Financial Performance - For the fiscal year ending March 31, 2024, total revenue increased to HKD 401,994,000, up from HKD 392,496,000 in 2023, representing a growth of approximately 2%[2] - The net profit for the year was HKD 13,658,000, a decrease of 22% from HKD 17,645,000 in the previous year[3] - Basic earnings per share decreased to HKD 1.71 from HKD 2.21, reflecting a decline of about 22.7%[3] - The group reported a pre-tax profit of HKD 17,065,000 for 2024, down from HKD 21,425,000 in 2023, reflecting a decrease of 20.9%[16] - Basic earnings attributable to the company's owners for 2024 were HKD 13,663,000, a decrease of 22.7% from HKD 17,645,000 in 2023[24] - The total profit and comprehensive income for the year decreased by approximately HKD 4.0 million or 22.6% to about HKD 13.7 million for the year ending March 31, 2024, compared to approximately HKD 17.6 million for the year ending March 31, 2023[45] - The net profit margin decreased from approximately 4.5% for the year ending March 31, 2023, to approximately 3.4% for the year ending March 31, 2024[45] Revenue Breakdown - The revenue from general security services decreased to HKD 180,240,000 in 2024 from HKD 204,424,000 in 2023, representing a decline of 11.8%[13] - The revenue from manpower support services increased significantly to HKD 196,552,000 in 2024, up 20.1% from HKD 163,644,000 in 2023[13] - Revenue from the security services segment rose by approximately HKD 8.7 million or 2.4% to about HKD 377.0 million, primarily due to a HKD 32.9 million or 20.1% increase in manpower support services revenue[36] - Revenue from the facilities management services segment increased by approximately HKD 0.8 million or 3.2% to about HKD 25.0 million, attributed to a new cleaning service contract[38] Expenses and Costs - Employee benefit expenses rose to HKD 360,680,000, compared to HKD 326,559,000 in 2023, indicating an increase of approximately 10.4%[2] - The group’s total operating expenses increased to HKD 360,680,000 in 2024, compared to HKD 326,559,000 in 2023, marking an increase of 10.4%[20] - Sales and marketing expenses increased by approximately HKD 0.2 million or 9.7% to about HKD 2.1 million, mainly due to increased commissions paid to sales agents[40] - Subcontracting costs decreased by approximately HKD 21.2 million or 72.5% to about HKD 8.1 million, as related expenses from the pandemic were no longer incurred[41] - Other operating expenses increased by approximately HKD 1.0 million or 6.7% to about HKD 15.8 million, primarily due to increased depreciation of property and equipment[43] - Income tax expenses decreased by approximately HKD 0.4 million or 9.9% to about HKD 3.4 million, mainly due to a reduction in taxable profits[44] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 241,577,000, slightly up from HKD 235,357,000 in 2023[5] - Current assets net increased to HKD 197,317,000 from HKD 196,548,000, showing a marginal growth[7] - Trade and other receivables rose to HKD 165,133,000 from HKD 110,930,000, marking an increase of approximately 49%[5] - The total equity attributable to the owners of the company increased to HKD 208,867,000 from HKD 207,204,000, a growth of about 0.8%[7] - The total borrowings of the group increased to approximately HKD 3.0 million as of March 31, 2024, compared to HKD 0.5 million as of March 31, 2023[48] Cash Flow and Financial Management - As of March 31, 2024, the group's bank balance, cash, and pledged bank deposits amounted to approximately HKD 73.6 million, a decrease of about HKD 46.5 million or 38.7% from approximately HKD 120.2 million as of March 31, 2023[47] - The current ratio of the group as of March 31, 2024, was 5.5 times, down from 6.1 times as of March 31, 2023[47] - The group has maintained a prudent financial management approach to ensure a healthy cash flow situation as of March 31, 2024[52] Shareholder Information - The company has a total of 800,000,000 shares issued as of March 31, 2024[87] - Major shareholders, including Mr. Ma Qiaosheng, Mr. Ma Qiaowu, and Mr. Ma Qiaowen, each hold 560,000,000 shares, representing 70.0% ownership[86] - The beneficial ownership of International Yongsheng BVI is also 560,000,000 shares, equating to 70.0%[92] - The company is controlled by three entities: Senye, Wenhua, and Jianqiao, each holding 33.34% of International Yongsheng BVI[90] - The ownership structure indicates a significant concentration of shares among a few key individuals, which may impact governance and decision-making[91] Corporate Governance - The company has adopted the corporate governance code as the basis for its governance practices[106] - The audit committee consists of three independent non-executive directors, with Ms. Zheng Hui Xia serving as the chairperson, ensuring appropriate professional qualifications and financial management expertise[111] - The audit committee reviewed the consolidated financial statements for the year ending March 31, 2024, confirming compliance with relevant accounting standards and regulations[112] - The preliminary announcement of the consolidated financial position and results for the year ending March 31, 2024, has been verified by Deloitte, confirming consistency with the audited financial statements approved by the board[113] Market Outlook - The market size of security services in Hong Kong is expected to grow from approximately HKD 280 billion in 2020 to about HKD 399 billion by 2025, with a compound annual growth rate (CAGR) of approximately 7.7% from 2021 to 2025[65] - The expected market size for public sector security services in Hong Kong is projected to reach approximately HKD 1,640.8 million by 2025, with a CAGR of about 5.7% from 2021 to 2025[65] - The facility management services market is the largest component of the Hong Kong facility management services market, indicating strong growth potential[69] - The group anticipates a stable growth rate in facility and venue management services, parking rental and management services, and cleaning services markets due to ongoing property development in Hong Kong[69] Future Plans - The group plans to delay the use of unutilized proceeds for purchasing machinery and upgrading IT infrastructure by 12 months, now expected to be utilized by March 31, 2025[79] - The group aims to enhance operational efficiency and scalability through an IT infrastructure upgrade, with an allocation of HKD 3 million for this purpose[78] - The company plans to expand its security services, strengthen facility management capabilities, and selectively seek strategic acquisitions and investment opportunities[117]
国际永胜集团(06663) - 2024 - 年度业绩