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申港控股(08631) - 2024 - 年度财报
08631SUN KONG HLDGS(08631)2024-07-08 10:36

Financial Performance - The Group recorded a revenue of approximately HK69.0millionfortheyearended31March2024,representinganincreaseofapproximatelyHK69.0 million for the year ended 31 March 2024, representing an increase of approximately HK1.3 million or 1.9% compared to HK67.7millionfortheyearended31March2023[15].−Thetotalcomprehensivelossfortheyearended31March2024wasapproximatelyHK67.7 million for the year ended 31 March 2023[15]. - The total comprehensive loss for the year ended 31 March 2024 was approximately HK10.7 million, a decrease of approximately HK1.4millionfromalossofapproximatelyHK1.4 million from a loss of approximately HK12.1 million for the year ended 31 March 2023[15]. - The Group recorded a loss attributable to the owners of the Company of approximately HK10.7millionfortheyearended31March2024,adecreaseofapproximatelyHK10.7 million for the year ended 31 March 2024, a decrease of approximately HK1.4 million from a loss of approximately HK12.1millionfortheyearended31March2023[28].−ThecostofsalesfortheGroupwasapproximatelyHK12.1 million for the year ended 31 March 2023[28]. - The cost of sales for the Group was approximately HK63.6 million for the year ended 31 March 2024, representing a decrease of 1.2% from HK64.4millionfortheyearended31March2023[40].−RevenuefromthesaleofdieseloilaccountedforapproximatelyHK64.4 million for the year ended 31 March 2023[40]. - Revenue from the sale of diesel oil accounted for approximately HK67.6 million, representing approximately 98.0% of the Group's total revenue for the year ended 31 March 2024[31]. - Gross profit increased by approximately HK2.2millionorapproximately66.72.2 million or approximately 66.7% from approximately HK3.3 million for the year ended 31 March 2023 to approximately HK5.5millionfortheyearended31March2024[52][56].−TheGroup′sgrossprofitmarginincreasedfrom4.85.5 million for the year ended 31 March 2024[52][56]. - The Group's gross profit margin increased from 4.8% for the year ended 31 March 2023 to 7.9% for the year ended 31 March 2024 due to higher margin sales to construction customers and reduced wages for drivers[52][56]. - The total staff costs for the year ended March 31, 2024, represent a reduction of approximately 33.82% compared to the previous year[112][115]. Market Conditions - The demand for diesel oil from the cross-boundary transportation sector was significantly affected due to trade protectionism policies, while the construction sector demand remained stable[13]. - The demand for diesel oil from the cross-boundary transportation sector was significantly affected due to the economic deterioration in Hong Kong and Mainland China[23]. - Crude oil prices remained high throughout 2023, impacting the Group's operating cash flow due to elevated diesel oil purchase costs[14]. - Crude oil prices remained high throughout 2023, impacting the Group's operating cash flow due to high purchase costs of diesel oil[24]. Operational Strategy - The Group aims to maintain a steady business scale and improve operational efficiency while adapting to new challenges[18]. - The Group will continue to monitor diesel market demand and adjust business plans to ensure operational stability amid challenging times[29]. Assets and Liabilities - As at 31 March 2024, the Group's current assets amounted to approximately HK40.9 million and current liabilities amounted to approximately HK20.9million,resultinginacurrentratioofapproximately2.0[62][66].−Thegearingratio,calculatedastheratioofbankloantototalequity,was41.420.9 million, resulting in a current ratio of approximately 2.0[62][66]. - The gearing ratio, calculated as the ratio of bank loan to total equity, was 41.4% as at 31 March 2024, compared to 30.5% in 2023[69]. - The Group recorded net current assets of approximately HK20.0 million as at 31 March 2024[61][66]. - The Group's debt-to-equity ratio as of March 31, 2024, is 41.4%, an increase from 30.5% in 2023[70]. - The Group's capital structure consists of equity attributable to the owners of the Company of approximately HK29.3millionasofMarch31,2024[79].CapitalExpenditureandFinancing−TheGroup′scapitalexpendituredecreasedbyapproximatelyHK29.3 million as of March 31, 2024[79]. Capital Expenditure and Financing - The Group's capital expenditure decreased by approximately HK2.7 million or 77.1% compared to the previous year, totaling approximately HK0.8millionfortheyearendedMarch31,2024[87].−TheGrouphassuccessfullyextendedtherepaymentofloanprincipalfromSeptember2023toAugust2024[70].