Financial Performance - The Group's revenue increased by approximately 20.3% from approximately HK$357.5 million for the year ended March 31, 2022, to approximately HK$429.9 million for the year ended March 31, 2023[15]. - The Group recorded a net loss of approximately HK$4.8 million for the year ended March 31, 2023, a decrease of approximately HK$27.1 million compared to a net loss of approximately HK$31.9 million for the year ended March 31, 2022[15]. - The decrease in net loss was mainly due to an increase in sales and transportation of diesel oil, a decrease in expected credit loss allowance by approximately HK$8.5 million, and the absence of a one-off loss of approximately HK$15.4 million incurred in the previous year[15]. - The increase in revenue was primarily due to increased demand from construction and logistics customers, as well as higher diesel oil prices during the year ended March 31, 2023[42]. - The Group's revenue from diesel oil, marine diesel oil, and lubricant oil accounted for approximately 98.2%, 1.1%, and 0.7% of total revenue for the year ended March 31, 2022, indicating a shift in revenue distribution[41]. - The Group's cost of sales was approximately HK$413.7 million for the year ended March 31, 2023, an increase of approximately 17.3% from approximately HK$352.6 million for the year ended March 31, 2022[45]. - Gross profit increased by approximately HK$11.3 million from approximately HK$4.9 million for the year ended March 31, 2022, to approximately HK$16.2 million for the year ended March 31, 2023, with the gross profit margin rising from approximately 1.4% to approximately 3.8%[47]. - The Group recognized a loss of approximately HK$4.8 million for the year ended March 31, 2023, compared to a net loss of approximately HK$31.9 million for the previous year, resulting in a negative net profit margin of approximately 1.1%[49]. Assets and Liabilities - Current assets amounted to approximately HK$129.0 million as at 31 March 2023, compared to approximately HK$131.4 million as at 31 March 2022, while current liabilities decreased to approximately HK$82.2 million from approximately HK$85.3 million[54]. - The current ratio improved to approximately 1.6 as at 31 March 2023, compared to approximately 1.5 as at 31 March 2022[54]. - The maximum limit of borrowing facilities available to the Group increased to approximately HK$75.1 million as at 31 March 2023, up from HK$59.3 million as at 31 March 2022[55]. - The gearing ratio was approximately 45.0% as at 31 March 2023, slightly down from 46.2% as at 31 March 2022[57]. - The Group's net current assets increased to approximately HK$46.8 million as at 31 March 2023, compared to approximately HK$46.1 million as at 31 March 2022[53]. - The Group's equity attributable to owners was approximately HK$101.3 million as of March 31, 2023, compared to approximately HK$95.4 million in 2022[61]. Operational Developments - As of March 31, 2023, the Group operated a fleet of eight diesel tank wagons, a marine oil barge, and a vessel to meet customer requirements[16]. - The Group has conducted marketing and promotional activities and negotiated with potential customers to secure purchase orders for marine diesel oil[18]. - The Group plans to deploy more resources on talent recruitment and strengthen its business development and marketing strategy for diesel oil[36]. - The Group purchased three new diesel tank wagons and replaced two existing ones, with the remaining new wagons expected to be delivered by the end of March 2024[83]. - The Group is actively conducting marketing and promotional activities to secure purchase orders for marine diesel oil[85]. - The Group is in the process of assessing the need for additional diesel tank wagons based on business development[83]. Corporate Governance - The Board is committed to high standards of corporate governance and effective accountability, adhering to the Corporate Governance Code[109]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code[110]. - The Board consists of three independent non-executive Directors, ensuring a strong independence element in its composition[117]. - The Board is responsible for setting the Group's overall strategies and supervising management performance[111]. - The Company has confirmed the independence of its non-executive directors in compliance with GEM Listing Rules[154]. - The Audit Committee is satisfied with the independence of the external auditor, HLB Hodgson Impey Cheng Limited, and recommends their reappointment for the year ending March 31, 2024[160]. - The Company has established a framework for regular meetings of the Audit and Remuneration Committees, ensuring oversight and governance[161][168]. Human Resources - The total number of employees as of 31 March 2023 is 26, a decrease from 28 employees as of 31 March 2022[98]. - The total staff costs amounted to approximately HK$10.1 million, an increase from approximately HK$9.4 million in the previous year[98]. - The recruitment process for new manpower is ongoing, with various methods employed to attract suitable candidates[97]. - Training courses and on-the-job training have been provided to staff to enhance occupational health and safety management[87]. Financial Management - The Group's liquidity position was maintained throughout the year ended March 31, 2023, through prudent financial management[69]. - The company has utilized approximately HK$38.3 million of the total net proceeds of HK$45.1 million by 31 March 2023, leaving HK$6.8 million unutilized[91]. - The planned use of unutilized proceeds includes the purchase of diesel tank wagons (17.3%), marine diesel oil barge (31.0%), manpower strengthening (13.5%), and upgrading information technology systems (8.0%)[91]. - The company completed a rights issue on 15 September 2022, raising approximately HK$11.0 million, which has been fully utilized for loan repayment and general working capital by 31 March 2023[93][94]. Risk Management - The Group's foreign exchange risk primarily arises from transactions settled in Renminbi, with no hedging instruments in place as of March 31, 2023[65]. - The Directors confirm that they are not aware of any material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern[185].
F8企业(08347) - 2023 - 年度财报