Financial Performance - For the six months ended June 30, 2022, the Group recorded a revenue of approximately HK$573,831,000, representing a significant increase of approximately 507% compared to HK$94,591,000 in the same period of 2021[7]. - Gross profit for the same period was approximately HK$17,624,000, reflecting a substantial increase of approximately 978% from HK$1,635,000 in the prior year[7]. - The Group achieved a net profit of approximately HK$18,079,000, compared to a net loss of approximately HK$157,000 in the same period of 2021[7]. - Profit before taxation for the six months ended June 30, 2022, was HK$22,602,000, a notable rise from HK$1,338,000 in the previous year[87]. - Total comprehensive income for the period was approximately HK$9,830,000, compared to approximately HK$7,970,000 in the same period of 2021, reflecting an increase of about 23%[33]. - Basic and diluted earnings per share for the period were HK3.70 cents, a recovery from a loss of HK(0.03) cent in the previous year[87]. Cost Management - Finance costs decreased to approximately HK$2,871,000, down from approximately HK$5,361,000 in the same period of 2021[7]. - Selling and distributing expenses decreased by approximately 36% to approximately HK$544,000, primarily due to the reallocation of costs from the discontinued supply chain business[19]. - "Sales and distribution expenses" decreased by approximately 36% to about HK$544,000, compared to approximately HK$850,000 in the same period of 2021[23]. - "Administrative expenses" increased by approximately 18% to about HK$12,883,000, up from approximately HK$10,901,000 in the same period of 2021, due to additional professional fees incurred[26]. - "Finance costs" decreased by approximately 46% to about HK$2,871,000, compared to approximately HK$5,361,000 in the same period of 2021, due to repayments of bank borrowings[28]. Business Strategy - The Group has ceased its electronic products business since March 2020 to focus on uranium trading, following the evaluation of financial and inventory risks[8]. - The Group is actively seeking high-quality uranium resource projects to complement the development of its parent group[8]. - The Group plans to focus on the development of uranium products trading and actively seek high-quality uranium resources projects to complement its parent group's development[33]. - The Group has entered into a framework agreement to act as the prioritized supplier of natural uranium products for China National Uranium Corporation, enhancing its market position[33]. Cash Flow and Assets - The Group recorded a net cash inflow of approximately HK$21,005,000 during the Period, compared to a net cash outflow of approximately HK$28,358,000 in the 2021 Period[44]. - The Group's cash on hand and bank balances increased from approximately HK$120,646,000 as at 31st December, 2021 to approximately HK$137,704,000 as at 30th June, 2022[44]. - Total shareholders' funds increased from approximately HK$311,798,000 as at 31st December, 2021 to approximately HK$345,249,000 as at 30th June, 2022[44]. - The Group's financial position remained healthy despite the challenges faced by its associate[44]. Taxation and Liabilities - "Income tax expense" increased to approximately HK$4,523,000 from approximately HK$1,495,000 in the same period of 2021, primarily due to provisions for PRC withholding tax[29]. - The income tax payable surged to HK$5,620,000 from HK$884,000, representing a significant increase of approximately 535.5%[90]. - Contract liabilities increased dramatically to HK$200,304,000 from HK$14,186,000, reflecting a growth of approximately 1,313.5%[90]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the period, despite being unable to issue audited results for 2020 and 2021[58]. - An Audit Committee has been established to oversee the financial reporting process and internal controls, comprising three Independent Non-executive Directors and one Non-executive Director[64]. - The company has established a Remuneration Committee to determine the remuneration of Directors, consisting of three Independent Non-executive Directors and one Executive Director[67]. - A Nomination Committee has been formed to review the Board structure and identify qualified individuals for Board membership[67]. Trading and Reporting - The company is in the process of resuming trading in its shares, with a review substantially completed as of July 28, 2022[70]. - The interim report for the six months ended June 30, 2022, will be published on the Stock Exchange's website and sent to shareholders[72]. - The Company plans to publish audited results and annual reports for 2020 and 2021 as soon as practicable, with the timeframe subject to further assessment by the Board[80]. - The Company will provide quarterly updates on its development in accordance with Rule 13.24A of the Listing Rules[81].
中核国际(02302) - 2022 - 中期财报