Recorded a net profit of approximately HK$7.53 million Addressing customers’ specific needs by integration of big data into home design
(29 August 2023 – Hong Kong) 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 interim results ended 30 June 2023 (the “Reporting Period”). During the Reporting Period, the Group showed a turn from loss to profit and recorded a net profit of approximately HK$7.53 million, compared with a net loss of approximately HK$9.25 million in the corresponding period last year.
During the Reporting Period, the Group recorded an increase in both revenue and gross profit. The revenue of the Group is approximately HK$520.2 million, representing a YoY growth of approximately 67.1%. Gross profit increased 59.0% to approximately HK$58.1 million. During the Reporting Period, basic earnings per share is HK 0.94 cents.
Business Review
The Group is an established contractor based in Hong Kong, with over 19 years of operating history 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 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 99.8% of the total revenue, representing approximately HK$519.3 million. In comparison, repair and maintenance services are HK$0.9 million, representing 0.2% of the total revenue.
As at 30 June 2023, 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$3,891 million. Among these projects on hand, 30 projects were with total contract sum of approximately HK$50 million or above. The aggregate total contract sum of these 30 projects amounted to approximately HK$3,549 million (31 December 2022: 28 projects: approximately HK$3,451 million).
Future Prospects and Strategies
In spite of the gradual resumption to normalcy of society in the post-pandemic era, there are still many uncertainties in 2023 affecting the economy of Hong Kong, such as high inflation and rising interest rates. As such, the Group expects that 2023 is still a challenging year for its business.
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 has demonstrated its innovation through the integration of its technologies and technical solutions with big data into home design and fitting-out projects to the market. Driven by the Group’s advanced technological techniques and artificial intelligence capabilities, the Group stays focused on achieving efficiencies and reducing costs for its business and business partners. The Group will assess any opportunities arising from the application of the technologies and technical solutions with big data and artificial intelligence so as to offer innovative products and services by reaching out to different types of targeted groups and addressing their specific needs.
Looking ahead, the Group remains prudent and optimistic about the prospects of the Group’s business in the long term. The Group will continue to adopt a very cautious approach and consider monitoring its working capital management closely. The Group will also closely and carefully monitor the latest development in its core business and the potential realisation and commercialisation of its technologies and technical solutions; and adjust its business strategies from time to time if required.
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About the Superland Group Holdings Limited
Superland Group Holdings Limited is an established contractor based in Hong Kong with over 18 years of operating history providing fitting-out services and repair and maintenance services. It has provided services for a number of prominent property projects of established property developers in Hong Kong, including various landmark shopping malls, hotels and residential projects around Hong Kong. The Group has recently launched “Oodles”, its own technological brand. Oodles provides a fitting-out service platform that integrates its own developed technologies and technological solutions and combines design, matching, shopping and information to allow customers to experience and foretell the home of the future.