Financial Performance - Revenue for the six months ended September 30, 2022, was HK$1,994,285,000, a slight decrease of 0.4% compared to HK$2,001,876,000 in the same period of 2021[9]. - Gross profit increased to HK$100,419,000, compared to HK$67,654,000 in the previous year, reflecting a significant improvement in profitability[9]. - Profit before tax rose to HK$65,034,000, up from HK$22,354,000, indicating a year-over-year increase of 191.5%[9]. - Profit for the period was HK$49,802,000, compared to HK$13,528,000 in the same period last year, representing a growth of 267.5%[9]. - Total comprehensive income for the period attributable to owners of the parent was HK$35,499,000, compared to HK$13,528,000 in the previous year[9]. - Earnings per share attributable to ordinary equity holders of the parent increased to 2.49 HK cents, up from 0.68 HK cents in the prior year[9]. - Other income and gains for the same period totaled HK$4,923,000, significantly up from HK$904,000 in 2021, driven by increased interest income and government subsidies[45]. - Profit attributable to owners of the parent increased by HK$36,274,000 from HK$13,528,000 to HK$49,802,000[132]. Tax and Expenses - The company reported an income tax expense of HK$15,232,000, compared to HK$8,826,000 in the previous year[9]. - Employee benefit expenses (excluding directors' remuneration) were HK$75,953,000, a decrease from HK$87,844,000 in the previous year[49]. - Administrative expenses decreased by HK$7,032,000 from HK$43,907,000 to HK$36,875,000, mainly due to a reduction in donations by HK$10,000,000[121]. - Finance costs rose to HK$7,456,000 from HK$5,373,000, with an increase in bank loan interest by HK$2,186,000 due to a rise in the Hong Kong Interbank Offered Rate[128]. Assets and Liabilities - Total non-current assets increased to HK$1,589,543,000 as of September 30, 2022, up from HK$1,305,917,000 as of March 31, 2022, representing a growth of 21.7%[11]. - Current assets decreased to HK$1,990,477,000 as of September 30, 2022, down from HK$2,620,491,000 as of March 31, 2022, a decline of 24%[11]. - Total current liabilities decreased to HK$1,699,945,000 as of September 30, 2022, compared to HK$2,009,786,000 as of March 31, 2022, a reduction of 15.4%[11]. - Net current assets fell to HK$290,532,000 as of September 30, 2022, down from HK$610,705,000 as of March 31, 2022, a decrease of 52.4%[11]. - Total equity attributable to owners of the parent decreased to HK$1,387,922,000 as of September 30, 2022, down from HK$1,422,423,000 as of March 31, 2022, a decline of 2.4%[12]. - The Group's cash and cash equivalents decreased by 45% from HK$1,502,962,000 to HK$820,015,000, primarily due to net repayments of bank loans and cash outflows from operating activities[137]. - The Group's bank loans at period end amounted to HK$24,680,000, down from HK$110,442,000 as of March 31, 2022, secured by certain deposits[161]. Business Operations - The Group was primarily engaged in building construction and RMAA works in Hong Kong during the six months ended 30 September 2022[22][24]. - Revenue during the period was solely derived from the contract works business in Hong Kong, with no segment information presented for prefabrication[36][37]. - The Group is organized into two reportable operating segments: contract works and prefabrication[35]. - The contract works segment acts as a main contractor or sub-contractor primarily for building construction and RMAA works[35]. - The prefabrication segment engages in manufacturing, processing, and sale of pre-fabrication items[35]. Acquisitions and Investments - The acquisition of Gain Capital Corporation Limited was made for upstream expansion into the prefabrication business[22][24]. - The Group completed the acquisition of Gain Capital for a cash consideration of HK$181,400,000 on May 5, 2022[81]. - The Group acquired the Huizhou Factory for HK$213,388,000 during the reporting period, marking a significant investment in property, plant, and equipment[59]. - The net assets acquired in the GC Acquisition included property, plant, and equipment valued at HK$213,388,000 and cash and bank balances of HK$1,093,000[86]. - The total cash outflow related to the GC Acquisition, including transaction costs, was HK$181,389,000[87]. Future Outlook - The company has not disclosed specific future outlook or guidance in the provided content[7]. - The Group expects significant cash consumption in the coming six months due to the redevelopment of the Site and construction of the Huizhou Factory[140]. - The construction industry outlook in Hong Kong is promising due to strong demand for housing and healthcare services, supported by government development projects[176]. - The HKSAR Government plans to provide 360,000 public housing units from 2023 to 2032, aiming to meet a 10-year target of 301,000 units[174]. Share Capital and Ownership - The Group's share capital remained unchanged at HK$20,000,000, with 2,000,000,000 ordinary shares issued and fully paid as of September 30, 2022[73][74]. - No share options were granted from the adoption of the share option scheme on August 31, 2018, up to the date of the interim financial information approval[80]. - The Company did not have any arrangements enabling Directors or their families to acquire benefits through share or debenture purchases during the six months ended September 30, 2022[193]. - The entire issued share capital of Golden More Limited is legally and beneficially owned by Mr. NGAI[188].
安保工程控股(01627) - 2023 - 中期财报