Financial Performance - The Group recorded consolidated revenue from continuing operations of approximately HK$736.0 million, representing a decrease of 14.8% from the previous year[20]. - Gross profit from continuing operations amounted to HK$103.9 million, an increase of 4.1% compared to the previous year[20]. - Profit attributable to owners of the Company from continuing operations was HK$34.6 million, a decrease of 57% from the previous year[20]. - Earnings per share from continuing and discontinued operations was HK$0.08, down from HK$0.10 in the previous year[20]. - For the 2022 Financial Year, the revenue from continuing operations decreased to approximately HK$736.0 million, a decrease of 14.8% compared to HK$863.9 million in the previous year[36][39]. - Revenue from the foundation and other civil works segment decreased by approximately 22.8% from HK$769.4 million in 2021 to approximately HK$594.3 million in 2022, primarily due to project completions and the impact of COVID-19[51]. - Revenue from the tunneling works segment increased by approximately 50.0% to approximately HK$141.7 million in 2022, driven by the full swing of several projects commenced in the previous year[52]. - The overall gross profit increased from approximately HK$99.8 million in 2021 to approximately HK$103.9 million in 2022, representing an increase of approximately 4.1%[53]. - The consolidated profit attributable to the owners of the Company from continuing operations decreased by 56.5% to approximately HK$34.6 million for the 2022 Financial Year, down from approximately HK$79.5 million in 2021[70][71]. - Return on total assets decreased to 3.9% for the 2022 Financial Year from 8.2% in the previous year, while return on equity fell to 7.3% from 20%[72]. Contracts and Projects - The Group was awarded 15 contracts with original contract sums totaling HK$922.5 million, with outstanding contract value of approximately HK$906.9 million as of March 31, 2022[21]. - The Group was awarded 15 contracts with original contract sums of approximately HK$922.5 million, including 12 contracts for foundation works totaling approximately HK$501.8 million and 3 contracts for tunneling works totaling approximately HK$420.7 million[40][46]. - As of March 31, 2022, the Group had 26 major contracts on hand with an outstanding contract value in Hong Kong amounting to approximately HK$906.9 million, an increase from HK$586.2 million as of March 31, 2021[41][46]. - As of March 31, 2022, 79.9% of the apartments in the Birmingham Property Project have been sold, contributing approximately HK$3.6 million to profits for the financial year[15]. - The share of profits from the Birmingham Property Project for the 2022 Financial Year was approximately HK$3.6 million, with 79.9% of the 304 residential apartments sold[34]. Strategic Initiatives - The Group has diversified into premises revitalization and enhancement business through cooperation agreements in Guangzhou, a first-tier city in China[14]. - The Group has entered into four cooperation agreements for premises revitalization in Guangzhou, with an estimated total gross leasable area of approximately 76,000 square meters after renovation[33][43]. - The Group plans to enhance its premises revitalization and enhancement business by improving design, convenience, and security, while introducing environmentally friendly features[44]. - The Group disposed of its aquatic products business to improve overall liquidity and profitability[16]. - The disposal of BGI Marine is part of the Group's strategy to streamline operations and focus on core business areas[94]. Financial Position - The Group maintains a healthy financial position with net current assets of HK$241.8 million and a net cash position at the financial year end[20]. - As of March 31, 2022, the Group had bank balances and cash of approximately HK$161.4 million, up from HK$71.1 million a year earlier[76][82]. - The Group's current ratio improved to approximately 2.6 times as of March 31, 2022, compared to 1.4 times in the previous year[78]. - Capital expenditure for the Group was approximately HK$43.5 million in the 2022 Financial Year, an increase from approximately HK$40.7 million in 2021[73][74]. - Capital commitments related to renovation work and machinery purchases amounted to approximately HK$41.2 million as of March 31, 2022, significantly up from HK$4.4 million in 2021[79][83]. Governance and Compliance - The Company has complied with the corporate governance code provisions during the 2022 Financial Year, maintaining high standards of accountability and transparency[99]. - The Board comprises nine members, including five Executive Directors, one Non-executive Director, and three Independent Non-executive Directors, ensuring a balance of skills and experience relevant to the Group's business[104]. - The Chairman and Chief Executive Officer roles are segregated, with Mr. Jim Yin Kwan Jackin serving as Chairman and Mr. Yan Chi Tat as Chief Executive Officer, ensuring effective leadership and management[108]. - The Company has arranged Directors and Officers Liability Insurance to protect against legal actions related to the execution of their duties[106]. - The Audit Committee consists of three Independent Non-executive Directors as of March 31, 2022[122]. Risk Management - The internal control and risk management systems aim to provide reasonable assurance in achieving the Company's objectives[199]. - The Group has engaged an external internal control consultant to review the effectiveness of its internal control and risk management systems[200]. - The Audit Committee oversees the internal control and risk management systems and reports any material issues to the Board[200]. - The Company does not have an internal audit function but relies on external consultants for internal control reviews[200]. Dividend Policy - The Company has adopted a Dividend Policy, allowing the Board to declare and distribute dividends at its discretion, subject to applicable laws and regulations[192]. - The Board will consider various factors, including the Group's financial performance and economic outlook, when declaring dividends[193]. - No interim dividends were paid during the 2022 Financial Year, and the Board does not recommend a final dividend for the same period, consistent with the previous year[95].
义合控股(01662) - 2022 - 年度财报