Financial Performance - The company recorded total revenue of MOP 128.3 million for the year ended December 31, 2023, reflecting a slowdown in business activities compared to the last three years[10]. - The Group recorded total revenue of MOP128.3 million for the Year, representing a year-on-year decrease of 10.3% from MOP143.0 million in 2022[22]. - Gross profit decreased to MOP7.4 million, down 70.6% from MOP25.1 million in 2022, with a gross profit margin of 5.8% compared to 17.5% in the previous year[34]. - The net loss for the Year was MOP3.8 million, a turnaround from a net profit of MOP9.3 million in 2022, resulting in a net loss margin of 2.9%[22]. - The decrease in revenue was primarily attributed to fewer awarded projects and significantly narrower profit margins compared to FY2022[30]. Market Outlook - The company is optimistic about the outlook for Macau's economy, with the University of Macau predicting GDP growth of between 8.3% and 21% in 2024[12]. - The Group anticipates a significant market rebound around mid to late 2024, driven by the reopening of borders with Mainland China and renewed casino licenses[69]. - The Group has received more tender invitations from casinos, hotels, and resorts for projects in the second half of 2024, indicating a positive outlook for future revenue[73]. Operational Efficiency - Significant progress has been made in optimizing internal operations, achieving greater efficiencies and cost savings[12]. - The Group maintained its existing workforce without any staff redundancies during the Year despite the financial challenges faced[34]. - The Group continues to submit tenders for new projects to sustain revenue growth and promote business stability[23]. ESG Commitment - The Group's ESG report covers its material performance from January 1, 2023, to December 31, 2023, focusing on electrical and mechanical engineering works, which account for all total revenue[80]. - The Group aims to integrate ESG considerations into its strategic development, reflecting its commitment to responsible corporate citizenship[87]. - The Group has implemented robust internal control measures to ensure compliance with all relevant laws and regulations[101]. Employee Welfare and Development - The Group emphasizes the importance of safeguarding employees' rights and nurturing talent for long-term growth and sustainable development[141]. - A competitive remuneration package is offered, including base salary, bonuses, allowances, and various employee benefits such as training allowances and medical benefits[143]. - The Group is committed to talent development, providing numerous on-the-job training opportunities aligned with business needs[157]. Safety and Health Practices - The Group prioritizes the safety of subcontractors' workers, requiring them to obtain the Occupational Health and Safety Card before starting their tasks[135]. - The Group aims to eliminate work-related injuries and is dedicated to continually improving occupational health and safety practices[132]. - During the reporting period, no work-related injuries occurred, and there were no work-related fatalities recorded in the past three reporting years[136]. Environmental Responsibility - The company is actively transitioning to low-carbon practices as part of its commitment to environmental responsibility[198]. - The Group plans to set directional and forward-looking environmental targets, including emissions reductions and improvements in energy and water efficiency[194]. - The company encourages the use of teleconferencing and videoconferencing to limit unnecessary business travel[200].
濠江机电(01408) - 2023 - 年度财报