Financial Performance - The group's revenue increased by approximately HKD 115.8 million or about 26.3% to approximately HKD 555.5 million for the six months ended September 30, 2023, compared to approximately HKD 439.7 million for the same period in 2022[21]. - The group recorded a total profit and comprehensive income of approximately HKD 17.6 million for the six months ended September 30, 2023, a decrease of about 17.8% from approximately HKD 21.4 million for the same period in 2022[24]. - Gross profit for the same period was HKD 48,248,000, up 47.8% from HKD 32,644,000 year-on-year[129]. - The net profit for the period was HKD 17,633,000, a decrease of 17.5% from HKD 21,442,000 in the previous year[129]. - Basic earnings per share decreased to HKD 1.13 from HKD 1.37, reflecting a decline of 17.5%[129]. - The net cash generated from operating activities was HKD 22,848,000, down 57.4% from HKD 53,729,000 in the same period last year[135]. Assets and Liabilities - The group’s net current assets as of September 30, 2023, were approximately HKD 285.4 million, an increase from approximately HKD 264.1 million as of March 31, 2023[11]. - The total equity attributable to owners of the company was approximately HKD 306.5 million as of September 30, 2023, compared to approximately HKD 288.7 million as of March 31, 2023[12]. - The group’s total debt, including interest-bearing bank borrowings and bank overdrafts, was approximately HKD 14.7 million as of September 30, 2023, down from approximately HKD 28.0 million as of March 31, 2023[12]. - As of September 30, 2023, the company's debt-to-equity ratio was approximately 4.8%, a decrease from 9.7% as of March 31, 2023[33]. - Total assets increased from HKD 596,310,000 as of March 31, 2023, to HKD 627,260,000 as of September 30, 2023, indicating a growth of approximately 5.2%[153]. Expenses - Total employee costs for the six months ended September 30, 2023, were approximately HKD 93.7 million, down from HKD 102.7 million for the same period in 2022[36]. - Administrative and other operating expenses decreased by approximately HKD 1.2 million to HKD 14.4 million for the six months ended September 30, 2023[40]. - Interest expenses decreased to HKD 662,000 in 2023 from HKD 756,000 in 2022, a reduction of about 12.4%[170]. Taxation - The group’s income tax expense increased from approximately HKD 2.7 million to approximately HKD 5.5 million for the six months ended September 30, 2023[10]. - For the six months ended September 30, 2023, the current tax expense was HKD 5,523,000, compared to HKD 2,687,000 for the same period in 2022, indicating a significant increase in tax liability[192]. Share Incentive Plan - The company does not recommend paying an interim dividend for the six months ended September 30, 2023, consistent with the previous year[36]. - The company has not issued any stock options under its stock option plan, with a total of 160,000,000 options available for grant[92]. - The company has revised its share incentive plan to only allow the purchase of existing shares on the stock exchange, effective November 20, 2023[120]. - No shares were purchased under the share incentive plan during the six months ended September 30, 2023, compared to 24,000,000 shares for the same period in 2022[143]. - No incentive shares were granted to any grantees during the six months ended September 30, 2023, while 8,560,000 shares were granted in the same period of 2022[143]. Corporate Governance - The company aims to maintain high levels of corporate governance, which is crucial for gaining and maintaining stakeholder trust[147]. - The audit committee was established on September 21, 2020, to oversee financial reporting and internal control systems[149]. - The company has fully complied with the corporate governance code as of the date of the interim report[147]. Construction Projects - As of September 30, 2023, the group has 31 construction projects with a total uncompleted contract value of approximately HKD 1,920.0 million[7]. - Contract revenue from construction projects increased to HKD 555,510,000 in 2023 from HKD 439,746,000 in 2022, representing a growth of approximately 26.3%[167]. Technology and Upgrades - The company has upgraded its enterprise information management system and fully utilized the funds allocated for this purpose[52]. - The company has applied cloud storage functionality as part of its technology upgrades[58]. - The company aims to implement cloud storage capabilities by March 31, 2024, to enhance innovation and productivity[75]. - The company is upgrading its existing accounting systems and integrating new hardware and software to improve operational efficiency[72][73].
誉燊丰控股(02132) - 2024 - 中期财报