新福港(01447) - 2023 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss The Group's 2023 revenue increased by 5.0% to HKD 3.85 billion, with gross profit rising to HKD 97.9 million and gross margin improving to 2.5%, while profit attributable to owners of the company decreased by 26.0% to HKD 18.73 million Key Profit or Loss Statement Data for FY2023 (HKD) | Metric | 2023 (Thousands) | 2022 (Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3,851,621 | 3,667,077 | +5.0% | | Gross Profit | 97,903 | 77,409 | +26.5% | | Operating Profit | 40,911 | 49,323 | -17.0% | | Profit Before Tax | 31,611 | 44,012 | -28.2% | | Profit for the Year | 19,751 | 25,740 | -23.3% | | Profit Attributable to Owners of the Company | 18,729 | 25,324 | -26.0% | | Basic Earnings Per Share | 4.7 HK Cents | 6.3 HK Cents | -25.4% | Consolidated Statement of Comprehensive Income The Group's total comprehensive income for 2023 decreased to HKD 19.75 million from HKD 25.74 million in 2022, with HKD 18.73 million attributable to owners of the company Total Comprehensive Income for the Year (HKD) | Item | 2023 (Thousands) | 2022 (Thousands) | | :--- | :--- | :--- | | Profit for the Year | 19,751 | 25,740 | | Total Comprehensive Income for the Year | 19,750 | 25,739 | | Attributable to Owners of the Company | 18,728 | 25,323 | Consolidated Statement of Financial Position As of end-2023, the Group's total assets increased to HKD 1.94 billion and total liabilities to HKD 1.57 billion, with net assets remaining stable at HKD 372 million, while bank borrowings significantly rose from HKD 50 million to HKD 240 million and cash and cash equivalents increased to HKD 349 million Key Statement of Financial Position Data as of End-2023 (HKD) | Metric | 2023 (Thousands) | 2022 (Thousands) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 73,957 | 77,740 | -4.9% | | Current Assets | 1,867,979 | 1,538,742 | +21.4% | | Total Assets | 1,941,936 | 1,616,482 | +20.1% | | Liabilities and Equity | | | | | Current Liabilities | 1,551,097 | 1,226,712 | +26.4% | | Non-current Liabilities | 19,256 | 17,926 | +7.4% | | Total Liabilities | 1,570,353 | 1,244,638 | +26.2% | | Net Assets | 371,583 | 371,844 | -0.1% | | Key Items | | | | | Cash and Cash Equivalents | 348,960 | 262,563 | +32.9% | | Bank Borrowings (Current) | 240,000 | 50,000 | +380.0% | Notes to the Financial Statements Revenue and Segment Reporting The Group's total revenue is primarily from general building and civil engineering, with general building revenue significantly growing in 2023, while civil engineering and other services declined, and both segments were profitable, with civil engineering turning profitable, and estimated future revenue from uncompleted contracts significantly increasing to HKD 10.02 billion by year-end Revenue by Service Type (HKD) | Service Type | 2023 (Thousands) | 2022 (Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | General Building | 3,020,760 | 2,777,982 | +8.7% | | Civil Engineering | 586,863 | 611,801 | -4.1% | | Housing Management Services | 29,446 | 55,635 | -47.1% | | Others | 214,552 | 221,659 | -3.2% | | Total | 3,851,621 | 3,667,077 | +5.0% | Results by Business Segment (HKD) | Business Segment | 2023 Reportable Segment Profit (Thousands) | 2022 Reportable Segment Profit (Thousands) | | :--- | :--- | :--- | | General Building | 51,750 | 72,176 | | Civil Engineering | 30,538 | (16,791) | | Others | 16,018 | 50,794 | - As of end-2023, the estimated total future revenue related to unsatisfied performance obligations significantly increased to HKD 10.016 billion from HKD 5.571 billion in 2022, indicating sufficient future business reserves[20] Dividends The Board proposed a final dividend of HKD 4.0 cents per share, bringing the total annual dividend to HKD 7.0 cents per share, a 16.7% increase from last year, with a total payout of HKD 28 million for the year FY2023 Dividend Details | Dividend Type | 2023 | 2022 | | :--- | :--- | :--- | | Interim Dividend | 3.0 HK Cents per share | 2.5 HK Cents per share | | Proposed Final Dividend | 4.0 HK Cents per share | 3.5 HK Cents per share | | Total Annual Dividend | 7.0 HK Cents per share | 6.0 HK Cents per share | Management Discussion and Analysis Business Review In 2023, the Group demonstrated robust business performance with revenue growing 5.0% to HKD 3.85 billion and profit attributable to owners of the company increasing to HKD 25.32 million, securing 17 new projects totaling HKD 7.37 billion in contract value, and holding HKD 11.7 billion in uncompleted project value by year-end, with general building and civil engineering remaining core, accounting for 93.67% of