Financial Performance - Revenue for the six months ended September 30, 2023, was HK$3,032,016, an increase of 52.2% from HK$1,994,285 in the same period of 2022[6] - Gross profit for the period was HK$118,969, compared to HK$100,419 in the previous year, reflecting a gross profit margin improvement[6] - Profit before tax increased to HK$77,907, up from HK$65,034, representing a growth of 20.5% year-over-year[6] - Profit for the period reached HK$62,134, a 24.7% increase from HK$49,802 in the prior year[6] - Total comprehensive income for the period attributable to owners of the parent was HK$55,472, compared to HK$35,499 in the same period last year, marking a 56.2% increase[6] - Basic and diluted earnings per share increased to 3.11 HK cents, up from 2.49 HK cents, indicating a growth of 25%[6] Expenses and Costs - Administrative expenses rose to HK$47,442, compared to HK$36,875 in the same period last year, reflecting increased operational costs[6] - Finance costs increased to HK$14,998 from HK$7,456, indicating higher borrowing costs[6] - Employee benefit expenses (excluding directors' remuneration) rose to HK$97,508,000 for the six months ended September 30, 2023, compared to HK$75,953,000 in the same period of 2022, indicating an increase of approximately 28.3%[70] - The gross profit margin decreased from 5.0% to 3.9% due to rising costs in labor, equipment, and subcontracting fees[142] Assets and Liabilities - For the six months ended September 30, 2023, the company reported net assets of HK$1,475,746,000, a decrease from HK$1,520,274,000 as of March 31, 2023, representing a decline of approximately 2.9%[22] - Total non-current liabilities amounted to HK$484,905,000 as of September 30, 2023, down from HK$490,940,000 as of March 31, 2023, indicating a reduction of about 1.1%[22] - Current assets rose to HK$3,254,265,000, compared to HK$2,967,709,000 in the previous year, reflecting a growth of approximately 9.6%[53] - The company reported a net current asset value of HK$294,569,000, down from HK$352,442,000 as of March 31, 2023[53] - Total current liabilities increased to HK$2,959,696,000 from HK$2,615,267,000, indicating a rise of approximately 13.1%[53] Cash Flow - For the six months ended September 30, 2023, the net cash flows generated from operating activities amounted to HK$388,860,000, compared to a cash outflow of HK$137,540,000 in the same period of 2022[56] - The company incurred net cash flows used in investing activities of HK$35,146,000, compared to HK$249,970,000 in the previous year[56] - Cash and cash equivalents at the end of the period were HK$1,982,646,000, significantly higher than HK$820,015,000 at the end of the same period last year[56] Dividends - The company paid dividends amounting to HK$100,000,000 during the period, compared to HK$70,000,000 in the previous year[56] - The Group declared a final dividend of HK$0.05 per share for the year ended 31 March 2023, totaling HK$100,000,000, compared to HK$0.035 per share and HK$70,000,000 in the previous year[74] Management and Governance - The company appointed Mr. YAU Kwok Fai as Chief Executive Officer on August 29, 2023, following the resignation of Mr. CHEUNG Ho Yuen on the same date[18] - The company’s financial information is prepared in accordance with HKFRS and is presented in thousands of Hong Kong dollars (HK$'000)[24] - The unaudited condensed consolidated interim financial information has been reviewed by the company's audit committee[20] Market and Industry Outlook - The Group's optimistic outlook for the construction industry is supported by government initiatives to meet housing demands and accelerate construction processes[190] - The Hong Kong government has identified land for approximately 410,000 public housing units over the next ten years, exceeding the demand of 308,000 units[190] - The government plans to expedite the construction of around 80,000 private housing units in the next five years to address significant demand[190] Other Information - The Group's financial risk management policies remain consistent with those disclosed in the audited consolidated financial statements for the year ended March 31, 2023[134] - The Group is exposed to currency risks primarily through business activities in Mainland China, affecting cash and bank balances denominated in currencies other than the functional currency[134] - The Group's accounts receivable as of September 30, 2023, included HK$454,129,000 in unbilled revenue, an increase from HK$340,065,000 as of March 31, 2023[188]
安保工程控股(01627) - 2024 - 中期财报