创业集团控股(02221) - 2024 - 中期财报

Financial Performance - The Group recorded consolidated revenue of HK$307.1 million for the six months ended September 30, 2023, representing a 6.1$289.5 million in the same period of 2022[23]. - Gross profit increased to HK$40.8 million, a significant rise of 58.2$25.8 million in 1H2022, resulting in a gross profit margin increase from 4.1% to 9.6%[23][27]. - Loss attributable to the owners of the Company was HK$6.4 million, a 51.6$13.3 million in 1H2022[23]. - Losses per share improved to HK(0.42) cents from HK(1.06) cents in the previous year, reflecting a 60.4% reduction in losses[23]. - The Group's overall performance was positively impacted by projects with higher gross profit margins undertaken during the period[27]. - The Group's revenue increased by approximately 6.1% to about HKD 307.1 million for the six months ended September 30, 2023, compared to HKD 289.5 million for the same period in 2022, driven by growth in construction business despite a decline in environmental business[171]. - Loss attributable to owners of the Company decreased to approximately HK$6,443,000 from approximately HK$13,319,000 in the corresponding period[183]. - Basic loss per share improved to 0.42 HK cents from 1.06 HK cents in the previous year[190]. Business Segments - The construction business generated revenue of approximately HK$260.5 million, marking a 13.4$229.8 million in 1H2022, attributed to a higher number of sizable projects undertaken[24][25]. - Revenue from the Environmental Protection Business decreased by approximately 21.9% to HK$46.6 million, down from HK$59.7 million in 1H2022[30]. - Revenue from kitchen waste treatment related business amounted to HK$38.1 million, a decrease from HK$59.7 million in the previous year, primarily due to reduced construction revenue from the Xuancheng Plant[30]. - The Group's environmental protection business portfolio is expanding into graphene technology and modified graphite anode materials[105]. - The Group is considering expanding its environmental business portfolio to include new energy materials in response to the Chinese government's promotion of renewable energy applications[141]. Project Updates - As of September 30, 2023, the Group had 4 projects in progress with an aggregate contract value of approximately HK$1,080.7 million, all on schedule[37]. - The Group's ongoing projects include Mount Parker Road, Mei Tung Estate, Lamma Pipe Pile, and Hospital Road, all focused on foundation works[40]. - The Hefei Plant's capacity is around 200 tons per day, and the Group completed the acquisition of the remaining 40$43.75 million) during the period, making it wholly-owned[42][50]. - Xuancheng Plant has a planned capacity of 300 tons per day and was granted permission to commence trial commercial operations, with treatment volume gradually increasing to 70 tons per day by the end of September 2023[43][64]. - Dunhua Plant has a planned capacity of 210 tons per day but has not commenced any business or construction as of September 30, 2023, due to ongoing land expropriation processes[54][67]. - Guoyang Plant has a planned capacity of 126 tons per day, and the Group obtained land use rights for construction as of September 30, 2023, but has not yet started any business or construction[56][65]. - The Group's Hanzhong Plant has not commenced any business or construction as of September 30, 2023, while negotiations with the municipal government are ongoing[59][60]. - The Xuancheng Plant's construction was completed in two phases, with the first phase finished by March 31, 2023[49]. - The Group's total planned capacity across its projects reflects a significant commitment to increasing operational capabilities in waste management[43][50]. - The construction of the Yixing Plant has commenced following the acquisition of a formal construction permit, with the land use right classified as investment properties[138]. Financial Position - Total assets decreased by approximately 3.9% to approximately HK$993.0 million from approximately HK$1,033.0 million as of 31 March 2023[193]. - Bank balances and cash decreased to approximately HK$114.9 million from approximately HK$134.5 million as of 31 March 2023[193]. - Total interest-bearing loans decreased to approximately HK$189.2 million from approximately HK$203.0 million as of 31 March 2023[194]. - Administrative expenses decreased from approximately HK$56.6 million to HK$52.6 million, primarily due to a decrease in exchange loss[195]. - Finance costs increased from approximately HK$5.8 million to HK$6.4 million due to an increase in the Group's overall borrowing level[196]. - Other income and gains decreased from approximately HK$27.1 million to HK$8.8 million, mainly due to reduced machinery rental income[198]. Future Outlook - The management remains optimistic about future growth opportunities in both construction and environmental protection sectors despite the challenges faced in the Environmental Protection Business[30]. - The Group aims to strengthen internal management to improve operational and profit quality amidst challenges in the kitchen waste project sector[169]. - The future growth of kitchen waste processing projects is expected to be concentrated in third and fourth-tier cities and some rural areas, driven by national advocacy and industry development[174]. - The Group remains optimistic about the construction industry in Hong Kong due to increased land supply for housing developments[182].