Financial Performance - Revenue for the year ended March 31, 2023, was HK$5,079,222, a decrease of 8.9% from HK$5,577,514 in 2022[13] - Gross profit increased to HK$314,888, representing a 24.3% increase from HK$253,223 in the previous year[13] - Profit for the year was HK$174,068, up 41.5% from HK$122,880 in 2022[13] - Revenue for the year ended 31 March 2023 decreased by 8.9% to HK$5,079,222,000 from HK$5,577,514,000 for the year ended 31 March 2022[27] - Net profit for the year ended 31 March 2023 amounted to HK$174,068,000, representing an increase of 41.7% from HK$122,880,000 in 2022[31] - Basic earnings per share for the year ended 31 March 2023 amounted to HK8.70 cents, up from HK6.14 cents in 2022[31] - The overall gross profit margin improved from 4.5% in the previous year to 6.2% for the year ended March 31, 2023[61] - The decrease in revenue was primarily due to the completion of a substantial building construction project that contributed over 50.5% of the revenue in the previous year[60] Assets and Equity - Non-current assets rose to HK$1,658,772, an increase of 27% from HK$1,305,917 in 2022[16] - Current assets increased to HK$2,967,709, up 13.3% from HK$2,620,491 in 2022[16] - Total equity as of March 31, 2023, was HK$1,520,274, reflecting a growth of 6.9% from HK$1,422,423 in 2022[16] - The net assets of the company stood at HK$1,520,274, indicating a solid financial position[16] - The net asset value attributable to owners of the parent as at 31 March 2023 amounted to HK$1,520,274,000, representing an increase of 6.9% from HK$1,422,423,000 as at 31 March 2022[32] - The Group's total equity as of March 31, 2023, was HK$1,520,274,000, an increase from HK$1,422,423,000 as of March 31, 2022[81] Expenses and Costs - Administrative expenses decreased to HK$83,577, down 3% from HK$86,847 in 2022[13] - Finance costs increased to HK$24,508, a rise of 113% from HK$11,506 in 2022[13] - Other income and gains rose from HK$2,405,000 for the year ended March 31, 2022, to HK$12,109,000 for the year ended March 31, 2023, mainly due to subsidies received and increased interest income[66] - The overall gross profit margin increased from 4.5% for the year ended March 31, 2022, to 6.2% for the year ended March 31, 2023, primarily due to lower actual costs incurred on a significant construction project[64] Dividends - The Board recommended a final dividend of HK5.0 cents per share for the year ended 31 March 2023, compared to HK3.5 cents in 2022[35] - The total final dividend amounted to HK$100,000,000 based on 2,000,000,000 ordinary shares in issue[36] Market Outlook - The projected demand for public housing in the next 10 years will be 301,000 units, with sufficient land identified to build about 360,000 units[37] - The HKSAR Government's annual capital works expenditure will exceed HK$100 billion in the next few years[38] - The medium to long-term outlook of the construction industry in Hong Kong looks promising due to high demand for housing and the development plan of the "Northern Metropolis"[42] - The Group anticipates sustainable and stable tendering opportunities for construction contracts from the public sector due to government commitments in housing and infrastructure development[59] Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the financial year ended March 31, 2023[172] - The Board of Able Engineering Holdings Limited consists of nine Directors, including three Executive Directors, one Non-executive Director, and five Independent Non-executive Directors as of March 31, 2023[180] - The Company has established a rigorous system of checks and balances to ensure effective corporate governance[171] - The Company aims to achieve business excellence and fulfill its mission through a well-balanced corporate governance system[173] - The Board monitors and evaluates the performance of the management of the Group periodically[179] Management and Board Experience - Mr. Cheung Ho Yuen has over 26 years of experience in the construction industry and has been the CEO since February 2020[129] - Mr. Lau Chi Fai has over 30 years of experience in the construction industry and is responsible for project management and contract administration[131] - The company has a diverse board with members experienced in engineering, education, and finance, enhancing its governance and strategic oversight[158] - The diverse expertise of the board members supports the company's strategic decision-making and long-term growth objectives[161] Employee Information - The Group employed 320 full-time employees as of March 31, 2023, down from 352 employees as of March 31, 2022[119] - The Group's employee remuneration includes discretionary bonuses and share options based on performance, with benefits such as medical insurance and education subsidies[119]
安保工程控股(01627) - 2023 - 年度财报