Financial Performance - The group achieved a revenue of HKD 408.2 million for the fiscal year ending March 31, 2022, reflecting a robust development despite challenges[7]. - The group's revenue for the year ended March 31, 2022, was approximately HKD 408.2 million, an increase of about 47.6% compared to HKD 276.6 million in the previous fiscal year[25]. - Gross profit for the same period was approximately HKD 51.4 million, up about 74.8% from HKD 29.4 million in the previous year, with a gross margin increase from 10.6% to 12.6%[25][26]. - Net profit for the year ended March 31, 2022, was approximately HKD 36.9 million, compared to HKD 15.7 million in the previous fiscal year, driven by improved project gross margins and increased other income[37]. - The group's total assets increased by approximately 10.1% from HKD 253.6 million to HKD 279.1 million as of March 31, 2022[38]. - Current assets rose by approximately 37.8% from HKD 204.1 million to HKD 281.2 million, primarily due to an increase in cash generated from operating activities[38]. - Cash and cash equivalents as of March 31, 2022, were HKD 153.3 million, up from HKD 107.1 million in the previous year[39]. - The group's debt-to-equity ratio increased to approximately 1.5% as of March 31, 2022, compared to 0.6% in the previous year[41]. - The group recorded a share of profit from associates of approximately HKD 14.8 million for the year, compared to HKD 13.2 million in the previous year[32]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.035 per share, reflecting confidence in the group's future and financial stability[10]. - The company proposed a final dividend of HKD 0.035 per share, an increase from HKD 0.03 per share in the previous year[79]. - The proposed final dividend is subject to approval at the annual general meeting scheduled for August 23, 2022[84]. - The group received cash dividends totaling USD 1.9 million (approximately HKD 15.0 million) from its 20.3% stake in a Pakistan Belt and Road project[16]. - The group received dividends totaling approximately USD 1.9 million (equivalent to about HKD 15.0 million) from Rich Partner Global Limited, with cumulative dividends over the past three years amounting to approximately HKD 33.9 million[50]. Contracts and Projects - The group secured two new public works contracts in June and August 2021, with contract values of approximately HKD 306.6 million and HKD 467.7 million respectively[7]. - The estimated remaining contract value for ongoing projects is approximately HKD 1,306.8 million[16]. - The group anticipates increased government spending on public infrastructure to stimulate the local economy[7]. Operational Efficiency and Future Outlook - The group is optimistic about future market conditions and aims to increase market share and operational efficiency[13]. - The group plans to actively seek further acquisition opportunities and business collaborations to enhance operational efficiency and profitability[13]. - The group is actively seeking new investment opportunities to achieve sustainable returns and diversification, despite challenges posed by the global pandemic[50]. - The group has no major investment or capital asset plans for the future but will continue to monitor industry developments[53]. Employee and Safety Measures - The group continues to focus on employee safety and has maintained zero fatal accidents compared to industry statistics[12]. - The group has implemented strict COVID-19 prevention measures to ensure a safe working environment for employees[7]. - The group’s workforce increased to 171 full-time employees as of March 31, 2022, up from 123 in the previous year[48]. - Employee costs (excluding director remuneration) for the year ended March 31, 2022, totaled approximately HKD 64.7 million, up from HKD 49.1 million in the previous year[96]. - The group received government subsidies of approximately HKD 6.2 million from the "Employment Support" scheme, which offset employee costs for the year ended March 31, 2021[96]. - The group has improved overall safety performance and aims to reduce the accident rate in future years[185]. Corporate Governance - The company is committed to maintaining high standards of corporate governance as per the listing rules[126]. - The company emphasizes the importance of good corporate governance to enhance shareholder value and protect shareholder interests[131]. - The company has adopted the new corporate governance code effective from January 1, 2022, and will comply with it in the fiscal year starting from that date[132]. - The board of directors is composed of a balanced mix of members to ensure independent judgment on all discussions[133]. - The company has appointed three independent non-executive directors, constituting at least one-third of the board, with at least one possessing appropriate professional qualifications[139]. - The company has established a three-year service contract for executive directors, with provisions for termination requiring three months' written notice[145]. - The board is required to meet at least four times a year, ensuring regular oversight of the company's performance and risk management[140]. - The company has arranged appropriate insurance for its directors and senior officers to cover costs and liabilities arising from their duties[141]. - The company will review its governance structure periodically and make adjustments as necessary[142]. Audit and Compliance - The audit committee held four meetings to review the financial reporting procedures and the effectiveness of risk management and internal control systems, confirming compliance with applicable standards and regulations[166]. - The external auditor confirmed the independence and objectivity in verifying the financial statements, ensuring they fairly represent the group's financial status and performance[196]. - The group has engaged independent professionals to conduct internal audits and reviews of the risk management and internal control systems, confirming their effectiveness[171]. - The audit committee reviewed the adequacy of resources and training programs for accounting and financial reporting functions[171]. - The group has implemented procedures for handling and disclosing inside information in compliance with relevant regulations[172]. Charitable Contributions - The group made charitable donations amounting to HKD 536,100 for the year ended March 31, 2022[88].
万景控股(02193) - 2022 - 年度财报