to 4.5% for the year ended March 31, 2022[67] - Profit attributable to owners of the parent increased by 29.8% from HK$94,700,000 for the year ended 31 March 2021 to HK$122,880,000 for the year ended 31 March 2022[78] Expenses and Costs - Administrative expenses increased to HK$86,847 from HK$65,180, showing a rise of 33.3%[9] - Other income and gains decreased significantly to HK$2,405 from HK$24,802, a decline of 90.3%[9] - Finance costs rose to HK$11,506,000 for the year ended 31 March 2022, up from HK$8,350,000 in the previous year, attributed to increased interest on bank loans[70] - Income tax expense increased by 82.6% from HK$18,090,000 for the year ended 31 March 2021 to HK$33,040,000 for the year ended 31 March 2022[78] - Administrative expenses increased from HK$65,180,000 for the year ended 31 March 2021 to HK$86,847,000 for the year ended 31 March 2022, mainly due to site premium depreciation and donations[69] Contracts and Future Outlook - The company has substantial contracts on hand, which are expected to contribute to future revenue growth[3] - Future outlook includes potential market expansion and new product development strategies[3] - The Group's substantial contracts on hand as of March 31, 2022, were mainly related to building construction works from the public sector[62] - Future tendering opportunities for construction contracts from the public sector are expected to be sustainable and stable due to government commitments to increase land supply for housing[67] - The Group plans to expand upstream into the production of free-standing integrated modules and modular integrated construction methods through the acquisition of Gain Capital[40] - The long-term outlook for the construction industry in Hong Kong remains positive due to high demand for housing and medical services[43] Governance and Management - The Company has a strong governance structure with members in key committees including Audit, Remuneration, and Nomination[144][150] - The Board of Directors consists of nine members, including four Executive Directors and five Independent Non-executive Directors as of March 31, 2022[174] - The Company has established a rigorous system of checks and balances to ensure effective corporate governance, which is crucial for enhancing shareholder value[168] - The Company ensures compliance with applicable legal and regulatory requirements as part of its corporate governance practices[173] - The Board is responsible for formulating key policy matters and overall strategic plans for the Company and its subsidiaries[173] - The Company has appointed a new financial controller and company secretary, Mr. MUI Siu Hong, who has over 10 years of accounting and auditing experience[165] Employee and Management Team - As of March 31, 2022, the Group employed 352 full-time employees, an increase from 330 employees as of March 31, 2021, reflecting a growth of approximately 6.67%[105] - The Group's management team has extensive experience in the construction industry, with key executives having over 25 years of experience each[113][117][121] - Employee benefits include mandatory provident fund, medical insurance, and education subsidies, although incentive travel was suspended due to the COVID-19 pandemic[105] - The Group's focus on project management and contract administration is led by Mr. LAU, who has over 29 years of experience in the construction industry[119] Strategic Partnerships and Acquisitions - On 18 February 2022, the Group agreed to acquire Gain Capital Corporation Limited for a cash consideration of HK$181,400,000, which was completed on 5 May 2022[97] - The acquisition of Gain Capital is expected to expand the Group's business into upstream manufacturing, aligning with its vertical integration strategy[97] - The Group aims to broaden its potential customer base through cooperation with Lanon Development[40] - The Framework Agreements with Lanon Development allow for the provision of contracting services until 31 March 2025[99] Market and Industry Insights - The HKSAR Government plans to supply approximately 330,000 public housing units and 100,000 private housing units over the next 10 years starting from 2022-2023[33] - The Northern Metropolis Development Strategy aims to provide approximately 350,000 residential units and an additional 600 hectares of land for residential and industrial purposes[35] - The estimated allocation for public works in the 2022-2023 Budget is approximately HK$75.5 billion, an increase from HK$67.8 billion in 2021-2022[38] - The medium to long-term outlook of the construction industry in Hong Kong looks promising due to high demand for housing and healthcare services[39] Financial Position - The net assets value attributable to owners of the parent as at 31 March 2022 amounted to HK$1,422,423,000, representing an increase of 5.4% from HK$1,349,543,000 as at 31 March 2021[27] - The Group's cash and cash equivalents increased by 66.1% from HK$904,933,000 as at 31 March 2021 to HK$1,502,962,000 as at 31 March 2022[78] - The Group's banking facilities amounted to HK$2,400,000,000 as of 31 March 2022, down from HK$2,950,000,000 as of 31 March 2021, with HK$1,425,243,000 unutilised[79] - The Group's bank loans had an aggregate carrying amount of HK$110,442,000 as of 31 March 2022, up from HK$87,276,000 as of 31 March 2021[94]
安保工程控股(01627) - 2022 - 年度财报