Financial Performance - Total revenue for the reporting period increased to approximately HKD 262.6 million, representing a growth of about 20.5% compared to approximately HKD 218.0 million in the previous year[17]. - Revenue from refurbishment projects increased to approximately HKD 251.6 million, up about 32.3% from approximately HKD 190.2 million in the previous year[18]. - Revenue from renovation projects decreased to approximately HKD 11.0 million, a decline of about 60.4% from approximately HKD 27.8 million in the previous year[19]. - Gross profit increased to approximately HKD 35.9 million, up from approximately HKD 29.9 million in the previous year[21]. - Profit attributable to owners of the company was approximately HKD 8.3 million, slightly up from approximately HKD 8.2 million in the previous year[23]. - Operating profit increased to HKD 10.191 million from HKD 8.666 million, representing a growth of 17.6%[189]. - Profit before tax was HKD 8.261 million, slightly up from HKD 8.162 million, indicating stable performance despite increased financing costs[189]. - Basic earnings per share rose to 10.33 HKD cents from 10.20 HKD cents, showing a modest increase in shareholder returns[189]. - Total comprehensive income for the year was HKD 8.261 million, consistent with the previous year's performance[189]. Costs and Expenses - Direct costs increased to approximately HKD 226.7 million, reflecting a growth of about 20.5% in line with revenue growth[20]. - Administrative expenses rose to approximately HKD 29.6 million, an increase of about 21.3% from approximately HKD 24.4 million in the previous year[22]. - The company reported a financing cost of HKD 1.930 million, significantly higher than HKD 0.504 million in the previous year, indicating increased borrowing costs[189]. Project and Tender Activity - The group submitted tenders amounting to approximately HKD 2,187.7 million during the reporting period, compared to approximately HKD 4,231.7 million in the previous year[14]. - The group was awarded 6 projects worth approximately HKD 244.3 million, compared to 7 projects worth approximately HKD 119.3 million in the previous year[14]. - The company has secured two renovation projects with a total contract value of approximately HKD 179.8 million and four refurbishment projects totaling approximately HKD 64.5 million since April 1, 2022[26]. Assets and Liabilities - As of March 31, 2023, the company's net current assets were approximately HKD 34.9 million, an increase from HKD 25.7 million on March 31, 2022[28]. - The company's cash and bank balances were approximately HKD 6.2 million as of March 31, 2023, down from HKD 7.8 million a year earlier[28]. - Total assets decreased from HKD 114,275,000 in 2022 to HKD 108,265,000 in 2023, a decline of approximately 5.5%[192]. - Current liabilities decreased from HKD 82,569,000 in 2022 to HKD 79,403,000 in 2023, a reduction of about 3.4%[192]. - Non-current liabilities related to lease liabilities decreased from HKD 4,932,000 in 2022 to HKD 2,896,000 in 2023, a decrease of about 41.3%[195]. - Total equity increased from HKD 28,108,000 in 2022 to HKD 37,728,000 in 2023, reflecting an increase of approximately 34.3%[195]. Risk Management and Governance - The company has established an enterprise risk management framework to identify, assess, and prioritize risks, ensuring effective management of various risks[109]. - Major risks identified include strategic risks, operational risks, and compliance risks, which are monitored by the audit and risk management committee[111]. - The company has appointed an independent internal control review consultant to enhance risk management and internal control systems[108]. - The company is focused on managing liquidity risks through continuous credit assessments and monitoring of its cash flow[30]. - The company has implemented internal control procedures to comply with GEM listing rules and ensure confidentiality and proper disclosure of inside information[108]. Corporate Governance - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring a balance of power and expertise[57]. - The company emphasizes high standards of corporate governance and has complied with the GEM Listing Rules, except for a deviation regarding the roles of chairman and CEO[54]. - The company has adopted a board diversity policy since January 10, 2017, focusing on various criteria such as gender, age, and professional experience to enhance sustainable development[59]. - The board plans to hold four meetings annually, with at least one meeting scheduled each quarter, ensuring proper governance and oversight[62]. - Independent non-executive directors are actively involved in committees, providing valuable skills and expertise to enhance management processes[57]. - The company encourages shareholder participation in annual general meetings and allows proxy voting for those unable to attend[66]. - The company has a strong commitment to transparency and accountability, aiming to enhance shareholder confidence through strict governance practices[54]. Shareholder Information - Shareholders holding at least 10% of the voting shares can request a general meeting if the board does not convene one within 21 days of the request[96]. - The board will continuously review the dividend policy, which allows shareholders to share in profits while retaining funds for future growth opportunities[102]. - The board does not recommend the payment of dividends for the reporting period, consistent with the previous year[119]. Environmental and Operational Considerations - The group has implemented measures to control air pollution, noise pollution, and waste management during operations, with no known serious violations of environmental laws[123]. - The group relies on subcontractors for most site works, which poses operational risks if the quality of their work does not meet project requirements[112]. - The group has no internal audit function but reviews the need for such a function annually, opting for external professionals to fulfill this role[113]. Market Position and Competition - The group faced intensified competition in the Hong Kong renovation and refurbishment industry, with new entrants potentially impacting profit margins and market share[112]. - The company has established strong relationships with major clients and suppliers, contributing to its competitive advantage in the market[26]. - The group has established strong relationships with suppliers and subcontractors, ensuring reliable sourcing of materials and services[121].
艾硕控股(08341) - 2023 - 年度财报