Share Capital and Ownership - As of June 30, 2023, WAC Holdings Limited has a total issued share capital of 1,152,000,000 shares[3]. - Wan Nian Real Estate Development Limited holds 342,072,000 shares, representing approximately 29.69% of the total issued share capital[1][9]. - Huang Wenxuan holds 121,458,000 shares, which accounts for about 10.54% of the total issued share capital[1]. - The company’s capital structure consists solely of ordinary shares, with a total issued share capital of 1,152,000,000 shares as of June 30, 2023[142]. - The company’s major shareholders, Dr. Chen and Mr. Kwan, each hold approximately 29.69% of the total issued share capital through their controlled corporation[135][136]. - Dr. Chen holds 7,500 shares of ordinary stock, representing 68.2% ownership in Wan Nian Property Development Limited[143]. - Mr. Kwong holds 3,500 shares of ordinary stock, representing 31.8% ownership in Wan Nian Property Development Limited[143]. - As of June 30, 2023, no other directors or key executives hold any shares or relevant securities that require registration under the Securities and Futures Ordinance[143]. Financial Performance - The company's revenue for the three months ended June 30, 2023, was HKD 26,186,000, representing a 28% increase from HKD 20,414,000 in the same period of 2022[26]. - Gross profit for the same period was HKD 9,530,000, up 83% from HKD 5,214,000 year-on-year[26]. - The company reported a profit before tax of HKD 1,383,000, compared to HKD 204,000 in the previous year, marking a significant increase[26]. - Total comprehensive income for the period was HKD 1,375,000, a substantial rise from HKD 165,000 in the prior year[43]. - The company recorded a foreign exchange gain of HKD 192,000 from the translation of overseas operations[43]. - The company recorded a profit attributable to owners of HKD 1,183,000 for the three months ended June 30, 2023, compared to HKD 70,000 for the same period in 2022, indicating a significant increase[67]. - The company's profit for the period surged from approximately HKD 0.1 million to approximately HKD 1.2 million, a growth of about 1,100%[95]. Expenses and Costs - Administrative expenses increased to HKD 6,033,000 from HKD 4,687,000, reflecting a 29% rise[26]. - Total employee costs increased to HKD 16,372,000 in Q2 2023 from HKD 14,516,000 in Q2 2022, reflecting a rise of about 12.8%[57]. - Service costs increased by HKD 1.5 million, or approximately 9.6%, to HKD 16.7 million for the three months ended June 30, 2023, primarily due to increased subcontracting consultation fees and employee costs related to structural and geotechnical engineering services[115]. - General and administrative expenses rose by approximately 28.7%, from about HKD 4.7 million to approximately HKD 6.0 million, mainly due to increased employee costs and operational scale[94]. - Financing costs increased to HKD 88,000 in Q2 2023 from HKD 51,000 in Q2 2022, indicating a rise of approximately 72.5%[83]. Corporate Governance and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023[6]. - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period[16]. - The board of directors will continue to review corporate governance practices to meet increasing expectations from shareholders and stakeholders[14]. Dividends and Share Options - No dividends were proposed for the three months ended June 30, 2023, consistent with the same period in 2022[14]. - The company did not grant any share options under the plan during the three months ended June 30, 2023[15]. - No share options were outstanding as of June 30, 2023[15]. - The company did not recommend any dividend for the three months ended June 30, 2023, consistent with the previous year[66]. Future Outlook and Investments - The company has not disclosed specific future outlook or guidance in the provided documents[26]. - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the available information[26]. - The company has no significant plans for major investments or capital assets beyond those outlined in its business plan as of June 30, 2023[122]. - The company anticipates that its operations will continue to be funded by internally generated cash flows and, if necessary, additional equity financing or bank borrowings[118]. - The company plans to expand its civil engineering team and support its structural and geotechnical engineering team, with a total investment of HKD 26.9 million allocated for various operational and development initiatives[131]. Employee and Operational Details - The company employed a total of 160 employees as of June 30, 2023, compared to 140 employees as of June 30, 2022, with employee costs amounting to approximately HKD 16.4 million for the period[127]. - The company has hired 23 new engineering personnel and interns for structural engineering projects, resulting in employee costs of approximately HKD 11.0 million as of June 30, 2023[104]. - The company has purchased new computers and software for new employees at a cost of approximately HKD 0.8 million as of June 30, 2023[104]. - The company has acquired a company for approximately HKD 0.1 million as of June 30, 2023, and is exploring further investment opportunities[105]. - The company operates primarily in Hong Kong, with nearly all external revenue derived from services provided in this region[81]. - The company’s operational focus remains on comprehensive structural and geotechnical engineering consulting services, primarily in Hong Kong and Macau[91]. Financial Position - The total equity as of June 30, 2023, was HKD 93,331,000, an increase from HKD 91,956,000 at the beginning of the period[30]. - The current ratio slightly increased from approximately 2.7 times as of March 31, 2023, to approximately 2.8 times as of June 30, 2023[96]. - The company had no borrowings as of June 30, 2023, indicating a strong financial position with sufficient liquidity to meet funding needs[120]. - The company has no significant contingent liabilities as of June 30, 2023, ensuring a stable financial outlook[124].
WAC HOLDINGS(08619) - 2024 Q1 - 季度财报