−Mr.LawMingYikhasprovidedaloanofHK0.8 million for the year ended March 31, 2024[87]. - The Group has successfully extended the repayment of loan principal from September 2023 to August 2024[70]. - Mr. Law Ming Yik has provided a loan of HK3,000,000 and a standby facility of HK8,000,000tosupporttheGroup′sfinancialobligations[70].−TheGroupdidnothaveanysignificantinvestments,materialacquisitions,ordisposalsofsubsidiaries,associates,orjointventuresduringtheyearendedMarch31,2024[86].CorporateGovernance−TheBoardcomprisesfiveDirectors,includingtwoexecutiveDirectorsandthreeindependentnon−executiveDirectors,ensuringabalanceofskillsandexperience[125][128].−TheGrouphascompliedwithallapplicablecodeprovisionssetoutintheCorporateGovernanceCodethroughouttheyearendedMarch31,2024[119].−TheBoardisresponsibleforformulatingtheGroup′soverallstrategiesandsupervisingmanagementperformance,withmonthlyfinancialandoperationalinformationprovidedforassessment[120][121].−TheGroup′sindependentnon−executiveDirectorscontributediverseexpertiseandindependentjudgmenttoensuretheinterestsofallshareholdersareconsidered[129].−TheBoardhasestablishedthreecommittees:AuditCommittee,RemunerationCommittee,andNominationCommittee,tooverseespecificaspectsoftheCompany′saffairs[135].−TheBoardconductsatleastfourregularmeetingsannually,withallDirectorsreceivingnoticesandagendasatleast14daysinadvance[136].−AttendanceatBoardmeetingswas1008,000,000 to support the Group's financial obligations[70]. - The Group did not have any significant investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year ended March 31, 2024[86]. Corporate Governance - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[125][128]. - The Group has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended March 31, 2024[119]. - The Board is responsible for formulating the Group's overall strategies and supervising management performance, with monthly financial and operational information provided for assessment[120][121]. - The Group's independent non-executive Directors contribute diverse expertise and independent judgment to ensure the interests of all shareholders are considered[129]. - The Board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the Company's affairs[135]. - The Board conducts at least four regular meetings annually, with all Directors receiving notices and agendas at least 14 days in advance[136]. - Attendance at Board meetings was 100% for all Executive Directors, with Mr. Law Ming Yik attending 4 out of 4 meetings[140]. - All Directors are subject to retirement by rotation at least once every three years, ensuring compliance with corporate governance standards[147]. - The AGM for 2023 was held on August 23, 2023, during which some Directors were re-elected[149]. - Each Executive Director has a service contract for an initial term of three years, which continues until terminated according to the agreement[148]. - Independent non-executive Directors have appointment letters for one year, automatically renewed unless terminated with one month's notice[148]. - The Company Secretary attended all scheduled Board meetings to report on corporate governance and compliance matters[144]. - Board papers are provided to Directors at least three days before meetings to ensure informed decision-making[143]. - The Board is responsible for corporate governance functions, including developing and reviewing policies and practices related to corporate governance[199]. Environmental and Social Responsibility - The Group recognizes the importance of environmental protection and has implemented various measures to minimize operational impact on the environment[113][116]. Shareholder Matters - The Board did not recommend any dividend payments for the years ended March 31, 2023, and 2024[94]. - No dividends were recommended for the year ended 31 March 2024[98]. - The proposed rights issue to raise up to approximately HK24.0 million was terminated on 27 March 2024[101]. Events After Reporting Period - No significant events occurred after the end of the financial year (March 31, 2024) up to the date of this report[95]. - As of March 31, 2024, there were no significant events occurring after the fiscal year-end[99]. Employee Matters - As of March 31, 2024, the Group employed a total of 15 employees, down from 18 employees as of March 31, 2023, with total staff costs amounting to approximately HK4.5million,adecreasefromapproximatelyHK4.5 million, a decrease from approximately HK6.8 million in the previous year[112][115]. - The Group expanded manpower with an intended allocation of HK12.5million,butonlyHK12.5 million, but only HK1.7 million was utilized[108].