Financial Performance - The Group recorded a revenue of approximately HK$67.7 million for the year ended March 31, 2023, representing a decrease of approximately HK$163.2 million or 70.7% compared to HK$230.9 million for the year ended March 31, 2022[18]. - The total comprehensive loss for the year ended March 31, 2023, was approximately HK$12.1 million, an increase of approximately HK$9.0 million from a loss of approximately HK$3.1 million for the year ended March 31, 2022[18]. - The Group recorded a loss attributable to the owners of the Company of approximately HK$12.1 million for the year ended March 31, 2023, an increase of approximately HK$9.0 million from a loss of approximately HK$3.1 million for the year ended March 31, 2022[32]. - The Group's revenue decline reflects broader market conditions and operational challenges faced during the year[18]. - Gross profit decreased by approximately HK$3.6 million or 52.2% from approximately HK$6.9 million for the year ended March 31, 2022, to approximately HK$3.3 million for the year ended March 31, 2023[56]. - The Group's net loss increased by approximately HK$9.0 million from a loss of approximately HK$3.1 million for the year ended March 31, 2022, to a loss of approximately HK$12.1 million for the year ended March 31, 2023[59]. Sales and Market Conditions - The sales quantity of diesel oil decreased by approximately 82.0% from 50.0 million litres for the year ended March 31, 2022 to 9.0 million litres for the year ended March 31, 2023[41]. - Revenue from the sale of diesel oil accounted for approximately HK$66.0 million, representing approximately 97.5% of the Group's total revenue for the year ended March 31, 2023[35]. - The demand for diesel oil from the cross-boundary transportation sector began to recover in November 2022, but remains below pre-COVID-19 crisis levels[16]. - The average selling price of diesel oil increased by approximately 59.0% from HK$4.61 per litre for the year ended March 31, 2022 to HK$7.33 per litre for the year ended March 31, 2023[42]. - The sales quantity of diesel exhaust fluid increased by approximately 317.7% from 120.2 thousand litres for the year ended March 31, 2022 to 502.1 thousand litres for the year ended March 31, 2023[41]. Cost and Expenses - The Group's cost of sales was approximately HK$64.4 million for the year ended March 31, 2023, representing a decrease of 71.3% from HK$224.0 million for the year ended March 31, 2022[44]. - Diesel oil cost was the largest component of the cost of sales, amounting to approximately HK$58.3 million for the year ended March 31, 2023, representing 90.5% of the cost of sales[49]. - The average unit purchase cost of diesel oil increased by 49.1% from approximately HK$4.34 per litre for the year ended March 31, 2022, to approximately HK$6.47 per litre for the year ended March 31, 2023[49]. - The Group's administrative and other operating expenses were approximately HK$9.0 million for both the years ended March 31, 2022, and March 31, 2023[57]. Economic Environment - The Group's performance was affected by unprecedented economic challenges, including the Russian-Ukrainian War and COVID-19 control measures[16]. - The economic recovery in Hong Kong and Mainland China started after the cancellation of precautionary and quarantine control measures in November 2022[16]. - Crude oil prices increased significantly during the period, with Brent crude oil maintaining a high level throughout 2022, impacting the Group's operating cash flow due to high diesel procurement costs[17]. - The Group's operating cash flow was pressured by high diesel oil purchase costs, which remained elevated due to external economic factors[17]. Corporate Governance - The Group's financial statements for the year ended March 31, 2023, were audited and presented in compliance with the GEM Listing Rules[4]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[131]. - The Group has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended March 31, 2023[125]. - The Board is responsible for the overall direction and supervision of the Group's business and affairs, with management delegated authority for day-to-day operations[127]. - The Company conducts at least four regular Board meetings annually, with Directors able to attend in person or via electronic means[142]. Future Plans and Investments - The Group will continue to monitor diesel market demand and adjust business plans to ensure operational stability amid challenges[33]. - The Group plans to use working capital to fund its expanding business and enhance operating liquidity[109]. - The Group aims to complete the upgrade of information technology systems by 31 March 2024, with HK$3.5 million already utilized[112]. - The expected timeline for utilizing the unutilized Net Proceeds may change based on future market conditions[118]. Staff and Workforce - As of 31 March 2023, the Group employed 18 staff, a decrease from 23 employees as of 31 March 2022, with total staff costs amounting to approximately HK$6.8 million, down from HK$7.6 million in the previous year[119]. - Four drivers and two logistics assistants were hired to strengthen the Group's workforce as of 31 March 2020[108]. Environmental and Social Responsibility - The Group recognizes the importance of environmental protection and has implemented various measures to minimize operational impact on the environment[120]. - The Group's environmental policies and performance details are outlined in the "Environment, Social and Governance Report" section of the annual report[120].
申港控股(08631) - 2023 - 年度财报