Financial Performance - Revenue for the six months ended June 30, 2022, was HK$27,783,595, a slight increase of 1.25% compared to HK$27,438,408 in the same period of 2021[19]. - Profit before tax for the six months ended June 30, 2022, was HK$11,691,394, compared to a profit of HK$1,254,584 in the same period of 2021[19]. - For the six months ended June 30, 2022, the total comprehensive income was HK$10,391,558, compared to a total comprehensive expense of HK$56,874,902 for the same period in 2021[25]. - The Group reported a net loss of HK$19,844,422 from financial assets at fair value through profit or loss (FVTPL) for the three months ended 30 June 2022[44]. - The Group recorded an unaudited consolidated profit attributable to owners of approximately HK$10.39 million for the Review Period, a significant improvement from a loss of approximately HK$56.87 million for the six months ended 30 June 2021[158]. Assets and Liabilities - Total non-current assets decreased to HK$283,414,544 as of June 30, 2022, from HK$311,171,195 as of December 31, 2021, representing a decline of approximately 8.9%[22]. - Current assets increased to HK$193,141,915 as of June 30, 2022, compared to HK$160,956,695 as of December 31, 2021, reflecting an increase of about 19.9%[22]. - Total equity as of June 30, 2022, was HK$470,223,939, an increase from HK$459,832,381 as of December 31, 2021, showing a rise of about 2.5%[22]. - The Company reported a retained loss of HK$(313,730,008) as of June 30, 2022, compared to a retained loss of HK$(349,459,498) as of June 30, 2021[25]. - As of June 30, 2022, cash and cash equivalents at the end of the period were HK$14,571,193, down from HK$15,066,117 at the end of June 30, 2021[28]. Operational Efficiency - The company has achieved a 30% reduction in operational costs through efficiency improvements and strategic partnerships[9]. - Administrative expenses for the six months ended June 30, 2022, were HK$6,576,896, a decrease from HK$7,879,535 in the same period of 2021[19]. - The Group's total interest expenses for the six months ended June 30, 2022 were HK$400,339, down from HK$458,379 in 2021, indicating a reduction of 12.7%[46]. - The Group recorded a reversal of impairment loss on loans receivables of approximately HK$33.39 million, a significant decrease from a net impairment loss of approximately HK$63.85 million in the corresponding period of 2021[147]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[9]. - Market expansion efforts include targeting Southeast Asia, with an expected increase in market share by 10% within the next two years[9]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and market presence, with a focus on companies in the fintech sector[9]. - A new product line is set to launch in Q4 2022, anticipated to contribute an additional $2 million in revenue[9]. Corporate Governance - The Company is committed to high standards of corporate governance, complying with all code provisions of the Corporate Governance Code except for specific provisions related to the chairman's role[187]. - The position of the chairman of the Board has remained vacant since the passing of the former chairman on March 9, 2020[187]. - The Board of Directors is composed of experienced members who can make significant decisions collectively, ensuring effective and efficient operations despite the absence of a Chairman[189]. Market Conditions - The ongoing COVID-19 pandemic has negatively impacted customer repayment and reduced customer visits, leading to uncertainties in business performance[132]. - The Group continues to focus on conducting money lending business, providing both secured and unsecured loans to individuals, corporations, and foreign domestic workers[131]. - The Group has implemented measures to maintain hygiene standards and has processed most loan applications online during the Review Period[133]. Share Trading and Compliance - The trading of the Company's shares remains suspended as of the date of the financial statements approval[31]. - The trading of the Company's shares has been suspended since November 24, 2017, and will remain suspended until further notice[200]. - The Company continues to communicate with the Securities and Futures Commission (SFC) to address concerns and aims for a resumption of trading as soon as possible[200].
FIRST CREDIT(08215) - 2022 - 中期财报