Revenue and Profitability - The group's revenue increased from approximately HKD 215,796,000 for the six months ended June 30, 2022, to approximately HKD 230,283,000 for the six months ended June 30, 2023, representing a growth of about 6.7%[8] - Revenue from public sector projects, specifically utility construction services, rose from approximately HKD 106,112,000 to approximately HKD 153,243,000 during the same period, driven by ongoing construction projects in Tung Chung East[8] - The group's gross profit for the six months ended June 30, 2023, was approximately HKD 18,269,000, with a gross margin of 7.9%, compared to a gross profit of approximately HKD 17,179,000 and a margin of 8.0% for the same period in 2022[8] - The net profit attributable to the owners of the company for the six months ended June 30, 2023, was approximately HKD 4,176,000, a decrease of about HKD 9,260,000 compared to HKD 13,436,000 for the same period in 2022[9] - The company reported a basic and diluted earnings per share of HKD 0.86 for the six months ended June 30, 2023, down from HKD 2.75 for the same period in 2022[11] Expenses and Costs - Other income significantly decreased from approximately HKD 8,552,000 to approximately HKD 22,000, primarily due to the reduction in government grants related to the employment support scheme[9] - Administrative expenses increased from approximately HKD 12,115,000 to approximately HKD 12,993,000 during the reporting period[11] - Financing costs rose from approximately HKD 499,000 to approximately HKD 1,571,000, indicating increased borrowing costs[11] - The group incurred subcontracting costs of 10,878 thousand HKD for the six months ended June 30, 2023, down from 18,062 thousand HKD in the same period of 2022, indicating improved cost management[36] - Service costs rose from approximately HKD 198,617,000 to approximately HKD 212,014,000, an increase of about HKD 13,397,000 or 6.7%[86] Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 176,436 thousand, an increase of 23.7% from HKD 142,575 thousand as of December 31, 2022[13] - The total equity attributable to owners of the company increased to HKD 73,384 thousand as of June 30, 2023, up from HKD 69,208 thousand as of December 31, 2022, reflecting a growth of 5.4%[14] - The company’s total liabilities increased to HKD 118,857 thousand as of June 30, 2023, compared to HKD 86,824 thousand as of December 31, 2022, representing a rise of 36.8%[13] - The company’s cash and cash equivalents decreased to HKD 9,169 thousand as of June 30, 2023, from HKD 12,584 thousand at the end of 2022, a decline of 27.5%[20] - The group reported a profit of HKD 4,176 thousand for the six months ended June 30, 2023, compared to HKD 13,436 thousand for the same period in 2022, reflecting a decrease of 68.9%[16] Market and Future Outlook - The company is focused on expanding its public sector project portfolio, which has shown significant revenue growth in recent periods[8] - The management remains cautious about future performance due to the volatility in the market and potential impacts from external economic factors[9] - The group is focusing on expanding its tunnel construction services, supported by major infrastructure projects like the Central Kowloon Route and the three-runway system at Hong Kong International Airport[79] - The group operates solely in Hong Kong, making its performance highly dependent on government policies and the local economic environment[78] Share Capital and Governance - The total issued and paid-up share capital as of June 30, 2023, is HKD 4,878,000, with 487,808,000 shares issued[63] - The company has adopted and complied with the corporate governance code as per GEM Listing Rules since its listing date on February 22, 2017[120] - The audit committee, consisting of three independent non-executive directors, reviewed the interim report for the six months ended June 30, 2023, confirming compliance with applicable accounting standards and GEM Listing Rules[123] Contracts and Commitments - The company has secured new contracts totaling approximately HKD 22,091,000 and change orders amounting to about HKD 26,583,000 during the six months ended June 30, 2023[73] - The total backlog of confirmed revenue from new contracts and carryover from 2022 is approximately HKD 856,351,000 as of June 30, 2023[74] - The company has capital commitments for the acquisition of property, machinery, and equipment amounted to approximately HKD 4,371,000, an increase from HKD 2,386,000 as of December 31, 2022[70] Employee and Management Information - The group’s employee benefit expenses, including director remuneration, totaled 101,314 thousand HKD for the six months ended June 30, 2023, down from 129,535 thousand HKD in the same period of 2022, reflecting a reduction in workforce costs[36] - The group did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[39] - The company has not engaged in any related party transactions during the reporting period[68]
骏杰集团控股(08188) - 2023 - 中期财报