Financial Performance - For the fiscal year ending March 31, 2022, the company recorded revenue of approximately HKD 79.1 million, an increase of about 2.3% from approximately HKD 77.3 million in the previous fiscal year[20]. - Revenue increased from approximately HKD 77.3 million for the year ended March 31, 2021, to approximately HKD 79.1 million for the year ended March 31, 2022, representing a growth of about 2.3%[22]. - The company recorded a loss of approximately HKD 4.7 million for the year ended March 31, 2022, compared to a profit of approximately HKD 6.3 million for the previous year[34]. - Gross profit decreased from approximately HKD 28.2 million to approximately HKD 26.0 million, a decline of about 7.7%, leading to a gross profit margin drop from approximately 36.4% to 32.8%[25]. - Other income and gains decreased from approximately HKD 5.9 million to approximately HKD 1.7 million, a decline of about 72.1% due to the absence of government subsidies under the employment support scheme[26]. Cost Management - The company has implemented strict cost control measures to mitigate the adverse effects of the challenging macroeconomic environment[15]. - Service costs rose from approximately HKD 49.2 million to approximately HKD 53.1 million, an increase of about 8.1%, with employee costs accounting for approximately 89.1% of total service costs[24]. - General and administrative expenses decreased by approximately HKD 2.2 million or 9.5% to approximately HKD 21.4 million, mainly due to the absence of expenses related to an e-commerce platform business sold in 2021[30]. Business Strategy and Opportunities - The company plans to explore new business opportunities and hire professionals to enhance its operations and provide maximum returns to shareholders in the medium to long term[16]. - The company participated in bidding processes to secure new contracts from both public and private clients during the fiscal year[15]. - The Hong Kong government has launched several development plans, such as the "Northern Metropolis," which present new opportunities for the construction industry[15]. - The company is actively seeking new business opportunities through acquisitions or joint ventures to expand its market share[21]. - The company plans to continue focusing on providing diversified services to existing clients, particularly in the construction sector, driven by increased residential development and land supply in Hong Kong[21]. Employee and Workforce Management - The company employed 141 staff as of March 31, 2022, with total employee costs of approximately HKD 55.5 million for the year[56]. - The company hired 19 new junior and senior engineers to support its geotechnical engineering team, resulting in an employee cost of approximately HKD 8.6 million as of March 31, 2022[61]. - The company incurred an employee cost of about HKD 5.3 million for hiring 18 new junior and senior engineers for civil engineering projects as of March 31, 2022[63]. - The employee turnover rate for 2022 was approximately 33.96%, a decrease from 43.14% in 2021[158]. - The company has established a competitive compensation system, with employee benefits including paid sick leave, maternity leave, and group insurance plans[158]. Environmental, Social, and Governance (ESG) Initiatives - The group expanded its environmental, social, and governance (ESG) key performance indicators (KPIs) reporting scope to include the Shenzhen office, which was not covered in the previous year's report, representing approximately 98% of the group's revenue[113]. - The group is committed to integrating sustainability into its business strategy, recognizing the value it brings to operations[108]. - The board regularly discusses and reviews the group's ESG risks and opportunities, as well as the progress of ESG goals and indicators[110]. - The group emphasizes stakeholder engagement, maintaining close communication with shareholders, customers, employees, and regulatory bodies to enhance ESG performance[119]. - In 2022, the company achieved a 38.52% reduction in total greenhouse gas emissions density compared to 2021, attributed to effective measures implemented[132]. Market Expansion and 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[78]. - Market expansion plans include entering two new regions by Q3 2023, which are expected to contribute an additional 5% to overall revenue[80]. - The company has completed a strategic acquisition of a competitor, which is anticipated to increase market share by 10%[81]. - New product lines are expected to launch in Q2 2023, with an estimated contribution of $5 million to revenue in the first year[82]. - The company is actively pursuing market expansion in Southeast Asia, with plans to enter two new countries by the end of 2023[92]. Compliance and Risk Management - The group has implemented anti-corruption policies and reported no corruption lawsuits against the company or its employees in 2022[192]. - The group conducts annual money laundering risk assessments and performs due diligence on business counterparties[194]. - The company has not reported any significant violations of environmental laws and regulations as of 2022[129]. - The company has not reported any significant violations of employment-related laws and regulations in 2022[155].
WAC HOLDINGS(08619) - 2022 - 年度财报