Financial Performance - The Group recorded unaudited consolidated revenue of HK$325.1 million for the six months ended 30 September 2023, representing an increment of 6.9% compared to HK$304.1 million for the same period last year [19]. - The unaudited consolidated profit attributable to owners of the Company was HK$4.5 million, an increase of 136.8% from HK$1.9 million in the previous corresponding period, driven by increased revenue and a gross profit margin rise from 4.4% to 9.7% [20]. - Basic and diluted earnings per share for the six months ended 30 September 2023 were HK1.09 cents, reflecting an increase of 118.0% compared to HK0.5 cents for the same period last year [21]. - Revenue for the six months ended September 30, 2023, increased to HK$325,086,000, up from HK$304,061,000 in the same period last year, representing a growth of 6.7% [137]. - Gross profit for the period was HK$31,488,000, significantly higher than HK$13,470,000 in the previous year, indicating a substantial increase of 133.4% [137]. - Profit for the period reached HK$4,507,000, compared to HK$1,891,000 in the prior year, marking an increase of 138.5% [137]. Dividends - The Board has resolved to pay a first interim dividend of HK0.8 cents per share for the six months ended 30 September 2023, consistent with the previous year's dividend [24]. - A second interim dividend of HK1.7 cents per share was paid, totaling HK$7,071,000, down from HK$8,792,000 (HK2.1 cents per share) in the previous year [183]. - The company declared an interim dividend of HK$0.008 per share for the first half of 2023, totaling HK$3,300,000, compared to HK$3,349,000 for the same period in 2022 [6]. Projects and Revenue Sources - Major projects completed during the period included a residential development at Lot No. 1068 in Kwun Tong, involving the design, supply, and installation of aluminium windows and glass walls [25]. - Revenue for the current period was mainly contributed by residential development projects at Lung Cheung Road, Tuen Mun Siu Hong, and Pak Shek Kok [19]. - Revenue from design, supply, and installation for curtain walls, aluminium windows, doors, and other products for new buildings was HK$275,884,000, up 28.2% from HK$215,170,000 in 2022 [168]. - Revenue from repairing, maintenance, and other services increased to HK$19,680,000, a rise of 117.9% from HK$9,049,000 in the previous year [168]. - Revenue from Hong Kong was HK$324,559,000, representing a 9.9% increase from HK$295,327,000 in 2022, while revenue from Mainland China dropped significantly to HK$527,000 from HK$8,734,000 [173]. Financial Position and Assets - As of September 30, 2023, the total amount of contracts on hand for the Group was HK$673.1 million [33]. - The total cash and bank balances of the Group amounted to HK$110.6 million as of September 30, 2023, representing 25.8% of current assets [47]. - The Group's net current assets were HK$356.0 million as of September 30, 2023, with a current ratio of 5.9 times [49]. - Current assets increased to HK$429,202,000 from HK$427,283,000, showing a marginal growth of 0.4% [138]. - Total assets less current liabilities as of September 30, 2023, were HK$581,803,000, slightly down from HK$585,813,000 as of March 31, 2023 [138]. Cash Flow and Liquidity - Net cash generated from operating activities for the six months ended September 30, 2023, was HK$46,061,000, compared to a cash outflow of HK$43,547,000 in the same period of 2022 [145]. - Cash and cash equivalents at the end of the period rose to HK$110,580,000, compared to HK$27,830,000 at the end of the same period in 2022, indicating improved liquidity [146]. - The net decrease in cash and cash equivalents for the period was HK$33,661,000, a significant improvement from a decrease of HK$55,634,000 in the prior year [146]. - The company did not raise new bank loans during the period, contrasting with the previous year when HK$10,000,000 was raised [145]. Share Capital and Options - As of September 30, 2023, the total number of issued shares of the Company is 412,467,630 [89]. - The share option scheme adopted on August 25, 2020, is valid for ten years and aims to reward participants contributing to the Group [90]. - As of September 30, 2023, a total of 5,987,000 share options are outstanding under the scheme [93]. - The maximum number of share options that may be issued under the Scheme is capped at 10% of the total issued shares, which translates to a limit of 41,246,763 shares [95]. Governance and Compliance - The unaudited condensed consolidated financial statements for the six months ended 30 September 2023 have been reviewed by the Audit Committee [131]. - The Company complied with all Code Provisions of the Corporate Governance Code during the reporting period, except for one deviation regarding attendance at the annual general meeting [112]. - The Company has adopted the Model Code for securities transactions by directors and confirmed compliance by all directors during the reporting period [113]. Employee and Operational Information - The group had 260 full-time employees as of 30 September 2023, with 114 employees located in Mainland China [129]. - The Company has provided competitive remuneration packages, including discretionary bonuses and share options, to its employees [129].
美亨实业(01897) - 2024 - 中期财报