total revenue - In 2023, 17 new projects were approved with an original contract value of approximately HKD 7.373 billion, primarily from the public sector[48] - As of end-2023, there were 34 ongoing projects with an original contract value of approximately HKD 17 billion and an uncompleted value of approximately HKD 11.7 billion[50] - General building and civil engineering businesses collectively accounted for 93.67% of total revenue, representing the Group's absolute core[57] - Subsequent to the year-end, the Group secured three additional large maintenance contracts totaling over HKD 2.2 billion, further solidifying future revenue[59] Financial Review The Group's 2023 financial performance showed revenue and profit growth, with revenue increasing 5.0% driven by general building business, gross margin improving from 2.11% to 2.54% due to better cost control and the elimination of prior year's loss-making contract impact, while finance costs significantly rose, leading to a 35.2% increase in profit attributable to owners of the company to HKD 25.32 million - Revenue increased by 5.03% to HKD 3.852 billion, primarily driven by an 8.74% growth in general building business revenue[61][62] - Gross margin increased from 2.11% to 2.54%, mainly due to the elimination of the impact from a loss-making civil engineering contract in the prior year and improved cost control during the year[66][67] - Finance costs increased from HKD 3.18 million to HKD 8.28 million, primarily due to higher bank interest and increased average loan balances[71] - Profit attributable to owners of the company was HKD 25.32 million, a 35.2% increase from HKD 18.73 million in 2022[74] Liquidity, Financial Resources and Capital Structure As of end-2023, the Group's financial position showed a significant increase in bank borrowings to HKD 240 million to support business expansion, causing the gearing ratio to surge from 13.45% to 64.59%, yet the Group maintained a strong cash position with cash and equivalents rising to HKD 349 million and HKD 1.18 billion in unutilized banking facilities, indicating ample liquidity Capital Structure and Liquidity Ratios | Metric | End-2023 | End-2022 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HKD 349 million | HKD 263 million | | Bank Borrowings | HKD 240 million | HKD 50 million | | Gearing Ratio | 64.59% | 13.45% | | Current Ratio | 1.20 | 1.25 | | Unutilized Banking Facilities | HKD 1.18 billion | HKD 1.517 billion | - The gearing ratio (interest-bearing borrowings/total equity) significantly increased, reflecting higher bank borrowings to support operations[82] Future Prospects Management is confident in the Group's future development, anticipating more opportunities in the construction sector with the gradual recovery of the local economy and the Hong Kong government's continued investment in land development and public housing, enabling the Group to leverage its competitive advantages to achieve long-term business objectives - The Board maintains an optimistic outlook on the Group's future development, primarily based on Hong Kong's economic recovery and the government's ongoing commitment to land development and public housing[97] Corporate Governance and Other Information Corporate Governance Practices The company adopted the Corporate Governance Code and complied with most provisions during the year, with two deviations noted: the Chairman and CEO (Managing Director) roles are held by the same individual, and no independent internal audit department exists, though external consultants perform related functions, which the Board deems effective with sufficient checks and balances - The company deviated from Corporate Governance Code Provision C.2.1, where the Chairman and Managing Director (equivalent to Chief Executive Officer) roles are held by Mr. Chan Ki Chun, which the Board believes facilitates efficient management[99] - The company deviated from Corporate Governance Code Provision D.2.5 by not establishing an independent internal audit department, but external internal control consultants have been appointed to regularly review the internal control system[100] Dividends and Annual General Meeting The Board proposed a final dividend of HKD 4.0 cents per share, payable around June 21, 2024, pending approval at the Annual General Meeting scheduled for May 23, 2024, with relevant share register closure dates announced - A proposed final dividend of HKD 4.0 cents per share is subject to approval at the Annual General Meeting on May 23, 2024[110] - To determine dividend entitlement, the share register will be closed from June 4 to June 5, 2024[113]