Financial Performance - For the six months ended September 30, 2022, the company reported total revenue of HKD 25,058,000, an increase of 27.5% compared to HKD 19,644,000 for the same period in 2021[9]. - Gross profit for the same period was HKD 10,878,000, representing an increase of 84.5% from HKD 5,891,000 in the prior year[9]. - The company achieved a net profit of HKD 2,198,000 for the six months ended September 30, 2022, compared to a net loss of HKD 1,171,000 in the same period of 2021[9]. - Basic and diluted earnings per share for the period were HKD 0.19, compared to a loss per share of HKD 0.11 in the previous year[9]. - Total revenue for the six months ended September 30, 2022, was HKD 45,472,000, up from HKD 36,502,000 in the same period of 2021, indicating a growth of about 24.5%[29]. - The company recorded a total comprehensive income of HKD 2,516,000 for the six months ended September 30, 2022, compared to a comprehensive income of HKD 2,268,000 for the same period in 2021, reflecting an increase of approximately 10.9%[29]. - The company reported a profit attributable to owners of HKD 2,198,000, compared to a loss of HKD 953,000 for the same period in 2021[44]. - The company recorded a profit of approximately HKD 2.3 million for the six months ended September 30, 2022, compared to a loss of approximately HKD 1.0 million for the same period in 2021[74]. Assets and Liabilities - Total assets as of September 30, 2022, were HKD 101,799,000, an increase from HKD 95,591,000 as of March 31, 2022[11]. - The company's net asset value increased to HKD 92,469,000 as of September 30, 2022, compared to HKD 89,953,000 as of March 31, 2022[11]. - The company recorded a total of HKD 37,688,000 in trade receivables as of September 30, 2022, up from HKD 34,900,000 as of March 31, 2022[48]. - The company’s total equity as of September 30, 2022, was HKD 92,469,000, compared to HKD 89,953,000 as of April 1, 2022, showing an increase of about 2.8%[18]. - The company’s trade payables increased to HKD 9,904,000 as of September 30, 2022, from HKD 8,260,000 as of March 31, 2022[52]. - The current ratio slightly decreased from approximately 3.4 times on March 31, 2022, to about 3.3 times on September 30, 2022, primarily due to an increase in contract liabilities and income tax payable[75]. - As of September 30, 2022, the company had no borrowings, indicating a capital debt ratio calculation was not applicable[75]. Cash Flow and Investments - The company reported a net cash inflow from operating activities of HKD 6,462,000 for the six months ended September 30, 2022, compared to HKD 5,592,000 for the same period in 2021, representing an increase of approximately 15.5%[18]. - The company’s investment activities resulted in a net cash outflow of HKD 1,494,000 for the six months ended September 30, 2022, compared to HKD 191,000 in the same period of 2021[18]. - The company’s financing activities resulted in a net cash outflow of HKD 1,155,000 for the six months ended September 30, 2022, compared to HKD 1,492,000 in the same period of 2021[18]. - The cash and cash equivalents at the end of the period were HKD 41,649,000, a decrease from HKD 43,694,000 at the end of the same period in 2021[18]. Expenses - The company incurred general and administrative expenses of HKD 6,932,000, up from HKD 4,748,000 in the prior year[9]. - Total employee costs for the six months ended September 30, 2022, amounted to HKD 29,262,000, an increase of 12.4% from HKD 26,063,000 in the same period of 2021[5]. - Service costs increased from approximately HKD 25.5 million to approximately HKD 29.4 million, reflecting a rise of about 15.4% due to increased subcontracting costs and employee-related expenses[65]. - General and administrative expenses rose by approximately 28.8%, from about HKD 9.0 million to approximately HKD 11.6 million, driven by higher legal and professional fees and increased employee costs[70]. Corporate Governance and Shareholder Information - The board has complied with the corporate governance code as per GEM Listing Rules, with no significant deviations noted[116]. - The company did not declare an interim dividend for the six months ended September 30, 2022, consistent with the previous year[43]. - No dividends were recommended by the board for the six months ending September 30, 2022[120]. - The company issued 192 million new shares to acquire a 23.4% stake in OPS Holdings Limited, with the shares priced at HKD 0.128 each on the issuance date[55]. - As of September 30, 2022, the company had a total of 1,152,000,000 shares issued, with WAC Holdings Limited holding 342,072,000 shares, representing approximately 29.69% of the total share capital[103][110]. - Dr. Chen and Mr. Kwong, through WAC Holdings Limited, own approximately 68.2% and 31.8% of the company respectively, indicating a significant control over the company[102]. Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9]. - The company aims to expand its market share by securing more engineering consultancy contracts despite a challenging business environment[62]. - The company has focused on expanding its consulting services to existing clients and is seeking to diversify its service offerings[62]. Audit and Compliance - The Audit Committee was established on August 27, 2018, and is responsible for recommending the appointment, reappointment, and removal of external auditors to the Board[123]. - The Audit Committee currently consists of three members, all of whom are independent non-executive directors[123]. - The Audit Committee has reviewed and approved the unaudited condensed consolidated financial statements for the six months ended September 30, 2022[125].
WAC HOLDINGS(08619) - 2023 - 中期财报