Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 155,276,000, representing an increase of 77.1% compared to HKD 87,621,000 in the same period of 2021[4] - Gross profit for the same period was HKD 15,855,000, up 180.5% from HKD 5,654,000 in 2021[4] - The company reported a profit before tax of HKD 7,501,000, compared to a loss of HKD 3,057,000 in the previous year[4] - Basic earnings per share for the period was HKD 0.49, a significant improvement from a loss of HKD 0.22 per share in 2021[4] - The group reported revenue of HKD 155,276,000 for the six months ended June 30, 2022, representing a significant increase of 77% compared to HKD 87,621,000 for the same period in 2021[24] - The revenue from building services engineering was HKD 146,078,000, up from HKD 78,891,000, indicating an increase of 85% year-over-year[24] - The group achieved a profit before tax of HKD 7,501,000 for the six months ended June 30, 2022, compared to a loss of HKD 3,057,000 in the same period of 2021[34] - Basic earnings per share for the six months ended June 30, 2022, were HKD 4.90, compared to a loss per share of HKD 2.20 for the same period in 2021[34] - The company turned a profit with a total comprehensive income of approximately HKD 7.5 million for the six months ended June 30, 2022, compared to a loss of approximately HKD 3.1 million for the same period in 2021[63] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 209,500,000, slightly up from HKD 205,418,000 as of December 31, 2021[6] - Total assets as of June 30, 2022, were approximately HKD 224.0 million, up from approximately HKD 218.2 million as of December 31, 2021[64] - Total liabilities were approximately HKD 81.9 million as of June 30, 2022, compared to approximately HKD 83.5 million as of December 31, 2021[64] - The company’s net assets increased to HKD 142,158,000 from HKD 134,657,000 at the end of 2021[6] Receivables and Cash Flow - Trade receivables and other receivables decreased to HKD 53,874,000 from HKD 68,165,000 at the end of 2021[6] - The net trade receivables as of June 30, 2022, amounted to HKD 37,365,000, compared to HKD 54,854,000 as of December 31, 2021[40] - Cash and cash equivalents decreased to HKD 33,079,000 from HKD 46,879,000 at the end of 2021[6] - The aging analysis of trade receivables shows that HKD 23,413,000 is within 30 days, indicating a healthy collection period[42] Expenses - Administrative expenses remained relatively stable at HKD 9,497,000 compared to HKD 9,395,000 in the previous year[4] - The total employee costs for the period were HKD 25,633,000, an increase from HKD 21,006,000 in the previous year[29] - Employee costs for the six months ended June 30, 2022, were approximately HKD 25.6 million, an increase from HKD 21.0 million for the same period in 2021[81] Capital Expenditures and Investments - The group incurred capital expenditures of approximately HKD 2,568,000 for property, plant, and equipment during the period, compared to HKD 2,278,000 for the same period in 2021[36] - The group did not have any significant investments or capital asset plans as of June 30, 2022[76] Corporate Governance and Compliance - The company has complied with the corporate governance code during the relevant period, except for the separation of roles between the Chairman and CEO[105] - The audit committee was established on September 10, 2015, to review and monitor the group's financial reporting procedures, internal controls, and risk management systems[114] - The unaudited condensed consolidated financial statements for the relevant period have been reviewed by the audit committee and comply with applicable accounting standards and listing rules[116] Market Conditions and Strategy - The company faced increased competition in the construction market due to the negative impact of the COVID-19 pandemic and delays in bidding processes[54] - Management's discussion highlighted the importance of maintaining market share by adjusting contract prices in response to competitive pressures[54] - The company plans to undertake larger projects and expand its service offerings by obtaining additional licenses and hiring qualified personnel[55] Shareholder Information - The total issued ordinary shares were 1,530,000,000, with a total issued capital of HKD 15.3 million as of June 30, 2022[74] - As of June 30, 2022, Mr. Huang holds 653,000,000 shares, representing 42.68% of the company's equity[92] - Ms. Su holds 992,280,000 shares, accounting for 64.86% of the company's equity[92] - The company has not declared any interim dividends for the relevant period[109] - No share options have been granted since the adoption of the share option scheme on September 10, 2015, and there are no unexercised options as of June 30, 2022[112] Financial Ratios - As of June 30, 2022, the current ratio was approximately 2.6 times, compared to 2.5 times on December 31, 2021[65] - The debt-to-equity ratio was zero as of June 30, 2022, consistent with zero on December 31, 2021[68] - The group obtained performance guarantees from banks amounting to approximately HKD 46.6 million as of June 30, 2022, up from HKD 25.1 million on December 31, 2021[65] - The group had unutilized bank financing of HKD 46.8 million as of June 30, 2022, compared to HKD 22.3 million on December 31, 2021[70]
立基工程控股(01690) - 2022 - 中期财报