Financial Performance - For the three months ended September 30, 2023, revenue was HK$41,294,000, an increase of 4.5% compared to HK$37,621,000 for the same period in 2022[17]. - Gross profit for the third quarter of 2023 was HK$8,717,000, representing a 88.5% increase from HK$4,617,000 in the third quarter of 2022[17]. - Profit before income tax for the three months ended September 30, 2023, was HK$3,270,000, compared to HK$882,000 for the same period in 2022, marking a significant increase of 270.5%[17]. - The profit attributable to owners of the Company for the third quarter of 2023 was HK$3,166,000, up from HK$1,212,000 in the same quarter of 2022, reflecting a growth of 161.5%[17]. - Basic earnings per share for the third quarter of 2023 were 0.40 HK cents, compared to 0.15 HK cents for the same period in 2022, indicating a 166.7% increase[17]. - For the nine months ended September 30, 2023, total revenue reached HK$120,345,000, a slight increase of 2.5% from HK$116,460,000 in the same period of 2022[17]. - The gross profit for the nine months ended September 30, 2023, was HK$37,596,000, up from HK$33,322,000 in 2022, representing a growth of 12.8%[17]. - Profit before income tax for the nine months ended September 30, 2023, was HK$18,455,000, compared to HK$16,443,000 for the same period in 2022, an increase of 12.2%[17]. - The profit attributable to owners of the Company for the nine months ended September 30, 2023, was HK$16,366,000, up from HK$14,343,000 in 2022, reflecting a growth of 14.1%[17]. - The profit and total comprehensive income for the nine months ended September 30, 2023, was HK$16,366,000, compared to HK$14,343,000 for the same period in 2022, representing an increase of about 14.1%[19][20]. - For the nine months ended 30 September 2023, the Group recorded a net profit of approximately HK$16.4 million, an increase of 14.5% compared to HK$14.3 million for the same period in 2022[53]. Operational Efficiency and Market Strategy - The Company continues to focus on enhancing operational efficiency and exploring new market opportunities to drive future growth[15]. - The Group aims to enhance operational efficiency and profitability while seeking opportunities to expand its customer base and market share[54]. - The increase in net profit is attributed to a higher number of projects awarded during the period[53]. - The Group's operational capacity is expected to improve due to net proceeds from the share offer, leading to cautious optimism about future business prospects[53]. Equity and Retained Earnings - As of September 30, 2023, the total retained earnings decreased to HK$53,052,000 from HK$81,727,000 as of January 1, 2022, reflecting a decline of approximately 35%[19]. - The total equity as of September 30, 2023, was HK$142,720,000, down from HK$191,354,000 at the beginning of the year, indicating a decrease of approximately 25.4%[19]. - The company paid dividends totaling HK$65,000,000 during the period, impacting the retained earnings significantly[19]. Corporate Governance - The company has adopted the Corporate Governance Code since September 13, 2018, to enhance transparency and accountability[85]. - The roles of chairman and chief executive officer are currently held by Cheung Kwan Tar, which the board believes provides strong leadership[87]. - The company has complied with the Corporate Governance Code throughout the nine months ended September 30, 2023, except as disclosed[89]. - The board will regularly review the need to separate the roles of chairman and chief executive officer to maintain good corporate governance[87]. - The company is committed to improving corporate governance practices to enhance stakeholder confidence[88]. - The Audit Committee, comprising three independent non-executive Directors, is responsible for reviewing financial statements and significant financial reporting judgments[93]. - The unaudited third quarterly results for the nine months ended 30 September 2023 have been reviewed by the Audit Committee members[98]. Shareholding Structure - As of September 30, 2023, Cheung Kwan Tar holds 541,200,000 shares, representing 67.65% of the company's ordinary shares[76]. - Cheung Kwan Tar is the beneficial owner of 1 share in Waywin Investment Holding Limited, which is also controlled by him[79]. - Cheng Chi Heng holds 58,800,000 shares, accounting for 7.35% of the company's ordinary shares[83]. - The substantial shareholders, including Cheung Kwan Tar and Waywin Investment Holding Limited, hold 67.65% of the shares[82]. - No other directors or chief executives have interests or short positions in the company's shares as of September 30, 2023[80]. Financial Reporting and Compliance - The unaudited financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and GEM Listing Rules[26][30]. - The provision for Hong Kong Profits Tax for the nine months ended September 30, 2023, was calculated at a rate of 16.5%, consistent with the previous year[40]. - The company operates as a single segment focused on engineering consultancy services, with no separate segment analysis presented[39]. - The Company has not noted any incidence of non-compliance with the GEM Listing Rules regarding Directors' securities transactions for the nine months ended 30 September 2023[91]. - No share options have been granted under the Share Option Scheme since its adoption on 20 August 2018[92].
宝燵控股(08601) - 2023 Q3 - 季度财报