Revenue Performance - Revenue from Hong Kong market was approximately HK$168.2 million for the year ended March 31, 2023, up from HK$104.9 million in 2022, representing a growth of 60.5%[23] - Revenue from Macau market decreased to approximately HK$2.4 million in 2023 from HK$5.5 million in 2022, a decline of 56.4%[23] - Revenue from the Hong Kong market for the year ended March 31, 2023, was approximately HKD 168,200,000, an increase from HKD 104,900,000 in 2022, representing a growth of 60.5%[27] - Revenue from the Macau market for the same period was approximately HKD 2,400,000, a decrease from HKD 5,500,000 in 2022, indicating a decline of 56.4%[27] - For the year ended March 31, 2023, the Group recorded total revenue of approximately HK$170.6 million, an increase of approximately 54.5% compared to approximately HK$110.4 million for the year ended March 31, 2022[60] - Revenue increased by approximately HK$60.2 million or 54.5% from approximately HK$110.4 million for the year ended 31 March 2022 to approximately HK$170.6 million for the year ended 31 March 2023[72] Profitability and Financial Performance - The Group's net profit attributable to owners increased significantly from approximately HK$7.5 million for the year ended March 31, 2022, to approximately HK$19.1 million for the year ended March 31, 2023[60] - The Group's gross profit rose by approximately 50.7% from approximately HK$35.7 million for the year ended March 31, 2022, to approximately HK$53.8 million for the year ended March 31, 2023[68] - The gross profit margin slightly decreased from approximately 32.4% for the year ended March 31, 2022, to approximately 31.6% for the same period in 2023[68] - Other income and gains increased significantly by approximately HK$1.9 million from approximately HK$418,000 to approximately HK$2.3 million, primarily due to government subsidies received[74] - Impairment loss on trade and retention receivables decreased from approximately HK$2.4 million to approximately HK$748,000[75] - Income tax expense increased from approximately HK$1.7 million to approximately HK$4.2 million, attributed to an increase in profit before tax from approximately HK$9.2 million to approximately HK$24.0 million[79] - General and administrative expenses rose by approximately HK$6.1 million from approximately HK$24.1 million to approximately HK$30.2 million, mainly due to increased staff costs and marketing expenses[77] Business Environment and Strategy - The local property market in Hong Kong has gradually recovered since the COVID-19 outbreak, but demand in commercial and private residential markets remains weak[23] - The Group anticipates a challenging business environment in Hong Kong and Macau in the coming years due to various economic factors, including global inflation and interest rate hikes[24] - The company anticipates a challenging business environment in Hong Kong and Macau, with ongoing market uncertainties affecting the property sector[28] - The Directors are actively seeking alternative business opportunities to diversify income sources and strengthen competitiveness in the car park flooring and waterproofing sectors[25] - The board is actively seeking alternative business opportunities to diversify revenue sources and enhance competitiveness in the parking lot flooring and waterproofing sectors[29] Financial Position - As of 31 March 2023, cash and cash equivalents were approximately HK$34.4 million, up from approximately HK$23.9 million in 2022, with a current ratio of approximately 2.4 times[88] - Total interest-bearing borrowings decreased from approximately HK$15.9 million to approximately HK$14.0 million, secured by assets with a carrying amount of approximately HK$35.2 million[89] - As of March 31, 2023, the Group's total assets were approximately HK$174.3 million, an increase from approximately HK$149.8 million in 2022[94] - The Group's total liabilities and total equity as of March 31, 2023, were approximately HK$55.6 million and approximately HK$118.7 million, respectively, compared to approximately HK$48.0 million and approximately HK$101.8 million in 2022[100] - The Group's cash and cash equivalents as of March 31, 2023, were approximately HK$34.4 million, up from approximately HK$23.9 million in 2022[91] - The gearing ratio as of March 31, 2023, was approximately 10.5%, a decrease from approximately 13.5% in 2022[96] Corporate Governance - The Company has complied with the principles and applicable provisions of the Corporate Governance Code for the year ended March 31, 2023[125] - The Board of Directors meets regularly to review financial and operational performance, as well as overall strategies and policies[128] - All Directors confirmed full compliance with the securities trading code during the year ended March 31, 2023[126] - The Company has appointed three Independent Non-Executive Directors, representing at least one-third of the Board, ensuring independent judgment[139] - The Board composition includes experienced members with high standards of ethics and integrity, contributing to sustainable business development[136] - The Company received annual confirmations of independence from each Independent Non-Executive Director, maintaining their independent status[140] - The nomination committee is responsible for reviewing the director nomination policy to ensure the Board possesses sufficient skills and diversity relevant to the Company's business[136] - The Board held six meetings during the year ended March 31, 2023, with all directors attending at least 6 out of 6 meetings[150] - The Audit Committee conducted four meetings in the same period, with full attendance from its three members[170] - The Audit Committee reviewed the Group's audited consolidated financial statements for the year ended March 31, 2023, along with the financing, internal control, and risk management systems[171] - The Board is responsible for formulating business strategy and monitoring the Group's performance, ensuring management acts in the best interests of shareholders[153] - The Company emphasizes continuous professional development for directors, recommending attendance at relevant seminars and training sessions[157] - All directors participated in professional development training, with various types of training recorded for the year ended March 31, 2023[162] - The Company has established four Board committees to oversee specific aspects of its affairs, ensuring sufficient resources for their duties[163] - The Board is satisfied with the implementation and effectiveness of the corporate governance policies of the Group[152] Board Diversity and Composition - The Company has adopted a Board diversity policy to ensure a balanced composition, considering factors such as gender, age, and professional experience[197] - The existing Board members come from diverse backgrounds, maintaining female representation at the management level since 2016[198] - The company recognizes the value of gender diversity and appointed a female director to the board in 2016 to maintain female representation at the management level[199] - The board aims to achieve diversity by considering factors such as gender, age, cultural and educational background, race, professional experience, skills, knowledge, and tenure[199] - All current board members come from different industries and professions, providing a variety of skills and perspectives relevant to the company's business needs[199]
邝文记(08023) - 2023 - 年度财报