Superland announced annual results for 2023 Net profit

Published : Friday, March 31, 2023, 11:28 am
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As a leading fitting-out contractor in Hong Kong, Superland Group Holdings Limited ("Superland" or the "Company", together with its subsidiaries, the "Group"; Stock Code: 0368.HK), announced its annual result ended 31 December 2022 ("Financial Year"). During the year, the Group recorded an increase in both revenue and profit. Profit for the year attributable to owners of the Company is approximately HK$28.0 million, representing a YoY growth of approximately 122.8%. The revenue of the Group remained relatively stable at approximately HK$819.3 million, representing an increase of 2.7% compared with last year. Gross profit increased 11.5% to approximately HK$114.0 million. During the year, basic earnings per share is HK$3.51.

Business Review

The Group is an established contractor based in Hong Kong, providing professional fitting-out services and repair and maintenance services with the qualification as a registered electrical contractor, subcontractor and minor work contractors.

The Group's technologies and technical solutions, including but not limited to, virtual reality technology, digital design services and three-dimensional laser scanning, were successfully launched in the market. The realisation of opportunities arising from these technologies and technical solutions will add value to the Group and diversify the business of the Group in the future.

The Group is principally engaged in the provision of fitting-out services and repair and maintenance services for residential and commercial properties in Hong Kong. During the year, fitting-out services is accounted for approximately 98.9% of the total revenue, representing approximately HK$810.1 million. In comparison, repair and maintenance services are HK$9.2 million, representing 1.1% of the total revenue.

As at 31 December 2022, the Group had a total of 46 fitting-out projects on hand, which included fitting-out projects that have commenced but not yet completed and fitting-out projects that have been awarded to the Group but not yet commenced, with an aggregate total contract sum of approximately HK$3,822 million. Among these projects on hand, 28 projects were with total contract sum of approximately HK$50 million or above. The aggregate total contract sum of these 28 projects amounted to approximately HK$3,451 million (31 December 2021: 25 projects: approximately HK$2,865 million).

Business Prospect

The economy of Hong Kong in 2022 was dampened by the severe fifth wave of the COVID-19 outbreak starting in late 2021 and further by the deteriorated external environment and tightened financial conditions, including but not limited to the increase in interest rates and supply chain bottlenecks. In spite of the removal of strict COVID-19 restrictions in Hong Kong recently, the Group still expects to encounter great challenges in the short term. However, as supported by the 2022 policy address of Hong Kong, the Government of the HKSAR will develop land resources in a persistent manner to satisfy the housing demand. Therefore, the Group expects that the business of the Group will remain stable in the fitting-out industry in Hong Kong in the long term. The Group will devote necessary resources to further increase its market share if appropriate.

The Group's integration of technologies and technical solutions with big data into home design and fitting-out projects was successfully delivered to the market. The Group would be determined and committed to create a one-stop home furnishings solution to serve the industry for the purpose of cost savings and efficiency improvement. The Group will assess any opportunities arising from the application of the technologies and technical solutions with big data so as to deliver better services to our customers.

Looking ahead, the Group remains prudent and optimistic about the prospects of the Group's business in the long term. The Group will consider closely monitoring its working capital management, as well as cautiously examine the latest developments in its core business. The Group will adjust its business strategies as needed to ensure corporate sustainability.

Mr. Ng Chi Chiu, Chairman of the Group, CEO and Executive Director, said, "The Group has always utilized technology to enhance the quality of our fitting-out services. In recent years, we have made significant breakthroughs in time management, quality control, and cost-effectiveness by leveraging technology. We aspire to integrate big data technology into our home design and fitting-out projects, providing people with the convenience of a technology-driven lifestyle."

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