Financial Performance - For the year ended March 31, 2023, Sanbase Corporation reported a revenue increase of approximately 25% year-on-year to approximately HK$520 million[22]. - The Group's revenue increased by 25.3% from HKD 413.1 million for the year ended March 31, 2022, to HKD 517.6 million for the year ended March 31, 2023, primarily due to the increase in revenue from bare shell fit-out projects[40]. - Gross profit rose by 47.0% to HKD 33.4 million, with a gross profit margin of 6.5%, up from 5.5%[33]. - The Group's overall direct margin increased by 32.7% to HKD 66.9 million in 2023, with a direct margin ratio of 12.9%, up from 12.2% in the previous year[54]. - Profit for the year was HKD 2.9 million, compared to a loss of HKD 7.2 million last year[67]. - The Group successfully turned a profit of HKD 1.0 million, compared to a loss of HKD 5.7 million in the previous year[33]. - The Group's profit for the year was HKD 2.9 million, a significant recovery from a loss of HKD 7.2 million recorded in the previous year[60]. Project and Operational Highlights - The number of bare shell fit-out projects increased from 33 to 40, while the total number of projects rose from 131 to 140[22]. - The company is focusing on larger scale and higher profit margin bare shell fit-out projects in response to improved market conditions[22]. - The Group remains optimistic about the Grade A commercial property fit-out industry in Hong Kong, anticipating increased demand due to new commercial properties and the resumption of cross-border travel[27]. - The Group was awarded 30 new bare shell fit-out projects with a total project sum of HKD 406.2 million from April 1, 2022, to the date of the annual report[48]. - The Mainland segment's revenue decreased by nearly 40% year-on-year, but both gross profit and net profit reversed previous losses, positively contributing to the Group's performance[26]. Economic Context - Hong Kong's GDP in the first quarter of 2023 rose by 2.7% year-on-year, ending four consecutive quarters of decline[21]. - Economic growth in Hong Kong is expected to reach 4% or more during the year, according to forecasts from major banks[21]. - The overall office vacancy rate in Hong Kong remained around 12%, despite an increase in the supply of office buildings[21]. - The outlook for 2023 indicates a stable demand for commercial buildings, with an overall office vacancy rate remaining at 12%[85]. Cost and Expenses Management - Cost of sales rose by 24.0% to HKD 484.2 million in 2023, in line with the revenue increase[50]. - Administrative expenses decreased by 5.3% to HKD 28.7 million in 2023, mainly due to reductions in staff costs and entertainment expenses[57]. - Financial costs decreased from HKD 0.2 million last year to HKD 0.1 million for the year ended March 31, 2023[65]. Shareholder and Dividend Information - No final dividend was recommended for the year ended March 31, 2023, consistent with the previous year[62]. - The Company is committed to a proactive, stable, and sustainable dividend policy, balancing shareholder expectations with prudent fund management[142][146]. - The Board does not recommend the payment of a final dividend for the year ended March 31, 2023, consistent with the previous year where no dividend was declared[143][147]. Leadership and Governance - The Company has a strong leadership team with diverse backgrounds in various industries, enhancing its operational capabilities[98]. - The Company has appointed experienced directors to oversee compliance and corporate governance matters[99]. - The Company is focused on business development and strategic planning to drive growth and operational efficiency[96]. - The Company emphasizes the importance of human resources and administrative management in its operational strategy[94]. Compliance and Risk Management - The Group has complied with all relevant laws and regulations, including the Companies Act and GEM Listing Rules[136]. - The Group's liquidity and financial position may be adversely affected if progress payments or retention money are not received in full and on time[132]. - The Group's business operations may be impacted by external factors such as public health incidents, which could slow project progress[126]. Employee Relations - Competitive remuneration packages were provided to employees to recognize their contributions during the year[134]. - The Group is committed to minimizing its carbon footprint and promoting environmental awareness among employees[127]. Shareholding Structure - As of March 31, 2023, Mr. Wong Sai Chuen holds 112,500,000 shares, representing 56.25% of the issued share capital[190]. - Ms. Hui Man Yee, as the spouse of Mr. Wong Sai Chuen, is also deemed to be interested in 112,500,000 shares, which is 56.25% of the issued share capital[190]. - J&J Partner Investment Group Limited owns 37,500,000 shares, which is 18.75% of the company's issued shares[198]. - No other substantial shareholders or persons have been reported with interests or short positions in the shares of the company as of March 31, 2023[200].
庄皇集团公司(08501) - 2023 - 年度财报