Financial Performance - The unaudited condensed consolidated financial results for the six months ended December 31, 2023, were presented, showing a comparison with the corresponding period in 2022[11] - The Group's revenue increased from approximately HK$172.8 million for the six months ended December 31, 2022, to approximately HK$176.9 million for the six months ended December 31, 2023, representing an increase of approximately 2.4%[17] - The profit and total comprehensive income increased from approximately HK$24.0 million for the six months ended 31 December 2022 to approximately HK$24.7 million for the six months ended 31 December 2023, representing an increase of approximately 2.9%[22] - Profit before taxation decreased by approximately 1.0% from approximately HK$30.3 million for the six months ended 31 December 2022 to approximately HK$30.0 million for the six months ended 31 December 2023[22] - The Group's gross profit decreased from approximately HK$41.9 million for the six months ended 31 December 2022 to approximately HK$38.7 million for the six months ended 31 December 2023, representing a decrease of approximately 7.6%[20] - The gross profit margin decreased from approximately 24.2% for the six months ended 31 December 2022 to approximately 21.9% for the six months ended 31 December 2023[20] Revenue Sources - The revenue growth was primarily driven by sizeable public sector projects, including a public infrastructure project involving a passenger terminal at an airport in Hong Kong and a sports park at Kai Tak[17] - The Group's revenue from passive fire protection works for the six months ended December 31, 2023, was HK$176,812,000, representing an increase from HK$172,674,000 for the same period in 2022, reflecting a growth of approximately 2.6%[77] - Revenue from passive fire protection information services for the six months ended December 31, 2023, was HK$105,000, compared to HK$170,000 for the same period in 2022, indicating a significant decline[77] - The Group's total revenue for the six months ended December 31, 2023, was HK$176,917,000, compared to HK$172,844,000 for the same period in 2022, showing an overall increase of approximately 2.4%[77] Market Outlook - The passive fire protection works industry in Hong Kong is expected to reach a market size of approximately HK$1,247.4 million by 2026, with a compound annual growth rate of approximately 6.1% from 2022 to 2026[16] - The total number of construction and development projects in the passive fire protection works market in Hong Kong is expected to increase, supported by a stable pipeline of projects in residential, commercial, and industrial sectors[16] - The company aims to expand its market presence in the passive fire protection sector[11] Operational Highlights - The company focuses on passive fire protection works, which include design, supply, installation, maintenance, alteration, and addition of fire protection materials[11] - Major objectives of passive fire protection include fireproofing, compartmentation, and firestopping, aimed at preventing fire development and spread[11] - The company emphasizes the use of chemical materials for fireproofing, such as intumescent paint, to enhance fire resistance[11] - Compartmentation strategies involve the strategic placement of fire-rated doors and barriers to inhibit the passage of flame and smoke[11] - Firestopping practices include filling cavities between building partitions and structures to prevent fire spread[11] Financial Position - As of 31 December 2023, the Group had total bank balances and cash of approximately HK$113.4 million[25] - As of December 31, 2023, total assets amounted to HK$294,087,000, an increase of 6.3% from HK$277,292,000 as of June 30, 2023[44] - Total equity increased to HK$281,558,000, up 9.6% from HK$256,883,000 as of June 30, 2023[46] - The company reported a net cash used in operating activities of HK$13,845,000 for the six months ended December 31, 2023, compared to a net cash generated of HK$8,951,000 for the same period in 2022[54] Shareholder Information - The Group's shares were listed on the Main Board of the Stock Exchange on May 9, 2023, with 102,000,000 new shares issued at an offer price of HK$1.28 per share[14] - The net proceeds from the listing amount to approximately HK$89.1 million as of December 31, 2023[35] - As of 31 December 2023, Mr. Ng Wing Woon Dave holds 306,000,000 shares, representing a 75% shareholding in the Company through Lofty Profit Investments Limited[122] Corporate Governance - The Company has complied with the Corporate Governance Code for the six months ended December 31, 2023[135] - The roles of Chairman and Chief Executive Officer are held by Mr. Ng Wing Woon Dave, which the Board believes is beneficial for business operations[135] - The Company has three independent non-executive Directors, ensuring a balance of power and authority on the Board[135] Employee Information - The company employed a total of 62 full-time employees as of December 31, 2023, compared to 50 employees a year earlier, marking a 24% increase[40] - The total staff cost incurred for the six months ended December 31, 2023, was approximately HK$9.1 million, an increase from HK$7.6 million in the corresponding period of 2022, reflecting a rise of 19.7%[40] Related Party Transactions - Related party transactions included purchases of direct materials totaling HK$450,000 from Warwick Building Material Limited and HK$136,000 from Goldin Innovation Development Company Limited during the six months ended December 31, 2023[116]
怡俊集团控股(02442) - 2024 - 中期财报